Pacira BioSciences reported preliminary unaudited revenue of $726.4 million for the fourth quarter and full year 2025, up 3.6 % from $701.0 million in 2024. The increase was driven by a 7 % rise in EXPAREL volume, which generated $155.8 million in Q4 revenue compared with $145.0 million in Q4 2024, while ZILRETTA sales fell 5 % to $33.0 million from $34.8 million in the prior quarter. iovera° revenue also declined modestly to $7.0 million from $7.5 million, reflecting a shift in product mix and pricing adjustments.
The company repurchased 2.0 million shares of common stock during the quarter, spending $50.0 million. The buyback, part of an ongoing program with $150.0 million remaining on its authorization, signals management’s confidence in the company’s cash flow and long‑term value creation.
Despite the headline revenue growth, the market reacted negatively, with the stock falling roughly 10 % in after‑hours trading. Analysts cited the $726.4 million figure as a slight miss against the consensus estimate of $730.22 million and noted that the modest 3.6 % year‑over‑year growth was insufficient to offset pricing pressures from new group purchasing organization (GPO) partnerships and a decline in ZILRETTA sales. The drop underscores investor sensitivity to revenue guidance and margin dynamics in a high‑valuation environment.
CEO Frank D. Lee emphasized that the company’s “strong EXPAREL volume growth in the second half of the year underscores the value of our commercial investments” and that Pacira remains “well positioned for sustainable, long‑term success” as it advances its 5x30 strategic priorities. Lee highlighted that the 6 % full‑year EXPAREL volume growth was partially offset by a shift in vial mix and discounting associated with the new GPO partnerships, while noting that ZILRETTA sales declined year‑over‑year due to pricing pressures.
The results suggest a mixed outlook: EXPAREL continues to drive growth, but margin compression from discounting and a weaker ZILRETTA segment may temper overall revenue momentum. Management’s share repurchase program and optimistic commentary indicate confidence, yet the market’s reaction reflects concerns about slowing growth and competitive pricing pressures. Investors will likely watch the upcoming earnings call for guidance on revenue targets, margin expectations, and the company’s strategy to balance volume growth with pricing power.
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