Pacira BioSciences (PCRX) Proxy filing summary

Executive summary

• Achieved record 2025 revenues of $726.4M, GAAP gross margin of 79.4%, and non-GAAP gross margin of 81.2%, the highest in company history.

• 5x30 strategy driving value: double-digit revenue growth, margin expansion, pipeline advancement, and strategic partnerships.

• CEO Frank Lee appointed in Jan 2024, led a strategic pivot and restructuring, including board refreshment and operational efficiency improvements.

• Returned $200M to shareholders since April 2025 via a $300M share repurchase program.

• Expanded EXPAREL's patent estate to 21 Orange Book-listed patents, securing exclusivity through 2030 and unlimited entry in 2039.

Voting matters and shareholder proposals

• Proxy contest initiated by DOMA Perpetual Capital Management, seeking to replace the CEO and force a sale of the company.

• Board recommends voting for all current director nominees, highlighting their superior qualifications and alignment with shareholder interests.

Board of directors and corporate governance

• Five new independent directors appointed since October 2023; a sixth nominated for 2026.

• 89% of directors will be independent post-2026 meeting; average tenure of 4.6 years.

• Board skills include biopharma, M&A, R&D, operations, commercialization, and public policy.

• Separated Chair and CEO roles in 2024; annual board and committee self-evaluations.