Pacira BioSciences (PCRX) Jefferies London Healthcare Conference 2024 summary

Business performance and strategy

• Achieved three consecutive quarters meeting guidance, with refreshed mission, values, and culture.

• Focused on musculoskeletal disease, pain, and adjacent therapeutic areas.

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

• Signed major GPO contracts (Premier, Vizient, HPG), covering 80% of business by early 2025, impacting margins but expected to drive volume growth.

• Not planning for a decrease in sales in 2025; expects growth to accelerate in the second half as NOPAIN adoption increases.

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, with gradual adoption expected as hospitals and ASCs adjust.

• Commercial payers expected to lag Medicare in adopting new reimbursement.

• Early tracking studies show increasing awareness and intent to use EXPAREL under new reimbursement.

• Iovera to receive an additional $255 per procedure under NOPAIN, with dedicated sales teams for each product.

Legal and patent landscape

• '495 Patent invalidated in August; appeal filed, with a decision expected by end of Q1 2026.

• No imminent at-risk generic launch expected; litigation with eVenus ongoing, with required product sample notifications.

• Next patent ('574) trial likely end of 2025, with a decision in mid-2026; further appeals could extend uncertainty.

• Multiple patents in place and more expected, each considered stronger than the last.

• Open to settlement with Fresenius if terms are favorable, but confident in current and pending IP.