Collegium Pharmaceutical, Inc.

collegiumpharma.com

What Do They Do?

Sells prescription medicines for pain and ADHD, including Belbuca, Xtampza ER and Jornay PM, to pharmaceutical wholesalers for distribution to pharmacies and other outlets.

How Do They Make Money?

The company sells its medicines primarily to wholesalers; they pay when products are delivered, typically 30 to 90 days later.

revenue

Segment	Share	How money arrives
Belbuca Sold outright	28% FY2022: 27%	Sold outright
Xtampza ER Sold outright	26% FY2022: 30%	Sold outright
Jornay PM Sold outright	19%	Sold outright
Nucynta IR Sold outright	15% FY2022: 24%	Sold outright
Nucynta ER Sold outright	10% FY2022: 16%	Sold outright
Symproic and other Sold outright	1.9%	Sold outright

Who Are Their Customers?

The company primarily sells to pharmaceutical wholesalers, which distribute its products to pharmacies and other outlets, including managed health care organizations and government agencies.

Customers above 10% of revenue, FY2025

of revenue from three customers (34%, 34%, 29%)

FY2023: 97% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 42 cents into free cash flow.

Operating income, FY2025

23% of revenue

▲ +6% vs FY2024 ($169.9M, 27%)

Net income, FY2025

8% of revenue

▼ −9% vs FY2024 ($69.2M, 11%)

Free cash flow, FY2025

42% of revenue

▲ +61% vs FY2024 ($203.3M, 32%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +6%; vs $188M in Q2 FY2025
Net income: ▼ Now a loss; vs $12M in Q2 FY2025

Belbuca share of revenue vs 28.0% in Q2 FY2025

Aug 6, 2026 Cut 2026 revenue and adjusted EBITDA guidance Revenue guidance fell to $825 to $855 million and adjusted EBITDA to $445 to $470 million, citing lower net prices for authorized generic Nucynta.
May 12, 2026 Completed acquisition of AZSTARYS Paid approximately $650 million in cash for the ADHD medicine AZSTARYS.

Growing. Revenue grew 2.8x in 4 years, from $276.9M in FY2021 to $780.6M in FY2025, about 30% a year.

Added ADHD medicines The older report centers the commercial portfolio on pain; the latest describes medicines for pain and ADHD, including Jornay PM.

Exited Elyxyb The older report says Elyxyb was discontinued and transferred to a third party; the latest portfolio description lists pain and ADHD medicines without Elyxyb.

Revenue over time

Belbuca Xtampza ER Jornay PM Nucynta IR Nucynta ER Symproic and other Other Symproic

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Vertex Pharmaceuticals

Comments