Pacira BioSciences, Inc. (PCRX) FY2025 10-K Annual Report
Pacira BioSciences, Inc. (PCRX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Pacira BioSciences, Inc. FY2025 10-K Analysis
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
Pacira BioSciences, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$726M
▲ +3.6% YoY
Net Income
$7M
▲ +107.1% YoY
Operating Margin
2.6%
▲ +1311bp YoY
Net Margin
1.0%
▲ +1517bp YoY
ROE
1.0%
▲ +1381bp YoY
Total Assets
$1.3B
▼ -18.6% YoY
EPS (Diluted)
$0.16
▲ +107.4% YoY
Operating Cash Flow
$152M
▼ -19.7% YoY
Source: XBRL data from Pacira BioSciences, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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