Revenue growth accelerated to 6.3% in 2026Q2, but gross margin fell to 55.2% and operating margin collapsed to 1.9% as SG&A surged to $106.6M, driving a net loss of -$15.1M.
Collegium Pharmaceutical, Inc. (COLL) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 808.21M | 780.57M | 631.45M | 566.77M | 463.93M | 276.87M | 310.02M | 296.7M | 280.41M | 28.48M | 1.71M | 0 | 0 | 0 |
| Revenue Growth % | 14.31% | 23.62% | 11.41% | 22.17% | 67.56% | -10.69% | 4.49% | 5.81% | 884.73% | 1564.29% | - | - | - | - |
| Cost of Goods Sold | 323.12M | 317.31M | 254.1M | 240.6M | 254.44M | 126.25M | 130.18M | 193.66M | 165.68M | 2.6M | 213K | 171K | 0 | 0 |
| COGS % of Revenue | - | 40.65% | 40.24% | 42.45% | 54.85% | 45.6% | 41.99% | 65.27% | 59.08% | 9.11% | 12.45% | - | - | - |
| Gross Profit | 485.09M | 463.26M | 377.34M | 326.17M | 209.49M | 150.62M | 179.84M | 103.04M | 114.74M | 25.88M | 1.5M | -171K | 0 | 0 |
| Gross Margin % | 60.02% | 59.35% | 59.76% | 57.55% | 45.15% | 54.4% | 58.01% | 34.73% | 40.92% | 90.89% | 87.55% | - | - | - |
| Gross Profit Growth % | - | 22.77% | 15.69% | 55.7% | 39.09% | -16.25% | 74.53% | -10.19% | 343.32% | 1627.7% | 976.02% | - | - | - |
| Operating Expenses | 326.58M | 276.17M | 207.45M | 159.21M | 176.17M | 132.99M | 123.6M | 126.79M | 135.42M | 101.33M | 95.58M | 26.91M | 17.66M | 16.04M |
| OpEx % of Revenue | - | 35.38% | 32.85% | 28.09% | 37.97% | 48.03% | 39.87% | 42.73% | 48.29% | 355.84% | 5586.21% | - | - | - |
| Selling, General & Admin | 239.78M | 276.17M | 182.98M | 159.21M | 172.19M | 118.96M | 113.83M | 116.45M | 126.76M | 92.76M | 80.63M | 18.93M | 2.71M | 1.89M |
| SG&A % of Revenue | - | 35.38% | 28.98% | 28.09% | 37.11% | 42.97% | 36.72% | 39.25% | 45.2% | 325.73% | 4712.57% | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 3.98M | 9.45M | 9.77M | 10.34M | 8.66M | 8.57M | 14.95M | 7.97M | 14.96M | 14.16M |
| R&D % of Revenue | - | - | - | - | 0.86% | 3.41% | 3.15% | 3.48% | 3.09% | 30.1% | 873.64% | - | - | - |
| Other Operating Expenses | 2M | 0 | 24.47M | 0 | 0 | 4.58M | 0 | 0 | 0 | 0 | -94K | 0 | 0 | 0 |
| Operating Income | 158.51M | 187.08M | 169.9M | 166.96M | 33.32M | 17.63M | 56.23M | -23.75M | -20.68M | -75.45M | -94.08M | -26.91M | -17.66M | -16.04M |
| Operating Margin % | 19.61% | 23.97% | 26.91% | 29.46% | 7.18% | 6.37% | 18.14% | -8% | -7.38% | -264.95% | -5498.66% | - | - | - |
| Operating Income Growth % | - | 10.12% | 1.76% | 401.1% | 89.01% | -68.65% | 336.79% | -14.81% | 72.58% | 19.81% | -249.66% | -52.32% | -10.12% | - |
| EBITDA | 505.45M | 413.16M | 339.06M | 316.22M | 172.26M | 86.55M | 117.78M | -8.27M | 90.22M | -74.85M | -93.43M | -26.74M | -17.48M | -15.87M |
| EBITDA Margin % | 62.54% | 52.93% | 53.69% | 55.79% | 37.13% | 31.26% | 37.99% | -2.79% | 32.17% | -262.86% | -5460.37% | - | - | - |
| EBITDA Growth % | 48.15% | 21.86% | 7.22% | 83.57% | 99.04% | -26.52% | 1525.07% | -109.16% | 220.53% | 19.88% | -249.44% | -52.97% | -10.11% | - |
| D&A (Non-Cash Add-back) | 346.94M | 226.07M | 169.16M | 149.26M | 138.94M | 68.92M | 61.55M | 15.48M | 110.91M | 594K | 655K | 171K | 187K | 169K |
| EBIT | 239.62M | 174.93M | 172.54M | 159.07M | 34.37M | 17.64M | 56.46M | -21.81M | -19M | -74.86M | -94.08M | -26.82M | -17.66M | -16.12M |
| Net Interest Income | -149.27M | -71.02M | -60M | -67.72M | -62.17M | -21M | -28.65M | 1.03M | -18.44M | 582K | -94K | 0 | 0 | 0 |
| Interest Income | 12.68M | 11.29M | 13.98M | 15.62M | 1.05M | 12K | 232K | 1.94M | 1.69M | 582K | 0 | 0 | 0 | 0 |
| Interest Expense | 161.94M | 82.31M | 73.97M | 83.34M | 63.21M | 21.01M | 28.88M | 909K | 20.13M | 0 | 94K | 439K | 252K | 76K |
| Other Income/Expense | -80.83M | -94.47M | -71.33M | -91.23M | -62.17M | -21M | -28.65M | 1.03M | -18.44M | 582K | -94K | -348K | -252K | -155K |
| Pretax Income | 77.68M | 92.62M | 98.57M | 75.73M | -28.85M | -3.37M | 27.58M | -22.72M | -39.13M | -74.86M | -94.18M | -27.25M | -17.92M | -16.2M |
| Pretax Margin % | 9.61% | 11.87% | 15.61% | 13.36% | -6.22% | -1.22% | 8.9% | -7.66% | -13.95% | -262.91% | -5504.15% | - | - | - |
| Income Tax | 29.77M | 29.75M | 29.38M | 27.58M | -3.85M | -74.89M | 830K | 0 | 0 | 0 | 94K | -91K | 0 | 79K |
| Effective Tax Rate % | 38.32% | 32.12% | 29.8% | 36.41% | 13.33% | 2219.65% | 3.01% | 0% | 0% | 0% | -0.1% | 0.33% | 0% | -0.49% |
| Net Income | 47.91M | 62.87M | 69.19M | 48.16M | -25M | 71.52M | 26.75M | -22.72M | -39.13M | -74.86M | -94.18M | -27.25M | -17.92M | -16.2M |
| Net Margin % | 5.93% | 8.05% | 10.96% | 8.5% | -5.39% | 25.83% | 8.63% | -7.66% | -13.95% | -262.91% | -5504.15% | - | - | - |
| Net Income Growth % | 32.1% | -9.13% | 43.68% | 292.6% | -134.96% | 167.33% | 217.74% | 41.93% | 47.74% | 20.51% | -245.54% | -52.12% | -10.62% | - |
| Net Income (Continuing) | 47.91M | 62.87M | 69.19M | 48.16M | -25M | 71.52M | 26.75M | -22.72M | -39.13M | -74.86M | -94.18M | -27.25M | -17.92M | -16.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.48 | 1.73 | 1.86 | 1.29 | -0.74 | 1.86 | 0.76 | -0.24 | -1.19 | -2.47 | -3.88 | -2.01 | -2.40 | -2.17 |
| EPS Growth % | 19.97% | -6.99% | 44.19% | 274.32% | -139.78% | 144.74% | 416.67% | 79.83% | 51.82% | 36.34% | -93.03% | 16.25% | -10.6% | - |
| EPS (Basic) | - | 1.98 | 2.14 | 1.60 | -0.74 | 2.05 | 0.78 | -0.24 | -1.19 | -2.47 | -3.88 | -2.01 | -2.40 | -2.17 |
| Diluted Shares Outstanding | 32.46M | 39.7M | 40.42M | 41.79M | 33.83M | 41.05M | 35.15M | 33.45M | 32.95M | 30.27M | 24.26M | 13.54M | 7.47M | 7.47M |
| Basic Shares Outstanding | 32.46M | 31.71M | 32.27M | 33.74M | 33.83M | 34.94M | 34.41M | 33.45M | 32.88M | 30.27M | 24.26M | 13.54M | 7.47M | 7.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying COLL stock.
For fiscal year 2025, Collegium Pharmaceutical, Inc. (COLL) reported total revenue of $780.6M.
Collegium Pharmaceutical, Inc. (COLL) is profitable, generating $62.9M in net income for the fiscal year ending 2025 with a net profit margin of 8.1%.
Collegium Pharmaceutical, Inc. (COLL) reported an operating income of $187.1M, resulting in an operating profit margin of 24.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Collegium Pharmaceutical, Inc. (COLL) generated $463.3M in gross profit for the year, representing a gross profit margin of 59.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
DEA quota constraints on opioids
Metrics are mathematically derived from official filings.
ADHD Portfolio Drives Acceleration
Revenue growth accelerated to 6.3% in 2026Q2, up from 0.1% in 2024Q1, driven by 41% growth in ADHD products, according to recent financial statements.
The revenue trajectory shows a clear inflection from near-flat growth in early 2024 to consistent double-digit growth through 2025, with 2026Q2 growth of 6.3% on a higher base. The acceleration is attributed to the ADHD portfolio, which grew 41% and now includes AZSTARYS, indicating successful diversification beyond opioids. However, the sequential decline from 2025Q3's 31.4% growth suggests the pace may moderate as the portfolio matures.
Gross Margin Pressures from Mix Shift
Gross margin fell to 55.2% in 2026Q2 from 63.1% in 2024Q1, reflecting higher COGS and product mix, as reported in quarterly filings.
The gross margin has contracted by nearly 800 basis points over the period, with 2026Q2 at 55.2% versus 63.1% in 2024Q1. This decline appears tied to the growing share of ADHD products, which may carry higher royalty or manufacturing costs, and increased gross-to-net adjustments. The margin is below peers like Harmony Biosciences (77.2%), suggesting structural differences in the product portfolio and payer dynamics.
Operating Leverage Fades in 2026
Operating margin swung from 34.1% in 2024Q1 to 1.9% in 2026Q2, as SG&A surged to $106.6M, according to income statement data.
The operating leverage that was evident in 2024, when revenue growth outpaced SG&A growth, has reversed in 2026. In 2026Q2, SG&A jumped to $106.6M, nearly double the level in 2024Q1, while revenue only grew 38% over the same period. This suggests heavy investment in the salesforce for AZSTARYS and Jornay PM, which may compress near-term margins but could support future growth if the ADHD portfolio continues to scale.
SBC and Tax Distort Net Income
Net income turned negative at -$15.1M in 2026Q2 despite positive operating income, with SBC of $14.5M and tax effects, per SEC filings.
The quality of earnings is questionable as net income diverges from operating income. In 2026Q2, operating income was $3.7M but net income was -$15.1M, implying significant below-the-line charges, likely including interest, taxes, and possibly non-operating items. Stock-based compensation of $14.5M is substantial relative to net income, and the effective tax rate appears volatile, possibly due to NOL utilization, making EPS a less reliable indicator of cash generation.
SG&A Escalation Outpaces Revenue
SG&A rose to $106.6M in 2026Q2, up from $42.0M in 2024Q1, a 154% increase, while revenue grew only 38%, as per income statement data.
The primary cost driver is SG&A, which has more than doubled over the period, reflecting investments in commercial infrastructure for the ADHD portfolio. This escalation has compressed operating margins from 34.1% to 1.9% in 2026Q2. While the company is investing for growth, the pace of SG&A growth relative to revenue suggests that operating leverage is currently negative, and investors should monitor whether these costs stabilize as the ADHD products gain traction.
2025Q3 Marks Peak Profitability
2025Q3 was the inflection point with operating margin at 30.4% and net income of $31.5M, the highest in the period, per quarterly data.
The third quarter of 2025 represented the peak of profitability, with operating margin of 30.4% and net income of $31.5M, driven by strong revenue growth of 31.4% and controlled SG&A. This was likely the result of the initial integration of BioDelivery Sciences and the ramp of Jornay PM. However, subsequent quarters show a decline in margins, indicating that the benefits of that inflection may be fading as new investments and competitive pressures emerge.
Margin Compression and Opioid Overhang
Despite revenue growth, operating margin fell to 1.9% in 2026Q2, and DEA quota cuts may limit opioid growth, as per recent filings.
The bear case centers on the sustainability of margins. The sharp decline in operating margin from 30.4% in 2025Q3 to 1.9% in 2026Q2 suggests that the company's cost structure is not scaling efficiently, possibly due to integration costs and increased competition. Additionally, the DEA's continued reductions in oxycodone quotas could cap Xtampza ER growth, limiting the company's ability to offset rising SG&A. If the ADHD portfolio does not generate sufficient returns, the company may face prolonged margin pressure.