Collegium Pharmaceutical (COLL) FY2025 results: revenue $781 million, up 23.6% on the year
Collegium Pharmaceutical, Inc. (COLL) reported revenue of $781 million for fiscal 2025, the year ended 31 December 2025, up 23.6% on the year before. Net income was $63 million, down 9.1%, and diluted earnings per share $1.73. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$781 million
+23.6% on the year
FY2018FY2025
Operating margin
23.0%
26.9% a year earlier
FY2018FY2025
Net income
$63 million
-9.1% on the year
FY2018FY2025
Diluted EPS
$1.73
-7.0% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 kept.
Quarterly net revenue rose 13%: Product revenues, net were $205.4 million in the 2025 quarter, up 13% from $181.9 million in the 2024 quarter.
Full-year adjusted EBITDA rose 15%: Adjusted EBITDA for FY 2025 was $460.5 million, up 15% from $401.2 million for FY 2024.
Jornay PM quarterly revenue up 57%: Jornay PM net revenue was a record $45.9 million in the 2025 quarter, up 57% year-over-year.
Prescriptions reached an all-time high: Jornay PM prescriptions were over 200,000 in the 2025 quarter, up 16%, and over 760,000 for FY 2025, up 20%.
Hikma gets exclusive Nucynta AG rights: Hikma holds the exclusive right to sell the Collegium-supplied authorized generics of Nucynta and Nucynta ER in the United States.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
329
205
275
+60.7%
Capital expenditure
1.7
1.7
0.5
+5.3%
Free cash flow
328
203
274
+61.1%
Free cash flow margin
42.0%
32.2%
48.4%
Cash from investing
-63.5
-288
-70.8
Cash from financing
-110
-60.6
-140
Depreciation and amortisation
226
169
149
+33.6%
Share-based compensation
41.9
32.4
27.1
+29.3%
Buybacks
25.1
60.0
75.0
-58.2%
Diluted shares, weighted
40m
40m
42m
-1.8%
Shares outstanding at period end
32m
31m
32m
+0.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
302
229
195
+31.8%
Debt
809
852
667
-5.1%
Operating lease liabilities
4.1
5.5
6.1
-25.4%
Other liabilities
542
577
275
-6.1%
Total liabilities and equity
1,657
1,664
1,143
-0.4%
Fixed assets
12.0
14.3
16.0
-16.2%
Goodwill
146
162
134
-10.1%
Intangible assets
670
891
422
-24.9%
Investments
155
92.2
71.6
+68.6%
Cash and equivalents
231
70.6
239
+227.7%
Receivables
211
229
180
-7.5%
Inventory
40.9
35.6
32.3
+15.1%
Other assets
190
169
49.4
+12.9%
Total assets
1,657
1,664
1,143
-0.4%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.