Pacira Reports $726M 2025 Revenue and 80% Q4 Gross Margin
Pacira closed 2025 with $726M revenue and Q4 EXPAREL sales of $156M, with ~7% volume growth offset by GPO discounting and record 80% non-GAAP gross margin. It expanded payer coverage to 102M lives (≈110M early 2026), repurchased $50M of shares and guided 2026 revenue to $745–770M with 77–79% margins.
1. Financial Results
Pacira closed 2025 with $726 million in revenue and Q4 EXPAREL sales of $155.8 million, reflecting approximately 7% volume growth partly offset by GPO discounting. Non-GAAP gross margin reached a record 80% in Q4, up from 79% a year earlier, driven by enhanced production yields and scale efficiencies.
2. Commercial Expansion and Guidance
Payer coverage outside surgical bundles expanded to 102 million lives by year-end 2025 (≈110 million in early 2026) through agreements with Aetna, Cigna, TRICARE and Humana. The company executed $50 million in share repurchases, retiring about 2 million shares, and guided 2026 revenue to $745–770 million with EXPAREL sales of $600–620 million and 77–79% non-GAAP gross margins.
3. Pipeline and Partnerships
Pacira’s IP estate grew to 21 patent families and a settlement with Fresenius secures EXPAREL volume through 2039. An LG Chem partnership targets APAC commercialization from 2027, while 2026 clinical catalysts include interim ZILRETTA and iovera° readouts and 52-week data for PCRX-201.
4. Expenses and Capital Position
Fourth-quarter non-GAAP R&D expense rose to $34.4 million, driven by an upfront payment for PCRX-2002 and clinical programs, while non-GAAP SG&A increased to $91.9 million. The company ended 2025 with $238 million in cash and investments and $150 million remaining on its share buyback authorization.