Pacira BioSciences, Inc. (PCRX) | Investment Case

1. Company Snapshot

1.a. Company Description

Pacira BioSciences, Inc.provides non-opioid pain management and regenerative health solutions for healthcare practitioners and their patients in the United States.The company offers EXPAREL, a bupivacaine liposome injectable suspension; ZILRETTA, a triamcinolone acetonide extended-release injectable suspension; and iovera system, a non-opioid handheld cryoanalgesia device used to produce controlled doses of cold temperature only to targeted nerves.

It also develops proprietary multivesicular liposome, a drug delivery technology that encapsulates drugs without altering their molecular structure.The company was formerly known as Pacira Pharmaceuticals, Inc.and changed its name to Pacira BioSciences, Inc.

in April 2019.Pacira BioSciences, Inc.was incorporated in 2006 and is headquartered in Tampa, Florida.

Show Full description

1.b. Last Insights on PCRX

Pacira BioSciences' recent 3-month period was marred by preliminary Q4 revenues missing estimates, despite Exparel sales topping forecasts. The company's medical complexity and hospital adoption create a significant barrier to generic substitution. According to MarketBeat, analysts have given the company a consensus "Hold" rating. A recent survey highlighted the benefits of the NOPAIN Act, introducing a reimbursement tailwind. Pacira also granted inducement awards to new employees, and is set to report its 2025 financial results on February 26.

1.c. Company Highlights

Last Price	23.45
Change Percentage	-1.28%
Open	23.5
Previous Close	23.75
Market Cap ( Millions)	1009
Volume	134328
Year High	27.64
Year Low	18.8
M A 50	22.51
M A 200	23.53

FCF Yield	13.55%
Dividend Yield	0.00%
ROE	0.95%
Debt / Equity	65.56%
Net Debt / EBIDTA	242.98%
Price To Book	1.44
Price Earnings Ratio	141.63
Price To FCF	7.38
Price To sales	1.39
EV / EBITDA	10.71

2. Pacira BioSciences' 2025 Earnings: A Year of Strong Execution

Pacira BioSciences reported fourth quarter EXPAREL sales of $155.8 million, up from $147.7 million in 2024, driven by 7% volume growth. Non-GAAP gross margin improved to 80% from 79% last year. For the full year 2025, the company's performance laid a strong foundation for future growth. However, EPS came in at $0.57, missing estimates of $0.85. Revenue growth is expected to continue, with guidance for 2026 total revenue between $745 million and $770 million, representing a growth rate of around 9% at the midpoint, aligning with analyst estimates of 9.2% revenue growth.

Publication Date: Mar -07

                                    📋 Highlights
                                    Expanded Coverage::
                                                Achieved 102,000,000 lives with EXPAREL coverage outside surgical bundles in 2025, surpassing internal goals.
Settlement Runway::
                                                Secured a volume-limited settlement with Fresenius, extending EXPAREL’s commercial visibility through 2039.
Medicare Reimbursement::
                                                Secured +6% reimbursement for Medicare outpatient settings, driving market access expansion.
Q4 Sales Growth::
                                                EXPAREL sales rose to $155.8M in Q4 2025, up 5.5% from $147.7M in Q4 2024.
2026 Guidance::
                                                Full-year EXPAREL sales projected at $600M–$620M, with non-GAAP gross margins of 77%–79%.

                                

Operational Highlights

The company's operational achievements in 2025 were significant, with 102 million lives having CMS or commercial coverage for EXPAREL outside of the surgical bundle, a testament to the expanding access to their key product. The rollout of the NO PAIN program has been successful, with notable progress in securing reimbursement for Medicare patients in outpatient settings, which has helped accelerate market change. As Brendan P. Teehan noted, "Getting commercial plans to follow suit with access-creating reimbursement has helped accelerate change in the market."

Guidance and Future Prospects

For 2026, Pacira BioSciences expects EXPAREL sales to range between $600 million and $620 million. Non-GAAP gross margins are projected to be between 77% and 79%. The company is investing in R&D, with non-GAAP R&D expense expected to be between $105 million and $115 million, representing a 5% increase over 2025. The guidance suggests a steady cadence of growth, positioning the company for long-term success.

Valuation Insights

At the current price, Pacira BioSciences trades at a P/E Ratio of 132.9, indicating high expectations for future growth. The P/S Ratio stands at 1.3, and the EV/EBITDA is 10.2. The company's ROE is 0.95%, and ROIC is 0.72%, suggesting room for improvement in returns. The high P/E ratio suggests that the market has already priced in significant growth prospects, making it essential to monitor execution risks and future guidance.

3. NewsRoom

Pacira Presents Real-World Data on EXPAREL® Showing Lower Total Healthcare Costs in Outpatient Total Hip and Knee Arthroplasty Procedures

Apr -13

Source: globenewswire.com

Pacira BioSciences to Participate in Fireside Chat at the 25th Annual Needham Virtual Healthcare Conference

Apr -08

Source: globenewswire.com

Pacira BioSciences to Present Real-World Data on EXPAREL® Showing Reduced Cost of Care at Orthopaedic Research Society 2026 Annual Meeting

Mar -30

Source: globenewswire.com

Pacira BioSciences, Inc. (NASDAQ:PCRX) Receives $30.75 Average Price Target from Analysts

Mar -23

Source: defenseworld.net

DOMA Perpetual Nominates Three Highly Qualified Candidates for the Board of Pacira BioSciences, Inc.

Mar -12

Source: prnewswire.com

Pacira BioSciences Reaffirms Commitment to Shareholder Value Creation

Mar -11

Source: globenewswire.com

Pacira BioSciences, Inc. (PCRX) Presents at Barclays 28th Annual Global Healthcare Conference Transcript

Mar -11

Source: seekingalpha.com

DOMA Perpetual Nominates Three Highly Qualified Candidates for the Board of Pacira BioSciences, Inc.

Mar -11

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.00%)

6. Segments

Non-opioid Pain Management and Regenerative Health Solutions

Expected Growth: 7%

Pacira BioSciences' non-opioid pain management and regenerative health solutions drive 7% growth, fueled by increasing demand for alternative pain therapies, expanding indications for Exparel, and growing adoption of iovera° in orthopedic and pain management procedures.

7. Detailed Products

EXPAREL

A long-acting, non-opioid local analgesic that is administered at the surgical site to provide pain relief for up to 72 hours.

iovera°

A non-invasive, cryoanalgesia treatment that uses cold temperatures to numb the nerves, providing pain relief for up to 90 days.

DepoDur

A sustained-release epidural morphine formulation for pain management.

8. Pacira BioSciences, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Pacira BioSciences, Inc. operates in a niche market with limited substitutes, but there are some alternatives available, which reduces the threat of substitutes.

Bargaining Power Of Customers

Pacira BioSciences, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are critical to its customers' operations, making it difficult for them to negotiate prices.

Bargaining Power Of Suppliers

Pacira BioSciences, Inc. relies on a few key suppliers for raw materials, which gives them some bargaining power. However, the company's strong relationships with its suppliers and its ability to negotiate contracts mitigate this risk.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant capital requirements and regulatory hurdles, which reduces the threat of new entrants.

Intensity Of Rivalry

Pacira BioSciences, Inc. operates in a highly competitive industry with several established players, which increases the intensity of rivalry. The company must continually innovate and invest in research and development to maintain its market position.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	37.91%
Debt Cost	5.97%
Equity Weight	62.09%
Equity Cost	7.79%
WACC	7.10%
Leverage	61.05%

11. Quality Control: Pacira BioSciences, Inc. passed 5 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Phibro Animal Health

A-Score: 5.3/10

Value: 4.0

Growth: 5.2

Quality: 4.7

Yield: 4.0

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

Pacira BioSciences

A-Score: 5.1/10

Value: 5.5

Growth: 4.6

Quality: 6.4

Yield: 0.0

Momentum: 9.5

Volatility: 4.7

1-Year Total Return ->

Radius Health

A-Score: 5.0/10

Value: 6.9

Growth: 3.4

Quality: 1.6

Yield: 5.0

Momentum: 9.0

Volatility: 4.0

1-Year Total Return ->

Alimera Sciences

A-Score: 3.8/10

Value: 7.3

Growth: 4.7

Quality: 4.3

Yield: 0.0

Momentum: 6.0

Volatility: 0.7

1-Year Total Return ->

ProPhase Labs

A-Score: 3.4/10

Value: 8.2

Growth: 0.3

Quality: 3.7

Yield: 3.0

Momentum: 5.0

Volatility: 0.3

1-Year Total Return ->

SCYNEXIS

A-Score: 3.4/10

Value: 8.0

Growth: 5.4

Quality: 4.6

Yield: 0.0

Momentum: 1.0

Volatility: 1.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-6.35%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.10%

Pacira BioSciences, Inc. - US6951271005

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on PCRX

1.c. Company Highlights

Higher Growth

Better Quality

Less Volatile

Earnings Miss

Revenues Beats

Medium Volatility

Average Quality

Earnings Beats

Weak Momentum

Fairly Valued

Revenues Miss

Lower Quality

Stable Momentum

Average Yield

Strong Momentum

2. Pacira BioSciences' 2025 Earnings: A Year of Strong Execution

Operational Highlights

Guidance and Future Prospects

Valuation Insights

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.00%)

6. Segments

Non-opioid Pain Management and Regenerative Health Solutions

Expected Growth: 7%

7. Detailed Products

EXPAREL

iovera°

DepoDur

8. Pacira BioSciences, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Pacira BioSciences, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.44$

Current Price

23.45$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA