Pacira BioSciences reported full‑year 2025 revenue of $726.4 million, up 3.5% from $703.5 million in 2024, driven by record‑high EXPAREL sales of $155.8 million. Non‑GAAP earnings per share for the year were $0.57, missing the consensus estimate of $0.85 by 32.7%.
In the fourth quarter, revenue was $196.9 million, slightly below the $199 million estimate, while EXPAREL net product sales rose 5% to $155.8 million. Volume growth of about 7% was offset by a shift in vial mix and discounting from a new GPO partnership.
Gross margin reached 80% in Q4, up from 79% a year earlier, reflecting higher production volumes at the expanded 200‑liter EXPAREL facility. However, operating expenses increased due to a $5 million upfront payment for the PCRX‑2002 pipeline asset and additional SG&A costs from business‑development due diligence and litigation.
Pacira completed a share‑repurchase of 2.0 million shares in Q4 at an average price of $24.94, adding $50 million to the year‑to‑date total of $150 million and 5.9 million shares repurchased in 2025.
Management guided full‑year 2026 revenue to $745 million–$770 million and EXPAREL net product sales to $600 million–$620 million, signaling confidence in continued demand while acknowledging the need to manage costs amid ongoing pipeline investments.
Investors reacted negatively, with the stock falling 5.7%–6.6% in after‑hours trading, driven by the EPS miss and higher operating expenses that raised concerns about short‑term profitability.
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