Pacira BioSciences (PCRX) Q4 2025 earnings summary

Executive summary

• 2025 revenue reached $726.4 million, the highest in company history, with gross margins achieving a record 81% and over 2.5 million patients served.

• Achieved 7% EXPAREL volume growth, with top 5 states accounting for 40% of procedural volumes and strong Q4 performance.

• Strategic partnerships, including J&J MedTech and LG Chem, expanded access in Asia-Pacific, with ex-U.S. revenue expected from 2027.

• Launched the 5x30 strategy: targeting 3 million patients annually, five new pipeline programs, and five strategic partnerships by 2030.

• Advanced robust pipeline with multiple programs entering data-rich phases and key clinical milestones expected in 2026.

Financial highlights

• FY25 revenue was $726.4 million, with Q4 revenue at $196.9 million, up 4–5% year-over-year.

• Q4 EXPAREL sales were $155.8 million (+5% YoY), ZILRETTA $33.0 million (flat), iovera° $7.0 million (+8% YoY).

• Non-GAAP gross margin for FY25 was 81%; Q4 non-GAAP gross margin was 80%.

• Adjusted EBITDA for FY25 was $186.5 million; Q4 adjusted EBITDA was $38.7 million.

• Ended 2025 with $238 million in cash and investments.

Outlook and guidance

• 2026 revenue guidance: $745–$770 million; EXPAREL sales expected at $600–$620 million.

• Non-GAAP gross margin projected at 77–79%; R&D expense at $105–$115 million; SG&A at $320–$340 million.

• Ex-U.S. revenue expected to begin in 2027 as regulatory filings proceed in Asia-Pacific.

• Pipeline poised for multiple clinical data readouts in 2026, including PCRX-201 and PCRX-2002.

• Quarterly sales trends to follow historical patterns, with Q1 slightly lower due to weather impacts.