Pacira BioSciences, Inc.
Pacira BioSciences is a U.S.-based biopharmaceutical company focused on non-opioid pain management products. Its portfolio includes EXPAREL, ZILRETTA, and iovera°, along with earlier-stage programs and acquired technologies that extend its presence in pain and musculoskeletal care.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueLiposomal bupivacaine injectable used for postsurgical pain control.
Extended-release corticosteroid injection for knee osteoarthritis pain.
Cryoneurolysis system that temporarily disrupts peripheral nerves to reduce pain.
Veterinary bupivacaine liposome sales and related product revenue.
Royalties and licensing-related revenue tied to veterinary use and collaborations.
Products
Reported · share of revenue- EXPAREL79.2 %
- ZILRETTA16.1 %
- Iovera3.3 %
- Bupivacaine Liposome Injectable Suspension1.0 %
- Royalty0.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Pacira sells primarily into healthcare channels that use pain-management therapies in surgical and orthopedic settings. Its products are bought by hospitals, ambulatory surgery centers, physicians, and other clinical providers that need non-opioid options for perioperative and musculoskeletal pain. The company also has a smaller veterinary-related revenue stream through licensed and product sales.
Buy EXPAREL for postsurgical pain protocols and formulary use in inpatient and outpatient procedures.
Use EXPAREL and related pain products to support same-day procedures and recovery.
Buy ZILRETTA and iovera° for knee osteoarthritis and nerve-based pain treatment.
Purchase or license bupivacaine liposome products for animal health applications.
Strategy
Pacira’s strategy centers on defending and expanding its core pain-management portfolio, especially EXPAREL and ZILRETTA, through commercialization, market access, and reimbursement efforts. It is also building optionality through acquired technologies and pipeline assets, including GQ Bio, while maintaining manufacturing and operational capabilities that support supply reliability and product scale.
EXPAREL and ZILRETTA are the main revenue engines, so deeper penetration drives the business.
A broader portfolio reduces reliance on a single product and supports cross-selling.
Reliable production and distribution are essential for a specialty pharmaceutical business.
Geography
Pacira is headquartered in Brisbane, California and operates through a U.S. commercial base with manufacturing and development activities in the United States and the United Kingdom. Its marketed products are sold in the U.S., while EXPAREL and iovera° also have presence in the E.U. and the U.K., and iovera° is additionally sold in Canada. Geography matters because the company depends heavily on U.S. reimbursement and regulatory access, while its non-U.S. footprint is narrower and more selective.
Risks
Pacira is highly dependent on a small number of products, especially EXPAREL, so any loss of market share, pricing pressure, or reimbursement disruption can have an outsized effect. The business also faces patent, regulatory, and product-safety risk typical of specialty pharmaceuticals, along with execution risk tied to third-party manufacturing, distribution, and commercialization.
- Patent expiry and generic competitionImpact: HighLikelihood: High
The active ingredient in EXPAREL is off-patent, and competitors can challenge formulation protection.
Exposure: Generic competition can compress pricing and share.
- Dependence on EXPAREL commercializationImpact: HighLikelihood: Medium
EXPAREL is the largest revenue contributor, so demand or access weakness would materially affect results.
Exposure: EXPAREL accounted for 79% of 2025 revenue.
- Regulatory and product-safety actionsImpact: HighLikelihood: Medium
Adverse events or labeling concerns can trigger warnings, restrictions, or market withdrawal.
Exposure - Third-party manufacturing and logistics dependenceImpact: MediumLikelihood: Medium
Key manufacturing, warehousing, and distribution functions are outsourced.
Exposure: Service failures could impair product availability and compliance.
Accounting
Judgemental itemsProduct revenue is reduced by rebates, chargebacks, discounts, and returns, which can materially affect net sales.
Impact: Allowance accruals directly affect reported revenue and receivables.
Acquisition-related goodwill is tested for impairment when market or regulatory events change expected cash flows.
Impact: Impairment charges can be large and non-cash.
Acquisition earn-outs are remeasured based on milestone probabilities and discount rates.
Impact: Fair value changes flow through earnings.
Acquired product and platform assets require judgment about future cash flows and useful lives.
Impact: Amortization and impairment affect operating results.
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Last updated: 24/09/2026