Segment Information

The Company’s product portfolio includes Jornay PM, Belbuca, Xtampza ER, Nucynta IR and Nucynta ER, and Symproic. The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The CODM is the Chief Executive Officer. As the internal reporting is based on the consolidated results, the Company has identified one operating and reportable segment and the measure of segment profit or loss is consolidated net income. The CODM uses net income to assess actual results and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

The financial information regularly provided to the CODM includes consolidated cost of sales information and segment expense categories at a more disaggregated level than the consolidated statement of operations. The significant segment expenses for functional areas exclude stock-based compensation and certain other segment expenses, and are reported for

the following functional areas: corporate, medical, technical operations, and commercial. The corporate functional area includes operating expenses related to finance, legal, business development, and other administrative activities, excluding stock-based compensation and other segment expenses (“Corporate Expenses”). The medical functional area includes operating expenses related to medical affairs, regulatory, pharmacovigilance and other medical-related activities, excluding stock-based compensation and other segment expenses (“Medical Expenses”). The technical operations functional area includes non-inventoriable operating expenses related to supply chain, product quality, information technology and other technical activities, excluding stock-based compensation and other segment expenses (“Technical Operations Expenses”). The commercial function includes operating expenses related to sales, marketing, market access, and other commercial activities, excluding stock-based compensation and other segment expenses (“Commercial Expenses”). Stock compensation is a significant segment expense and other segment expenses are included in Other segment items or separately stated in the table below.

The table below provides information about the Company’s segment, including segment expenses, and a reconciliation to net income:


	Years Ended December 31,
	2025		2024		2023
Product revenues, net	$	780,567	$	631,449	$	566,767

Cost of product revenues (excluding intangible asset amortization)	95,418		88,801		94,838
Intangible asset amortization	221,892		165,304		145,760
Commercial expenses	161,495		91,225		68,513
Corporate expenses	45,550		33,702		32,322
Medical expenses	29,754		23,905		20,737
Technical operations expenses	526		1,751		2,000
Stock-based compensation expense	41,906		32,400		27,136
Other segment items (1)	4,390		24,466		8,500
Interest expense	82,312		73,974		83,339
Interest income	(11,289)		(13,976)		(15,615)
Loss on extinguishment of debt	15,994		11,329		23,504
Provision for income taxes	29,749		29,378		27,578
Net income	$	62,870	$	69,190	$	48,155

(1)– Other segment expenses are primarily acquisition-related expenses, expenses related to the Company’s CEO and other executive transitions, litigation settlements, and fair value remeasurement of contingent consideration.

Depreciation expense was $4,182, $3,856 and $3,496 in the years ended December 31, 2025, 2024 and 2023, respectively. Intangible asset amortization was $221,892, $165,304 and $145,760 in the years ended December 31, 2025, 2024 and 2023, respectively.

Historical Timeline

Fiscal Year	Filed
2025	Feb 26, 2026	Showing above
2024	Feb 27, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

COLLEGIUM PHARMACEUTICAL, INC Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures