Short answer
Pacira BioSciences, Inc. (PCRX) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $726M (+3.6% year over year) and net income of $7M.
- Top risk flagged: Ongoing patent litigation against WhiteOak and Qilu threatens exclusive rights to EXPAREL and ZILRETTA, risking loss of patent protection and regulatory exclusivity
FY2025 key financial metrics · XBRL
- Revenue
- $726M
- +3.6% YoY
- Net income
- $7M
- +107.1% YoY
- Operating margin
- 2.6%
- +13.1 pp YoY
- EPS (diluted)
- $0.16
- +107.4% YoY
- ROE
- 1.0%
- +13.8 pp YoY
- Operating cash flow
- $152M
- −19.7% YoY
Source: XBRL data from the Pacira BioSciences, Inc. (PCRX) FY2025 10-K on SEC EDGAR. USD.
Pacira BioSciences, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Innovative non-opioid pain therapies including EXPAREL, ZILRETTA, and iovera° for postsurgical and osteoarthritis pain management
- New strategic plan "5x30" launched in Jan 2025 targeting 3M+ patients, double-digit revenue CAGR, 5% gross margin improvement, 5 clinical programs, 5 partnerships by 2030
- 2025 acquisition of GQ Bio Therapeutics expanding pipeline with gene therapy (PCRX-201) for osteoarthritis in Phase 2 development
- Net sales growth: EXPAREL $575.1M (2025) up from $549.0M (2024), ZILRETTA steady ~$117M, iovera° sales increased to $24.2M in 2025
- FDA approved label expansion for EXPAREL in Nov 2023 adding adductor canal and sciatic nerve blocks, broadening usage for over 3 million lower extremity procedures annually
Management Discussion & Analysis
- Revenue $726.4M, up 4% YoY from $701.0M; EXPAREL $575.1M (+5%), ZILRETTA $116.6M (-1%), iovera° $24.2M (+6%)
- Gross margin 79% in 2025 vs 76% in 2024; cost of goods sold declined 12% to $149.7M
- Best segment: EXPAREL sales $575.1M (+5%), worst: ZILRETTA sales $116.6M (-1%)
- Cash used for share repurchases: $50M for 2 million shares in Q4 2025; no dividend or capex specifics disclosed
- 2026 outlook: Expanded Asian-Pacific access via LG Chem partnership with $2M upfront; tariff risks mitigated by recent US Supreme Court ruling; ongoing challenges from generic litigation and investment in R&D (44% increase)
Risk Factors
- Ongoing patent litigation against WhiteOak and Qilu threatens exclusive rights to EXPAREL and ZILRETTA, risking loss of patent protection and regulatory exclusivity
- Significant revenue concentration with EXPAREL at 79% and ZILRETTA at 16% of total 2025 revenue, exposing the company to commercial risks in these products
- Dependence on third-party cold-chain distributors for EXPAREL risks product spoilage if temperature controls fail, with limited insurance coverage for losses
- Intense competition from generic opioids and immediate-release steroids, including established generics for OA pain, may limit market share and pricing power
- Commercial success depends on obtaining timely hospital formulary approvals and physician prescribing, with delays or restrictions potentially reducing revenues
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