Pacira Pharmaceuticals (82P) Q2 2026 Earnings Report

The call highlighted solid financial performance (6% revenue growth, robust adjusted EBITDA, strong cash position), meaningful commercial progress (major payer wins covering ~150M lives, EXPAREL and ZILRETTA momentum), important pipeline and manufacturing milestones (PCRX-201 manufacturing, multiple imminent readouts), and a strategic portfolio move (iovera divestiture with up to $140M consideration). Key challenges include softness in elective inpatient soft tissue procedures driven by macroeconomic factors, a decline in gross margin versus prior year, higher R&D and SG&A spend, and modest near-term moderation in EXPAREL volume growth. Overall, the positives — including clear payer wins, pipeline catalysts, cash generation, and strategic partnerships — outweigh the operational and margin headwinds.

Pacira updated 2026 guidance to total revenue of $735–760M (down from $745–770M reflecting the Zimmer/iovera divestiture) while reiterating EXPAREL net product sales of $600–620M; SG&A is now guided to $310–330M (vs. prior $320–340M), stock‑based compensation $54–59M (vs. $54–62M), non‑GAAP gross margin 77–79%, non‑GAAP R&D $105–115M, and depreciation of about $30M, with ~ $7M expected from a veterinary licensing agreement; Q2 datapoints cited were revenue $192.4M (+6% y/y), EXPAREL net sales $147.8M (+3%) with ~4% volume growth, Q2 non‑GAAP gross margin 78%, GAAP net income $4.7M ($0.12/sh), adjusted EBITDA ≈ $48.7M, and $251M cash/investments (plus a $70M upfront Zimmer payment); management noted near‑term margin benefit from selling lower‑cost EXPAREL inventory and expects Q4 margins to be slightly below the full‑year range due to higher‑cost inventory and shutdown-related costs.