Operating margins have experienced significant contraction, falling from 41.2% in 2023Q4 to 16.5% in 2026Q1, reflecting increased overhead costs and the cyclical nature of the specialty pain management market.
| 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 | 796.33M | 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 % | 19.88% | 23.62% | 11.41% | 22.17% | 67.56% | -10.69% | 4.49% | 5.81% | 884.73% | 1564.29% | - | - | - | - |
| Cost of Goods Sold | 313.15M | 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 | 483.18M | 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 % | 60.68% | 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 | 293.26M | 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 | 206.83M | 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 | 1.64M | 0 | 24.47M | 0 | 0 | 4.58M | 0 | 0 | 0 | 0 | -94K | 0 | 0 | 0 |
| Operating Income | 189.91M | 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 % | 23.85% | 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 | 528.7M | 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 % | 66.39% | 52.93% | 53.69% | 55.79% | 37.13% | 31.26% | 37.99% | -2.79% | 32.17% | -262.86% | -5460.37% | - | - | - |
| EBITDA Growth % | 59.06% | 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) | 338.79M | 226.07M | 169.16M | 149.26M | 138.94M | 68.92M | 61.55M | 15.48M | 110.91M | 594K | 655K | 171K | 187K | 169K |
| EBIT | 268.49M | 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 | -150.12M | -71.02M | -60M | -67.72M | -62.17M | -21M | -28.65M | 1.03M | -18.44M | 582K | -94K | 0 | 0 | 0 |
| Interest Income | 12.77M | 11.29M | 13.98M | 15.62M | 1.05M | 12K | 232K | 1.94M | 1.69M | 582K | 0 | 0 | 0 | 0 |
| Interest Expense | 162.89M | 82.31M | 73.97M | 83.34M | 63.21M | 21.01M | 28.88M | 909K | 20.13M | 0 | 94K | 439K | 252K | 76K |
| Other Income/Expense | -81.68M | -94.47M | -71.33M | -91.23M | -62.17M | -21M | -28.65M | 1.03M | -18.44M | 582K | -94K | -348K | -252K | -155K |
| Pretax Income | 108.24M | 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 % | 13.59% | 11.87% | 15.61% | 13.36% | -6.22% | -1.22% | 8.9% | -7.66% | -13.95% | -262.91% | -5504.15% | - | - | - |
| Income Tax | 33.29M | 29.75M | 29.38M | 27.58M | -3.85M | -74.89M | 830K | 0 | 0 | 0 | 94K | -91K | 0 | 79K |
| Effective Tax Rate % | 30.75% | 32.12% | 29.8% | 36.41% | 13.33% | 2219.65% | 3.01% | 0% | 0% | 0% | -0.1% | 0.33% | 0% | -0.49% |
| Net Income | 74.95M | 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 % | 9.41% | 8.05% | 10.96% | 8.5% | -5.39% | 25.83% | 8.63% | -7.66% | -13.95% | -262.91% | -5504.15% | - | - | - |
| Net Income Growth % | 70.75% | -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) | 74.95M | 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) | 1.87 | 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 % | 68.09% | -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 | 40.07M | 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 | 32.09M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and Quota Constraints
As reported in recent financial filings, Collegium's revenue growth has exhibited significant volatility, peaking at 31.4% in 2025Q3 before decelerating to 8.9% by 2026Q1, reflecting the complex integration of new assets and the inherent cyclicality of the specialty pain management market's patient deductible resets.
The revenue trajectory suggests that while the company successfully expanded its top line through strategic acquisitions, the durability of this growth remains sensitive to the timing of product integration. Investors should monitor whether the recent pivot toward the ADHD market via Jornay PM can provide a more consistent growth floor than the legacy pain management portfolio.
Based on the provided income statement data, gross margins have fluctuated between 54.0% and 63.2% over the last ten quarters, indicating that the company's profitability is heavily influenced by third-party royalty obligations and the evolving mix of proprietary versus acquired revenue streams.
The observed margin compression in early 2025 suggests that the cost of revenue is not scaling linearly with volume, likely due to the royalty-heavy structure of the Nucynta franchise. Future margin expansion appears contingent on the company's ability to shift its product mix toward wholly-owned assets that do not carry these significant external financial burdens.
According to the quarterly income statement, operating margins have shown significant variance, dropping from a high of 41.2% in 2023Q4 to 16.5% in 2026Q1, which suggests that the company's operating leverage is currently being challenged by rising overhead costs associated with its expanded commercial infrastructure.
The lack of consistent scaling in operating income relative to gross profit implies that the company is currently in a phase of heavy investment or integration. Analysts should investigate whether the recent increase in SG&A is a temporary byproduct of the Ironshore acquisition or a structural shift in the company's cost base.
As indicated by the financial data, stock-based compensation has remained a persistent expense, averaging approximately $10 million per quarter, which continues to exert a meaningful drag on net income and complicates the assessment of the company's true underlying earnings power.
The discrepancy between operating income and net income suggests that non-operating items and tax provisions are creating significant noise in the bottom-line results. Investors should be cautious of relying on GAAP EPS, as the utilization of historical net operating losses may be masking the true cash tax burden of the business.
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.