---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-25-001799"
form_type: "8-K"
ticker: "COLL"
cik: "0001267565"
company_name: "COLLEGIUM PHARMACEUTICAL, INC"
filed_at: "2025-02-27T23:59:59+00:00"
generated_at: "2026-05-26T01:07:33.338230+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Collegium reports record Q4 revenue $181.9M, GAAP EPS $0.36; EVP Shirley Kuhlmann departing March 7

## Summary
- Q4 product revenue $181.9M (+22% YoY); GAAP net income $12.5M ($0.36 diluted EPS); adjusted EBITDA $107.7M.
- FY2024 product revenue $631.4M (+11% YoY); GAAP net income $69.2M ($1.86 diluted EPS); adjusted EBITDA $401.2M.
- Jornay PM pro forma FY2024 net rev $100.7M; expects >$135M in 2025. Belbuca Q4 net rev $55.2M (+12% YoY); Xtampza ER $51.5M (+6% YoY).
- Reaffirmed FY2025 guidance: product revenue $735-750M, adj EBITDA $435-450M. Repurchased $60M in shares in 2024; cash $162.8M.
- EVP, Chief Admin Officer, General Counsel & Secretary Shirley Kuhlmann stepping down effective March 7, 2025; treated as termination without cause.

## SEC filing metadata
- accession: 0001558370-25-001799
- form_type: 8-K
- ticker: COLL
- cik: 0001267565
- company_name: COLLEGIUM PHARMACEUTICAL, INC
- filed_at: 2025-02-27T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1267565/000155837025001799/0001558370-25-001799-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1267565/000155837025001799/coll-20250227x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-25-001799
- JSON: https://secwatch.observer/filing/0001558370-25-001799.json
- Plain text: https://secwatch.observer/filing/0001558370-25-001799.txt

## Key facts
- Executive change
  Shirley Kuhlmann departed as Executive Vice President, Chief Administrative Officer, General Counsel & Secretary at COLLEGIUM PHARMACEUTICAL, INC.
  - Action: stepping down
  - Role: Executive Vice President, Chief Administrative Officer, General Counsel & Secretary
  source text: On February 27, 2025, the Company announced that Shirley Kuhlmann, Executive Vice President, Chief Administrative Officer, General Counsel & Secretary of the Company will step down from her positions at the Company effective March 7, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1267565/000155837025001799/0001558370-25-001799-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.