Collegium Pharmaceutical, Inc. (COLL): Marketing Mix Analysis [Dec-2025 Updated]

You're trying to get a clear read on Collegium Pharmaceutical, Inc.'s late 2025 playbook, and honestly, the narrative has decisively shifted from just pain management to a focused Central Nervous System (CNS) powerhouse, anchored by Jornay PM. After two decades watching pharma pivots, this one is interesting: they are guiding full-year 2025 net revenue between $775 million and $785 million, all while projecting an Adjusted EBITDA between $460 million and $470 million, which shows serious operational leverage. I've mapped out exactly how their Product development, Place in the market, Promotion spend, and Pricing structure are engineered to hit those targets; dive in below to see the four P's driving this strategy.

Collegium Pharmaceutical, Inc. (COLL) - Marketing Mix: Product

You're looking at the core offerings from Collegium Pharmaceutical, Inc. as of late 2025. The product element centers on a portfolio built around responsible pain management and a growing neuropsychiatry segment, driven by a differentiated ADHD treatment.

Jornay PM, the evening-dosed methylphenidate for Attention Deficit Hyperactivity Disorder (ADHD), is positioned as the lead growth driver for Collegium Pharmaceutical, Inc. This product is unique because its formulation is designed to control ADHD symptoms from daybreak to bedtime by being taken at night; the outer layer delays release for 10 to 12 hours so the therapeutic blood level is achieved upon waking. Full-year 2025 net revenue for Jornay PM is expected to be in the range of $145 to $150 million.

The established pain portfolio continues to deliver, with net revenues from these products reaching a record $167.6 million in the third quarter ended September 30, 2025, which was an increase of 11% year-over-year. For the full year 2025, Collegium Pharmaceutical, Inc. has raised its total net product revenue guidance to be between $775 million and $785 million.

Xtampza ER is an abuse-deterrent, extended-release oxycodone formulation, utilizing proprietary DETERx technology to resist tampering by chewing or crushing, which is critical in the ongoing focus on responsible pain management. The Nucynta Franchise, consisting of Nucynta ER and Nucynta IR, is also a key part of this portfolio, though Nucynta ER exclusivity is set to expire on December 27, 2025, and Nucynta IR exclusivity is set to expire on January 3, 2027.

Here is a breakdown of the key product performance metrics from the third quarter of 2025:

The product strategy centers on leveraging the growth of the neuropsychiatry asset alongside the durable, cash-generative pain portfolio. You can see the specific characteristics that define the differentiated products:

• Jornay PM is a stimulant medication containing methylphenidate for patients 6 years and older.
• The recommended starting dose for Jornay PM is 20 mg each evening, with a maximum daily dose studied at 100 mg/day.
• Xtampza ER is an extended-release oxycodone formulation designed to maintain its release profile even when sprinkled on food or administered via feeding tubes.
• Belbuca is the only long-acting opioid pain medicine that uses buprenorphine buccal film technology.
• The Nucynta Products (ER and IR) are oral formulations of tapentadol.

The commercial focus for 2025 includes expanding the sales force to support these differentiated products. The company plans to increase sales territories from 125 to 180.

Collegium Pharmaceutical, Inc. (COLL) - Marketing Mix: Place

The Place strategy for Collegium Pharmaceutical, Inc. centers on ensuring its portfolio, particularly the growth driver Jornay PM, reaches the intended US healthcare providers and ultimately, patients. This involves a carefully managed supply chain and a focused commercial deployment.

Distribution relies on a limited number of independent wholesale pharmaceutical distributors. While the exact count isn't public, the commercial model is inherently dependent on these established third-party logistics partners to move product from Collegium Pharmaceutical's control to the dispensing point.

Commercialization is US-centric, targeting healthcare providers and managed care organizations. The company's operational focus, as reflected in its financial reporting and guidance, is entirely within the United States market, which dictates the entire distribution footprint.

The investment in the commercial infrastructure directly supports product placement. Collegium Pharmaceutical completed an expansion of its ADHD sales force, bringing the total to approximately 180 sales representatives dedicated to driving adoption for Jornay PM. This expansion included adding approximately 55 new representatives to the team.

Products are accessible via standard retail pharmacies and specialty distribution networks. This dual-channel approach ensures broad coverage for both the pain portfolio and the newer ADHD treatment. The success of this placement strategy is evidenced by the growth in the prescriber base for Jornay PM, which reached 27,700 healthcare providers writing prescriptions by the third quarter of 2025.

A dedicated coverage portal helps prescribers navigate payer coverage and co-pay card resources. This digital tool is a key component of making the product accessible at the point of dispensing, aiming to reduce access friction for patients. The portal is associated with a performance metric suggesting that 9 times out of 10, if the correct form is used, the product will be approved and picked up by the patient.

Here's a quick view of the commercial deployment metrics supporting the Place strategy as of late 2025:

The company's financial health supports the ongoing investment in this commercial infrastructure. For instance, Collegium Pharmaceutical exited the third quarter of 2025 with $285.9 million in cash, cash equivalents, and marketable securities. This financial flexibility underpins the ability to maintain and expand the sales force necessary for effective product placement across the US.

The focus on payer access through the portal is critical for ensuring the final step of the distribution chain-patient access-is successful. The company is projecting full-year 2025 Jornay PM net revenue in the range of $145 to $150 million, reflecting the expected effectiveness of this multi-faceted Place strategy.

You can review the specific resources available on the dedicated portal:

• Coverage Form Resource Guide availability for Jornay PM
• Co-pay card resources for Jornay PM
• Resources for Belbuca and Xtampza ER coverage navigation

Collegium Pharmaceutical, Inc. (COLL) - Marketing Mix: Promotion

Collegium Pharmaceutical, Inc. focuses promotion efforts on driving prescription growth for its key CNS asset, Jornay PM, while reinforcing the durability of its established pain portfolio.

Targeted investments in Jornay PM marketing to accelerate prescription growth.

The company confirmed a significant ramp-up in commercial investment to support Jornay PM. This was evidenced by an increase in adjusted operating expenses by 60% year-over-year, reaching $55.7 million in the third quarter of 2025. This spending directly funded the expansion of the sales force, adding approximately 55 new representatives, bringing the total ADHD-focused team to 180 people. This expanded team is specifically targeting a list of about 21,000 high-value prescribers. The strategy is to ensure the message about Jornay PM's unique evening dosing reaches the right audience to convert intent into prescriptions.

The commercial success is reflected in the Q3 2025 performance metrics for Jornay PM:

Jornay PM prescriber base expanded to over 27,700 healthcare providers in Q3 2025.

The expansion of the prescriber base demonstrates the effectiveness of the targeted promotional activities. By the end of the third quarter of 2025, the number of healthcare providers writing Jornay PM prescriptions reached an all-time high of 27,700. This represents a 22% increase year-over-year. This growth indicates successful penetration into the market for long-acting branded methylphenidate, where Jornay PM's market share grew to 23.4%.

Collaboration with Paris Hilton was initiated to increase ADHD and Jornay PM awareness.

To cut through the noise in the crowded ADHD space, Collegium Pharmaceutical initiated a high-profile collaboration with Paris Hilton on October 29, 2025. The purpose of this partnership is for Ms. Hilton to share her personal journey with ADHD and her experience with treatment, specifically mentioning her decision to start treatment with JORNAY PM. This effort aims to reduce stigma associated with ADHD, which affects an estimated 15.5 million adults in the U.S.

Clinical data is promoted through presentations at major medical conferences like AAPM and AACAP.

Scientific promotion involves presenting real-world data to the medical community at key congresses. Collegium Pharmaceutical presented posters highlighting real-world data for Jornay PM at two major neuropsychiatry events:

• American Academy of Child & Adolescent Psychiatry (AACAP) conference, held October 20-25, 2025.
• Neuroscience Education Institute (NEI) Fall Congress, scheduled for November 6-9, 2025.

Furthermore, data supporting the pain portfolio was promoted at the American Academy of Pain Medicine (AAPM) Annual Meeting, PainConnect 2025, which took place from April 3-6, 2025, where four posters were presented.

The strategy is to drive growth for Jornay PM while maximizing pain portfolio durability.

The promotional focus supports the dual strategic pillars. While Jornay PM drives top-line growth, the pain portfolio provides durable revenue streams. In Q3 2025, the pain portfolio generated net revenue of $167.6 million, marking an 11% increase year-over-year, with all three core products-Belbuca, Xtampza ER, and Nucynta-showing gains. This contrasts with the significant investment in Jornay PM, which is positioned as the primary growth engine for the near term.

Key revenue contributions in Q3 2025 illustrate this balance:

• Jornay PM Net Revenue: $41.8 million.
• Pain Portfolio Net Revenue: $167.6 million.
• Total Net Product Revenue: $209.4 million (up 31% year-over-year).

Collegium Pharmaceutical, Inc. (COLL) - Marketing Mix: Price

You're looking at the hard numbers that define Collegium Pharmaceutical, Inc.'s pricing power and profitability as of late 2025. This isn't about the story; it's about the figures that drive the strategy.

The pricing mechanism for Collegium Pharmaceutical, Inc. products, especially Jornay PM, requires careful navigation between the list price and the net realized price after payer concessions.

• Jornay PM gross-to-net for the full year 2025 is expected to be in the mid-60% range.
• The gross-to-net for Jornay PM in Q3 2025 was reported at 62%.
• The list price for Nucynta saw an increase of 15% in January 2025.
• Under the Medicare Part D coverage gap discount program, manufacturers must agree to offer 50% discounts.

Capital allocation decisions directly impact shareholder value, which is a key component of the overall financial picture that underpins pricing decisions.

• A new share repurchase program of up to $150 million of common stock was authorized through December 31, 2026.
• An accelerated share repurchase program completed in July 2025 returned $25 million of value.
• Total shares repurchased since 2021 reached $222 million as of the Q3 2025 update.
• Net debt to adjusted EBITDA leverage was approximately 1.2x at the end of Q3 2025, with expectations to end the year below 1x.

Here's the quick math on the cash position supporting these operations.

Finance: draft 13-week cash view by Friday.