Collegium Pharmaceutical, Inc. (COLL) valuation at a glance
Collegium Pharmaceutical, Inc. (COLL) trades above the fair value estimate shown here. At $28.23 versus a $27.40 estimate, that is a 3% downside.
- Price
- $28.23
- Fair value estimate
- $27.40
- Upside
- -3%
- Forward P/E
- 4.0×
- Market cap
- $917M
- P/S (TTM)
- 1.1×
CompaniesCOLL
Overview
COLL
Collegium Pharmaceutical, Inc.
HealthcareSpecialty PharmaADHDAcquisition IntegrationDebt FundedBuybackHigh Short Interest
$28.23+0.3%
Market Cap
$917M
SEC Form 10-K for fiscal 2025 (filed Feb 26 2026) and Form 10-Q for the quarter ended Jun 30 2026 (filed Aug 6 2026), cross-checked against SEC XBRL company facts. US domestic filer.
P/E (TTM)
19.1×
via financials
Rev Growth YoY
14.3%
+14.3%SEC filing
Gross Margin
60.0%
SEC filing
FCF Yield
35.8%
calculated
Upside to FV
-2.9%
vs fair value
Conviction
2/5Collegium closed a $655.6M cash purchase of the ADHD medicine AZSTARYS on 12 May 2026, funded with $355.6M of its own cash and a $300M delayed-draw term loan. Since the 31 December 2025 close the equity has lost 37.5% of its value while enterprise value has moved -0.59%, from $1,890.7M to $1,879.5M. That looks at first like the market refusing to value what $655.6M bought. The company's own guidance says otherwise. Adjusted EBITDA for 2026 is now guided to $445-470M against $460.5M actually delivered in 2025, so on management's numbers the acquired product has not yet raised group profitability at all, because the decline in the branded pain portfolio consumed it. Priced at the multiple this business has actually traded at, 3.9 to 4.1 times adjusted EBITDA, the shares are worth roughly what they cost today.
Research Depth
ScreeningDeep ResearchFull Model
Updated today
Quality Snowflake
Overall 59/100
Value4/5
Future2/3
Past4/4
Health2/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Collegium sells branded medicines in two categories. The growth half is ADHD: JORNAY PM, a methylphenidate stimulant dosed in the evening, and AZSTARYS, bought outright from Corium and consolidated from 12 May 2026. The other half is branded pain, and it is shrinking. Belbuca and the Nucynta franchise were both acquired; Xtampza ER was not, and is the one product the company developed itself, on its own DETERx abuse-deterrent platform. On 6 August 2026 the second quarter showed each half doing what it does. JORNAY PM revenue rose 41% to $46.1M with prescribers above thirty thousand, and AZSTARYS added $12.9M in the 49 days it was owned, on prescriptions up just 1.9% year over year. Pain fell 9% to $140.9M, with Nucynta down 24% to $35.2M and Xtampza ER down 14% to $45.0M. Total revenue still rose 6.3% to $199.9M. What broke was the outlook. Full-year product revenue guidance went from $865-895M to $825-855M and adjusted EBITDA from $475-500M to $445-470M, which management attributed largely to lower net pricing on the authorised-generic versions of Nucynta. The shares fell 18.6% that session from $35.74 to $29.11 on 2.13 million shares against a thirty-day average near 577 thousand, and kept falling to $25.70 by 12 August. That evening the company executed a $50M accelerated repurchase with Jefferies under the $150M programme its board authorised in July 2025, taking initial delivery of 1,556,420 shares, and the stock rose 9.5% the next day. Now the arithmetic. At the 31 December 2025 close of $46.30 the equity was worth $1,468.1M against net debt of $422.6M, an enterprise value of $1,890.7M. At $28.23 the equity is worth $917.4M against net debt of $962.1M, an enterprise value of $1,879.5M. The equity fell 37.5%; the enterprise fell 0.59%. Almost exactly what the shareholder lost was added to net debt to buy AZSTARYS. The tempting read is that the market has marked the acquired asset at nothing and is wrong. Check it against guidance before believing it. Adjusted EBITDA was $460.5M in 2025 and is now guided to $445-470M for 2026 with AZSTARYS inside the number, so on the company's own forecast the acquisition has not yet added anything at group level. Before the August cut, guidance implied about 6% growth on 2025. After it, the midpoint sits slightly below what the business earned last year. On that evidence the market's judgement looks consistent rather than mistaken, and the case for owning the shares rests on 2027, when a full year of AZSTARYS and a still-growing JORNAY PM have to outrun a pain portfolio declining at 9%.
Bull Case
Bear Case
Key Metrics
Market Cap
$917M
SEC Form 10-K for fiscal 2025 (filed Feb 26 2026) and Form 10-Q for the quarter ended Jun 30 2026 (filed Aug 6 2026), cross-checked against SEC XBRL company facts. US domestic filer.
Enterprise Value
$1.88B
calculated
Revenue (TTM)
$808M
SEC filing
P/E (TTM)
19.1×
via financials
Forward P/E
4.0×
consensus
P/S (TTM)
1.1×
via financials
P/B
2.9×
via financials
EV/EBITDA
4.8×
calculated
PEG
–
calculated
Revenue Growth
14.3%
SEC filing
Gross Margin
60.0%
SEC filing
Operating Margin
19.5%
SEC filing
Net Margin
5.9%
SEC filing
Free Cash Flow
$328M
SEC filing
FCF Yield
35.8%
calculated
Debt / Equity
3.5×
SEC filing
Current Ratio
1.0×
SEC filing
Short Interest
18.7%
exchange
Institutional Own.
–
13F
Insider Own.
1.2%
proxy
Shares Out.
32.5M
SEC filing
Float
32.2M
exchange
Valuation
Price vs Fair Value
Bear$18.20
Base$27.40
Bull$39.75
Now $28.23
Bear Case
$18.20
Authorised-generic pricing keeps compressing Nucynta, the erosion continues in Xtampza ER on its own volume trend, and adjusted EBITDA settles near $420M rather than the guided $445-470M. The market pays 3.7 times, below the 3.93 to 4.11 range of the last two year-ends, because a declining run rate is now visible. That is $1,554M of enterprise value against $962.1M of net debt, leaving $591.9M of equity across 32.5 million shares, close to $18.21. Call it $18.20. Probability ~30%.
Base Case
$27.40
The revised guidance holds and adjusted EBITDA lands at the $457.5M midpoint of $445-470M. The market pays 4.05 times, the middle of what it actually paid at the last two year-ends and today. That is $1,852.9M of enterprise value against $962.1M of net debt, leaving $890.8M of equity, close to $27.41. Call it $27.40, which is below the current price. At the 4.11 times the market paid at the 2025 year-end the figure is $28.25, which is the current price almost exactly. Probability ~45%.
Bull Case
$39.75
A full year of AZSTARYS plus continued JORNAY PM growth outruns the pain decline and adjusted EBITDA reaches roughly $490M during 2027. That figure is an assumption made here, not company guidance, and no 2027 outlook exists in any filing. The market rewards the return to growth with 4.6 times, above anything it has paid in the last two years. That is $2,254M of enterprise value against $962.1M of net debt, leaving $1,291.9M of equity, near $39.75. Below the published analyst mean of $51.20, which was set before the August guidance cut. Probability ~25%.
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
| Year | P/E | P/S | EV/EBITDA |
|---|---|---|---|
| FY23 | 20.4× | 1.7× | 4.2× |
| FY24 | 13.0× | 1.4× | 4.7× |
| FY25 | 23.4× | 1.9× | 4.7× |
| TTM · | 19.1× | 1.1× | 4.8× |
Current multiple highlighted vs trailing history.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| COLL | $0.92B | 19.1× | 1.1× | 4.8× | +14.3% | 60.0% | 5.9% |
| SUPN | $2.81B | – | 3.4× | 22.4× | +32.4% | 72.9% | -13.2% |
| AMPH | $0.89B | 12.4× | 1.2× | 6.6× | +5.4% | 47.7% | 10.8% |
| ANIP | $1.76B | 16.7× | 1.8× | 9.0× | +25.9% | 60.4% | 11.1% |
| PCRX | $0.92B | 65.7× | 1.2× | 9.1× | +6.2% | 79.2% | 2.0% |
Financials
| Line Item | Q2 2025 | Q2 2026 | YoY |
|---|---|---|---|
| Product Revenue, net ADHD $59.0M (JORNAY PM $46.1M, AZSTARYS $12.9M for 49 days) + pain $140.9M | $188.0M | $199.9M | +6.3% |
| Gross Profit Gross margin 57.7% to 55.2%, struck after amortisation of product rights | $108.4M | $110.3M | +1.8% |
| Amortisation of intangibles Rises with the AZSTARYS purchase price allocation, on only 49 days of ownership | $55.5M | $63.0M | +13.5% |
| Operating Expenses Includes $24.1M of acquisition-related expense and $14.5M of stock compensation | $73.3M | $106.6M | +45.5% |
| GAAP Income from Operations | $35.1M | $3.7M | -89.5% |
| Interest Expense Before a full quarter of the $300M delayed-draw term loan | $20.5M | $19.5M | -4.6% |
| GAAP Net Income Loss per share $0.46 against diluted earnings of $0.34 a year earlier | $12.0M | -$15.1M | n/m |
| Adjusted EBITDA (non-GAAP) Excludes amortisation, stock compensation, acquisition costs and inventory step-up | $105.1M | $113.8M | +8.4% |
| Line Item | Dec 31 2025 | Jun 30 2026 | Change |
|---|---|---|---|
| Cash & Equivalents Marketable securities went from $155.4M to nil, sold to help fund the acquisition | $231.3M | $129.5M | -44% |
| Current Assets Current ratio 1.03 | $691.4M | $608.0M | -12.1% |
| Goodwill From the AZSTARYS purchase price allocation | $145.9M | $190.2M | +30.3% |
| Intangible Assets, net Gross $2,221.2M less accumulated amortisation $1,035.1M | $669.5M | $1,186.1M | +77.2% |
| Total Assets | $1,656.8M | $2,135.8M | +28.9% |
| Total Borrowings Term notes $852.8M carrying, plus 2.875% convertible notes due 2029, $238.7M carrying | $809.3M | $1,091.6M | +34.9% |
| Deferred Royalty Obligation Assumed in the 2024 Ironshore acquisition, fair value $142.6M. Outside the borrowings figure above | $121.6M | $121.4M | -0.2% |
| Contingent Consideration Fair value of the AZSTARYS milestone earn-out, which can reach $135M | – | $38.5M | n/m |
| Shareholders' Equity Book value is 34% of the market capitalisation | $301.7M | $311.9M | +3.4% |
| Line Item | H1 2025 | H1 2026 | YoY |
|---|---|---|---|
| Operating Cash Flow Flat, and struck before the acquisition contributed a full quarter | $127.8M | $128.4M | +0.5% |
| Capital Expenditure The company owns almost no fixed assets, so free cash flow is close to operating cash flow | $0.9M | $0.8M | -11.2% |
| Acquisition of AZSTARYS Net of cash acquired, funded $355.6M from cash and $300M from the delayed-draw term loan | – | $655.4M | n/m |
| Trailing 12M Free Cash Flow 35.8% of the market capitalisation. Enterprise value is 5.7 times it | – | $328.3M | n/m |
Collegium figures come from the Form 10-Q for the quarter ended 30 June 2026, filed 6 August 2026, and the Form 10-K for fiscal 2025, filed 26 February 2026, cross-checked against SEC XBRL company facts. Peer rows are different in kind. Those multiples come from a market data feed rather than from filings, and are shown for scale rather than as audited comparisons. Revenue growth on this page is the trailing twelve months to 30 June 2026 against the same twelve months a year earlier, $808.2M against $707.0M, using the fiscal 2024 quarterly revenue disclosed in the fiscal 2025 10-K. It is 14.3%, and almost all of it is acquired rather than organic. The most recent quarter grew 6.3%. Three points of care on the tables below. The second quarter includes AZSTARYS for only the 49 days from 12 May, so it understates the acquired revenue run rate. It is not read here as understating future amortisation, because the 10-Q's own schedule puts $110.5M of amortisation across the rest of 2026, below the second quarter's run rate. Gross profit is struck after amortisation of acquired product rights, which is why the gross margin falls while revenue rises. And the interim statements are unaudited, as all quarterly statements are; only the fiscal 2025 annual figures carry an audit opinion. Source: SEC 10-Q filed 2026-08-06 ↗
Catalysts
Aug 12 '26
Buybackhigh relevance
A $50M accelerated repurchase, and 1,556,420 shares already delivered
The company executed an accelerated share repurchase with Jefferies for $50M under the $150M programme its board authorised in July 2025, and took initial delivery of 1,556,420 shares priced off the $25.70 close of 12 August, the lowest close of the last twelve months. That delivery is about 80% of the total it expects to retire and 4.8% of the shares outstanding at 30 June. The $50M is about 6.0% of the market capitalisation at that closing price. The shares rose 9.5% the next session. Every ratio on this page is struck on the 30 June share count, so the repurchase is disclosed here rather than folded into the multiples.
Aug 6 '26
Guidancehigh relevance
The guidance cut that took 2026 below 2025
Full-year product revenue guidance fell from $865-895M to $825-855M and adjusted EBITDA from $475-500M to $445-470M, reductions of 4.5% and 6.2% at the midpoints. Management attributed the change largely to lower net pricing on the authorised-generic versions of Nucynta. The number that matters is the comparison to last year: fiscal 2025 delivered $460.5M of adjusted EBITDA, so the old guidance implied about 6% growth and the new midpoint of $457.5M implies a slight decline, with AZSTARYS inside it. AZSTARYS guidance was raised to $65-75M in the same release and JORNAY PM was left unchanged at $190-200M.
Q3 '26
Earningshigh relevance
Third quarter results, the first full quarter of AZSTARYS
The quarter ending 30 September 2026 carries AZSTARYS for a complete period for the first time and covers the back-to-school season the company says its expanded salesforce was deployed for. Three figures settle the argument: AZSTARYS revenue against the $12.9M booked for 49 days, the pain portfolio against $140.9M, and adjusted EBITDA against the $113.8M just reported and the $133.0M the same quarter delivered in 2025.
2026-28
Balance Sheet
The convertible notes and the springing maturity
The 2.875% convertible notes due 2029 have $241.5M of principal outstanding. If more than $50M of them is still outstanding on 18 November 2028 and liquidity is below $350M at that date, the entire 2025 credit facility matures on 18 November 2028 rather than 23 December 2030. Term note principal amortises on a rising schedule, $22.0M in 2026, $66.0M in each of 2027 and 2028, $88.0M in 2029 and $623.5M in 2030. How the company retires those notes is the cleanest read on whether the balance sheet is being managed or carried.
2027-37
Product
AZSTARYS patent protection and the $135M earn-out
The company states expected patent protection for AZSTARYS through 2037, which is the argument for treating the purchase as an asset rather than a rental. Up to $135M of additional consideration is payable to the seller on commercial and manufacturing milestones, of which $38.5M is already carried as a fair-value liability at 30 June. The scenarios in which the acquisition works are also the ones with a further call on cash.
Q1 '27
Corporate
Headquarters relocation to downtown Boston
The company entered the One Lincoln Lease effective July 2026 for about 40,288 square feet in Boston, on an eleven-year term with two five-year extension options. Initial annual base rent is approximately $2.1M, rising about 2% a year. Against $478M of trailing adjusted EBITDA that is not financially material, and it is recorded here for completeness rather than because it changes the case.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Adjusted EBITDA guidance for 2026 of $445-470M sits below the $460.5M the company actually earned in fiscal 2025, and that guidance already includes AZSTARYS from 12 May. The $655.6M acquisition has added $539.5M to net debt and, on management's own forecast, nothing yet to group earnings. | Capital Allocation | High | Certain | The central risk on this page, and not a matter of interpretation, because both figures are the company's own. The bull case does not need the market to re-rate the shares; it needs 2027 to show the acquired product actually lifting group profit past where it was before the money was spent. Until a quarter demonstrates that, the enterprise value being unchanged since the year-end is the market agreeing with guidance rather than ignoring an asset. |
| The company states that as of 1 April 2022 it focused entirely on commercial products rather than research and development, and that no research and development expense has been incurred since the quarter ended 31 March 2022. Amortisation of purchased product rights ran $229.4M over the trailing twelve months, 28.4% of revenue, and is excluded from both GAAP EBITDA and adjusted EBITDA. | Earnings Quality | High | Certain | A company that no longer develops products must buy them to replace them, and it has just spent $655.6M doing exactly that. Amortisation is the record of what it has paid. Paying a multiple of a measure that excludes it, on a business with no research budget, is how a debt-funded roll-up is mistaken for a cash machine. Xtampza ER, on the company's own DETERx platform, is the last product it created itself and is 22.5% of the most recent quarter's revenue. |
| Pain revenue fell 9% year over year to $140.9M and remains 70% of the total. Nucynta fell 24% to $35.2M and Xtampza ER fell 14% to $45.0M. The guidance cut was attributed largely to lower net pricing on the authorised-generic versions of Nucynta. | Revenue Decline | High | Likely | Price erosion in generics rarely reverses. The base case needs ADHD growth to cover this decline, which it did at the revenue line this quarter, but only with 49 days of an acquired product included. If the pain decline accelerates from 9% toward the 24% the Nucynta line is running at, the growth rate the bull case assumes is not sufficient. |
| Borrowings are $1,091.6M carrying value against $129.5M of cash, with no marketable securities remaining. Net debt is $962.1M, 105% of the market capitalisation and 2.0 times trailing adjusted EBITDA. The credit agreement carries a first lien secured net leverage maintenance covenant permitting netting of only $250M of unrestricted cash, plus a fixed charge coverage covenant, tested quarterly. | Debt Load | High | Certain | The interest spread of SOFR plus 2.75% to 3.75% is set by that same ratio, so a shortfall against guidance raises the cost of debt at the moment the covenant tightens. The filings disclose that the covenants exist but not the thresholds or current headroom, so an outside reader cannot size the cushion. The equity is 48.8% of enterprise value, which means a 10% move in enterprise value is a 20.5% move in the share price in either direction. |
| The second quarter produced a GAAP net loss of $15.1M and a loss per share of $0.46, while the non-GAAP adjusted figures were net income of $75.4M and $1.92 per share. The forward multiple near 4 times that data providers report is computed against the adjusted figure. | Reported vs Adjusted | medium | Certain | A screener surfaces this company at about four times forward earnings. The reported result for the most recent quarter is a loss, and the $90.5M difference is mostly $63.0M of amortisation and $24.1M of acquisition-related expense. Both figures describe the same company. A reader who acts on the first without seeing the second is not looking at the business. |
| Net debt of $962.1M counts borrowings only. The balance sheet also carries a deferred royalty obligation of $121.4M, assumed in the 2024 Ironshore acquisition and disclosed at a fair value of $142.6M, plus $38.5M of contingent consideration and $29.7M of business combination consideration payable. | Obligations | medium | Certain | Every multiple on this page uses the borrowings-only figure, because that is the basis the historical comparisons are built on and mixing bases is how the first version of this page went wrong. A reader who counts the royalty obligation as debt should use net debt of $1,083.4M and enterprise value of $2,000.9M, which moves enterprise value to adjusted EBITDA from 3.93 times to 4.19 times and makes the shares look dearer, not cheaper, against their own history. |
| Institutional ownership is not published as a figure on this page. The data feed returns a value above 100% of shares outstanding for this company, which cannot describe a share register, and no figure has been substituted for it. | Data Integrity | Low | Certain | Ownership concentration matters for a company with a 32.2 million share float and 18.7% short interest, and the honest position is that this page cannot source it reliably. The insider figure of 1.2% and the short interest come from the same feed and sit within possible ranges, but all three should be read as indicative rather than filed. |
Technical Snapshot
52-Week Range
$25.47$28.23$50.79
RSI (14)
33.8
neutral
50-Day MA
$34.21
-17.5%below
200-Day MA
$39.11
-27.8%below
Avg Vol (30d)
577K
+119%vs average
Support Levels
$25.70$25.47$25.98
Resistance Levels
$34.21$35.74$39.11
Price path reconstructed from the 52-week range, current price, and 50/200-day moving averages. Connect a live market-data feed for production.
Ownership & Insider Activity
Top Institutional Holders via 13F filings
13F holdings pending
Institutional holder detail awaiting filing.
Insider Activity
The float is 32.2 million shares against 32.5 million outstanding at 30 June, so essentially the whole company trades. Insiders are reported at roughly 1.2%. Short interest is 18.7% of float, which for a company with an active repurchase authorisation and no need to issue equity means the buyback and the short borrow compete for the same limited supply. The institutional-ownership percentage is deliberately absent: the feed returns a figure above 100% of shares outstanding, which is not a possible state of a share register, and no substitute has been estimated. The share count has not fallen despite the repurchases. Outstanding shares went 31.87 million at the end of 2023, 31.44 million at the end of 2024, 31.71 million at the end of 2025 and 32.50 million at 30 June 2026, and issued shares rose 790,702 in the six months to June alone, so equity compensation has been outpacing the buyback. The 1,556,420 shares taken in on 12 August are the first delivery large enough to reverse that, and they are 4.8% of the count. Every per-share figure on this page is struck on the 30 June balance sheet count, before that delivery.
No open-market insider transactions
None reported in the recent Form 4 window.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| COLL | $0.92B | 19.1× | 1.1× | 4.8× | +14.3% | 60.0% | 5.9% |
| SUPN | $2.81B | – | 3.4× | 22.4× | +32.4% | 72.9% | -13.2% |
| AMPH | $0.89B | 12.4× | 1.2× | 6.6× | +5.4% | 47.7% | 10.8% |
| ANIP | $1.76B | 16.7× | 1.8× | 9.0× | +25.9% | 60.4% | 11.1% |
| PCRX | $0.92B | 65.7× | 1.2× | 9.1× | +6.2% | 79.2% | 2.0% |
Recognizable sector comparables. Multiples are trailing-twelve-month figures from market and exchange data; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-08-15Citation audit, 15 agents against staged primary filings
VALIDATION: the fair value on this page was cut from $37.00 to $27.40
This page was published earlier the same day and then put through an adversarial citation audit, in which fifteen agents checked every claim against the raw 10-K, 10-Q, earnings release and both 8-Ks, with no network access and no ability to confirm a figure that is not in those documents. The audit found a real error in the valuation, which has been corrected here. The first version applied a multiple derived from enterprise value to GAAP EBITDA, 4.75 times, against the company's adjusted EBITDA guidance. Those denominators differ by $54.8M for fiscal 2025, because adjusted EBITDA also excludes stock compensation, acquisition costs and inventory step-up. Rebuilt on a single basis, the business trades at 3.93 times adjusted EBITDA against 3.96 and 4.11 at the last two year-ends, and the base case falls from $37.00 to $27.40, below the market price. The audit also corrected the description of the product base. Xtampza ER was developed in-house on the company's DETERx platform and is not an acquired product, so an earlier claim that the entire portfolio was purchased was wrong.
2026-08-14SEC Form 8-K filed 13 August 2026
The $50M accelerated share repurchase and the 1,556,420 shares delivered
On 12 August 2026 Collegium executed an accelerated share repurchase agreement with Jefferies LLC for $50M of common stock, under the $150M programme authorised by the board in July 2025. The company took initial delivery of 1,556,420 shares, priced off the $25.70 close of that day, representing roughly 80% of the total it expects to repurchase. The final count depends on the volume-weighted average price over the term of the agreement. The announcement came on the day the shares closed at their lowest level in twelve months, and the stock rose 9.5% the next session. The company had spent $655.4M net of cash acquired on AZSTARYS three months earlier, on 12 May.
2026-05-12SEC Form 8-K filed 12 May 2026
AZSTARYS acquired for $655.6M in cash, $300M of it borrowed
Collegium completed the purchase of the entities holding AZSTARYS from Corium Therapeutics on 12 May 2026. Consideration was approximately $655.6M in cash before customary adjustments, funded with approximately $355.6M of existing cash and $300M drawn under the delayed-draw term loan of the syndicated credit facility announced in December 2025, with up to $135M of further consideration payable on commercial and manufacturing milestones. AZSTARYS is a central nervous system stimulant for attention-deficit hyperactivity disorder in patients aged six and over, with expected patent protection through 2037.
2026-08-06Verified against SEC XBRL company facts
Why the enterprise value on this page differs from the data feed
The market data feed reports enterprise value for this company as $2,007.5M. That figure is the market capitalisation plus total borrowings with no subtraction of cash at all. It sits $128.0M above the $1,879.5M used here. The cash balance omitted is $129.5M; the remaining $1.8M is because the feed strikes the market capitalisation on 32.43 million shares rather than the 32.50 million on the filed balance sheet. The figure used throughout this page, $1,879.5M, is recomputed from the filed balance sheet as market capitalisation of $917.4M plus borrowings of $1,091.6M less cash of $129.5M. Every multiple stated against enterprise value uses the recomputed figure. The same feed reports a normalised operating income that adds back items it classes as unusual; the operating income used here is the figure reported in the filings.
Collegium Pharmaceutical, Inc. valuation questions
Is Collegium Pharmaceutical, Inc. (COLL) stock undervalued?
Against the fair value estimate shown on this page, Collegium Pharmaceutical, Inc. trades above: $28.23 today versus a $27.40 estimate, about -3%. The methodology and per-scenario sources are set out in the Valuation section. Treat it as research, not advice, and do your own homework.
What is Collegium Pharmaceutical, Inc.'s fair value?
The fair value estimate shown for COLL is $27.40. Its valuation scenarios span bear $18.20, base $27.40, bull $39.75. See the Valuation section for the basis of each.
What is Collegium Pharmaceutical, Inc.'s forward P/E ratio?
Collegium Pharmaceutical, Inc. (COLL) trades at a forward P/E of 4.0×, and 1.1× trailing sales.
What is Collegium Pharmaceutical, Inc.'s market cap?
Collegium Pharmaceutical, Inc. (COLL) has a market capitalization (its market value, often searched as "net worth") of $917M, and an enterprise value of $1.88B.
What is the bull and bear case for COLL?
Valuation scenarios: bull $39.75, base $27.40, bear $18.20. Each reflects a distinct set of assumptions; the drivers and sources are detailed in the Valuation section above.