Pacira BioSciences (PCRX) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 revenue of $192.4 million, up 6% year-over-year, with strong execution of the 5x30 strategy and commercial momentum in EXPAREL, ZILRETTA, and iovera°.

• Adjusted EBITDA reached $48.7 million, reflecting disciplined cost management and operational efficiency.

• Completed divestiture of iovera° to Zimmer Biomet, receiving $73.6 million upfront and up to $70 million in milestones, sharpening focus on biopharmaceutical innovation.

• UnitedHealthcare expanded reimbursement for EXPAREL and ZILRETTA, increasing covered lives to over 150 million and eliminating prior authorization for ZILRETTA.

• Advanced pipeline with key clinical milestones expected by year-end, including ZILRETTA in shoulder OA and PCRX-201 Part A data.

Financial highlights

• Q2 2026 revenues: $192.4 million (+6% YoY); EXPAREL sales: $147.8 million (+3% YoY); ZILRETTA sales: $32.6 million (+4% YoY); iovera° sales: $6.8 million (+21–22% YoY).

• Adjusted EBITDA: $48.7 million; GAAP net income: $4.7 million ($0.12/share); cash and investments: $251 million at quarter-end.

• Non-GAAP gross margin: 78% (Q2 2026), down from 82% last year; GAAP gross margin: 77%.

• Operating cash flow for six months: $83.1 million, up from $47.5 million in 2025.

• Debt: $282.1 million in convertible notes due 2029; $81.0 million outstanding on revolving credit facility.

Outlook and guidance

• Updated 2026 revenue guidance: $735–$760 million, reflecting the iovera° divestiture.

• EXPAREL net product sales guidance: $600–$620 million; non-GAAP gross margin: 77–79%; R&D expense: $105–$115 million; SG&A expense: $310–$330 million.

• Ex-US revenues expected to begin in 2027 from LG Chem partnership.

• Anticipates Q4 as the largest revenue quarter, with margin pressure from higher cost inventory and tariffs.

• Pipeline catalysts expected in H2 2026: ZILRETTA shoulder OA, iovera° spasticity, and PCRX-201 Part A data.