Collegium Pharmaceutical, Inc. (COLL) is a specialized pharmaceutical firm dedicated to the development and marketing of medications for pain management. Its diverse ...
Collegium Pharmaceutical, Inc. is a U.S. specialty pharmaceutical company headquartered at 100 Technology Center Drive in Stoughton, Massachusetts. The company was incorporated in Delaware in 2002 under the name Collegium Pharmaceuticals, Inc. and changed its name to Collegium Pharmaceutical, Inc. in October 2003. It completed its initial public offering in ...Collegium Pharmaceutical, Inc. is a U.S. specialty pharmaceutical company headquartered at 100 Technology Center Drive in Stoughton, Massachusetts. The company was incorporated in Delaware in 2002 under the name Collegium Pharmaceuticals, Inc. and changed its name to Collegium Pharmaceutical, Inc. in October 2003. It completed its initial public offering in May 2015 and trades on the NASDAQ Global Select Market under the ticker COLL.
The company’s business is focused primarily on commercializing medicines for serious medical conditions, with pain management representing its principal therapeutic area. Its flagship product is Xtampza ER, an extended-release oral formulation of oxycodone. The product uses abuse-deterrent formulation technology and is indicated for the management of severe, persistent pain requiring around-the-clock, long-term opioid treatment. Collegium also markets Nucynta ER and Nucynta IR. These products contain tapentadol and are offered in extended-release and immediate-release formulations, respectively, for appropriate pain indications. The portfolio gives Collegium established commercial products rather than relying solely on early-stage research programs.
From an operating perspective, Collegium’s model is based on prescription pharmaceutical commercialization, sales and marketing, regulatory compliance, medical affairs, product distribution, and lifecycle management. As a specialty pharmaceutical company, its cost structure is influenced by manufacturing and supply arrangements, product acquisition or licensing economics, sales-force expenses, regulatory obligations, post-marketing commitments, and intellectual-property protection. The supplied financial data indicates a trailing twelve-month gross margin of approximately 60%, an operating margin of about 19.6%, and positive free cash flow. The company also carries meaningful debt and has a substantial intangible-asset balance, which is common for businesses whose value includes acquired products, licenses, and intellectual property. It does not currently report a dividend.
Vikram Karnani is identified as the current chief executive officer in the supplied market information. Michael Heffernan, Collegium’s founder and former chief executive and chairman, is an important historical leader; earlier leadership transitions also included Joseph Ciaffoni. Collegium reported 423 full-time employees, placing it in the 201-500 employee category. Its strategic objective is to operate as a diversified biopharmaceutical company by expanding and efficiently managing its commercial portfolio, supporting patients and healthcare professionals, and pursuing additional opportunities that can complement its existing specialty-pharmaceutical platform.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$780.6M
+23.6%
+3.3%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$62.9M
-9.1%
-203.8%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+59.3%
-0.7%
-8.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+24.0%
-10.9%
-88.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+8.1%
-26.5%
-200.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$327.6M
+61.1%
+24.6%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+42.0%
+30.3%
+20.6%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
311.8%
-17.0%
+6.3%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.57x
+66.0%
-39.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings, and welcome to the Collegium Pharmaceutical Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note that this conference call is being recorded. I would now like to turn the call over to Ian Karp, Head of Investor Relations.
Ian Karp: Great. Thanks so much, and welcome to Collegium Pharmaceutical's second quarter 2026 earnings conference call. I'm joined today by Vikram Karnani, our President and Chief Executive Officer, and Colleen Tupper, our Chief Financial Officer. Before we begin today's call, we want to remind participants that none of the information presented today is intended to be promotional. Any forward-looking statements made today are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. You are cautioned that such forward-looking statements involve risks and uncertainties as detailed in the company's periodic reports filed with the Securities and Exchange Commission. Our future results may differ materially from our current expectations discussed today. Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website. And with that, I'll now turn the call over to our President and CEO, Vikram Karnani.
Vikram Karnani: Thank you, Ian. Good morning, everyone, and thank you for joining our second quarter 2026 earnings call. Collegium is a dynamic biopharmaceutical company delivering medicines with formulation and delivery innovation for people living with complex CNS and pain conditions. Today, we have a diversified portfolio of 6 differentiated medicines, a growing ADHD franchise, and an established pain business that together provide a strong foundation for long-term value creation. We have a demonstrated ability to acquire, integrate, and grow differentiated assets while deploying capital in a disciplined manner. This quarter, we delivered strong results, highlighted by significant progress in our rapidly growing ADHD business. Key achievements included: Jornay PM prescriptions grew by 13.1%, generating $46.1 million in net revenue, up 41% year-over-year. Jornay PM prescribers reached an all-time high with over 30,000 healthcare providers writing Jornay PM prescriptions in the quarter, up 17.6% over Q2 of last year. And importantly, we completed the acquisition of Azstarys in May, which now provides us with a differentiated and highly complementary medicine to Jornay PM. This latest acquisition further reinforces the strategy we initiated in 2024 to diversify our portfolio beyond responsible pain management and establish a strong presence in the growing ADHD market. The integration of Azstarys and product training of our expanded sales force is now complete, and the team is well positioned to further accelerate growth for both medicines ahead of the back-to-school season, which begins later this …
