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COLLEGIUM PHARMACEUTICAL, INC
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
59.3%Gross margin3
23.0%Operating margin3
8.1%Net margin3
23.6%Revenue growth, 20253
20.8%Return on equity3
$327.6MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Belbuca brought in 28% of the revenue COLLEGIUM PHARMACEUTICAL, INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Belbuca | $182.1M | $211.3M | $221.7M |
| Xtampza ER | $177.4M | $191.3M | $199.3M |
| Jornay PM | $0 | $37.2M | $148.9M |
| Nucynta IR | $108.2M | $100.7M | $115.3M |
| Nucynta ER | $82.7M | $75.8M | $81.0M |
| Symproic and other | $16.5M | $15.1M | $14.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue41¢$317.3M
- Selling, general and admin36¢$284.8M
- Other costs11¢$85.8M
- Income tax4¢$29.7M
- Profit8¢$62.9M
Out of $780.6M in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending1¢$1.7M
- Share buybacks8¢$25.1M
- Kept or used elsewhere92¢$302.5M
Out of $329.3M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Product revenues, net | $780.6M | $631.4M | $566.8M |
| Cost of product revenues (excluding intangible asset amortization) | $95.4M | $88.8M | $94.8M |
| Intangible asset amortization | $221.9M | $165.3M | $145.8M |
| Total cost of product revenues | $317.3M | $254.1M | $240.6M |
| Gross profit | $463.3M | $377.3M | $326.2M |
| Selling, general and administrative | $284.8M | $210.4M | $159.2M |
| Gain on fair value remeasurement of contingent consideration | -$1.2M | -$2.9M | $0 |
| Total operating expenses | $283.6M | $207.4M | $159.2M |
| Income from operations | $179.6M | $169.9M | $167.0M |
| Interest expense | -$82.3M | -$74.0M | -$83.3M |
| Interest income | $11.3M | $14.0M | $15.6M |
| Loss on extinguishment of debt | -$16.0M | -$11.3M | -$23.5M |
| Income before income taxes | $92.6M | $98.6M | $75.7M |
| Provision for income taxes | $29.7M | $29.4M | $27.6M |
| Net income | $62.9M | $69.2M | $48.2M |
| Earnings per share - basic (in dollars per share) | $1.98 | $2.14 | $1.43 |
| Weighted-average shares - basic (in shares) | 31.7M shares | 32.3M shares | 33.7M shares |
| Earnings per share - diluted (in dollars per share) | $1.73 | $1.86 | $1.29 |
| Weighted-average shares - diluted (in shares) | 39.7M shares | 40.4M shares | 41.8M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2024-08-31 |
|---|---|---|---|
| Cash and cash equivalents | $231.3M | $70.6M | |
| Marketable securities | $155.4M | $92.2M | |
| Accounts receivable, net | $211.3M | $228.5M | |
| Inventory | $40.9M | $35.6M | |
| Prepaid expenses and other current assets | $32.6M | $30.4M | |
| Restricted cash | $19.9M | $25.0M | |
| Total current assets | $691.4M | $482.3M | |
| Property and equipment, net | $12.0M | $14.3M | |
| Operating lease right-of-use assets | $4.2M | $5.8M | |
| Intangible assets, net | $669.5M | $891.4M | |
| Restricted cash | $1.1M | $1.0M | |
| Deferred tax assets | $112.5M | $98.0M | |
| Other noncurrent assets | $20.2M | $8.4M | |
| Goodwill | $145.9M | $162.3M | |
| Total assets | $1.7B | $1.7B | |
| Accounts payable | $10.7M | $3.9M | |
| Accrued liabilities | $62.5M | $72.1M | |
| Accrued rebates, returns and discounts | $318.3M | $338.6M | |
| Current portion of term notes payable | $29.0M | $64.6M | |
| Current portion of operating lease liabilities | $1.4M | $1.3M | |
| Business combination consideration payable | $17.6M | $29.0M | |
| Deferred revenue | $667.0K | $0 | |
| Total current liabilities | $440.0M | $509.5M | |
| Term notes payable, net of current portion | $542.1M | $550.7M | |
| Convertible senior notes | $238.2M | $237.2M | |
| Operating lease liabilities, net of current portion | $4.1M | $5.5M | |
| Deferred royalty obligation | $121.6M | $120.6M | $116.9M |
| Deferred revenue, net of current portion | $9.1M | $10.0M | |
| Contingent consideration | $0 | $1.2M | |
| Total liabilities | $1.4B | $1.4B | |
| Preferred stock, $0.001 par value; authorized shares - 5,000,000 | $0 | $0 | |
| Common stock, $0.001 par value; authorized shares - 100,000,000; 40,736,330 issued and 31,707,608 outstanding shares as of December 31, 2025 and 39,646,749 issued and 31,440,155 outstanding shares as of December 31, 2024 | $41.0K | $40.0K | |
| Additional paid-in capital | $625.0M | $590.3M | |
| Treasury stock, at cost; 9,028,722 shares as of December 31, 2025 and 8,206,594 shares as of December 31, 2024 | -$222.5M | -$197.5M | |
| Accumulated other comprehensive income | $319.0K | $55.0K | |
| Accumulated deficit | -$101.1M | -$164.0M | |
| Total shareholders equity | $301.7M | $228.8M | |
| Total liabilities and shareholders equity | $1.7B | $1.7B | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, authorized (in shares) | 5.0M shares | 5.0M shares | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, authorized (in shares) | 100.0M shares | 100.0M shares | |
| Common stock, issued (in shares) | 40.7M shares | 39.6M shares | |
| Common stock, outstanding (in shares) | 31.7M shares | 31.4M shares | |
| Treasury stock, at cost (in shares) | 9.0M shares | 8.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $62.9M | $69.2M | $48.2M |
| Amortization expense | $221.9M | $165.3M | $145.8M |
| Depreciation expense | $4.2M | $3.9M | $3.5M |
| Deferred income taxes | -$25.7M | -$26.8M | -$2.2M |
| Stock-based compensation expense | $41.9M | $32.4M | $27.1M |
| Non-cash lease expense (benefit) | $339.0K | -$94.0K | -$280.0K |
| Loss on extinguishment of debt | $16.0M | $11.3M | $23.5M |
| Non-cash interest expense for amortization of debt discount and issuance costs | $5.3M | $6.0M | $8.6M |
| Non-cash interest expense for deferred royalty obligation | $950.0K | $3.7M | $0 |
| Net amortization of premiums and discounts on investments | -$1.1M | -$2.0M | -$1.2M |
| Non-cash change in fair value of contingent consideration | -$1.2M | -$2.9M | $0 |
| Accounts receivable | $17.2M | -$4.4M | $3.6M |
| Inventory | -$5.4M | $13.9M | $14.2M |
| Prepaid expenses and other assets | -$8.0M | -$14.1M | $1.4M |
| Accounts payable | $6.7M | -$11.3M | $5.1M |
| Accrued liabilities | -$9.5M | -$39.5M | $628.0K |
| Accrued rebates, returns and discounts | $2.9M | $387.0K | -$3.2M |
| Operating lease assets and liabilities | $25.0K | $0 | $0 |
| Deferred revenue | -$222.0K | $0 | $0 |
| Net cash provided by operating activities | $329.3M | $205.0M | $274.7M |
| Acquisition of Ironshore (net of cash acquired) | $0 | -$267.5M | $0 |
| Purchases of property and equipment | -$1.7M | -$1.7M | -$461.0K |
| Purchases of marketable securities | -$127.0M | -$111.2M | -$92.4M |
| Maturities and sales of marketable securities | $65.2M | $92.6M | $22.0M |
| Net cash used in investing activities | -$63.5M | -$287.8M | -$70.8M |
| Proceeds from issuances of common stock from employee stock purchase plans | $1.4M | $827.0K | $460.0K |
| Proceeds from the exercise of stock options | $4.3M | $10.2M | $8.6M |
| Payments made for employee stock tax withholdings | -$12.8M | -$19.2M | -$8.4M |
| Repurchases of common stock | -$25.1M | -$60.0M | -$75.0M |
| Repayment of term loans, including debt extinguishment costs | -$635.6M | -$107.8M | -$162.5M |
| Proceeds from issuance of 2025 Credit Facility, net of debt discount and issuance costs | $565.2M | $0 | $0 |
| Payments made for deferred purchase price for acquisition | -$7.6M | $0 | $0 |
| Proceeds from term note modification, net of fees paid to lender | $0 | $313.2M | $0 |
| Proceeds from issuances of 2029 Convertible Notes, net of issuance costs | $0 | $0 | $235.2M |
| Repurchase of 2026 Convertible Notes, including premium | $0 | $0 | -$138.6M |
| Redemption of 2026 Convertible Notes, including premium and redemption costs | $0 | -$33.2M | $0 |
| Repayment of assumed debt from Ironshore Acquisition | $0 | -$164.6M | $0 |
| Net cash used in financing activities | -$110.2M | -$60.6M | -$140.2M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $155.5M | -$143.4M | $63.8M |
| Cash paid for interest | $68.8M | $62.4M | $73.3M |
| Cash paid for income taxes | $60.0M | $52.1M | $24.2M |
| Acquisition of property and equipment in accounts payable and accrued liabilities | $319.0K | $185.0K | $176.0K |
| Note issuance costs in accounts payable and accrued expenses | $271.0K | $0 | $0 |
| Excise tax on share repurchases in accrued liabilities | $0 | $99.0K | $457.0K |
| Acquisition date fair value of contingent consideration | $0 | $4.1M | $0 |
| Business combination consideration payable | $0 | $29.0M | $0 |
Former names
- COLLEGIUM PHARMACEUTICAL INCOct 20, 2003 to Mar 3, 20152
Recent filings
- Oct 8, 2026SCHEDULE 13G/A
- Sep 30, 2026144
- Aug 24, 2026SCHEDULE 13G
- Aug 14, 2026SCHEDULE 13G
- Aug 13, 20268-K
- Aug 6, 20268-K
- Aug 6, 202610-Q
- Aug 5, 2026SCHEDULE 13G
- Jul 31, 2026SCHEDULE 13G
- Jul 17, 2026144
- Jul 15, 2026144
- Jun 30, 20268-K/A
- Jun 10, 20264
- Jun 1, 2026S-8
- Jun 1, 2026S-8
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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