Collegium Pharmaceutical's (COLL) pain portfolio continues to generate durable cash flow that can fund deleveraging, buybacks and further business development, Oppenheimer said in a Wednesday note.

The company's Azstarys and Jornay PM central nervous system medications to treat Attention Deficit Hyperactivity Disorder are capable of driving above-market growth through the next decade, supported by efficient commercial infrastructure, the analysts wrote.

Meanwhile, the company's Belbuca, Xtampza and Nucynta medications to treat pain also continue to generate considerable cash flow despite investor fears of peak earnings, according to the note.

The company offers multiple paths to earnings growth and valuation expansion, as well as poised to continue executing a disciplined specialty pharma roll-up strategy under an experienced leadership, the note said.

Oppenheimer said it initiated coverage of the stock with an outperform rating and a price target of $50.

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