PCRX · Pacira BioSciences, Inc.

Pacira’s Q1 2026 results reflect continued commercial execution offset by rising operating costs and GAAP accounting impacts. Total revenue grew 5% year-over-year to $177.4 million, supported by broad-based portfolio strength: EXPAREL sales rose 5% to $143.3 million on 7% volume growth, though partially muted by vial mix shifts, GPO-related discounting, and returns tied to a January winter storm; ZILRETTA sales increased 15% to $26.8 million; and iovera° sales rose 21% to $6.2 million. However, GAAP net income declined 40% to $2.9 million ($0.07 per share), driven by higher SG&A ($93.9M vs. $86.8M) and R&D ($28.1M vs. $25.3M) expenses, as well as lower licensing revenue ($1.2M vs. $2.6M). Non-GAAP net income of $24.5 million ($0.60 per share) also decreased year-over-year but remains aligned with management’s focus on underlying operational performance. The company reiterated full-year 2026 guidance, signaling confidence in sustained top-line momentum and disciplined cost management. Notably, Pacira completed enrollment in its pivotal Phase 3 study of ZILRETTA for shoulder OA — a potential expansion into a new anatomical indication — and presented multiple real-world studies reinforcing EXPAREL’s economic value in outpatient orthopedic procedures. With $202.2 million in cash and $100 million remaining under its share repurchase program, Pacira maintains financial flexibility to fund clinical milestones and capital return initiatives through year-end.