COLLEGIUM PHARMACEUTICAL, INC (COLL) FY2025 10-K Annual Report
COLLEGIUM PHARMACEUTICAL, INC (COLL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
COLLEGIUM PHARMACEUTICAL, INC FY2025 10-K Analysis
Business Overview
- • Core business: Commercializes differentiated biopharmaceutical products for ADHD and moderate to severe pain in the U.S.
- • New: September 2024 acquisition of Ironshore adds Jornay PM, expanding into neuropsychiatry and ADHD market
- • Strategic shift: Diversification beyond pain management to ADHD stimulation therapy with Jornay PM launch
- • Quantitative: Pain sales force ~105 reps; ADHD sales force ~200 reps targeting ~21,000 prescribers
- • Noteworthy: FDA granted pediatric exclusivity extensions up to January 2027 for Nucynta IR and December 2025 for Nucynta ER
Management Discussion & Analysis
- • Revenue $780.6M in 2025, up $149.2M YoY from $631.4M; Jornay PM +$111.7M, Nucynta Products +$19.8M, Belbuca +$10.4M, Xtampza ER +$8.0M
- • Gross profit $463.3M vs $377.3M; operating expenses $284.8M vs $210.4M; operating income $179.6M vs $169.9M; operating margin ~23.0% vs ~26.9% (calculated from operating income/revenue)
- • Best segment: Jornay PM revenue $111.7M increase due to full year revenue in 2025 post-acquisition; worst: Symproic revenue down $0.7M
- • Cash & equivalents $231.3M at 2025 year-end vs $70.6M at 2024; 2025 Term Loan $580M outstanding with $29M due next 12 months; no detailed capex, buyback or dividend info provided
- • Management expects cash, cash equivalents, marketable securities plus operations to fund expenses, debt service, capex; risks include generic launch of Nucynta IR and ER impacting revenues
Risk Factors
- • Cybersecurity risks overseen by Audit Committee with quarterly updates from Head of IT on incidents and infrastructure vulnerabilities
- • Potential impact from cybersecurity incidents managed by Head of IT with 20+ years experience and senior leadership for 10+ years
- • Operational risk from information technology infrastructure reliant on bi-weekly management meetings and established incident response plan
COLLEGIUM PHARMACEUTICAL, INC FY2025 Key Financial MetricsXBRL
Revenue
$781M
▲ +23.6% YoY
Net Income
$63M
▼ -9.1% YoY
Gross Margin
59.3%
▼ -41bp YoY
Operating Margin
23.0%
▼ -389bp YoY
Net Margin
8.1%
▼ -290bp YoY
ROE
20.8%
▼ -939bp YoY
Total Assets
$1.7B
▼ -0.4% YoY
EPS (Diluted)
$1.73
▼ -7.0% YoY
Operating Cash Flow
$329M
▲ +60.7% YoY
Source: XBRL data from COLLEGIUM PHARMACEUTICAL, INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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