Collegium Pharmaceutical, Inc. (COLL) Stock

Collegium Pharmaceutical, Inc. (COLL) is a Healthcare stock trading at $27.11 (as of 2026-08-21), with a market capitalization of $882.75M and a trailing P/E of 19.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Collegium Pharmaceutical, Inc. develops and commercializes specialty medicines for pain management, including Xtampza ER, Nucynta ER, and Nucynta IR formulations. Its products are used for pain severe enough to require treatment that may be long-term and around-the-clock.

Understand Collegium Pharmaceutical, Inc.: how it makes money

Collegium Pharmaceutical develops and sells specialty pain-management medicines, including abuse-deterrent extended-release oxycodone (Xtampza ER) and tapentadol formulations (Nucynta ER and Nucynta IR), and it makes money mainly from net product sales of these branded therapies.

Profitability depends on how well branded prescriptions convert into Net Product Revenue after rebates and other pricing adjustments, which is reflected in Gross-to-Net percentages (for example, Xtampza Extended-Release Gross-to-Net Percentage is 56.2% and Belbuca Gross-to-Net Percentage is 47.8%).

Revenue by segment (latest quarter)
Products	$0.2B

Business quality (Solid): Segment visibility is limited to product revenue, and operating KPIs emphasize pricing conversion (gross-to-net) and prescription demand signals (prescribers, market share) rather than cash flow or unit volume.

Valuation: At 17× earnings, COLL trades in line with the Pharmaceutical Products average (17×). Note: one-time items can distort reported P/E.

Bull case

Branded demand signals for its extended-release offerings: Xtampza Extended-Release Oxycodone ER Market Share is 34.2%, and Combined Branded Extended-Release Market Share is 49.0%.
Pricing realization discipline is measurable: The company reports product-specific Gross-to-Net metrics, including Xtampza Extended-Release Gross-to-Net Percentage of 56.2%, which helps track how gross sales translate to Net Product Revenue.

Bear case

Net revenue is exposed to pricing and payer dynamics: Gross-to-net values well below 100% (such as Xtampza 56.2% and Belbuca 47.8%) indicate meaningful deductions from gross, so unfavorable changes in rebate or other pricing adjustments could pressure Net Product Revenue.
Concentration across branded franchises can raise execution risk: Multiple KPIs and product revenue categories focus on specific brands and franchises (for example, Xtampza Extended Release Net Product Revenue at 0.05 and Belbuca Net Revenue at 0.05), so underperformance in key products could weigh on overall results.

Valuation — source: SEC EDGAR (first-party)
Price	$27.11
Market Cap	$882.75M
P/E Ratio	19.4
EV / EBITDA	5.6
Price / Book	2.83
Price / Sales	1.11
FCF Yield	50.6%
DCF Value (model)	$84.42
DCF Upside vs Price	211.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$780.57M
Net Margin	8.1%
Revenue Growth (YoY)	23.6%
EPS Growth (YoY)	-7.5%
FCF Growth (YoY)	61.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.31 (distress)

Valuation vs Sector & Industry
Stock P/E	19.4
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2
vs Sector	-10.6%
vs Industry	13.1%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($169.78M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Vikram Karnani
Employees	357
Country	US
IPO Date	2015-05-07

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.