Collegium Pharmaceutical, Inc. (COLL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación farmacéutica, Collegium Pharmaceutical surge como una fuerza pionera, transformando el manejo del dolor a través de medicamentos innovadores deterrados por abuso y tecnologías de administración de medicamentos de vanguardia. Al navegar estratégicamente por los ecosistemas de salud complejos, la compañía ha desarrollado un modelo comercial robusto que aborda desafíos críticos en el tratamiento del dolor crónico, posicionándose como un jugador clave en la entrega de soluciones farmacéuticas especializadas que priorizan la seguridad del paciente y la efectividad terapéutica.

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con redes de distribución farmacéutica

Collegium Pharmaceutical ha establecido asociaciones con redes clave de distribución farmacéutica:

Socio de distribución	Detalles de la asociación	Año establecido
AmerisourceBergen	Acuerdo nacional de distribución farmacéutica	2022
Salud cardinal	Red de distribución integral	2021

Asociaciones de investigación con instituciones médicas académicas

Collegium mantiene colaboraciones de investigación estratégica con las siguientes instituciones:

• Facultad de Medicina de la Universidad Johns Hopkins
• Centro de investigación de gestión del dolor de la Universidad de Stanford
• Programa de investigación clínica del Hospital General de Massachusetts

Acuerdos de fabricación con instalaciones de producción de contrato

Fabricante de contratos	Capacidad de producción	Valor de contrato
Patheon Pharmaceuticals	5 millones de unidades anualmente	$ 18.5 millones por año
Soluciones farmacéuticas catalent	3.2 millones de unidades anualmente	$ 12.3 millones por año

Acuerdos de licencia para el desarrollo de medicamentos para el manejo del dolor

Collegium ha asegurado los siguientes acuerdos de licencia:

• Terapéutica de Assertio: Acuerdo de licencia para medicamentos para el dolor de Xtampza ER
• Purdue Pharma: licencias de propiedad intelectual para tecnologías de formulación de liberación prolongada

Socios de Alianza de Ventas Farmacéuticas y Marketing

Socio de marketing	Territorio	Duración del contrato
Depomed, Inc.	Mercado norteamericano	Acuerdo a 5 años
Farmacéuticos verticales	Segmento de manejo del dolor especializado	Asociación de 3 años

Valor de la red de asociación total: aproximadamente $ 45.6 millones anuales

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negocios: actividades clave

Desarrollo de medicamentos innovadores en el manejo del dolor

A partir del cuarto trimestre de 2023, Collegium Pharmaceutical se centró en desarrollar nuevos medicamentos para el manejo del dolor con $ 54.3 millones asignados a los gastos de investigación y desarrollo.

I + D Métrica	2023 datos
Gastos totales de I + D	$ 54.3 millones
Nuevas aplicaciones de drogas	3 en tubería
Cartera de patentes	17 patentes activas

Cumplimiento regulatorio de la FDA y procesos de aprobación de medicamentos

Collegium mantenido Cumplimiento estricto de las regulaciones de la FDA a través de su cartera de productos farmacéuticos.

• Presentado 2 nuevas solicitudes de drogas en 2023
• Recibió 1 aprobación de la FDA para medicamentos para el dolor de liberación prolongada
• Invirtió $ 12.7 millones en infraestructura de cumplimiento regulatorio

Investigación y ensayos clínicos

Categoría de ensayo clínico	Pruebas activas	Inversión
Pruebas de fase I	2	$ 8.2 millones
Pruebas de fase II	3	$ 16.5 millones
Pruebas de fase III	1	$ 22.9 millones

Control de fabricación y calidad

Collegium operó dos instalaciones de fabricación con certificación CGMP.

• Capacidad de fabricación total: 50 millones de unidades anualmente
• Presupuesto de control de calidad: $ 7.6 millones en 2023
• Cero cartas de advertencia de la FDA en los últimos 24 meses

Ventas y comercialización de medicamentos para el tratamiento del dolor

Métrico de marketing	2023 rendimiento
Gastos totales de marketing	$ 43.2 millones
Tamaño de la fuerza de ventas	127 representantes
Profesionales de atención médica objetivo	8.500 especialistas en manejo del dolor

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negocios: recursos clave

Tecnologías de formulación de drogas patentadas

Collegium Pharmaceutical se especializa en medicamentos opioides con determinación de abuso utilizando tecnologías de formulación patentadas. A partir del cuarto trimestre de 2023, la compañía ha desarrollado:

• Xtampza ER: oxicodona de liberación prolongada con tecnología resistente a la manipulación
• NUCYNTA ER - Medicamento de dolor de liberación prolongada con formulación única

Equipo experimentado de investigación y desarrollo farmacéutico

El equipo de I + D de la compañía consta de:

Categoría de personal	Número
Empleados totales de I + D	87
Phds y MDS	24
Científicos de investigación farmacéutica	53

Investigaciones avanzadas y instalaciones de laboratorio de pruebas

Collegium mantiene instalaciones de investigación en:

• Stoughton, Massachusetts (sede corporativa)
• Espacio total de la instalación de investigación: 35,000 pies cuadrados
• Equipado con equipos de prueba analíticos y farmacéuticos avanzados

Cartera de propiedades intelectuales

Cartera de patentes a partir de 2024:

Tipo de patente	Número de patentes activas
Patentes de formulación	17
Patentes de tecnología de suministro de medicamentos	12
Patentes de proceso de fabricación	8

Capital financiero fuerte

Recursos financieros a partir del cuarto trimestre 2023:

• Total de efectivo y equivalentes de efectivo: $ 327.4 millones
• Capital de trabajo: $ 412.6 millones
• Inversión en I + D en 2023: $ 86.3 millones

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negocio: propuestas de valor

Medicamentos innovadores de manejo del dolor de abuso deterrado

A partir del cuarto trimestre de 2023, Collegium Pharmaceutical generó $ 119.8 millones en ingresos totales de productos netos. Los productos de abuso clave deterrado incluyen:

Producto	Características clave	Segmento de mercado
Xtampza er	Abuso-deterrente oxicodona de liberación prolongada	Manejo del dolor crónico
Nucynta er	Medicamentos para el dolor de liberación prolongada	Tratamiento de dolor crónico

Soluciones farmacéuticas especializadas para pacientes con dolor crónico

Collegium se centra en el manejo complejo del dolor con intervenciones terapéuticas dirigidas:

• 2023 Gastos de investigación y desarrollo: $ 44.1 millones
• Propietario de la plataforma de tecnología Deterx para la disuasión por abuso
• Formulaciones aprobadas por la FDA para condiciones de dolor desafiantes

Tecnologías avanzadas de administración de medicamentos con riesgos de adicción reducidos

Los mecanismos únicos de suministro de medicamentos de la compañía incluyen:

Tecnología	Reducción del riesgo de adicción	Estado de patente
Plataforma deterx	Barreras mecánicas y químicas	Múltiples patentes activas

Productos farmacéuticos recetados de alta calidad

Métricas de calidad del producto de Collegium:

• Calificación de cumplimiento de la FDA: 97%
• Instalaciones de fabricación: 2 ubicaciones certificadas por GMP
• 2023 Portafolio de productos: 3 medicamentos primarios de manejo del dolor

Intervenciones terapéuticas dirigidas para condiciones de dolor complejas

Áreas especializadas de enfoque de manejo del dolor:

Categoría de dolor	Intervención de productos	Potencial de mercado
Dolor crónico no canceroso	Xtampza er	Tamaño de mercado estimado de $ 1.2 mil millones
Dolor moderado a severo	Nucynta er	Mercado potencial de $ 850 millones

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negocios: relaciones con los clientes

Compromiso directo de la fuerza de ventas con profesionales de la salud

A partir del cuarto trimestre de 2023, Collegium Pharmaceutical mantiene una fuerza de ventas especializada de 110 representantes dirigidos a especialistas en manejo del dolor, neurólogos y médicos de atención primaria.

Métricas representativas de ventas	2023 datos
Representantes de ventas totales	110
Interacciones médicas promedio por mes	375
Especialidades médicas objetivo	Manejo del dolor, neurología, atención primaria

Plataformas de información médica digital

Collegium utiliza plataformas digitales para la difusión de información médica, con 87,500 usuarios únicos de plataformas profesionales de salud en 2023.

• Portal de recursos médicos en línea
• Acceso a la base de datos del estudio clínico
• Herramientas de soporte de recetas digitales

Programas de apoyo y educación del paciente

La compañía invirtió $ 2.3 millones en programas de apoyo al paciente durante 2023, cubriendo la adherencia a los medicamentos y las iniciativas de educación del paciente.

Métricas del programa de apoyo al paciente	2023 estadísticas
Inversión total del programa	$ 2.3 millones
Materiales de educación del paciente distribuidos	142,000 unidades

Servicios de consulta médica personalizada

Collegium proporciona Servicios de consulta de telesalud para pacientes, con 45.200 consultas virtuales realizadas en 2023.

Apoyo clínico continuo para medicamentos recetados

La compañía mantiene un equipo de apoyo clínico dedicado de 42 especialistas que brinda orientación continua de gestión de medicamentos.

• Línea directa de soporte clínico 24/7
• Seguimiento de adhesión de medicamentos
• Asistencia de gestión de recetas

Métricas del equipo de apoyo clínico	2023 datos
Especialistas en apoyo clínico total	42
Interacciones anuales del paciente	68,500

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negocios: canales

Representantes de ventas farmacéuticas directas

A partir del cuarto trimestre de 2023, Collegium Pharmaceutical mantiene una fuerza de ventas directa de 110 representantes de ventas farmacéuticas dirigidas a proveedores de atención médica especializados.

Métricas representativas de ventas	2023 datos
Representantes de ventas totales	110
Especialidades objetivo	Manejo del dolor, medicina de adicción
Cobertura geográfica	48 estados de EE. UU.

Distribución de la red de proveedores de atención médica

La red de distribución de proveedores de salud de Collegium abarca 12.500 prácticas médicas dirigidas a diciembre de 2023.

• Clínicas ortopédicas: 3.750
• Centros de manejo del dolor: 2.500
• Prácticas de atención primaria: 6,250

Plataformas de información médica en línea

Las métricas de participación del canal digital para 2023 muestran 425,000 interacciones profesionales de atención médica únicas a través de plataformas digitales.

Compromiso de la plataforma digital	2023 estadísticas
Interacciones digitales HCP únicas	425,000
Participantes de seminarios web de CME en línea	8,750

Mayoristas farmacéuticos especializados

Collegium se asocia con 7 principales mayoristas farmacéuticos para la distribución de productos en todo el país.

Detalles de la asociación mayorista	2023 datos
Socios totales de mayorista	7
Cobertura de distribución nacional	100%

Conferencia médica y eventos de redes profesionales

En 2023, Collegium participó en 42 conferencias médicas con 1.250 interacciones de participación profesional total.

• Conferencias de manejo del dolor: 18
• Simposios de medicina de adicción: 12
• Talleres médicos especializados: 12

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negocios: segmentos de clientes

Pacientes de dolor crónico

A partir del cuarto trimestre de 2023, Collegium Pharmaceutical se dirige a aproximadamente 50,2 millones de pacientes con dolor crónico en los Estados Unidos.

Demografía del paciente	Población total	Porcentaje dirigido
Pacientes de dolor crónico	50.2 millones	15.7%
Adultos con dolor severo	20.4 millones	6.4%

Médicos ortopédicos y de manejo del dolor

Collegium se dirige a aproximadamente 42,000 especialistas en manejo del dolor y médicos ortopédicos en todo el país.

• Especialistas en manejo del dolor: 26,500
• Cirujanos ortopédicos: 15,500

Hospital y sistemas de atención médica clínica

La compañía atiende a 4.862 instalaciones de atención médica en todo Estados Unidos.

Tipo de instalación de salud	Número de instalaciones
Hospitales	1,247
Clínicas de manejo del dolor	3,615

Distribuidores farmacéuticos

Collegium trabaja con 3 principales redes de distribución farmacéutica.

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation

Proveedores de atención médica de seguros

La compañía tiene contratos con 287 proveedores de seguros que cubren 173.4 millones de vidas aseguradas.

Tipo de proveedor de seguros	Número de proveedores	Vidas cubiertas
Seguro privado	214	126.7 millones
Medicare/Medicaid	73	46.7 millones

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Collegium Pharmaceutical reportó gastos de I + D de $ 45.3 millones.

Año	Gastos de I + D	Porcentaje de ingresos
2022	$ 42.1 millones	15.6%
2023	$ 45.3 millones	16.2%

Costos de ensayo clínico y cumplimiento regulatorio

Los gastos de desarrollo regulatorio y clínico para 2023 totalizaron aproximadamente $ 22.7 millones.

• Costo promedio por fase de ensayo clínico: $ 5-7 millones
• Costos de presentación regulatoria: $ 1.2-1.5 millones

Gastos de fabricación y producción

Los costos totales de fabricación para 2023 fueron de $ 87.6 millones.

Categoría de costos	Cantidad	Porcentaje de costos de fabricación total
Materia prima	$ 31.2 millones	35.6%
Trabajo directo	$ 22.4 millones	25.6%
Arriba	$ 34.0 millones	38.8%

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2023 alcanzaron $ 113.5 millones.

• Presupuesto de marketing digital: $ 12.3 millones
• Compensación de la fuerza de ventas: $ 45.6 millones
• Materiales y campañas de marketing: $ 18.2 millones

Sobrecarga administrativa y operativa

Los gastos administrativos para 2023 fueron de $ 52.4 millones.

Categoría de gastos generales	Cantidad	Porcentaje de costos administrativos totales
Compensación ejecutiva	$ 14.6 millones	27.9%
Gastos administrativos generales	$ 22.8 millones	43.5%
Servicios profesionales	$ 15.0 millones	28.6%

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negocios: flujos de ingresos

Venta de medicamentos recetados

A partir del cuarto trimestre de 2023, Collegium Pharmaceutical reportó ingresos por productos netos totales de $ 119.8 millones. Desglose de ingresos del producto clave:

Producto	Ingresos (2023)
Xtampza er	$ 78.3 millones
Nucynta er/ir	$ 41.5 millones

Acuerdos de licencia y regalías

Collegium reportó ingresos por licencia de $ 5.2 millones en 2023.

Distribución de productos farmacéuticos

Los canales de distribución incluyen:

• Distribuidores farmacéuticos al por mayor
• Farmacias especializadas
• Redes de farmacia minorista

Asociaciones de colaboración de investigación

No se informaron ingresos específicos de las colaboraciones de investigación directa en el informe anual de 2023.

Contratos de desarrollo de medicamentos innovadores

Gastos totales de I + D para 2023: $ 44.7 millones, lo que indica una inversión continua en la tubería de desarrollo de medicamentos.

Métrica financiera	Valor 2023
Ingresos totales	$ 125 millones
Margen bruto	87%

Collegium Pharmaceutical, Inc. (COLL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Collegium Pharmaceutical, Inc. (COLL) products over the alternatives, which is the heart of their value proposition in late 2025. It's about differentiated science meeting serious patient needs across pain and CNS (Central Nervous System) disorders.

Abuse-deterrent formulations for chronic pain management (Xtampza ER)

The value here is providing an extended-release oxycodone option, Xtampza ER, that utilizes the proprietary DETERx technology platform. This platform is designed to maintain its extended-release profile even after being subjected to common methods of abuse or accidental misuse, offering clinicians another choice for patients with severe, long-term pain where other non-opioid options haven't worked. The market is responding to this differentiation.

• Xtampza ER net revenue for the second quarter of 2025 reached $52.6 million, marking an 18% year-over-year growth.
• For the third quarter of 2025, Xtampza ER generated net revenue of $50.5 million, showing continued contribution to the pain portfolio.
• The label supports alternate administration options, including sprinkling the contents on soft foods or using feeding tubes.

Differentiated, evening-dosed ADHD treatment (Jornay PM) for morning effect

Jornay PM is positioned as a key growth driver due to its unique dosing schedule-a once-daily pill taken in the evening to ensure therapeutic effect upon waking. This addresses adherence challenges common with other ADHD stimulants. The commercial execution, including an expanded sales force, is clearly paying off.

• Full-year 2025 net revenue guidance for Jornay PM was raised to the range of $145 to $150 million as of the third quarter update.
• In the third quarter of 2025, Jornay PM delivered record net revenue of $41.8 million.
• Prescriptions grew 20% year-over-year in the third quarter of 2025, with the total prescriber base hitting an all-time high of 27,700 healthcare providers.
• Jornay PM's market share in the long-acting branded methylphenidate market reached 23.4% by the end of the third quarter of 2025.

Durable revenue streams from a diversified portfolio of specialty medicines

Collegium Pharmaceutical, Inc. is not relying on a single product; the value proposition is built on a diversified portfolio where multiple products show growth, making the overall revenue stream more robust. This durability is what fuels their strong cash generation and allows for strategic capital deployment.

Here's a quick look at the revenue performance across the portfolio for the third quarter of 2025, which saw total net product revenue surge.

Product/Segment	Q3 2025 Net Revenue (Millions USD)	Year-over-Year Growth
Total Net Product Revenue	$209.4 million	31%
Pain Portfolio (Belbuca, Xtampza ER, Nucynta)	$167.6 million	11%
Belbuca	$58.3 million	10%

The overall 2025 financial outlook reflects this confidence, with full-year net product revenue guidance raised to the range of $775 million to $785 million.

High-quality, reliable supply of controlled substances for serious medical conditions

For controlled substances, reliability of supply is paramount. Collegium Pharmaceutical, Inc. maintains disciplined inventory management to ensure product availability for patients needing these critical treatments. This operational discipline supports the commercial value of their established pain franchise.

• Inventory levels for their controlled substance products are managed to be around 15 days on hand on average.
• The Nucynta IR exclusivity period was extended by the FDA to July 3, 2026, and Nucynta ER to December 27, 2025, providing a defined period of market protection.
• The company is focused on rapidly paying down debt, expecting to end 2025 with net leverage below 1.0x, which signals financial stability supporting supply chain reliability.

Commitment to patient well-being and responsible pain management

The company emphasizes supporting responsible prescribing practices, particularly for Xtampza ER, which is indicated for pain severe enough to require long-term opioid treatment when alternatives are inadequate. This commitment is integrated into their commercial strategy, focusing on differentiated medicines.

• Collegium Pharmaceutical, Inc. is building a diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions.
• The company reinforced its commitment to shareholder value through disciplined capital deployment, including a $25 million Accelerated Share Repurchase completed in July 2025.
• Adjusted EBITDA for the third quarter of 2025 reached $133.0 million, reflecting strong operational efficiency supporting the business model.

Finance: draft 13-week cash view by Friday.

Collegium Pharmaceutical, Inc. (COLL) - Canvas Business Model: Customer Relationships

Dedicated sales force engagement with high-volume prescribers (e.g., pain specialists, psychiatrists)

Collegium Pharmaceutical, Inc. completed the expansion of its ADHD sales force by adding 55 new sales representatives, bringing the total team size to approximately 180 representatives as of the first quarter of 2025. Management expects this expanded sales force to significantly impact prescription growth starting in late 2025. The number of healthcare providers writing Jornay PM prescriptions reached an all-time high of 27,700 in the quarter ended September 30, 2025. This represents a 22% year-over-year growth in the Jornay PM prescriber base.

Patient support programs to improve access and adherence for specialty drugs

The commercial relationship is supported by the financial performance and access metrics of the key product, Jornay PM. The gross to net realization for Jornay PM in the third quarter of 2025 was 62%, with the full-year expectation set in the mid-60% range. The full-year 2025 net revenue guidance for Jornay PM is projected to be between $145 to $150 million.

Investor relations focused on disciplined capital deployment and shareholder value

Collegium Pharmaceutical, Inc. continues to focus on shareholder value through capital deployment strategies. The Board of Directors authorized a new share repurchase program of up to $150 million in common stock, effective through December 31, 2026. The company has returned $222 million in value to shareholders through share repurchase programs since 2021. A $25 million accelerated share repurchase program was initiated in May 2025 and expected to complete in the third quarter of 2025. As of the end of the third quarter of 2025, the cash, cash equivalents, and marketable securities balance stood at $285.9 million. The net debt to adjusted EBITDA ratio is expected to fall below 1x by the end of 2025.

Here's a look at key commercial and financial metrics supporting customer engagement:

Metric	Value/Range	Period/Date
Jornay PM Net Revenue (Full Year 2025 Guidance)	$145 million to $150 million	Full Year 2025
Jornay PM Prescribers	27,700	Q3 2025
Jornay PM Prescriber Growth (YoY)	22%	Q3 2025
Total ADHD Sales Force Size	180 representatives	Q1 2025
Total Net Product Revenues (Q3 2025)	$209.4 million	Q3 2025
Total Net Product Revenues Growth (YoY)	31%	Q3 2025
Share Repurchase Program Authorization	$150 million	Through December 31, 2026

Medical Science Liaisons (MSLs) providing clinical data to healthcare providers

Collegium Pharmaceutical, Inc. supported clinical engagement by presenting data at medical conferences. In October, two posters were presented at the American Academy of Child & Adolescent Psychiatry and Neuroscience Education Institute conferences highlighting real-world Jornay PM data. For the pain portfolio, two publications were issued in July and August in Pain Research and Management and Journal of Pain Research, respectively, highlighting real-world benefits of Belbuca and Xtampza ER.

Digital and social media campaigns to drive brand awareness (e.g., Jornay PM)

Brand awareness efforts for Jornay PM included a new collaboration with Paris Hilton to increase ADHD and Jornay PM awareness. Management noted that increased digital marketing efforts are expected to enhance product growth.

• Jornay PM market share in the long-acting branded methylphenidate market grew to 23.4% in Q3 2025.
• The adult segment for Jornay PM grew 29% year-over-year in Q3 2025.
• The pediatric/adolescent segment for Jornay PM grew 18% year-over-year in Q3 2025.

Finance: draft updated cash flow projection incorporating Q3 2025 results by next Tuesday.

Collegium Pharmaceutical, Inc. (COLL) - Canvas Business Model: Channels

You're looking at how Collegium Pharmaceutical, Inc. gets its products-like the pain portfolio and the newer growth driver, Jornay PM-into the hands of patients and prescribers. The channels are a mix of traditional distribution, direct sales engagement, and targeted promotion.

Specialty pharmacies and wholesale distributors for product fulfillment

Product fulfillment relies on the established pharmaceutical supply chain, meaning specialty pharmacies and wholesale distributors are key partners for getting inventory to the point of dispensing. The effectiveness of this channel is reflected in the overall revenue performance. For instance, net product revenues reached a record $209.4 million in the third quarter of 2025, up 31% year-over-year. The pain portfolio, which includes Belbuca, Xtampza ER, and Nucynta, generated record net revenue of $167.6 million in Q3 2025, up 11% year-over-year.

Direct-to-Consumer (DTC) advertising for key growth products like Jornay PM

For Jornay PM, the channel strategy includes direct engagement with patients and caregivers, often through digital means. Management noted success from 'targeted marketing' and 'digital marketing campaigns'. While a specific DTC advertising dollar amount isn't public, the investment in commercial infrastructure and marketing is clear from the expense reports. Adjusted operating expenses in Q3 2025 were $55.7 million, a 60% increase year-over-year, reflecting these strategic commercial investments. This marketing push supports the goal of driving Jornay PM net revenue to a full-year 2025 range of $145 million to $150 million.

Expanded field sales force targeting healthcare providers (HCPs)

Collegium Pharmaceutical, Inc. actively targets HCPs through its deployed sales force, which was recently expanded specifically to drive Jornay PM adoption. This is a direct channel for education and awareness. The company completed a significant build-out to support this growth driver.

Metric	Data Point (as of Q1/Q3 2025)
ADHD Sales Force Expansion	Added 55 new sales representatives
Total ADHD Sales Force Size	Approximately 180 representatives
Jornay PM Prescribers (Q3 2025)	27,700 healthcare providers
Jornay PM Prescriber Growth (YoY Q3 2025)	22% increase

The investment in this sales channel is paying off; Jornay PM prescriptions grew 20% year-over-year in Q3 2025. That's how you put boots on the ground to reach the customer base.

Presentations at major medical conferences (e.g., PAINWeek, AACAP)

Scientific exchange at key medical meetings is a crucial channel for data dissemination and building credibility with specialists. Collegium Pharmaceutical, Inc. actively presents its real-world data through posters and presentations at relevant national conferences. This is a targeted, professional channel.

• Presented posters at the National Association of Pediatric Nurse Practitioners (NAPNAP) 46th National Conference in March 2025.
• Presented nine posters at PAINWeek 2025 showcasing data from the pain portfolio.
• Presented posters at the American Academy of Child & Adolescent Psychiatry and Neuroscience Education Institute conferences in October 2025.

Managed care organizations and government programs (e.g., Medicare/Medicaid)

Payer access is a critical channel gatekeeper. For Jornay PM, coverage is broad across Commercial and Medicaid segments, reaching approximately 80% of lives as of January 2025. The company is focused on maintaining this access and expects to improve coverage for about 2 million lives heading into 2026. The data suggests strong execution here, as they report that 9 times out of 10, if the correct form is used, the product will be approved and dispensed to the patient. This is a testament to the managed markets team's work with these large payor groups.

Collegium Pharmaceutical, Inc. (COLL) - Canvas Business Model: Customer Segments

You're looking at the core groups Collegium Pharmaceutical, Inc. (COLL) targets with its specialized medicines, based on their late 2025 commercial focus.

The patient segment requiring extended-release opioid therapy is served by the pain portfolio, which generated record net revenues of $167.6 million in the third quarter of 2025, marking an 11% increase year-over-year.

• Patients on Xtampza ER: This segment contributed $50.5 million in net revenue in Q3 2025.
• Patients on Belbuca: This segment generated $58.3 million in net revenue in Q3 2025, up 10% year-over-year.
• Patients on Nucynta Franchise: This segment saw net revenue of $54.8 million in Q3 2025, a significant 21% year-over-year growth.

For the Attention-Deficit/Hyperactivity Disorder (ADHD) patient segment, the focus is on Jornay PM. This product is a key growth driver, with net revenue reaching a record $41.8 million in the third quarter of 2025.

Jornay PM Metric	Value (Q3 2025)	Year-over-Year Change
Prescriptions Growth	Not specified as a percentage change from prior quarter	20% growth over Q3 2024
Prescribers Reached	27,700 providers	Up 22% over Q3 2024
Full-Year 2025 Net Revenue Guidance	Range of $145 to $150 million	Reflecting at least 34% annual growth over 2024

Healthcare providers (HCPs) are segmented by specialty, with a direct commercial focus on those prescribing the pain and ADHD portfolios. The number of healthcare providers writing Jornay PM prescriptions reached 27,700 in the third quarter of 2025.

The commercial team targeting these HCPs was expanded to approximately 180 sales representatives in total, following the addition of 55 new representatives, primarily to drive Jornay PM adoption.

Institutional payers, including government and commercial insurance plans, are critical for access. The overall 2025 financial guidance projects total net product revenues between $775 million to $785 million, which is dependent on favorable payer coverage for the portfolio.

Wholesalers and retail pharmacy chains serve as the distribution channel. While specific volume contracts aren't public, the overall net revenue for the pain portfolio in Q3 2025 was $167.6 million, and Jornay PM generated $41.8 million, all flowing through these channels.

Here's a quick look at the revenue contribution from the main customer-facing product lines in Q3 2025:

• Pain Portfolio Net Revenue: $167.6 million
• Jornay PM Net Revenue: $41.8 million
• Total Net Product Revenue (Q3 2025): $209.4 million

Finance: draft 13-week cash view by Friday.

Collegium Pharmaceutical, Inc. (COLL) - Canvas Business Model: Cost Structure

You're looking at the cost side of Collegium Pharmaceutical, Inc.'s business as of late 2025. This structure is heavily weighted toward commercial execution, especially for the growth driver, Jornay PM. Honestly, the biggest visible costs are tied directly to getting that product into the market and supporting the sales team.

Cost of goods sold (COGS) for manufacturing and supply chain logistics

While a specific COGS figure isn't broken out in the latest guidance, the expected top-line performance sets the scale for this cost. Collegium Pharmaceutical, Inc. raised its full-year 2025 net product revenue guidance to a range of $745 Million to $760 Million. The pain portfolio, which is more mature, generated record net revenues of $167.6 Million in the third quarter of 2025 alone.

Significant selling, general, and administrative (SG&A) expenses for the expanded sales force

The investment in the sales force is a major driver of the overall operating expense structure. Collegium Pharmaceutical, Inc. completed the expansion of its ADHD sales force, bringing the total to approximately 180 representatives, adding about 55 new sales representatives. This commercial build-out is directly reflected in the operating expense guidance.

Research and development (R&D) for life cycle management and new formulation work

Specific R&D spend is not separately itemized in the latest full-year guidance, but it is captured within the total operating expense envelope. The focus is currently on commercial expansion, with R&D efforts supporting life cycle management and new formulations being managed within the overall budget.

Interest expense on outstanding debt used for prior acquisitions

The acquisition of Ironshore Therapeutics Inc. implies outstanding debt obligations, but the specific interest expense amount for 2025 is not explicitly provided in the publicly available guidance summaries, as the company relies on the unreasonable efforts exception for full GAAP reconciliation details.

Targeted investments in Jornay PM commercial expansion, driving operating expenses

These targeted investments are the most transparently quantified cost driver. The company planned to make these investments throughout 2025 to accelerate Jornay PM growth. The Q1 2025 adjusted operating expenses were $62.2 Million, which represented an 80% increase from Q1 2024, directly reflecting these commercial investments. The full-year 2025 adjusted operating expense guidance was subsequently raised to a range of $225 Million to $235 Million.

Here's a look at the key operating expense figures and guidance for 2025:

Cost Component/Metric	Latest Full-Year 2025 Guidance Range	Latest Reported Quarter (Q3 2025) Amount
Adjusted Operating Expenses (Full Year)	$225 Million to $235 Million	N/A (Q1 was $62.2 Million)
GAAP Operating Expenses (Quarterly)	N/A	$73.3 Million
Jornay PM Net Revenue Projection (Full Year)	$145 Million to $150 Million	$32.6 Million (Q2) or $28.5 Million (Q1)

The cost structure is clearly shifting to support the growth of Jornay PM, which is expected to deliver net revenue between $145 Million and $150 Million for the full year 2025. This growth focus is what drives the significant year-over-year increase in operating costs.

• Q1 2025 Adjusted Operating Expenses: $62.2 Million
• Q3 2025 GAAP Net Income: $31.5 Million
• Q3 2025 Adjusted EBITDA: $133.0 Million
• Total Sales Force Size: Approximately 180 representatives

Finance: draft 13-week cash view by Friday.

Collegium Pharmaceutical, Inc. (COLL) - Canvas Business Model: Revenue Streams

You're looking at how Collegium Pharmaceutical, Inc. brings in cash as of late 2025. The revenue streams are clearly segmented across their product lines and capital deployment activities.

The primary source is product sales, which are broken down by their two main therapeutic areas. The company raised its full-year 2025 guidance following strong third-quarter results.

Total full-year 2025 net revenue is projected to be between $775 million and $785 million. This updated guidance reflects confidence in both the established and newer parts of the portfolio.

The Neuropsychiatry Portfolio, led by Jornay PM, is a key growth engine. Net revenue from the Neuropsychiatry Portfolio (Jornay PM) is expected to be $145 million to $150 million in 2025. For the quarter ending September 30, 2025, Jornay PM alone generated net revenue of $41.8 million.

The legacy Pain Portfolio continues to contribute significantly, with all three core products showing year-over-year growth in the third quarter of 2025. Net revenue from the Pain Portfolio reached a record $167.6 million in the third quarter of 2025.

Here's a look at the Q3 2025 breakdown for the core products within the Pain Portfolio, which make up a large part of that segment's revenue:

Product	Q3 2025 Net Revenue (Millions USD)
Belbuca	$58.3 million
Xtampza ER	$50.5 million
Nucynta Franchise	$54.8 million

Beyond product sales, Collegium Pharmaceutical, Inc. has other avenues for cash generation that factor into its overall financial picture. This includes potential, though not specifically quantified in the latest guidance, licensing or milestone payments from potential future business development deals. The company emphasizes a strategy of disciplined business development to expand its portfolio.

Finally, a portion of the cash flow generation is explicitly earmarked for returning capital to shareholders. Cash flow generation is being used for a new $150 million share repurchase program, authorized in July 2025 to run through December 31, 2026. This new authorization replaces a prior program that expired on June 30, 2025. The company has returned $222 million in value to shareholders under its share repurchase programs since 2021. They also completed a $25 million accelerated share repurchase program initiated in May 2025, which was expected to finish in the third quarter of 2025.

The revenue streams can be summarized by their sources:

• Net product revenue from the Pain Portfolio (Xtampza ER, Belbuca, Nucynta).
• Net product revenue from the Neuropsychiatry Portfolio (Jornay PM), expected to be $145 million to $150 million in 2025.
• Total full-year 2025 net revenue is projected to be between $775 million and $785 million.
• Licensing or milestone payments from potential future business development deals.
• Cash flow generation used for a $150 million share repurchase program.