Collegium Pharmaceutical, Inc.
COLL Healthcare Drug Manufacturers Specialty & Generic
Collegium Pharmaceutical, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $780.6 million, up 23.6% from fiscal 2024. In the quarter to June 2026, revenue grew 6.32%, EPS fell 221.1%, free cash flow fell 2.14% and total debt rose 32.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Collegium Pharmaceutical, Inc. (COLL) Beneish M-score
Collegium Pharmaceutical, Inc.'s Beneish M-score for fiscal 2025 is −3.32; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.32 | (0.80) |
| FY2024 | −2.52 | 1.02 |
| FY2023 | −3.54 | (1.24) |
| FY2022 | −2.30 | 0.12 |
| FY2021 | −2.42 | (0.65) |
| FY2020 | −1.76 | 1.42 |
| FY2019 | −3.19 | (37.13) |
| FY2018 | 33.95 | 23.68 |
| FY2017 | 10.27 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.75 | — | 0.69 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 0.82 | — | 0.33 | |
| Sales growth index | 1.24 | — | 1.10 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 1.10 | — | −0.19 | |
| Total accruals to total assets | (0.16) | — | −0.75 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.32 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| IRWD Ironwood Pharmaceuticals, Inc. compare | −4.2× |
| COLL Collegium Pharmaceutical, Inc. | −3.3× |
| HROW Harrow, Inc. compare | −3.0× |
| EVO Evotec AG compare | −2.6× |
| EOLS Evolus, Inc. compare | −2.6× |
| AMPH Amphastar Pharmaceuticals, Inc. compare | −2.6× |
| CRON Cronos Group Inc. compare | −2.0× |
| TLRY Tilray Brands, Inc. compare | −2.0× |
| AQST Aquestive Therapeutics, Inc. compare | −1.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI