Collegium Pharmaceutical, Inc. (Coll): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, Collegium Pharmaceutical apparaît comme une force pionnière, transformant la gestion de la douleur grâce à des médicaments révolutionnaires et en état de l'abus et aux technologies de livraison de médicaments de pointe. En naviguant stratégiquement sur les écosystèmes de soins de santé complexes, la société a développé un modèle commercial robuste qui relève des défis critiques dans le traitement chronique de la douleur, se positionnant comme un acteur clé dans la fourniture de solutions pharmaceutiques spécialisées qui privilégient la sécurité des patients et l'efficacité thérapeutique.

Collegium Pharmaceutical, Inc. (Coll) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les réseaux de distribution pharmaceutique

Collegium Pharmaceutical a établi des partenariats avec les réseaux de distribution pharmaceutique clés:

Partenaire de distribution	Détails du partenariat	Année établie
Amerisourcebergen	Accord national de distribution pharmaceutique	2022
Santé cardinale	Réseau de distribution complet	2021

Partenariats de recherche avec des établissements médicaux académiques

Collegium maintient des collaborations de recherche stratégique avec les institutions suivantes:

• École de médecine de l'Université Johns Hopkins
• Centre de recherche sur la gestion de la douleur de l'Université de Stanford
• Programme de recherche clinique du Massachusetts General Hospital

Accords de fabrication avec des installations de production de contrat

Fabricant de contrats	Capacité de production	Valeur du contrat
Patheon Pharmaceuticals	5 millions d'unités par an	18,5 millions de dollars par an
Solutions pharmatriques catalennes	3,2 millions d'unités par an	12,3 millions de dollars par an

Offres de licence pour le développement de médicaments de gestion de la douleur

Collegium a obtenu les accords de licence suivants:

• Assertio Therapeutics: Contrat de licence pour les médicaments contre la douleur XTampza ER
• Purdue Pharma: Licence de propriété intellectuelle pour les technologies de formulation à libération prolongée

Partners de l'alliance des ventes et du marketing pharmaceutique

Partenaire marketing	Territoire	Durée du contrat
Depomed, Inc.	Marché nord-américain	Accord sur 5 ans
Pharmaceutique verticale	Segment de gestion de la douleur spécialisée	Partenariat de 3 ans

Valeur totale du réseau de partenariat: environ 45,6 millions de dollars par an

Collegium Pharmaceutical, Inc. (Coll) - Modèle d'entreprise: Activités clés

Développement de médicaments de gestion de la douleur innovants

Au quatrième trimestre 2023, Collegium Pharmaceutical s'est concentré sur le développement de nouveaux médicaments de gestion de la douleur avec 54,3 millions de dollars alloués aux dépenses de recherche et de développement.

Métrique de R&D	2023 données
Dépenses totales de R&D	54,3 millions de dollars
Nouvelles applications de médicament	3 en pipeline
Portefeuille de brevets	17 brevets actifs

Processus de conformité réglementaire de la FDA et d'approbation des médicaments

Collégial entretenu Conformité stricte avec les réglementations de la FDA à travers son portefeuille de produits pharmaceutiques.

• Soumis 2 nouvelles demandes de médicament en 2023
• A reçu 1 approbation de la FDA pour les médicaments contre la douleur à libération prolongée
• A investi 12,7 millions de dollars dans l'infrastructure de conformité réglementaire

Recherche et essais cliniques

Catégorie d'essais cliniques	Essais actifs	Investissement
Essais de phase I	2	8,2 millions de dollars
Essais de phase II	3	16,5 millions de dollars
Essais de phase III	1	22,9 millions de dollars

Fabrication et contrôle de la qualité

Collegium a exploité deux installations de fabrication avec Certification CGMP.

• Capacité de fabrication totale: 50 millions d'unités par an
• Budget de contrôle de la qualité: 7,6 millions de dollars en 2023
• Zero FDA Avertissement des lettres au cours des 24 derniers mois

Ventes et commercialisation des médicaments contre le traitement de la douleur

Métrique marketing	Performance de 2023
Dépenses marketing totales	43,2 millions de dollars
Taille de la force de vente	127 représentants
Target des professionnels de la santé	8 500 spécialistes de la gestion de la douleur

Collegium Pharmaceutical, Inc. (Coll) - Modèle commercial: Ressources clés

Technologies de formulation de médicaments propriétaires

Collegium Pharmaceutical est spécialisé dans les médicaments opioïdes dissuasifs à l'aide de technologies de formulation propriétaires. Au quatrième trimestre 2023, la société a développé:

• Xtampza er - oxycodone à libération prolongée avec une technologie de sabotage
• Nucynta er - analgésique à libération prolongée avec formulation unique

Équipe de recherche et développement pharmaceutique expérimentée

L'équipe R&D de l'entreprise se compose de:

Catégorie de personnel	Nombre
Total des employés de R&D	87
PhDS et MDS	24
Chercheur pharmaceutique	53

Installations avancées de laboratoire de recherche et de test

Collegium maintient des installations de recherche dans:

• Stoughton, Massachusetts (siège social)
• Espace total des installations de recherche: 35 000 pieds carrés
• Équipé d'équipements de test analytique et pharmaceutique avancés

Portefeuille de propriété intellectuelle

Portefeuille de brevets à partir de 2024:

Type de brevet	Nombre de brevets actifs
Brevets de formulation	17
Brevets technologiques d'administration de médicaments	12
Brevets de processus de fabrication	8

Capital financier solide

Ressources financières au quatrième trimestre 2023:

• Total des équivalents en espèces et en espèces: 327,4 millions de dollars
• Fonds de roulement: 412,6 millions de dollars
• Investissement en R&D en 2023: 86,3 millions de dollars

Collegium Pharmaceutical, Inc. (Coll) - Modèle d'entreprise: propositions de valeur

Médicaments innovants de gestion de la douleur dissuasif sur les abus

Au quatrième trimestre 2023, Collegium Pharmaceutical a généré 119,8 millions de dollars de revenus totaux de produits nets. Les principaux produits sous-estimés des abus comprennent:

Produit	Caractéristiques clés	Segment de marché
Xtampza er	Oxycodone à libération prolongée disceptrice	Gestion de la douleur chronique
Nucynta er	Médicaments contre la douleur à libération prolongée	Traitement de la douleur chronique

Solutions pharmaceutiques spécialisées pour les patients souffrant de douleur chronique

Collegium se concentre sur la gestion complexe de la douleur avec des interventions thérapeutiques ciblées:

• 2023 Frais de recherche et développement: 44,1 millions de dollars
• Plateforme technologique de Deterx propriétaire pour la dissuasion des abus
• Formulations approuvées par la FDA pour des conditions de douleur difficiles

Technologies avancées d'administration de médicaments avec des risques de dépendance réduits

Les mécanismes uniques d'administration de médicaments de l'entreprise comprennent:

Technologie	Réduction des risques de dépendance	Statut de brevet
Plate-forme deterx	Barrières mécaniques et chimiques	Multiples brevets actifs

Produits pharmaceutiques sur ordonnance de haute qualité

Mesures de qualité des produits de Collegium:

• Note de conformité FDA: 97%
• Installations de fabrication: 2 emplacements certifiés GMP
• 2023 Portefeuille de produits: 3 médicaments primaires de gestion de la douleur

Interventions thérapeutiques ciblées pour des conditions de douleur complexes

Domaines d'intervention de la gestion de la douleur spécialisés:

Catégorie de douleur	Intervention des produits	Potentiel de marché
Douleur chronique non cancer	Xtampza er	1,2 milliard de dollars de taille du marché estimé
Douleur modérée à sévère	Nucynta er	Marché potentiel de 850 millions de dollars

Collegium Pharmaceutical, Inc. (Coll) - Modèle d'entreprise: relations clients

Engagement de la force de vente directe avec des professionnels de la santé

Depuis le quatrième trimestre 2023, Collegium Pharmaceutical maintient une force de vente spécialisée de 110 représentants ciblant les spécialistes de la gestion de la douleur, les neurologues et les médecins de soins primaires.

Métriques représentatives des ventes	2023 données
Représentants des ventes totales	110
Interactions moyennes des médecins par mois	375
Cible des spécialités médicales	Gestion de la douleur, neurologie, soins primaires

Plateformes d'information médicale numériques

Collegium utilise des plateformes numériques pour la diffusion d'informations médicales, avec 87 500 utilisateurs de plateformes professionnelles de santé uniques en 2023.

• Portail de ressources médicales en ligne
• Accès à la base de données d'étude clinique
• Outils de support sur ordonnance numérique

Programmes de soutien aux patients et d'éducation

La société a investi 2,3 millions de dollars dans des programmes de soutien aux patients en 2023, couvrant l'adhésion aux médicaments et les initiatives d'éducation des patients.

Métriques du programme de soutien aux patients	2023 statistiques
Investissement total du programme	2,3 millions de dollars
Matériel d'éducation des patients distribué	142 000 unités

Services de consultation médicale personnalisés

Collegium fournit Services de consultation en télésanté Pour les patients, avec 45 200 consultations virtuelles menées en 2023.

Soutien clinique en cours pour les médicaments sur ordonnance

La société maintient une équipe de soutien clinique dédiée à 42 spécialistes fournissant des conseils en gestion de médicaments continus.

• Hotline de soutien clinique 24/7
• Suivi d'adhésion aux médicaments
• Aide à la gestion des ordonnances

Métriques de l'équipe de soutien clinique	2023 données
Spécialistes du soutien clinique total	42
Interactions annuelles des patients	68,500

Collegium Pharmaceutical, Inc. (Coll) - Modèle d'entreprise: canaux

Représentants des ventes pharmaceutiques directes

Au quatrième trimestre 2023, Collegium Pharmaceutical maintient une force de vente directe de 110 représentants des ventes pharmaceutiques ciblant des prestataires de soins de santé spécialisés.

Métriques représentatives des ventes	2023 données
Représentants des ventes totales	110
Target Specialties	Gestion de la douleur, médecine de la toxicomanie
Couverture géographique	48 États américains

Distribution du réseau des fournisseurs de soins de santé

Le réseau de distribution des fournisseurs de soins de santé de Collegium comprend 12 500 pratiques médicales ciblées en décembre 2023.

• Cliniques orthopédiques: 3 750
• Centres de gestion de la douleur: 2 500
• Pratiques de soins primaires: 6 250

Plateformes d'information médicale en ligne

Les mesures d'engagement des canaux numériques pour 2023 montrent 425 000 interactions professionnelles de santé uniques via des plateformes numériques.

Engagement de la plate-forme numérique	2023 statistiques
Interactions numériques HCP uniques	425,000
Participants en ligne de webinaire CME	8,750

Spécialités pharmaceutiques grossistes

Collegium s'associe à 7 grands grossistes pharmaceutiques pour la distribution des produits à l'échelle nationale.

Détails du partenariat grossiste	2023 données
Partenaires totaux de grossiste	7
Couverture de distribution nationale	100%

Conférence médicale et événements de réseautage professionnel

En 2023, Collegium a participé à 42 conférences médicales avec 1 250 interactions totales d'engagement professionnel.

• Conférences de gestion de la douleur: 18
• Symposiums de médecine de la toxicomanie: 12
• Ateliers médicaux spécialisés: 12

Collegium Pharmaceutical, Inc. (Coll) - Modèle d'entreprise: segments de clients

Patiens de douleur chronique

Au quatrième trimestre 2023, Collegium Pharmaceutical cible environ 50,2 millions de patients souffrant de douleur chronique aux États-Unis.

Démographie du patient	Population totale	Pourcentage ciblé
Patiens de douleur chronique	50,2 millions	15.7%
Adultes souffrant de douleur intense	20,4 millions	6.4%

Médecins orthopédiques et en gestion de la douleur

Collegium cible environ 42 000 spécialistes de la gestion de la douleur et les médecins orthopédiques du pays.

• Spécialistes de la gestion de la douleur: 26 500
• Chirurgiens orthopédistes: 15 500

Systèmes de soins de santé à l'hôpital et cliniques

La société dessert 4 862 établissements de santé à travers les États-Unis.

Type d'établissement de soins de santé	Nombre d'installations
Hôpitaux	1,247
Cliniques de gestion de la douleur	3,615

Distributeurs pharmaceutiques

Collegium travaille avec 3 principaux réseaux de distribution pharmaceutique.

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation

Fournisseurs de soins de santé d'assurance

La société a des contrats avec 287 assureurs couvrant 173,4 millions de vies assurées.

Type de assureur	Nombre de prestataires	Vies couvertes
Assurance privée	214	126,7 millions
Medicare / Medicaid	73	46,7 millions

Collegium Pharmaceutical, Inc. (Coll) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement

Pour l'exercice 2023, Collegium Pharmaceutical a déclaré des frais de R&D de 45,3 millions de dollars.

Année	Dépenses de R&D	Pourcentage de revenus
2022	42,1 millions de dollars	15.6%
2023	45,3 millions de dollars	16.2%

Frais d'essai cliniques et de conformité réglementaire

Les dépenses de développement réglementaire et clinique pour 2023 ont totalisé environ 22,7 millions de dollars.

• Coût moyen par essai clinique Phase: 5-7 millions de dollars
• Coûts de soumission réglementaire: 1,2 à 1,5 million de dollars

Frais de fabrication et de production

Les coûts de fabrication totaux pour 2023 étaient de 87,6 millions de dollars.

Catégorie de coûts	Montant	Pourcentage du total des coûts de fabrication
Matières premières	31,2 millions de dollars	35.6%
Travail direct	22,4 millions de dollars	25.6%
Aérien	34,0 millions de dollars	38.8%

Investissements de vente et de marketing

Les frais de vente et de marketing pour 2023 ont atteint 113,5 millions de dollars.

• Budget de marketing numérique: 12,3 millions de dollars
• Compensation de la force de vente: 45,6 millions de dollars
• Matériel marketing et campagnes: 18,2 millions de dollars

Surfaçon administratives et opérationnelles

Les dépenses administratives pour 2023 étaient de 52,4 millions de dollars.

Catégorie aérienne	Montant	Pourcentage du total des coûts administratifs
Rémunération des dirigeants	14,6 millions de dollars	27.9%
Frais administratifs généraux	22,8 millions de dollars	43.5%
Services professionnels	15,0 millions de dollars	28.6%

Collegium Pharmaceutical, Inc. (Coll) - Modèle commercial: Strots de revenus

Ventes de médicaments sur ordonnance

Au quatrième trimestre 2023, Collegium Pharmaceutical a déclaré des revenus totaux de produits nets de 119,8 millions de dollars. Réflexion des revenus des produits clés:

Produit	Revenus (2023)
Xtampza er	78,3 millions de dollars
Nucynta er / ir	41,5 millions de dollars

Accords de licence et de redevance

Collegium a déclaré des revenus de licence de 5,2 millions de dollars en 2023.

Distribution de produits pharmaceutiques

Les canaux de distribution comprennent:

• Distributeurs pharmaceutiques en gros
• Pharmacies spécialisées
• Réseaux de pharmacie au détail

Partenariats de collaboration de recherche

Aucun revenu spécifique signalé par les collaborations de recherche directes dans le rapport annuel 2023.

Contrats de développement de médicaments innovants

Total des dépenses de R&D pour 2023: 44,7 millions de dollars, indiquant un investissement continu dans le pipeline de développement de médicaments.

Métrique financière	Valeur 2023
Revenus totaux	125 millions de dollars
Marge brute	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.