Pacira BioSciences (PCRX) Piper Sandler 36th Annual Healthcare Conference summary

Strategic focus and IP developments

• Modernized commercialization, clarified long-term strategy, and reinforced company culture and values in 2023.

• Announced a new in vitro release assay-based patent family for EXPAREL, expanding multi-layered IP protection.

• Ongoing litigation on three patent families: 495 (appeal pending), 574 (addresses prior shortcomings), and new IVRA-based patents; legal processes expected to be lengthy.

Competitive landscape and market strategy

• No generic entry expected before 2026; preparedness includes expanded focus on pharmacy, GPOs, payers, and hospital administrators.

• Market growth anticipated from improved commercialization and NOPAIN legislation; new J-code enhances reimbursement and coding.

• Single generic entry would likely result in moderate price erosion (~15%), not a fully genericized market.

Reimbursement, contracting, and NOPAIN impact

• EXPAREL business split: 40% inpatient, 40% hospital outpatient, 20% ambulatory surgical centers; trend toward outpatient and ASC.

• GPO contracts with Premier and Vizient, with HPG pending, will cover ~80% of business, expected to have a mid-single digit impact on pricing.

• NOPAIN legislation and new J-code expected to drive significant volume growth, with momentum building in late 2025 and into 2026.