Pacira BioSciences (PCRX) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $177.4 million, up 5–6% year-over-year, driven by strong growth in EXPAREL (7% volume increase), ZILRETTA, and iovera°, supported by expanding reimbursement, protocol adoption, and strategic partnerships.

• Adjusted EBITDA for Q1 was $40.2 million, with GAAP net income of $2.9 million and non-GAAP net income of $24.5 million.

• Over 3 million patients treated annually, with double-digit compounded annual product revenue growth.

• Clinical pipeline advanced, including PCRX-201 for knee OA and PCRX-2002 for postsurgical pain, and completed Phase 3 ZILRETTA shoulder OA study enrollment.

• Strategic partnerships with Johnson & Johnson MedTech and LG Chem are expanding commercial reach domestically and internationally.

Financial highlights

• EXPAREL net product sales were $143.3 million (up 5% YoY), ZILRETTA $26.8 million (up 15%), and iovera° $6.2 million (up 21%).

• Q1 2026 total revenue was $177.4 million; non-GAAP gross margin was 80%, GAAP gross margin 79%.

• Adjusted EBITDA for Q1 was $40.2 million.

• Ended Q1 with $202.2 million in cash, cash equivalents, and investments.

• Repurchased 2.2 million shares for $50 million in Q1; 39.3 million shares outstanding at quarter-end, $100 million remains authorized.

Outlook and guidance

• 2026 revenue guidance reiterated at $745–$770 million; EXPAREL net product sales expected at $600–$620 million.

• Non-GAAP gross margin guidance of 77–79% for the year; R&D expense projected at $105–$115 million; SG&A at $320–$340 million.

• Q2 R&D spend expected to rise to low $30 million range, then return to Q1 levels in Q3 and Q4; SG&A expected to decrease in the second half after proxy-related activities.

• Management expects existing cash and investments to fund operations, capex, and debt service for at least 12 months.

• Pipeline catalysts expected, including topline data for PCRX-201 and ZILRETTA shoulder OA study by year-end.