Pacira BioSciences (PCRX) investor relations material

Executive summary

• Achieved total Q2 2025 revenues of $181.1M, with strong execution across corporate, clinical, and commercial initiatives, supporting the five by 30 growth strategy and leadership in musculoskeletal pain.

• EXPAREL and ZILRETTA drove growth, with over 3M patients treated annually and double-digit compounded annual product revenue growth.

• Net loss for Q2 2025 was $4.8M, primarily due to higher operating expenses and one-time legal settlement costs; non-GAAP net income was $36.0M.

• Strategic initiatives included the acquisition of GQ Bio Therapeutics, a co-promotion agreement with J&J MedTech for ZILRETTA, and a reduction in force to optimize manufacturing.

• Repurchased 2.0M shares for $50M; ended Q2 with $445.9M in cash, pro forma $270M after debt repayment and royalty receipt.

Financial highlights

• Q2 2025 revenues rose to $181.1M from $178.0M year-over-year; EXPAREL sales grew 4.4% to $142.9M, ZILRETTA up 2% to $31.3M, iovera° $5.6M.

• Non-GAAP gross margin improved to 82% from 76% year-over-year; GAAP gross margin 77% (up from 75%).

• Adjusted EBITDA for Q2 was $54.3M; adjusted EBITDA margin approximately 30% of revenue.

• Operating expenses rose to $172.6M, driven by higher R&D and SG&A.

• Cash and investments: $445.9M at quarter-end, pro forma $270M after debt repayment.

Outlook and guidance

• 2025 total revenue guidance narrowed to $730M–$750M (prior $725M–$765M); non-GAAP gross margin raised to 78–80% (prior 76–78%).

• Non-GAAP R&D expense expected at $90M–$105M; SG&A at $290M–$320M; stock-based compensation $56M–$61M.

• Continued investment in clinical programs, commercial expansion, and manufacturing enhancements for EXPAREL, ZILRETTA, and iovera°.

• Expect sustainable earnings growth driven by sales, margin expansion, and share repurchases.