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.

15,2 %

79,4 %

1,0 %

+3,6 %

4.54

3.28

— Pacira BioSciences, Inc.
	%
EXPAREL	79% Liposomal bupivacaine injectable used for postsurgical pain control.
ZILRETTA	16% Extended-release corticosteroid injection for knee osteoarthritis pain.
iovera°	3% Cryoneurolysis system that temporarily disrupts peripheral nerves to reduce pain.
Other product sales	1% Veterinary bupivacaine liposome sales and related product revenue.
Royalty and collaborative revenue	1% Royalties and licensing-related revenue tied to veterinary use and collaborations.

Pacira sells primarily into healthcare channels that use pain-management therapies in surgical and orthopedic settings...

Hospitals and health systemsprimary
Buy EXPAREL for postsurgical pain protocols and formulary use in inpatient and outpatient procedures.
Ambulatory surgery centersprimary
Use EXPAREL and related pain products to support same-day procedures and recovery.
Orthopedic and pain practicessecondary
Buy ZILRETTA and iovera° for knee osteoarthritis and nerve-based pain treatment.
Veterinary partners and distributorsemerging
Purchase or license bupivacaine liposome products for animal health applications.

Pacira is headquartered in Brisbane, California and operates through a U.S. commercial base with manufacturing and...

•Headquartered in Brisbane, California
•Core commercial market is the United States
•EXPAREL is sold in the U.S., E.U., and U.K.
•iovera° is sold in the U.S., Canada, and E.U.
•Manufacturing capacity includes San Diego and Swindon, U.K.

Pacira’s strategy centers on defending and expanding its core pain-management portfolio, especially EXPAREL and...

Expand core product adoptionshort-term

EXPAREL and ZILRETTA are the main revenue engines, so deeper penetration drives the business.

Strengthen non-opioid pain franchisemedium-term

A broader portfolio reduces reliance on a single product and supports cross-selling.

Improve manufacturing and supply chain executionmedium-term

Reliable production and distribution are essential for a specialty pharmaceutical business.

Pacira is highly dependent on a small number of products, especially EXPAREL, so any loss of market share, pricing...

high

Dependence on EXPAREL commercialization

EXPAREL is the largest revenue contributor, so demand or access weakness would materially affect results.

Scope: EXPAREL accounted for 79% of 2025 revenue.
Materiality: high

high

Patent expiry and generic competition

The active ingredient in EXPAREL is off-patent, and competitors can challenge formulation protection.

Scope: Generic competition can compress pricing and share.
Materiality: high

high

Regulatory and product-safety actions

Adverse events or labeling concerns can trigger warnings, restrictions, or market withdrawal.

Scope: Applies to EXPAREL, ZILRETTA, iovera°, and pipeline products.
Materiality: high

medium

Third-party manufacturing and logistics dependence

Key manufacturing, warehousing, and distribution functions are outsourced.

Scope: Service failures could impair product availability and compliance.
Materiality: medium

Revenue recognition and sales allowances

Allowance accruals directly affect reported revenue and receivables

Goodwill impairment

Impairment charges can be large and non-cash

Contingent consideration

Fair value changes flow through earnings

Intangible asset valuation

Amortization and impairment affect operating results

Pacira BioSciences, Inc.

Dependence on EXPAREL commercialization

Patent expiry and generic competition

Regulatory and product-safety actions

Third-party manufacturing and logistics dependence

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