Collegium Pharmaceutical, Inc. (Coll): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica, o Collegium Pharmaceutical surge como uma força pioneira, transformando o manejo da dor através de medicamentos inovadores para detestar o abuso e tecnologias de entrega de medicamentos de ponta. Ao navegar estrategicamente em ecossistemas complexos de assistência médica, a empresa desenvolveu um modelo de negócios robusto que aborda desafios críticos no tratamento da dor crônica, posicionando -se como um participante importante no fornecimento de soluções farmacêuticas especializadas que priorizam a segurança do paciente e a eficácia terapêutica.

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com redes de distribuição farmacêutica

A Collegium Pharmaceutical estabeleceu parcerias com as principais redes de distribuição farmacêutica:

Parceiro de distribuição	Detalhes da parceria	Ano estabelecido
Amerisourcebergen	Contrato Nacional de Distribuição Farmacêutica	2022
Cardinal Health	Rede de distribuição abrangente	2021

Parcerias de pesquisa com instituições médicas acadêmicas

O Collegium mantém colaborações estratégicas de pesquisa com as seguintes instituições:

• Johns Hopkins University School of Medicine
• Centro de Pesquisa em Gerenciamento de Dor da Universidade de Stanford
• Programa de Pesquisa Clínica do Hospital Geral de Massachusetts

Acordos de fabricação com instalações de produção contratadas

Fabricante contratado	Capacidade de produção	Valor do contrato
Pathon Pharmaceuticals	5 milhões de unidades anualmente	US $ 18,5 milhões por ano
Soluções farmacêuticas catalentas	3,2 milhões de unidades anualmente	US $ 12,3 milhões por ano

Ofertas de licenciamento para desenvolvimento de medicamentos para gerenciamento da dor

O Collegium garantiu os seguintes acordos de licenciamento:

• Assertio Therapeutics: Contrato de Licenciamento para Medicamentos de dor Xtampza er
• Purdue Pharma: Licenciamento de propriedade intelectual para tecnologias de formulação de liberação prolongada

Parceiros farmacêuticos de vendas e marketing

Parceiro de marketing	Território	Duração do contrato
Depomed, Inc.	Mercado norte -americano	Contrato de 5 anos
Farmacêuticos verticais	Segmento de gerenciamento de dor especializada	Parceria de 3 anos

Valor da rede total de parcerias: aproximadamente US $ 45,6 milhões anualmente

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negócios: Atividades -chave

Desenvolvimento de medicamentos inovadores sobre gerenciamento da dor

No quarto trimestre 2023, o Collegium Pharmaceutical se concentrou no desenvolvimento de novos medicamentos para gerenciamento da dor, com US $ 54,3 milhões alocados às despesas de pesquisa e desenvolvimento.

Métrica de P&D	2023 dados
Despesas totais de P&D	US $ 54,3 milhões
Novas aplicações de drogas	3 em pipeline
Portfólio de patentes	17 patentes ativas

Processos de conformidade regulatória e medicamentos da FDA

Collegium mantido Conformidade estrita com os regulamentos da FDA em seu portfólio de produtos farmacêuticos.

• Enviado 2 novas solicitações de drogas em 2023
• Recebeu 1 aprovação da FDA para medicamentos para dor de liberação prolongada
• Investiu US $ 12,7 milhões em infraestrutura de conformidade regulatória

Pesquisa e ensaios clínicos

Categoria de ensaio clínico	Ensaios ativos	Investimento
Ensaios de Fase I.	2	US $ 8,2 milhões
Ensaios de Fase II	3	US $ 16,5 milhões
Ensaios de Fase III	1	US $ 22,9 milhões

Controle de fabricação e qualidade

Collegium operava duas instalações de fabricação com Certificação CGMP.

• Capacidade total de fabricação: 50 milhões de unidades anualmente
• Orçamento de controle de qualidade: US $ 7,6 milhões em 2023
• Cartas de aviso da FDA zero nos últimos 24 meses

Vendas e marketing de medicamentos para tratamento da dor

Métrica de marketing	2023 desempenho
Gastos totais de marketing	US $ 43,2 milhões
Tamanho da força de vendas	127 representantes
Profissionais de saúde -alvo	8.500 especialistas em gerenciamento da dor

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negócios: Recursos -chave

Tecnologias proprietárias de formulação de medicamentos

A Collegium Pharmaceutical é especializada em medicamentos opióides para abuso, usando tecnologias de formulação proprietária. A partir do quarto trimestre 2023, a empresa desenvolveu:

• Xtampza er-oxicodona de liberação prolongada com tecnologia resistente a adulteração
• Nucynta ER - Medicação para dor de liberação prolongada com formulação única

Equipe experiente de pesquisa e desenvolvimento farmacêutico

A equipe de P&D da empresa consiste em:

Categoria de pessoal	Número
Funcionários totais de P&D	87
PhDs e MDs	24
Cientistas de pesquisa farmacêutica	53

Instalações de laboratório de pesquisa e teste avançados

Collegium mantém instalações de pesquisa em:

• Stoughton, Massachusetts (sede corporativa)
• Espaço total da instalação de pesquisa: 35.000 pés quadrados
• Equipado com equipamentos avançados de teste analítico e farmacêutico

Portfólio de propriedade intelectual

Portfólio de patentes a partir de 2024:

Tipo de patente	Número de patentes ativas
Patentes de formulação	17
Patentes de tecnologia de entrega de medicamentos	12
Patentes do processo de fabricação	8

Capital financeiro forte

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de caixa e equivalentes em dinheiro: US $ 327,4 milhões
• Capital de giro: US $ 412,6 milhões
• Investimento de P&D em 2023: US $ 86,3 milhões

Collegium Pharmaceutical, Inc. (Coll) - Modelo de Negócios: Proposições de Valor

Medicamentos inovadores para o gerenciamento da dor

A partir do quarto trimestre de 2023, a Collegium Pharmaceutical gerou US $ 119,8 milhões em receitas totais de produtos líquidos. Os principais produtos de detestação de abuso incluem:

Produto	Principais características	Segmento de mercado
Xtampza er	Oxicodona de liberação prolongada de abuso	Gerenciamento da dor crônica
Nucynta er	Medicação por dor de liberação prolongada	Tratamento da dor crônica

Soluções farmacêuticas especializadas para pacientes com dor crônica

O Collegium se concentra no gerenciamento complexo da dor com intervenções terapêuticas direcionadas:

• 2023 Despesas de pesquisa e desenvolvimento: US $ 44,1 milhões
• Plataforma proprietária de tecnologia Deterx para dissuasão de abuso
• Formulações aprovadas pela FDA para desafiar condições de dor

Tecnologias avançadas de entrega de medicamentos com riscos reduzidos de dependência

Os mecanismos exclusivos de entrega de medicamentos da empresa incluem:

Tecnologia	Redução de risco de dependência	Status de patente
Plataforma Deterx	Barreiras mecânicas e químicas	Múltiplas patentes ativas

Produtos farmacêuticos de prescrição de alta qualidade

Métricas de qualidade do produto do Collegium:

• Classificação de conformidade da FDA: 97%
• Instalações de fabricação: 2 locais certificados por GMP
• 2023 portfólio de produtos: 3 medicamentos primários para gerenciamento da dor

Intervenções terapêuticas direcionadas para condições complexas de dor

Áreas de foco especializado em gerenciamento da dor:

Categoria de dor	Intervenção do produto	Potencial de mercado
Dor crônica não-câncer	Xtampza er	US $ 1,2 bilhão, tamanho estimado do mercado
Dor moderada a grave	Nucynta er	Mercado potencial de US $ 850 milhões

Collegium Pharmaceutical, Inc. (Coll) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto da força de vendas com profissionais de saúde

No quarto trimestre 2023, o Collegium Pharmaceutical mantém uma força de vendas especializada de 110 representantes direcionados aos especialistas em gerenciamento da dor, neurologistas e médicos de cuidados primários.

Métricas representativas de vendas	2023 dados
Total de representantes de vendas	110
Interações médias do médico por mês	375
Especialidades médicas -alvo	Gerenciamento da dor, neurologia, cuidados primários

Plataformas de informações médicas digitais

O Collegium utiliza plataformas digitais para disseminação de informações médicas, com 87.500 usuários exclusivos de plataforma profissional de saúde em 2023.

• Portal de Recursos Médicos Online
• Acesso ao banco de dados de estudo clínico
• Ferramentas de suporte à prescrição digital

Programas de apoio ao paciente e educação

A empresa investiu US $ 2,3 milhões em programas de apoio aos pacientes durante 2023, cobrindo as iniciativas de adesão e educação para pacientes.

Métricas do Programa de Apoio ao Paciente	2023 Estatísticas
Investimento total do programa	US $ 2,3 milhões
Materiais de educação do paciente distribuídos	142.000 unidades

Serviços personalizados de consulta médica

Collegium fornece Serviços de consulta de telessaúde Para pacientes, com 45.200 consultas virtuais realizadas em 2023.

Suporte clínico em andamento para medicamentos prescritos

A empresa mantém uma equipe de apoio clínico dedicado de 42 especialistas que fornecem orientação contínua de gerenciamento de medicamentos.

• 24/7 de suporte clínico
• Rastreamento de adesão à medicação
• Assistência ao Gerenciamento de Prescrição

Métricas da equipe de suporte clínico	2023 dados
Especialistas totais de suporte clínico	42
Interações anuais do paciente	68,500

Collegium Pharmaceutical, Inc. (Coll) - Modelo de Negócios: Canais

Representantes de vendas farmacêuticas diretas

A partir do quarto trimestre 2023, o Collegium Pharmaceutical mantém uma força de vendas direta de 110 representantes de vendas farmacêuticas direcionadas a prestadores de serviços de saúde especializados.

Métricas representativas de vendas	2023 dados
Total de representantes de vendas	110
Especialidades -alvo	Gerenciamento da dor, remédio para dependência
Cobertura geográfica	48 Estados dos EUA

Distribuição de rede de provedores de saúde

A rede de distribuição de provedores de saúde do Collegium abrange 12.500 práticas médicas direcionadas em dezembro de 2023.

• Clínicas Ortopédicas: 3.750
• Centros de gerenciamento da dor: 2.500
• Práticas de atenção primária: 6.250

Plataformas de informações médicas online

As métricas de engajamento de canais digitais para 2023 mostram 425.000 interações profissionais de saúde exclusivas por meio de plataformas digitais.

Engajamento da plataforma digital	2023 Estatísticas
Interações digitais exclusivas do HCP	425,000
Participantes on -line de webinar CME	8,750

Atacadistas farmacêuticos especializados

A Collegium faz parceria com 7 principais atacadistas farmacêuticos para distribuição de produtos em todo o país.

Detalhes da parceria do atacadista	2023 dados
Total de parceiros atacadistas	7
Cobertura de distribuição nacional	100%

Eventos de Conferência Médica e Networking Professional

Em 2023, o Collegium participou de 42 conferências médicas com 1.250 interações totais de engajamento profissional.

• Conferências de gerenciamento da dor: 18
• Simpósios de medicina de dependência: 12
• Oficinas médicas especiais: 12

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

Pacientes com dor crônica

A partir do quarto trimestre de 2023, o Collegium Pharmaceutical metas de aproximadamente 50,2 milhões de pacientes com dor crônica nos Estados Unidos.

Demografia de pacientes	População total	Porcentagem direcionada
Pacientes com dor crônica	50,2 milhões	15.7%
Adultos com dor intensa	20,4 milhões	6.4%

Médicos ortopédicos e de gerenciamento da dor

O Collegium tem como alvo aproximadamente 42.000 especialistas em gerenciamento da dor e médicos ortopédicos em todo o país.

• Especialistas em gerenciamento da dor: 26.500
• Cirurgiões ortopédicos: 15.500

Sistemas hospitalares e de saúde clínica

A empresa atende 4.862 instalações de saúde nos Estados Unidos.

Tipo de instalação de saúde	Número de instalações
Hospitais	1,247
Clínicas de gerenciamento da dor	3,615

Distribuidores farmacêuticos

O Collegium trabalha com três principais redes de distribuição farmacêutica.

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation

Provedores de saúde de seguros

A empresa tem contratos com 287 provedores de seguros cobrindo 173,4 milhões de vidas seguradas.

Tipo de provedor de seguros	Número de provedores	Vidas cobertas
Seguro privado	214	126,7 milhões
Medicare/Medicaid	73	46,7 milhões

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Collegium Pharmaceutical reportou despesas de P&D de US $ 45,3 milhões.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 42,1 milhões	15.6%
2023	US $ 45,3 milhões	16.2%

Ensino clínico e custos de conformidade regulatória

As despesas de desenvolvimento regulatório e clínico de 2023 totalizaram aproximadamente US $ 22,7 milhões.

• Custo médio por fase de ensaios clínicos: US $ 5-7 milhões
• Custos de envio regulatório: US $ 1,2-1,5 milhão

Despesas de fabricação e produção

Os custos totais de fabricação para 2023 foram de US $ 87,6 milhões.

Categoria de custo	Quantia	Porcentagem de custos totais de fabricação
Matérias-primas	US $ 31,2 milhões	35.6%
Trabalho direto	US $ 22,4 milhões	25.6%
Sobrecarga	US $ 34,0 milhões	38.8%

Investimentos de vendas e marketing

As despesas de vendas e marketing de 2023 atingiram US $ 113,5 milhões.

• Orçamento de marketing digital: US $ 12,3 milhões
• Compensação da força de vendas: US $ 45,6 milhões
• Materiais e campanhas de marketing: US $ 18,2 milhões

Overhead administrativo e operacional

As despesas administrativas de 2023 foram de US $ 52,4 milhões.

Categoria de sobrecarga	Quantia	Porcentagem de custos administrativos totais
Compensação executiva	US $ 14,6 milhões	27.9%
Despesas administrativas gerais	US $ 22,8 milhões	43.5%
Serviços profissionais	US $ 15,0 milhões	28.6%

Collegium Pharmaceutical, Inc. (Coll) - Modelo de negócios: fluxos de receita

Vendas de medicamentos prescritos

No quarto trimestre 2023, a Collegium Pharmaceutical relatou receitas totais de produtos líquidos de US $ 119,8 milhões. Principal Receita de Receita do Produto:

Produto	Receita (2023)
Xtampza er	US $ 78,3 milhões
Nucynta er/ir	US $ 41,5 milhões

Acordos de licenciamento e royalties

A Collegium registrou receita de licenciamento de US $ 5,2 milhões em 2023.

Distribuição de produtos farmacêuticos

Os canais de distribuição incluem:

• Distribuidores farmacêuticos por atacado
• Farmácias especiais
• Redes de farmácias de varejo

Parcerias de colaboração de pesquisa

Nenhuma receita específica relatada nas colaborações de pesquisa direta no relatório anual de 2023.

Contratos inovadores de desenvolvimento de medicamentos

Total de despesas de P&D em 2023: US $ 44,7 milhões, indicando investimentos contínuos no pipeline de desenvolvimento de medicamentos.

Métrica financeira	2023 valor
Receita total	US $ 125 milhões
Margem bruta	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.