• Think of them as a **Vertex Pharmaceuticals** for pain management, specializing in long-acting, non-opioid solutions.
• They're like a specialized medical device company such as **Stryker** or **Zimmer Biomet**, but Pacira provides innovative, non-opioid drugs to manage pain after surgery instead of orthopedic hardware.

• EXPAREL (bupivacaine liposome injectable suspension): A long-acting local anesthetic used for single-dose infiltration or as a nerve block to provide post-surgical pain relief.
• ZYLREG (meloxicam extended-release capsules): An oral nonsteroidal anti-inflammatory drug (NSAID) approved for the management of mild-to-moderate acute pain in adults.
• iovera° system: A handheld cryoanalgesia device that uses localized cold to temporarily block nerve pain signals, often used for knee osteoarthritis pain.

• Siegfried AG (SFZN)
• Ajinomoto Co., Inc. (2802.T)
• Thermo Fisher Scientific Inc. (TMO)
• Pfizer Inc. (PFE)

Frank D. Lee, Chief Executive Officer & Director
Mr. Lee was appointed CEO of Pacira BioSciences in January 2024. He brings over three decades of global experience in product development and commercial leadership within the biotech and pharmaceutical industry. Prior to joining Pacira, Mr. Lee served as Chief Executive Officer and a board member of Forma Therapeutics from March 2019 until its acquisition by Novo Nordisk in October 2022. During his tenure, he transformed Forma Therapeutics from an early-stage drug discovery company into one focused on clinical development. Before Forma, he was Senior Vice President, Global Product Strategy and Therapeutic Area Head for Immunology, Ophthalmology and Infectious Diseases at Genentech, a member of the Roche Group. He also spent approximately 13 years in various roles across Novartis, Janssen, and Eli Lilly, including engineering, manufacturing, sales/marketing, and business development.

Shawn Cross, Chief Financial Officer
Mr. Cross was appointed Chief Financial Officer of Pacira BioSciences in October 2024. He has over 25 years of experience as a biotechnology executive, board member, and investment banker. Before joining Pacira, Mr. Cross held multiple leadership positions at Applied Molecular Transport, Inc. (AMT), including CFO, COO, and later CEO, where he led the company's merger with Cyclo Therapeutics, Inc. (CYTH) and currently serves on its Board. His prior experience also includes serving as Managing Director of Healthcare Investment Banking at JMP Securities, and roles at Deutsche Bank Securities, Wells Fargo Securities, and Alex. Brown.

Kristen Williams, Esq., Chief Administrative Officer & Secretary
Ms. Williams joined Pacira as Corporate Counsel in December 2011, and was promoted to Vice President, General Counsel in 2013, and then to Chief Administrative Officer, General Counsel and Secretary in 2014. Before Pacira, she was Vice President, Corporate Compliance and Assistant General Counsel for Bioenvision, Inc. from June 2004 until its merger with Genzyme Corporation in 2007. From September 1999 to June 2004, she practiced corporate law at Paul Hastings LLP, specializing in public and private mergers and acquisitions, corporate finance, and securities law and compliance, with a focus on the healthcare industry.

Brendan Teehan, Chief Commercial Officer
Mr. Teehan is the Chief Commercial Officer at Pacira, responsible for overseeing Sales, Marketing, and Portfolio Strategy for the company’s non-opioid products. He is an experienced biopharmaceutical executive with a 30-year track record of successfully building and leading commercial teams. He has extensive expertise in both privately and publicly held companies across multiple large and rare disease therapeutic categories. Prior to Pacira, Mr. Teehan held various commercial leadership positions at Acadia Pharmaceuticals, Inc., most recently as Chief Operating Officer and Head of Commercial.

Jonathan Slonin, MD, Chief Medical Officer
Dr. Slonin joined Pacira in 2020. He previously served as Chief Clinical Officer, where he directed the company’s customer-facing medical operations and the iovera device franchise. In his current role as Chief Medical Officer, Dr. Slonin oversees research and development, all customer-facing medical operations, as well as clinical, R&D, and medical strategy.

The key risks to Pacira BioSciences (PCRX) include a high dependence on its flagship products, significant regulatory and market challenges, and substantial indebtedness.

1. High Dependence on Key Products: Pacira BioSciences relies heavily on the commercial success of its primary products, EXPAREL (bupivacaine liposome injectable suspension) and ZILRETTA (triamcinolone acetonide extended-release injectable suspension). In 2024, EXPAREL and ZILRETTA together accounted for 95% of the company's total revenue, with EXPAREL alone contributing 78%. This substantial dependence exposes the company to significant financial risk should these products face regulatory hurdles, market saturation, increased competition, or patent challenges. For instance, the invalidation of a patent related to EXPAREL was the basis of a securities fraud lawsuit.
2. Regulatory and Market Risks: As a company in the healthcare industry, Pacira BioSciences is subject to extensive regulatory oversight. Changes in healthcare policies, insurance coverage, and reimbursement rates can directly impact the commercial viability and profitability of its products. Maintaining adequate levels of third-party payer coverage and reimbursement on reasonable pricing terms is crucial for the commercial success of EXPAREL and ZILRETTA.
3. Substantial Indebtedness: Pacira BioSciences carries a considerable level of debt, which necessitates careful cash flow management. The company's TLA Credit Agreement and Indentures impose strict financial and operational restrictions. This indebtedness could limit Pacira's financial flexibility, potentially hindering its ability to invest in growth initiatives or adapt to market changes.

Vertex Pharmaceuticals' investigational oral non-opioid drug, VX-548, currently in Phase 3 clinical trials for acute pain. If successful, VX-548 could offer a highly effective, non-opioid, oral alternative for acute pain relief, representing a potential shift in the acute pain management paradigm that could impact demand for injectable postsurgical pain medications like Pacira's Exparel and Zynrelef.

Pacira BioSciences (PCRX) has three main commercialized products: EXPAREL, ZILRETTA, and iovera. The addressable markets for these products are as follows:

• EXPAREL (bupivacaine liposome injectable suspension): The global market for EXPAREL was valued at approximately USD 0.69 billion in 2024 and is projected to grow to about USD 1.14 billion by 2033, with a compound annual growth rate (CAGR) of 5.20%. Another estimate places the global market at US$ 717 million in 2024, expected to reach US$ 1020 million by 2031, also at a CAGR of 5.2%. A different report indicated that the EXPAREL market size was valued at USD 1.2 billion in 2023 and is forecasted to reach USD 3.1 billion by 2032, with a CAGR of 11.2%. North America holds the largest share of the global EXPAREL market, accounting for approximately 45% in 2023, with the U.S. being the largest country market within North America. EXPAREL is used for postsurgical local analgesia and regional analgesia via certain nerve blocks.
• ZILRETTA (triamcinolone acetonide extended-release injectable suspension): ZILRETTA is indicated for the management of osteoarthritis knee pain. In the U.S., approximately seven million intra-articular knee injections are administered annually to patients. Additionally, about five million Americans with osteoarthritis receive knee injections each year. The U.S. osteoarthritis treatment market size is expected to grow from approximately USD 19 billion in 2024. Pacira is also advancing a Phase 3 study for ZILRETTA in shoulder osteoarthritis, which represents a potential market of approximately one million intra-articular injections administered each year in the U.S.
• iovera: iovera is a handheld device that delivers immediate, long-acting, drug-free pain control using targeted cold temperatures to a nerve. While a specific addressable market size in terms of dollar value or total patient population for iovera was not quantifiable from the provided information, it is noted that a new product-specific CMS reimbursement code (C-9809) became effective in 2025, allowing physicians to receive up to $256 for iovera.

Pacira BioSciences (NASDAQ: PCRX) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Accelerated EXPAREL Volume Growth and Expanded Market Access: EXPAREL, Pacira's flagship product, demonstrated accelerated year-over-year volume growth of 9% in the third quarter of 2025, marking its highest quarterly growth in over three years. The company is strategically expanding its commercial coverage, aiming to surpass 100 million total covered lives across commercial and government payers. Management anticipates that EXPAREL's volume growth and revenue growth will converge over time as they move past existing Group Purchasing Organization (GPO) agreements in 2026.
2. Enhanced ZILRETTA Sales through Johnson & Johnson MedTech Partnership: Despite previously experiencing slower sales growth, Pacira expects to boost ZILRETTA's performance through a new strategic partnership with Johnson & Johnson MedTech, which became effective in 2025. This collaboration is projected to double ZILRETTA's sales coverage and significantly broaden its reach across various physician specialties and healthcare systems, thereby improving growth momentum in 2026 and beyond.
3. Advancement and Expansion of Clinical Pipeline: Pacira is actively investing in and expanding its clinical pipeline with novel non-opioid pain management solutions. Key drivers include:
   • AMT-143: Pacira recently secured an exclusive license for AMT-143, a novel long-acting formulation of the non-opioid analgesic ropivacaine designed for postsurgical pain control. The Phase 2 program for AMT-143 is slated to begin in 2026. This initiative is a core component of Pacira's "5x30 growth strategy," which emphasizes expanding its pipeline with complementary, clinical-stage products.
   • PCRX-201: The company is progressing with PCRX-201 (enekinragene inzadenovec), a gene therapy in Phase 2 development for osteoarthritis of the knee. Enrollment for Part B of the Phase 2 ASCEND clinical trial is expected to commence in mid-2026.
4. Impact of the NOPAIN Act: The implementation of the Non-Opioids Prevent Addiction in the Nation (NOPAIN) Act in 2025 is expected to positively impact revenue. This act mandates separate Medicare payment for qualifying non-opioid drugs and devices, which should enhance reimbursement and access for Pacira's non-opioid therapies, contributing to growth.

Share Repurchases

• On April 17, 2025, Pacira authorized a new $300 million share repurchase program, replacing a prior authorization, which is set to expire in December 2026. This program is considered the largest buyback in the company's history.
• During the third quarter of 2025, the company repurchased 2.0 million shares of its common stock for $50.0 million.
• As of September 30, 2025, $200.0 million remained available for future repurchases under the current authorization.

Share Issuance

• For the nine months ended September 30, 2025, Pacira withheld 210,423 shares of common stock, valued at $5.5 million, to cover employee tax withholding obligations on restricted stock unit vests.
• On November 4, 2025, the company granted inducement awards to 18 new employees, comprising stock options for an aggregate of 6,600 shares and restricted stock units for an aggregate of 27,000 shares of common stock.

Outbound Investments

• In February 2025, Pacira acquired the remaining 81% equity stake of GQ Bio Therapeutics GmbH for approximately $32 million, net of working capital and other transaction adjustments, which included $18 million in cash at closing. This acquisition aligns with Pacira's "5x30" growth strategy.
• In November 2025, Pacira entered into an exclusive worldwide license agreement with AmacaThera, Inc. for AMT-143, a long-acting non-opioid analgesic, with an upfront payment of $5.0 million.
• In November 2021, Pacira acquired Flexion Therapeutics for approximately $425 million, which enhanced its position in non-opioid pain management.

Capital Expenditures

• Pacira's research and development expenses included product development and manufacturing capacity expansion costs of $30.8 million in 2024, $33.4 million in 2023, $24.6 million in 2022, $19.4 million in 2021, and $23.5 million in 2020.
• The company has invested in its 200-liter facilities in Swindon and San Diego to achieve enhanced manufacturing efficiencies and provide ample production capacity.
• For the full year 2025, the estimated depreciation expense, reflecting capital assets, is approximately $35 million.