Collegium Pharmaceutical, Inc. COLL has had a dynamic year, one defined by both strategic discipline and an unmistakable optimism about its future trajectory. The company, which is part of the Zacks Medical – Drugs industry, has leaned into its strengths, its pain-management franchise and its newer ADHD offering, Jornay PM, and is backing that vision with bold capital moves.
Share Buybacks Highlight Long-Term Confidence
A major signal of confidence has been the firm’s aggressive share buyback strategy. In May, Collegium struck a $25 million accelerated share repurchase (ASR) deal with Jefferies, and in July its board authorized a fresh $150 million repurchase program through the end of 2026. These steps underline a dual mandate, i.e., investing in growth, while returning capital to shareholders where possible.
Strengthening Governance and Commercial Expansion
Corporate governance is also evolving. Collegium has refreshed its board, naming Gino Santini as chairman and adding new director Nancy S. Lurker, as part of a longer-term succession and oversight strategy. At the same time, it is expanding its ADHD commercial operations. The company recently completed a field-force expansion for Jornay PM, deploying around 180 trained sales reps to push deeper into its neuropsychiatric business.
Underpinning all of this is Collegium’s disciplined capital allocation framework. It is paying down debt, engaging in opportunistic share repurchases and prioritizing business development in areas that promise durable long-term returns.
Broadening Beyond Pain Management Amid Competition
Collegium, a Zacks Rank #1 (Strong Buy) company, is no longer just a pain specialist. With Jornay PM gaining momentum, it is carving out a broader niche in neuropsychiatry. That said, in this space, it competes with companies like Amneal Pharmaceuticals, Inc. AMRX, which also sells branded pain treatments, and ANI Pharmaceuticals, Inc. ANIP, making it critical for Collegium to maintain both innovation and operational strength. While ANIP also sports a Zacks Rank #1, AMRX currently carries a #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here. Shares of COLL, AMRX and ANIP have advanced 53.4%, 45.5% and 42% year to date as of Nov. 20.
Consistent Outperformance Reinforces Momentum
In the first week of November, Collegium came out with third-quarter 2025 adjusted earnings of $2.25/share, beating the Zacks Consensus Estimate of $1.88. This compares favorably with earnings of $1.61 per share a year ago. It also posted revenues of $209.36 million for the quarter, surpassing the Zacks Consensus Estimate of $189.73 million. This also compares favorably with year-ago revenues of $159.3 million. The company topped consensus revenue estimates in each of the last four quarters.
Bottom Line
All in all, 2025 has been a year of consolidation and strategic evolution for Collegium. Rather than relying on short-term gains, it seems positioned for sustainable, shareholder-focused growth.
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This article originally published on Zacks Investment Research (zacks.com).
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