Collegium Pharmaceutical, Inc.

Worth knowing

• Buybacks largely absorbed by stock pay. Stock-based pay expense $101M vs $160M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −3.8% from December 2022 to July 2026.

  Over three fiscal years Collegium Pharmaceutical recorded $101M of stock-based pay expense and spent $160M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−3.8%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Collegium Pharmaceutical recorded $101M of stock-based pay expense and spent $160M repurchasing shares. The share count barely moved (−3.8%), so much of the repurchasing offset new employee shares rather than shrinking the count.

• Much more borrowing than peers. Debt is 3.9× equity vs a peer median of 0.2×.Debt is 3.9× equity vs peers 0.2×.

  Debt is 3.9× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.9× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

• Valuation signals disagree. Cheaper than 95% of peers on operating cash profit (EBITDA), but only 50% on free cash flow.Cheaper than 95% of peers on operating cash profit, but only 50% on free cash flow.

  Relative to its operating cash profit (EBITDA), Collegium Pharmaceutical looks cheaper than 95% of peers; relative to its free cash flow, cheaper than only 50%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Collegium Pharmaceutical looks cheaper than 95% of peers; relative to its free cash flow, cheaper than only 50%. The valuation score blends the two, so look at which measure fits this business best.

• Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +68%, operating profit +439%.Since 2022: revenue +68%, operating profit +439%.

  Since 2022, Collegium Pharmaceutical's revenue grew 68% while operating profit grew 439%: each extra dollar of sales is adding more profit.