COLLCOLLEGIUM PHARMACEUTICAL, INC

Pharmaceutical Preparations

Revenue: $781M; 24% YoY
Operating margin: 23.0%; 14% YoY
EBITDA: $184M; 5.8% YoY
Market cap: $773M
Employees: 423; $2M revenue each
Net debt / EBITDA: -0.7×; −$123M net debt
AI in 10-K: 3.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
523% of net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$2M · 89th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.2 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$773M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$277M	$464M	$567M	$631M	$781M	24%
Operating income	$18M	$33M	$167M	$170M	$180M	5.7%
Net income	$72M	−$25M	$48M	$69M	$63M	8.7%
Operating cash flow	$104M	$124M	$275M	$205M	$329M	61%
Capex	$2M	$2M	$461K	$2M	$2M	5.3%
Stock-based comp	$24M	$23M	$27M	$32M	$42M	29%
Buybacks	$48M	$14M	$75M	$60M	$25M	58%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 24, 2020	Frazier Healthcare VI, L.P.	SC 13D/A	2.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7M · 14
Net: −$7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$2M	$8M	225	158
FY2024	—	—	139	118
FY2023	$9M	$15M	150	119
FY2022	$7M	$10M	113	114
FY2021	$7M	$5M	91	126