Contemporary management strategies for Peyronie's disease (PD) include injection with collagenase clostridium histolyticum (collagenase), mechanical devices, and/or penile surgery. Historically, surgery was considered the gold-standard therapy for PD. However, many men elect more conservative therapies available today, possibly due to concerns over potential complications. Limited real-world data are available to compare outcomes of contemporary PD treatments. To evaluate the differences in complication rates and concomitant medication use among patients with PD who received treatment with collagenase versus surgery. A retrospective analysis was performed using the IQVIA Real-World Data Adjudicated Claims Database, which includes records on >150 million individuals. Adult men newly diagnosed with PD were included if they received treatment with either collagenase or penile surgery (plication, incision/excision and grafting, and prosthesis) between January 1, 2014 and June 30, 2017. The first treatment date was the index date. Patients had continuous enrollment from ≥6 months before to 12 months after the index date. Patients in collagenase and surgery cohorts were matched on propensity score developed from baseline characteristics. Outcomes, including penile-related complications and concomitant medication use, were compared between the matched cohorts during the 12-month post-index period.