Pacira BioSciences (PCRX) Jefferies London Healthcare Conference 2024 summary

Business performance and strategy

• Achieved three consecutive quarters of meeting guidance, with a focus on refreshing mission, values, and culture.

• Strategic emphasis on musculoskeletal disease, pain, and adjacent areas.

• Modernized commercial, medical, and market access capabilities to support growth.

• Secured a J-code for EXPAREL and included Iovera in NOPAIN, enhancing reimbursement opportunities.

• Signed major GPO contracts (Premier, Vizient, HPG), aiming for 80% of business under GPOs by early 2025, with a mid-single-digit margin impact offset by expected volume growth.

NOPAIN reimbursement and market opportunity

• NOPAIN reimbursement for EXPAREL and Iovera starts January 2025, pulling product cost out of bundled payments for Medicare patients.

• Total addressable market estimated at 6 million procedures.

• Uptake expected to accelerate in the second half of 2025 as hospitals and ASCs adapt to new reimbursement.

• Ongoing education and tracking studies show increasing awareness and intent among stakeholders.

• Commercial payers expected to lag Medicare in adopting new reimbursement, requiring further engagement.

Product pipeline and growth drivers

• Dedicated sales teams for EXPAREL, ZILRETTA, and Iovera to maximize focus and growth.

• Iovera to receive an additional $255 per procedure under NOPAIN, with growth expected as education efforts continue.

• ZILRETTA seen as promotionally responsive, with a shoulder study reading out in 2026 targeting a 1 million procedure market.

• Spasticity study for Iovera and ongoing development of PCRX-201, a locally administered gene therapy for osteoarthritis, showing promising two-year data.