Collegium Pharmaceutical, Inc. (COLL): Business Model Canvas [Dec-2025 Updated]

You're digging into Collegium Pharmaceutical, Inc.'s business model right now, and what you'll see is a defintely successful pivot from a pure-play pain company to a diversified specialty pharma player, which is smart given the market trends. Honestly, the architecture of their current success hinges on balancing the established abuse-deterrent pain portfolio with the big growth driver, Jornay PM for ADHD, which is projected to pull in between $145 million and $150 million in 2025 alone. With total projected net revenue for the full year landing between $775 million and $785 million, supported by a strong balance sheet boasting $285.9 million in cash as of Q3 2025, this canvas maps out the key partnerships, the specialized sales force, and the cost structure required to keep this dual-engine model running smoothly. Take a look below to see the nine building blocks that define how Collegium Pharmaceutical, Inc. is generating revenue and managing risk today.

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

You're looking at the backbone of Collegium Pharmaceutical, Inc.'s commercial engine, the external entities that make sure their specialized medicines get from the factory floor to the patient's hand, and that those patients can afford them. This is where the revenue gets realized.

Pharmacy Benefit Managers (PBMs) and Payers for formulary access

Access through Pharmacy Benefit Managers (PBMs) and other payers directly impacts the net revenue Collegium Pharmaceutical, Inc. realizes. The success of the pain portfolio, for instance, shows the effectiveness of their market-access team and contracting strategy.

For the Nucynta franchise, Q3 2025 net revenue reached $54.8 million, an increase of 21% year-over-year, which management attributed in part to profitability improvements from gross to net, consistent with their payer strategy, as well as certain rebate settlements benefiting the quarter.

The commercial strategy for the growth driver, JORNAY PM, involves significant sales force deployment targeting prescribers, which is supported by payer coverage. The overall 2025 full-year net revenue guidance for JORNAY PM was raised to a range of $145 million to $150 million.

Here's a look at the revenue streams tied to the commercial execution supported by payer relationships:

Product/Portfolio	Q3 2025 Net Revenue	Year-over-Year Growth (Q3 2025)
Pain Portfolio (Total)	$167.6 million	11%
Belbuca	$58.3 million	10%
Xtampza ER	$50.5 million	2%
Nucynta Franchise	$54.8 million	21%

The pain portfolio revenue growth suggests continued, durable access for those established products.

Wholesale distributors for pharmaceutical product logistics and delivery

Collegium Pharmaceutical, Inc. primarily sells its products to wholesalers, who then handle the distribution to retail pharmacies, hospitals, and clinics. This is the standard physical logistics channel for their commercial products.

The overall Pharmaceutical Wholesale Distribution Market is a massive operation, projected to reach a valuation of approximately USD 1.5 trillion by 2033, growing at a compound annual growth rate (CAGR) of 6.2% from 2025 to 2033.

The company's total net product revenues for Q3 2025 were $209.4 million, up 31% year-over-year, all flowing through these distribution partners.

Key logistical functions supported by these partners include:

• Warehousing and storage.
• Transportation and delivery.
• Inventory management systems.

Paris Hilton for high-profile Jornay PM brand awareness and patient advocacy

Collegium Pharmaceutical, Inc. launched a high-profile collaboration with entrepreneur, musician, author, and advocate Paris Hilton on October 29, 2025.

The purpose of this partnership is to share her personal experience living with Attention Deficit Hyperactivity Disorder (ADHD) and her treatment journey with JORNAY PM, aiming to reduce stigma and encourage others to speak with their healthcare provider about treatment options.

This marketing push is part of a broader commercial strategy that saw the JORNAY PM ADHD sales force expand to approximately 180 sales reps, up from about 150, focused on reaching roughly 21,000 high-value prescribers.

Contract Manufacturing Organizations (CMOs) for drug production

The production of Collegium Pharmaceutical, Inc.'s products relies on external manufacturing partners. Historically, the company has procured Active Pharmaceutical Ingredient (API) from a sole supplier or a limited number of suppliers.

The global Contract Pharmaceutical Manufacturing Market was estimated to be valued at USD 232.28 Billion in 2025, with the Contract Manufacturing Organization (CMO) segment estimated to hold 52.9% of that market share in 2025.

These CMO partnerships are critical for ensuring supply chain resilience and optimizing operations for both the pain portfolio and the newer neuropsychiatry product.

Academic and clinical research organizations for post-marketing studies

Collegium Pharmaceutical, Inc. maintains an unwavering commitment to science, which involves presenting real-world data generated through collaborations with clinical research entities and presenting at major medical conferences.

The company presented nine posters at PAINWeek 2025, highlighting real-world data from its differentiated pain portfolio.

For JORNAY PM, the company presented real-world data at the American Academy of Child & Adolescent Psychiatry and Neuroscience Education Institute conferences in October 2025.

For the pain portfolio, Collegium Pharmaceutical, Inc. presented four posters highlighting real-world patient data at PainConnect 2025, the American Academy of Pain Medicine (AAPM) Annual Meeting, held in Austin, TX, from April 3-6, 2025.

Finance: review Q4 2025 OPEX spend against the raised 2025 guidance by end of January.

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

You're looking at the core engine driving Collegium Pharmaceutical, Inc.'s performance as of late 2025. It's a mix of aggressive commercial execution, careful balance sheet management, and a clear eye on future growth through deals. Here's the breakdown of what Collegium Pharmaceutical, Inc. is actively doing to run and grow the business.

Commercial sales and marketing for Jornay PM and pain portfolio

The commercial engine is firing on all cylinders, especially with the ADHD therapy, Jornay PM, leading the charge. You see this in the top-line numbers from the third quarter of 2025. Net product revenue hit a record $209.4 million for the quarter, which was up 31% year-over-year. Jornay PM is the clear growth driver, pulling in $41.8 million in net revenue in that same quarter. That revenue was backed by prescriptions growing 20% year-over-year, pushing the prescriber base to an all-time high of 27,700 healthcare providers, a 22% jump from the prior year. The company is definitely putting boots on the ground, having deployed around 180 trained sales reps to expand the neuropsychiatric business. The pain portfolio, though mature, remains a robust cash generator, contributing $167.6 million in Q3 2025, marking an 11% increase year-over-year. That durability is key; all three core pain products showed growth.

Here's how the revenue broke down for the key commercial assets in Q3 2025:

Product/Portfolio	Q3 2025 Net Revenue	Year-over-Year Growth
Total Net Product Revenue	$209.4 million	31%
Jornay PM	$41.8 million	Prescriptions up 20%
Pain Portfolio Total	$167.6 million	11%
Belbuca	$58.3 million	10%
Xtampza ER	$50.5 million	2%
Nucynta Franchise	$54.8 million	21%

Management raised the full-year 2025 total product revenue guidance to be in the range of $775 to $785 million, representing about 24% growth over 2024. They expect full-year Jornay PM net revenue to land between $145 to $150 million.

Managing the complex supply chain and technical operations for drug manufacturing

While the search results don't give you specific manufacturing throughput numbers, the activity here is centered on maintaining compliance within a highly regulated environment. The company explicitly lists the ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency, or DEA, compliance, as a key operational factor. This means rigorous quality control and adherence to controlled substance handling protocols are constant, non-negotiable activities.

Disciplined capital allocation, including debt paydown and share repurchases

Collegium Pharmaceutical, Inc. is clearly focused on strengthening the balance sheet while returning capital. They generated $78.4 million in cash from operations in Q3 2025, ending the quarter with $285.9 million in cash, cash equivalents, and marketable securities. That strong cash flow supports their dual mandate of debt reduction and share repurchases. They paid down $6 million in debt during Q3 2025, pushing their net debt to adjusted EBITDA leverage to approximately 1.2x, with an expectation to finish 2025 below 1x. That's a fast deleveraging story. On the shareholder return side, they completed a $25 million Accelerated Share Repurchase (ASR) in July 2025, which involved repurchasing 0.8 million shares at an average price of $30.41. Plus, the Board authorized a new repurchase program in July 2025 to buy back up to $150 million in common stock through December 31, 2026. Since 2021, the company has returned $222 million to shareholders via these programs.

Key capital deployment metrics as of late 2025:

• Cash, Cash Equivalents, and Marketable Securities (End Q3 2025): $285.9 million
• Net Debt to Adjusted EBITDA Leverage (End Q3 2025): approx. 1.2x
• New Share Repurchase Authorization: Up to $150 million (through Dec 31, 2026)
• Total Value Returned via Buybacks (Since 2021): $222 million

Intellectual property defense and life cycle management for key products

Protecting the exclusivity and value of their differentiated medicines is a core activity. This involves active defense of their assets, as evidenced by their participation in intellectual property litigation, including Patent Trial and Appeal Board (PTAB) cases. For life cycle management, the company is actively publishing real-world data to support their existing pain products; they issued two publications in July and August 2025 highlighting the benefits of Belbuca and Xtampza ER, respectively. This supports the durability narrative you hear from management.

Strategic business development to acquire new differentiated assets

Collegium Pharmaceutical, Inc. is clearly signaling a shift toward using its strong balance sheet to acquire new assets, moving beyond just maximizing the existing portfolio. They are committed to expanding the business through disciplined business development. The 2024 acquisition of Ironshore is a recent example of this activity. The current strategy suggests they are ready to make a bigger move; they are signaling readiness for transformative deals with leverage capacity up to 3x EBITDA. This means scouting and executing on deals to diversify beyond the current pain and ADHD focus is a high-priority activity right now.

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

You're looking at the tangible assets that power Collegium Pharmaceutical, Inc. (COLL) right now, late in 2025. These aren't just ideas; they're the hard numbers and protected assets driving the business.

The core portfolio of differentiated, abuse-deterrent pain medications remains a vital, durable cash engine for Collegium Pharmaceutical. This portfolio, which includes Belbuca, Xtampza ER, and the Nucynta Franchise, generated record net revenue of $167.6 million in the third quarter of 2025, marking an 11% increase year-over-year. It's defintely impressive that all three major pain drugs showed growth in that quarter.

Jornay PM (methylphenidate) is the key growth driver, establishing Collegium Pharmaceutical's presence in the neuropsychiatry space. For Q3 2025, Jornay PM delivered net revenue of $41.8 million, supported by a 20% year-over-year growth in prescriptions. The prescriber base for this ADHD treatment reached an all-time high of 27,700 healthcare providers.

The commercial infrastructure supporting Jornay PM is substantial. Collegium Pharmaceutical completed the expansion of its ADHD commercial sales force to approximately 180 representatives in total to drive this growth. This resource is now fully deployed to capture market share.

Intellectual property and patents provide the necessary moat around these revenue streams. For instance, the prompt specifies Belbuca's exclusivity until 2032. For Jornay PM, the estimated generic launch date, based on its 16 US drug patents, is around Mar 23, 2032. For Xtampza ER, the earliest estimated generic entry date, constrained by patent/regulatory exclusivity, is noted as September 2, 2036.

Here's a quick look at how the key product segments performed in Q3 2025:

Product/Segment	Q3 2025 Net Revenue (Millions USD)	Year-over-Year Growth	Key Metric	Value
Jornay PM	41.8	N/A	Jornay PM Prescriptions	Up 20%
Pain Portfolio (Total)	167.6	11%	Jornay PM Prescribing HCPs	27,700
Xtampza ER (Part of Pain)	N/A	2%	Nucynta Franchise Growth	Up 21%

The financial foundation is a significant resource in itself. Collegium Pharmaceutical ended Q3 2025 with a strong balance sheet, reporting $285.9 million in cash, cash equivalents, and marketable securities. Furthermore, the company generated $78.4 million in cash from operations during that quarter alone, which is being used strategically.

The deployment of capital is also a key resource, as management signals readiness for expansion:

• Cash on hand as of September 30, 2025: $285.9 million.
• Debt repaid in Q3 2025: $16.1 million.
• Net leverage ratio trending below 1.0 times by year-end 2025.
• Management is willing to lever up to roughly three times net debt to Adjusted EBITDA for the right acquisition.

Finance: draft 13-week cash view by Friday.

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.