Collegium Pharmaceutical (NASDAQ:COLL) Releases Earnings Results, Misses Expectations By $0.16 EPS

Collegium Pharmaceutical (NASDAQ:COLL) issued its quarterly earnings results on Thursday. The specialty pharmaceutical company reported $2.04 earnings per share for the quarter, missing the consensus estimate of $2.20 by ($0.16), FiscalAI reports. The company had revenue of $205.45 million for the quarter, compared to the consensus estimate of $206.36 million. Collegium Pharmaceutical had a net margin of 7.72% and a return on equity of 102.03%. Collegium Pharmaceutical’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.77 earnings per share.

Here are the key takeaways from Collegium Pharmaceutical’s conference call:

• Collegium reported record 2025 results with $780.6M in net revenues (up 24%), a record $460.5M adjusted EBITDA (up 15%), $329.3M cash from operations and ended the year with $386.7M in cash while reducing net leverage to below 1x.
• Jornay PM accelerated growth (prescriptions +20% y/y, $148.9M revenue, +48% pro forma), grew prescribers to ~29,000 after expanding the sales force to ~180 reps, and is guided to $190–$200M in 2026 ( >30% growth).
• The core pain portfolio remains a durable cash generator (2025 pain revenues ~$631.7M, +6% y/y) and Collegium struck an authorized‑generic agreement with Hikma for the Nucynta franchise (Hikma launched Nucynta and Nucynta ER is expected Q1 2026) with a profit‑share structure the company says will mitigate LOE impact.
• Management strengthened financial flexibility by closing a $980M syndicated credit facility that lowers interest costs and funds business development, and returned capital via a $25M repurchase while retaining $150M of repurchase capacity.

Collegium Pharmaceutical Stock Performance

Collegium Pharmaceutical stock traded down $1.53 during mid-day trading on Thursday, reaching $44.22. 568,327 shares of the stock traded hands, compared to its average volume of 291,917. Collegium Pharmaceutical has a 12-month low of $23.23 and a 12-month high of $50.79. The business’s 50-day moving average is $46.65 and its 200-day moving average is $42.00. The company has a debt-to-equity ratio of 2.71, a current ratio of 1.36 and a quick ratio of 1.27. The stock has a market capitalization of $1.40 billion, a PE ratio of 27.47 and a beta of 0.64.

Collegium Pharmaceutical News Summary

Here are the key news stories impacting Collegium Pharmaceutical this week:

• Positive Sentiment: Recorded revenue growth — Collegium reported Q4 net revenues of $205.4M (up 13% YoY) and a record full-year $780.6M (up 24% YoY), supporting the company’s top-line momentum. Collegium Reports Fourth Quarter and Full-Year 2025 Financial Results
• Positive Sentiment: Growth outlook for Jornay PM — management is targeting ~31% Jornay revenue growth for 2026 and is highlighting efforts to expand and “durabilize” its pain portfolio, which could underpin future organic revenue gains. Collegium targets 31% Jornay revenue growth for 2026 while advancing pain portfolio durability
• Positive Sentiment: ESG / brand-building activation — the company announced a partnership with Boston Legacy FC focused on sensory inclusion, which supports Collegium’s ESG narrative and patient-facing brand initiatives. Collegium Partnership With Boston Legacy FC Backs Sensory Inclusion And ESG Story
• Neutral Sentiment: Analyst price-target adjustment — Needham trimmed its price target from $56 to $54 but kept a Buy rating, signaling continued analyst confidence despite the recent miss. Analyst Price Target Adjustment
• Neutral Sentiment: Earnings call details available — management held a Q4 call and released a transcript and slide deck; investors should review for color on margin drivers, channel inventory and timing of promotional activity. Collegium Pharmaceutical, Inc. (COLL) Q4 2025 Earnings Call Transcript
• Negative Sentiment: EPS and revenue missed estimates — Q4 EPS was $2.04 vs. the Street ~ $2.20, and revenue ($205.45M) was marginally below expectations; misses prompted the immediate pullback. Collegium Pharmaceutical (COLL) Q4 Earnings and Revenues Miss Estimates
• Negative Sentiment: Guidance is mixed/tepid — FY26 revenue guidance (~$805M–$825M) is roughly in line with consensus but not clearly upside; EPS guidance was not a clear beat and left uncertainty around margins and free cash flow. Collegium Reports Fourth Quarter and Full-Year 2025 Financial Results
• Negative Sentiment: Market reaction and volume — shares are lower with above-average trading volume as investors digest the EPS miss and guidance nuance; near-term sentiment appears cautious. Q4 2025 Earnings Call Summary

Insider Transactions at Collegium Pharmaceutical

In related news, Director Rita J. Balice-Gordon sold 3,650 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $47.03, for a total transaction of $171,659.50. Following the completion of the sale, the director directly owned 52,629 shares in the company, valued at approximately $2,475,141.87. The trade was a 6.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Dreyer sold 17,600 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $48.17, for a total transaction of $847,792.00. Following the sale, the executive vice president directly owned 103,613 shares of the company’s stock, valued at approximately $4,991,038.21. This represents a 14.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Collegium Pharmaceutical

Hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Collegium Pharmaceutical by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,046 shares of the specialty pharmaceutical company’s stock worth $569,000 after purchasing an additional 825 shares during the period. Millennium Management LLC grew its holdings in Collegium Pharmaceutical by 248.5% during the first quarter. Millennium Management LLC now owns 647,832 shares of the specialty pharmaceutical company’s stock valued at $19,338,000 after purchasing an additional 461,914 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Collegium Pharmaceutical by 7.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,014 shares of the specialty pharmaceutical company’s stock worth $2,120,000 after buying an additional 4,625 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Collegium Pharmaceutical by 218.7% in the first quarter. Jane Street Group LLC now owns 131,520 shares of the specialty pharmaceutical company’s stock worth $3,926,000 after buying an additional 90,255 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Collegium Pharmaceutical by 3.7% in the second quarter. JPMorgan Chase & Co. now owns 72,068 shares of the specialty pharmaceutical company’s stock worth $2,131,000 after buying an additional 2,592 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on COLL shares. HC Wainwright restated a “buy” rating and set a $60.00 price objective (up from $46.00) on shares of Collegium Pharmaceutical in a research note on Friday, January 9th. Wall Street Zen upgraded shares of Collegium Pharmaceutical from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 8th. Barclays reduced their price target on shares of Collegium Pharmaceutical from $58.00 to $56.00 and set an “overweight” rating for the company in a research report on Friday, January 9th. Weiss Ratings restated a “buy (b-)” rating on shares of Collegium Pharmaceutical in a report on Monday, December 29th. Finally, Truist Financial set a $58.00 price objective on Collegium Pharmaceutical in a research report on Tuesday, February 10th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.00.

Collegium Pharmaceutical Company Profile

Collegium Pharmaceutical, Inc is a specialty pharmaceutical company focused on the development, manufacture and commercialization of products for pain management and opioid dependence. The company’s core expertise lies in its DETERx microsphere technology, a platform designed to provide extended-release delivery of active pharmaceutical ingredients while deterring manipulation for unintended routes of abuse.

The company’s principal marketed products include Xtampza® ER (extended-release oxycodone), which received approval from the U.S.