Filing Flows › Collegium Pharmaceutical (COLL) › Q3 2025
Collegium Pharmaceutical (COLL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Collegium Pharmaceutical (COLL) reported revenue of $209M for the third quarter 2025 (Q3 2025), +31% from a year earlier and +11% from the quarter before. Operating margin was 29.7%, net earnings $31.5M (15.0% of revenue).
Collegium Pharmaceutical, Q3 2025: revenue $209M (+31% year over year), operating margin 29.7%, net earnings $31.5M, operating cash flow $78.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $209M | +11% | +31% |
| Gross profit | $129M | +19% | +33% |
| Operating profit | $62.1M | +77% | +78% |
| Net earnings | $31.5M | +163% | +238% |
| Operating cash flow | $78.4M | +8% | — |
| Free cash flow | $78.2M | +8% | — |
What changed
Revenue was $209.4M in Q3 2025, up 31% year over year and up 11% from the previous quarter. Belbuca was the largest line at 28% of revenue. Jornay PM added $33.8M year over year (up 425%), 68% of the total change.
Gross margin was 61.7%, up 0.9 points from a year earlier. Operating profit was $62.1M, a 29.7% margin (up 7.8 points year over year). Of the extra revenue versus a year earlier, 54% reached operating profit, above the 22% margin then. Operating expenses grew 8% against revenue growth of 31%. Net earnings were $31.5M, up 238% year over year. The effective tax rate was 27.5%.
Operating cash flow was $78.4M, 249% of net earnings. Non-cash charges added back $1.0M of depreciation and $9.8M of share-based compensation. Working capital and other items added $36.1M. Capital expenditures of $188K left free cash flow of $78.2M.
Questions
What was Collegium Pharmaceutical's revenue in the third quarter 2025?
Collegium Pharmaceutical (COLL) reported revenue of $209M for the third quarter 2025 (Q3 2025), +31% from a year earlier and +11% from the quarter before.
Was Collegium Pharmaceutical profitable in the third quarter 2025?
Operating profit was $62.1M (29.7% of revenue) and net earnings $31.5M.