Pacira BioSciences, Inc.

What they do

Pacira develops and commercializes non-opioid pain treatments. Its flagship product, EXPAREL, is a long-acting local analgesic for postsurgical pain, while ZILRETTA is an extended-release corticosteroid injection for osteoarthritis knee pain. The company also markets iovera, a cryotherapy device, though it divested this business in July 2026. Pacira is advancing a pipeline including PCRX-201, a gene therapy for knee osteoarthritis.

Revenue drivers

• EXPAREL — Accounted for 79% of total revenue in 2025. Revenue comes from sales of the liposomal bupivacaine injection for postsurgical pain management.
• ZILRETTA — Accounted for 16% of total revenue in 2025. Intra-articular corticosteroid injection for osteoarthritis knee pain.
• iovera — Handheld cryotherapy device; divested to Zimmer Biomet in July 2026 for up to $140 million, with an upfront payment of $70 million and potential milestones.

Recent performance

In Q2 2026, Pacira reported total revenue of $192.4 million, up 6% year-over-year, and GAAP net income of $4.7 million ($0.12 per diluted share). Non-GAAP net income was $29.5 million ($0.73 per diluted share), with adjusted EBITDA of $48.7 million. For full-year 2025, revenue was $726.4 million with net income of $7.0 million, recovering from a $99.6 million net loss in 2024. Cash and equivalents stood at $205.9 million as of June 30, 2026.

Strategy

Pacira's '5x30' plan targets reaching over three million patients annually by 2030, double-digit revenue CAGR, a five-percentage-point gross margin improvement over 2024, five clinical-stage pipeline programs, and five partnerships. Recent actions include divesting iovera to focus on its core biopharmaceutical business, adding partnerships for EXPAREL and ZILRETTA, and advancing PCRX-201 manufacturing and clinical development. The company is also working to expand reimbursement for EXPAREL, as seen with UnitedHealthcare's separate reimbursement.

Risks

• EXPAREL concentration — EXPAREL represented 79% of 2025 revenue, and any setback in its commercialization could materially hurt results.
• Manufacturing and supply chain — Risks include tariffs, inflation, and supply chain disruptions that could impact production costs and profit margins.
• Regulatory and clinical development — PCRX-201 and other pipeline programs face uncertain clinical trial outcomes and regulatory approvals, with no guarantee of success.
• Integration and acquisition risks — Acquisitions like GQ Bio may be difficult to integrate and may not deliver expected benefits, as noted in forward-looking statements.

Outlook

Management expects topline data from Part A of the PCRX-201 Phase 2 ASCEND study by the end of 2026, with enrollment in Part B underway. The iovera divestiture is expected to sharpen focus on its innovation-driven biopharmaceutical strategy, with potential milestone payments through 2031. The 5x30 plan remains the guiding framework through 2030, with progress reported against patient reach, revenue growth, margin improvement, pipeline advancement, and partnerships.