Start here if you're new
what it is
Collegium sells prescription pain medicines in the U.S., with Jornay PM and Xtampza ER carrying the story.
how it gets paid
Last year Collegium Pharma made $781M in revenue.
why it's growing
Revenue grew 279.9% last year. EPS came in at $0.46, up 28% from last year.
what just happened
Quarterly revenue hit $205M, up 13% vs. prior year.
At a glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
30.4x trailing p/e — you're paying up for this one
10.4% return on capital — nothing to write home about
$1.86 fy2024 eps est
xvary composite: 59/100 — below average
What they do
Collegium sells prescription pain medicines in the U.S., with Jornay PM and Xtampza ER carrying the story.
You are buying a small specialty pharma shop, not a giant drug empire. That matters because 357 employees can stay focused, and focus is cheaper than bloat. Operating margin → profit left after running the business → 23.0% means 23 cents stay from every sales dollar. Debt → money borrowed → $870M means lenders get paid before you do.
How they make money
$781M
annual revenue · their business grew +279.9% last year
total revenue
$781M
+279.9%
The products that matter
extended-release pain therapy
Xtampza ER
~$430M · lead asset
the snapshot puts Xtampza ER at roughly $430M in sales. on a $631M revenue base, that tells you where the center of gravity sits.
core driver
pain franchise portfolio
Nucynta franchise
~$273M · secondary pillar
the snapshot lists the Nucynta franchise at roughly $273M. whether you view it as diversification or concentration depends on how comfortable you are with pain-drug exposure.
portfolio scale
evening-dosed adhd treatment
JORNAY PM
mentioned in 2026 outlook
management called out JORNAY PM in its 2026 outlook. that matters because a $631M company needs more than two products doing all the heavy lifting.
next leg
Key numbers
$781M
annual revenue
That is the size of the whole machine. A 10% drop would still be a $78M problem.
30.4x
trailing p/e
P/E → price divided by earnings → 30.4x means you pay $30.40 for every $1 of last year's profit.
23.0%
operating margin
Operating margin → profit left after running the business → 23.0% means 23 cents from every sales dollar survives.
$870M
long-term debt
That debt equals 44% of capital. You are buying a business with a lender attached to the wheel.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 45 / 100
- long-term debt $870M (44% of capital)
B — risk rank looks solid but long-term debt needs watching.
Total return vs. market
Return history isn't available for COLL right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Quarterly revenue hit $205M, up 13% vs. prior year.
EPS came in at $0.46, up 28% from last year. Gross margin held at 62.5%, which means the drug mix still leaves room after manufacturing costs.
$205M
revenue
$0.46
eps
62.5%
gross margin
the number that mattered
62.5% gross margin is the quiet proof that this business still throws off plenty before overhead and debt service.
source: company earnings report, 2026
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What could go wrong
your #1 risk is an $870M debt stack sitting on top of a concentrated branded pain-drug portfolio.
med
debt paydown has to keep happening
Long-term debt stands at $870M, equal to 44% of capital and roughly 87% of the current market cap. That is manageable only while the products keep throwing off cash.
If operating cash flow weakens, leverage stops looking like a finance problem and starts looking like an equity problem.
med
generic pressure hits margins first
The bull case depends on branded pricing power holding up. A 62.5% gross margin is excellent for this size of company, but it also tells you how much there is to lose if generic competition gets traction.
A margin squeeze would hit debt service capacity and valuation at the same time.
med
too few products do too much of the work
The snapshot ties roughly $430M to Xtampza ER and roughly $273M to the Nucynta franchise against $631M of company revenue. Even allowing for data noise, concentration is clearly high.
A stumble in either core franchise would be felt fast, because there are not many other segments large enough to absorb the hit.
med
the earnings profile is jumpy
Earnings predictability is 10/100 and price stability is 45/100. In human terms: this is not the kind of small cap that glides quietly from quarter to quarter.
When expectations reset, the stock can reprice harder than a simple p/e screen suggests.
$329.3M in operating cash flow and a 62.5% gross margin make the story investable. $870M of debt and a concentrated product mix are what keep it risky.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
2026 targets now matter more than the victory lap
Management gave 2026 financial guidance on Jan 8, 2026. If the year is really shaping up the way management says, debt should start looking smaller in the numbers, not just in the slides.
balance sheet
debt versus cash generation
Track long-term debt against the $329.3M operating cash flow base. This is the cleanest way to tell whether the equity is actually de-risking.
product mix
whether JORNAY PM becomes meaningful
Management keeps mentioning JORNAY PM for a reason. You want to see a third leg show up, because relying on two core franchises is not a permanent comfort.
margin risk
any crack in the 62.5% gross margin
That margin is the cushion under the whole capital structure. If it slips, the debt conversation gets louder immediately.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not view this as a smooth quarterly story.
risk rank
2
this system pegs it as safer than roughly 80% of stocks, but leverage means you still need to read past the headline grade.
price stability
45 / 100
middle of the pack. not a bunker stock, not total chaos.
source: institutional data
Institutional activity
institutional ownership data for COLL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$49
current price
n/a
target midpoint · n/a from current
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