COLLEGIUM PHARMACEUTICAL, INC

COLL · Pharmaceutical Preparations · 32.4M shares · +6%/yr ↑ shares · EDGAR filings ↗

Net buyback after stock comp: $48M (gross $75M, SBC $27M)

Reference price $34.05 · est. market cap ~$1.1B — last insider sale, 2026-05-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B79

Profitable, diversified specialty pharma in pain and ADHD with top-decile cash generation, tempered by imminent Nucynta generic erosion and opioid-related risk.

Strengths

Elite cash generation: FCF margin 0.42 (97th pct), OCF margin 0.42 (95th pct), operating margin 0.23 (91st pct), FCF $328M
High returns and growth: ROE 0.21 (82nd pct), ROA 0.038 (89th pct), net income growth ~100% (82nd pct)

Risks

Nucynta IR/ER generics launching 1Q-2026 will erode a major revenue line; acquisition-driven growth not organic
Thin liquidity (current ratio 1.57, 21st pct), low gross margin (34th pct) and opioid litigation/concentration exposure

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Strong balance sheetStrong balance sheet — $387M cash & investments
Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Insider sellingInsider selling — 8 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$3M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $188M2025-09-30 · $209M2025-12-31 · $205M2026-03-31 · $194M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

59.3%

Operating margin

23.0%

Net margin

8.1%

Return on equity

20.8%

Return on assets

3.8%

Revenue growth (QoQ)

-5.8%

Net-income growth

-9.1%

Current ratio

1.6×

Free cash flow

$328M

Tangible book value

-$514M

Cash & investments

$387M

Stock comp / revenue

5.4%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-08	SANTINI GINO	Option exercise	8.7K	$16.49
2026-05-18	Freund John Gordon	Sell	20	$34.05
2026-05-15	Freund John Gordon	Sell	4.1K	$34.54
2026-05-15	Freund John Gordon	Option exercise	8.7K	$16.49
2026-05-14	Lurker Nancy	Grant	8.7K	—
2026-05-14	Freund John Gordon	Grant	8.7K	—
2026-05-14	SANTINI GINO	Grant	8.7K	—
2026-05-14	BOHLIN GAREN G	Grant	8.7K	—
2026-05-14	Glancy Donovan Michael	Grant	17K	—
2026-05-14	Balice-Gordon Rita J.	Grant	8.7K	—
2026-05-14	Paya Carlos V	Grant	8.7K	—
2026-05-13	Lurker Nancy	Sell	4.5K	$35.97
2026-05-11	BOHLIN GAREN G	Option exercise	8.7K	$16.49
2026-05-11	BOHLIN GAREN G	Sell	8.7K	$37.18
2026-03-18	Dieter David	Sell	14K	$34.92
2026-03-17	Dieter David	Tax withheld	8.8K	$35.72
2026-03-09	Dieter David	Sell	6.2K	$36.65
2026-03-03	Dreyer Scott	Sell	46K	$40.36
2026-03-03	Dreyer Scott	Sell	3.6K	$40.99
2026-02-10	Dreyer Scott	Tax withheld	10.0K	$46.75
2026-02-10	Dieter David	Grant	22K	—
2026-02-10	Dieter David	Grant	9.0K	—
2026-02-10	Dieter David	Tax withheld	2.8K	$46.75
2026-02-10	Tupper Colleen	Grant	26K	—
2026-02-10	Tupper Colleen	Grant	33K	—
2026-02-10	Tupper Colleen	Tax withheld	12K	$46.75
2026-02-10	Tupper Colleen	Tax withheld	27K	$46.75
2026-02-10	Smith Thomas B	Grant	14K	—
2026-02-10	Smith Thomas B	Grant	23K	—
2026-02-10	Smith Thomas B	Tax withheld	5.9K	$46.75
2026-02-10	Smith Thomas B	Tax withheld	12K	$46.75
2026-02-10	Dreyer Scott	Grant	19K	—
2026-02-10	Dreyer Scott	Grant	31K	—
2026-02-10	Dreyer Scott	Tax withheld	22K	$46.75
2026-02-10	Karnani Vikram	Grant	79K	—
2026-02-10	Karnani Vikram	Grant	33K	—
2026-02-10	Karnani Vikram	Tax withheld	11K	$46.75
2025-12-08	Dreyer Scott	Option exercise	18K	$15.90
2025-12-08	Dreyer Scott	Sell	11K	$47.89
2025-12-08	Dreyer Scott	Sell	6.5K	$48.66
2025-12-05	Balice-Gordon Rita J.	Sell	3.6K	$47.03
2025-11-12	Karnani Vikram	Tax withheld	9.0K	$47.35
2025-11-12	Fallon John A.	Option exercise	15K	$16.49
2025-11-12	Fallon John A.	Option exercise	20K	$9.33
2025-11-12	Fallon John A.	Sell	35K	$47.21
2025-11-06	Tupper Colleen	Sell	25K	$40.38
2025-11-06	Tupper Colleen	Sell	4.9K	$41.28
2025-08-29	Smith Thomas B	Sell	17K	$38.42
2025-08-18	Dreyer Scott	Option exercise	16K	$21.34
2025-08-18	Dreyer Scott	Sell	16K	$38.21
2025-08-15	SANTINI GINO	Option exercise	15K	$13.45
2025-08-15	SANTINI GINO	Sell	5.4K	$37.19
2025-08-13	Dreyer Scott	Option exercise	4.9K	$21.34
2025-08-13	Dreyer Scott	Sell	4.9K	$38.03
2025-08-13	Rubric Capital Management LP	Sell	25K	$37.85
2025-08-08	Freund John Gordon	Sell	12K	$34.36
2025-06-09	Freund John Gordon	Option exercise	15K	$13.45
2025-06-09	Freund John Gordon	Sell	6.6K	$30.62
2025-05-15	Fallon John A.	Grant	9.8K	—
2025-05-15	Lurker Nancy	Grant	9.8K	—
2025-05-15	BOHLIN GAREN G	Grant	9.8K	—
2025-05-15	Balice-Gordon Rita J.	Grant	9.8K	—
2025-05-15	Freund John Gordon	Grant	9.8K	—
2025-05-15	SANTINI GINO	Grant	9.8K	—
2025-05-15	Paya Carlos V	Grant	20K	—
2025-03-21	Dreyer Scott	Sell	19K	$30.03
2025-03-21	Tupper Colleen	Sell	6.4K	$30.03
2025-03-20	Dreyer Scott	Sell	1.9K	$30.00
2025-03-20	Tupper Colleen	Sell	1.2K	$30.00
2025-03-17	Dieter David	Grant	68K	—
2025-03-14	Dreyer Scott	Sell	2.3K	$30.00
2025-03-14	Tupper Colleen	Sell	977	$30.00
2025-03-11	Tupper Colleen	Sell	10K	$30.01
2025-03-11	Dreyer Scott	Sell	15K	$30.00
2025-03-07	Tupper Colleen	Sell	1.5K	$30.00
2025-03-07	Dreyer Scott	Sell	2.3K	$30.00
2025-03-06	Dreyer Scott	Sell	15K	$30.00
2025-03-06	Dreyer Scott	Sell	3.3K	$30.00
2025-03-06	Tupper Colleen	Sell	1.9K	$30.00
2025-03-06	Kuhlmann Shirley R.	Sell	26K	$28.50
2025-03-05	Kuhlmann Shirley R.	Sell	20K	$28.03
2025-03-04	Kuhlmann Shirley R.	Option exercise	40K	$24.03
2025-03-04	Kuhlmann Shirley R.	Sell	40K	$28.08
2025-02-10	Heffernan Michael Thomas	Grant	4.8K	—
2025-02-10	Smith Thomas B	Grant	34K	—
2025-02-10	Smith Thomas B	Grant	5.3K	—
2025-02-10	Smith Thomas B	Tax withheld	1.5K	$30.52
2025-02-10	Smith Thomas B	Tax withheld	4.4K	$30.52
2025-02-10	Dreyer Scott	Grant	45K	—
2025-02-10	Dreyer Scott	Grant	26K	—
2025-02-10	Dreyer Scott	Tax withheld	8.0K	$30.52
2025-02-10	Dreyer Scott	Tax withheld	22K	$30.52
2025-02-10	Tupper Colleen	Grant	52K	—
2025-02-10	Tupper Colleen	Grant	27K	—
2025-02-10	Tupper Colleen	Tax withheld	8.1K	$30.52
2025-02-10	Tupper Colleen	Tax withheld	22K	$30.52
2025-02-10	Kuhlmann Shirley R.	Grant	41K	—
2025-02-10	Kuhlmann Shirley R.	Grant	29K	—
2025-02-10	Kuhlmann Shirley R.	Tax withheld	9.8K	$30.52
2025-02-10	Kuhlmann Shirley R.	Tax withheld	25K	$30.52
2025-02-04	Lurker Nancy	Grant	13K	—
2025-01-10	Kuhlmann Shirley R.	Option exercise	28K	$21.34
2025-01-10	Kuhlmann Shirley R.	Sell	21K	$32.87
2025-01-10	Kuhlmann Shirley R.	Sell	6.1K	$33.64

All non-derivative Form 4 activity (SEC), newest first.

Clinical trials

Trial	Title	Phase	Status	Primary completion
NCT01685684 ↗	Oxycodone DETERx™ Versus Placebo in Chronic Low Back Pain (CLBP) Chronic Low Back Pain	PHASE3	Completed	2014-06-01

Source: ClinicalTrials.gov (U.S. NIH) · active studies first.

Notable events (8-K)

Date	Items
2026-05-15	Shareholder vote	filing ↗
2026-05-12	Acquisition/dispositionExec/director changeReg FDExhibits	filing ↗
2026-05-07	ResultsReg FDExhibits	filing ↗
2026-04-07	Exec/director change	filing ↗
2026-03-19	Material agreementReg FDExhibits	filing ↗
2026-02-26	ResultsReg FDExhibits	filing ↗
2026-01-08	Reg FDExhibits	filing ↗
2025-12-30	Material agreement1.023.02Reg FDExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-05-15	2026-05-14	0001104659-26-062536 ↗
8-K	2026-05-12	2026-05-12	0001104659-26-059018 ↗
8-K	2026-05-07	2026-05-07	0001628280-26-031694 ↗
10-Q	2026-05-07	2026-03-31	0001628280-26-031697 ↗
8-K	2026-04-07	2026-04-02	0001628280-26-024061 ↗
8-K	2026-03-19	2026-03-19	0001104659-26-032166 ↗
10-K	2026-02-26	2025-12-31	0001628280-26-011992 ↗
8-K	2026-02-26	2026-02-26	0001628280-26-011990 ↗
8-K	2026-01-08	2026-01-08	0001104659-26-001953 ↗
8-K	2025-12-30	2025-12-23	0001104659-25-125026 ↗
8-K	2025-11-06	2025-11-06	0001104659-25-107389 ↗
10-Q	2025-11-06	2025-09-30	0001104659-25-107391 ↗