# Pacira BioSciences, Inc. (PCRX)

> Source: Nexqual · https://nexqual.com/PCRX · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Pacira BioSciences, Inc. (PCRX), nexqual.com/PCRX" · informational, not investment advice.

**Price:** USD 36.39 (+0.00% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 36.39 · day 36.37–36.4 · 52w 18.8–36.67 · market cap $1.45B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $746M, net income $14.6M (2.0% margin), free cash flow $180M (SEC filings).
- Valuation: P/E 99.2x (avg 103.8x at the last 2 fiscal year-ends), EV/EBITDA 20.5x, net debt $112M.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $1.3M; 0 not under a Rule 10b5-1 plan ($0K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 3 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (9 analysts), mean target USD 33.57 (range 25–36.5).
- Total return with dividends: 1Y +71.1% vs S&P 500 +14.8%; 5Y -30.4% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05 (date not yet confirmed by the company), EPS estimate USD 0.73, revenue estimate $183M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: PCRX paid no cash dividend in the last five years.
- Short interest: 15.33% of float (as of 2026-10-15), 1.9 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $542M | $667M | $675M | $701M | $726M | $746M |
| Gross profit | $401M | $468M | $490M | $531M | $577M | — |
| Operating income | $89.9M | $60.0M | $87.7M | -$73.4M | $19.2M | $19.9M |
| Net income | $42.0M | $15.9M | $42.0M | -$99.6M | $7.0M | $14.6M |
| EPS (diluted) | $0.92 | $0.34 | $0.89 | -$2.15 | $0.16 | — |
| Free cash flow | $79.9M | $115M | $139M | $179M | $137M | $180M |
| Gross margin | 74.1% | 70.1% | 72.6% | 75.7% | 79.4% | — |
| Operating margin | 16.6% | 9.0% | 13.0% | -10.5% | 2.6% | 2.7% |
| Net margin | 7.8% | 2.4% | 6.2% | -14.2% | 1.0% | 2.0% |
| Revenue growth | +26.0% | +23.1% | +1.2% | +3.9% | +3.6% | — |
| Cash + short-term investments | $656M | $289M | $279M | $485M | $238M | — |
| Total debt | $339M | $689M | $522M | $585M | $372M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 99.2x · P/S 1.9x · EV/EBITDA 20.5x · EV/Sales 2.1x · P/FCF 8.1x · P/B 2.2x · FCF yield 12.36% · Earnings yield 1.01% · Buyback yield (TTM) 10.21% · Net debt $112M · EV $1.56B
P/E at fiscal year-ends: Dec 2025 165.7x, Dec 2023 41.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-08 | Riker Lauren | Senior Vice President, Finance | 6,000 | $218K | 8.8% | Yes (adopted March 12, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-17 | Slonin Jonathan | Chief Medical Officer | 3,040 | $71K | 1.4% | Yes (adopted August 12, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-11 | Riker Lauren | Senior Vice President, Finance | 6,115 | $144K | 8.9% | Yes (adopted March 12, 2026) | Routine (sold in Jun each year 2023–2025) |
| 2026-06-04 | Williams Kristen | Chief Administrative Officer | 10,259 | $228K | 5.8% | Yes (adopted September 10, 2025) | Routine (sold in Jun each year 2023–2025) |
| 2026-04-23 | Cross Shawn | Chief Financial Officer | 12,941 | $326K | 10.9% | Yes (adopted June 9, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-20…2026-04-22 | Cross Shawn | Chief Financial Officer | 12,059 | $303K | 10.3% | Yes (adopted June 9, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 9 analysts; mean target USD 33.57 (low 25, high 36.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Truist Securities | Downgrade | Buy → Hold | $31 → $36.5 |
| 2026-10-09 | RBC Capital | Target raised | Sector Perform | $25 → $36.5 |
| 2026-10-09 | HC Wainwright & Co. | Downgrade | Buy → Neutral | $38 → $36.5 |
| 2026-10-08 | JP Morgan | Upgrade | Underweight → Neutral | $36.5 |
| 2026-10-08 | Jefferies | Downgrade | Buy → Hold | $36 |
| 2026-10-08 | Needham | Downgrade | Buy → Hold |  |
| 2026-10-07 | Truist Securities | Target raised | Buy | $30 → $31 |
| 2026-09-23 | Oppenheimer | Initiated | Outperform | $32 |
| 2026-09-09 | Leerink Partners | Initiated | Market Perform | $28 |
| 2026-08-05 | RBC Capital | Target raised | Sector Perform | $24 → $25 |
| 2026-08-05 | Needham | Target raised | Buy | $32 → $33 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +71.1% | -30.4% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +71.7% | -7.0% |
| Volatility (annualized) | 52.1% | 51.6% |
| Max drawdown | -28.2% (Dec 2025→Jan 2026) | -85.7% (Apr 2022→Aug 2024) |

## Dividends
PCRX paid no cash dividend in the last five years.

## Short interest
4,260,076 shares sold short, 15.33% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 7,561,153 shares (-43.7%). Days to cover: 1.9 (short shares ÷ average daily volume).

## Peers (Drug Manufacturers - Specialty & Generic)
SUPN (Supernus Pharmaceuticals, Inc.) USD 41.84 +1.85% · BHC (Bausch Health Companies Inc.) USD 8.91 +28.76% · RGC (Regencell Bioscience Holdings L) USD 6.86 -5.64% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 28.68 +2.17% · LQDA (Liquidia Corporation) USD 44.99 -1.60% · INDV (Indivior Pharmaceuticals, Inc.) USD 35.25 +1.38%

## More
Full page: https://nexqual.com/PCRX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PCRX's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1396814/000162828026012297/pcrx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Thermo Fisher (TMO) | "In April 2014, we entered into a Strategic Co-Production Agreement, Technical Transfer and Service Agreement and Manufacturing and Supply Agreement (the "EXPAREL Manufacturing and Supply Agreement") with Thermo Fisher Sc…" |
| Supplier | Amphenol (APH) | "In January 2020, we and a predecessor company to Amphenol Corporation, or Amphenol, entered into a Manufacturing and Supply Agreement (the "Amphenol Agreement") to collaborate in the manufacture of iovera° Smart Tips at …" |
| Supplier | Flexion Therapeutics | "Prior to the Flexion Acquisition, in July 2015, Flexion and Thermo Fisher entered into a Manufacturing and Supply Agreement (the "ZILRETTA Manufacturing and Supply Agreement") and a Technical Transfer and Service Agreeme…" |
| Supplier | Elanco Animal Health Inc (ELAN) | "In December 2012, we entered into an Exclusive License, Development and Commercialization Agreement and related Supply Agreement with Aratana Therapeutics, Inc., a wholly owned subsidiary of Elanco Animal Health, Inc., o…" |
| Supplier | Jubilant Hollisterstier | "In January 2025, we and Jubilant Hollisterstier, LLC, or Jubilant, entered into a Manufacture and Supply Agreement (the "Jubilant Agreement") to collaborate in the manufacture of the diluent for ZILRETTA at Jubilant's Sp…" |
| Partner | LG Chem | "We are actively seeking potential commercial partners to realize that potential, and in January 2026, we and LG Chem, Ltd., or LG Chem, entered into a partnership agreement designed to expand access to EXPAREL in select …" |
| Partner | AmacaThera | "In November 2025, we and AmacaThera, Inc., or AmacaThera, a clinical-stage biotechnology company specializing in drug delivery, announced an exclusive worldwide license agreement for the development and commercialization…" |
| Partner | Johnson & Johnson (JNJ) | "In July 2025, we entered into a co-promotion agreement with Johnson & Johnson MedTech, or J&J MedTech, (the "J&J Agreement"), to market and promote the use of ZILRETTA for OA knee pain in the U.S. J&J MedTech's specializ…" |
| Partner | DePuy Synthes Sales | "For example, in July 2025, we entered into a co-promotion agreement with J&J MedTech to market and promote the use of ZILRETTA for OA knee pain in the U.S. We previously had a co-promotion agreement with DePuy Synthes Sa…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net product sales | $190.5M | 99.0% | +5.6% |
| — EXPAREL (part of Net product sales) | $147.8M | 76.8% | +3.4% |
| — ZILRETTA (part of Net product sales) | $32.6M | 17.0% | +4.2% |
| — iovera° (part of Net product sales) | $6.8M | 3.5% | +21.8% |
| — Bupivacaine liposome injectable suspension (part of Net product sales) | $3.2M | 1.7% | +533.1% |
| Royalty revenue | $1.9M | 1.0% | +153.5% |
| Total revenue | $192.4M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 30%, 25%, 21% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Company outlook (8-K filed 2026-08-04)

- "The company is reiterating its remaining full-year 2026 guidance as follows: • EXPAREL net product sales of $600 million to $620 million; • Non-GAAP gross margin of 77 percent to 79 percent; and • Non-GAAP R&D expense of $105 million to $115 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.73 | $0.76 | -3.6% | $182.9M | 9 |
| Next quarter (ends 2026-12-31) | $0.83 | $0.87 | -4.5% | $201.7M | 9 |
| Current fiscal year (ends 2026-12-31) | $2.90 | $2.88 | +0.7% | $754.3M | 9 |
| Next fiscal year (ends 2027-12-31) | $3.46 | $3.65 | -5.2% | $790.0M | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±3.0%; last 8 reports averaged ±4.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 18.4% | ±3.0% |
| 2027-01-15 | 78 | 4.6% | ±4.0% |
| 2027-02-19 | 113 | 10.5% | ±1.4% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 4, 2026 | Quarter ended Jun 30, 2026 | $0.73 | $0.65 | Beat +12.3% | -7.6% |
| Apr 30, 2026 | Quarter ended Mar 31, 2026 | $0.60 | $0.56 | Beat +7.1% | -2.8% |
| Feb 26, 2026 | Quarter ended Dec 31, 2025 | $0.57 | $0.90 | Miss −36.7% | -6.6% |
| Jan 8, 2026 | Quarter ended Sep 30, 2025 | $0.70 | $0.65 | Beat +7.7% | -9.5% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | $0.70 | $0.65 | Beat +7.7% | +0.9% |
| Aug 5, 2025 | — | — | — | — | -2.4% |
| May 8, 2025 | — | — | — | — | -0.2% |
| Feb 27, 2025 | — | — | — | — | -5.6% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-13 | Schedule 13D/A | Doma Perpetual Capital Management LLC, DOMA1 LLC: 0.0% of shares, 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/1396814/000110465926115589/0001104659-26-115589-index.htm |
| 2026-10-08 | 8-K | Entered a material agreement; Regulation FD disclosure — “On October 8, 2026, Pacira BioSciences, Inc., a Delaware corporation (the "Company" or "Pacira"), entered into an Agreement and Plan of Merger (the "Merger Agreement") with Viatris Inc., a Delaware corporation ("Parent"), and Peach Purchaser Sub Inc., a Delaware corporation and wholly owned subsidiary of Parent ("Purchaser"). Pursuant to the Merger Agreement, upon the terms and subject to the conditions thereof, as promptly as practicable (but in no event more than 15 business days after the date of the Merger…” | https://www.sec.gov/Archives/edgar/data/1396814/000110465926114571/0001104659-26-114571-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 5.2% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1396814/000009375126000517/0000093751-26-000517-index.htm |
| 2026-08-04 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1396814/000162828026052635/0001628280-26-052635-index.htm |
| 2026-08-04 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1396814/000162828026052527/0001628280-26-052527-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.