Pacira BioSciences (PCRX) Jefferies Global Healthcare Conference 2025 summary

Business overview and recent evolution

• Focuses on non-opioid pain management with leading products Exparel, ZILRETTA, and Iovera, all market leaders in their segments.

• Shifting strategy to reinvest proceeds from established products into pipeline development.

Exparel settlement and market outlook

• Achieved a unique volume-limited settlement granting total market exclusivity until 2030, with gradual generic entry through 2039.

• Settlement provides 14 years of visibility and removes uncertainty, supporting sustained cash flows for reinvestment.

• Expects disciplined pricing and market expansion due to underpenetration and clear volume allocation.

• Price erosion from generic entry is expected to be modest compared to traditional models.

No Pain Act and reimbursement dynamics

• No Pain Act, effective January 2024, provides additional reimbursement for innovative non-opioid pain therapies in outpatient CMS settings.

• Early adoption seen in smaller centers, with commercial payers beginning to mimic CMS policies.

• Anticipates broader adoption and meaningful uptake in the second half of the year as commercial coverage expands.

• Year-over-year daily sales grew 7% in Q1, attributed to early No Pain Act tailwinds.