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Financial Data and Key Metrics Changes - Year-over-year revenues increased by 6%, driven by strong performance from Exparel and iovera [4] - Third-quarter Exparel sales rose to $139.9 million from $132.0 million in 2024, with a volume growth of 9% [21] - Non-GAAP gross margin improved to 82% from 78% year-over-year, benefiting from manufacturing efficiencies [22] - Adjusted EBITDA for the third quarter was $49.4 million [22] Business Line Data and Key Metrics Changes - Exparel demand saw a year-over-year volume increase of approximately 9%, marking the highest quarterly growth in over three years [4] - ZILRETTA sales increased to $29.0 million from $28.4 million in 2024 [21] - Iovera sales grew to $6.5 million from $5.7 million in 2024 [21] Market Data and Key Metrics Changes - Approximately 60 million commercial lives now have access to Exparel through separate reimbursement mechanisms, with a total covered population nearing 90 million across commercial and government payers [15] - Strong adoption of Exparel in ambulatory surgery centers, with volumes up more than 25% year-over-year [19] Company Strategy and Development Direction - The company is focused on its 5x30 growth strategy, which aims for a five-year double-digit compound annual growth rate (CAGR) for revenue [14] - The in-licensing of AMT 143 aligns with the company's strategy to expand its clinical pipeline and enhance its product offerings [5] - The company is prioritizing complementary mid to late-stage opportunities in its pipeline, particularly in musculoskeletal pain [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of Exparel, anticipating that volume growth will converge with revenue growth over time [21] - The company expects to see significant earnings driven by improving sales and enhanced gross margins [25] - Management remains optimistic about the potential of PCRX 201 to revolutionize osteoarthritis treatment [8] Other Important Information - The company executed an additional $50 million in share repurchases during the third quarter [23] - The company has a strong balance sheet with cash and investments of approximately $246 million [23] Q&A Session Summary Question: Impact of GPO on volume growth and selling days - Management noted strong uptake from the GPO signed in June, which contributed to volume growth [30] - There was no significant impact from the number of selling days in the quarter [33] Question: Rationale behind AMT 143 program and trial design - The company sees a market need for a product with longer durability and ease of use, complementary to Exparel [35] - IP protection for AMT 143 extends to 2042, with plans to expand upon that [38] Question: Awareness of Exparel in larger hospitals and market growth for elective procedures - Growth has been faster in smaller hospitals and ASCs, with larger institutions taking more time due to more decision-makers [43] - Modest improvements in elective procedures were noted in the third quarter, with expectations for more in the fourth quarter [49] Question: Early indicators for ZORVOLTA and gross margin expectations - The dedicated ZORVOLTA sales force is expected to drive momentum in the fourth quarter and significant progress in 2026 [52] - Gross margins are expected to improve next year, with a long-term goal of a 5% improvement over 2024 levels [56]

Business Growth - Pacira treated more than 3 million patients per year[4,6,8] - The company is experiencing double-digit compounded annual growth rate in product revenue[4,9] - EXPAREL volume growth in 3Q25 reached 9% year-over-year, marking the highest volume growth in over 3 years[9] - Pacira anticipates product revenue to exceed $1.1 billion by 2030[9] Profitability - Pacira achieved a 5-percentage point gross margin improvement over 2024[4,10] - The company's non-GAAP gross margins are projected to be between 80% and 82%[11,42] Pipeline and Partnerships - Pacira is expanding its clinical pipeline with 5 novel programs in development[4,12] - The company is establishing 5 partnerships, including pipeline and commercial agreements[4,14] Financial Performance - Total revenue for 3Q25 was $180 million[42] - Adjusted EBITDA for 3Q25 was $49 million[42] - The company's cash and investments stand at approximately $246 million[42]

Product Development and Acquisitions - Pacira's long-acting, non-opioid analgesic EXPAREL is approved for managing postsurgical pain in patients aged six years and older, with a unique pMVL drug delivery technology[199]. - The acquisition of Flexion Therapeutics in November 2021 added ZILRETTA, which provides major relief for osteoarthritis knee pain for up to three months[199]. - In February 2025, Pacira acquired an 81% equity interest in GQ Bio Therapeutics, enhancing its gene therapy capabilities with the novel HCAd platform[199]. - An exclusive license agreement with AmacaThera for AMT-143 includes a $5 million upfront payment and potential future milestone payments, aligning with Pacira's growth strategy[208]. - The company has prioritized three other preclinical HCAd-based gene therapy programs, including PCRX-1002 for Dry Eye Disease and PCRX-1003 for Degenerative Disc Disease[241]. Clinical Trials and Research - The company expects to report results from an interim analysis of the Phase 2 ASCEND study for PCRX-201 by the end of 2026[208]. - New data from a Phase 1 trial of PCRX-201 showed sustained efficacy for up to three years, with improvements in pain and function across all severity subgroups[209]. - The company is advancing a Phase 2 clinical study known as ASCEND for PCRX-201 in knee osteoarthritis (OA), involving approximately 135 patients aged 45 to 80[237]. - The primary endpoint of the ASCEND study includes the number and percentage of treatment-emergent adverse events from Week 1 through Week 52[239]. - A Phase 3 study is underway to evaluate ZILRETTA for managing OA pain of the shoulder, potentially expanding its label[219]. - Clinical data indicates that EXPAREL significantly reduces opioid usage while improving postsurgical pain management[215]. - The iovera° system is a non-opioid device providing pain relief for knee OA, with clinical data showing significant reductions in opioid use post-surgery[221][223]. - PCRX-201, targeting the IL-1 pathway, showed promising results in a Phase 1 study with over 70% of patients experiencing a 50% or greater improvement in pain[236]. Financial Performance - Net product sales for the three months ended September 30, 2025, were $178.0 million, a 6% increase from $167.7 million in 2024[244]. - Total revenues for the nine months ended September 30, 2025, were $529.5 million, a 3% increase from $513.7 million in 2024[244]. - EXPAREL revenue increased by 6% and 5% for the three and nine months ended September 30, 2025, respectively, driven by a 9% and 6% increase in gross vial volume[244]. - ZILRETTA revenue increased by 2% in the three months ended September 30, 2025, but decreased by 2% in the nine months due to a 4% decrease in kit volume[245]. - The cost of goods sold decreased by 12% to $34.3 million for the three months ended September 30, 2025, contributing to a gross margin increase to 81%[250]. - Total research and development (R&D) expenses increased by 36% to $25.966 million for the three months ended September 30, 2025, and by 38% to $79.859 million for the nine months ended September 30, 2025, compared to the same periods in 2024[254]. - Sales and marketing expenses grew by 35% to $58.471 million for the three months and by 36% to $165.006 million for the nine months ended September 30, 2025, reflecting investments in customer awareness and education programs[263]. - Total selling, general and administrative expenses increased by 23% to $91.797 million for the three months and by 25% to $267.151 million for the nine months ended September 30, 2025[262]. Legal and Regulatory Environment - The ongoing U.S. government shutdown may impact the FDA's ability to review regulatory submissions, potentially affecting Pacira's operations[206]. - The company expects to incur additional legal costs related to defending its intellectual property against two Chinese generic drug manufacturers seeking to produce a generic version of EXPAREL[266]. Workforce and Operational Changes - The company implemented a reduction in force affecting 71 employees, approximately 8% of the total workforce, resulting in $3.7 million in employee termination benefit charges[211]. - The workforce reduction is expected to lead to an annual reduction in operating expenses of approximately $13.0 million, excluding one-time expenses[212]. - In the nine months ended September 30, 2025, the company recognized $3.7 million in pre-tax employee termination benefit charges due to a reduction in force at its Science Center Campus[275]. Economic and Market Conditions - Global economic conditions, including inflation and tariffs, may negatively impact Pacira's business and financial results[201]. - The U.S. and E.U. agreed to a trade deal in July 2025, setting a 15% tariff on most imports from the E.U., which could affect costs for Pacira[202]. Debt and Financing - The company entered into a $300.0 million senior secured revolving credit facility on July 3, 2025, to refinance existing debt and provide working capital[298]. - The company entered into a TLA Credit Agreement on March 31, 2023, securing a term loan of $150.0 million, which is scheduled to mature on March 31, 2028[303]. - The TLA Term Loan requires quarterly principal repayments starting at $2.8 million, increasing to $3.8 million by March 31, 2025, with a balloon payment of approximately $85.3 million due at maturity[304]. - The company completed a private placement of $287.5 million in 2.125% convertible senior notes due 2029, with all principal outstanding as of September 30, 2025[306]. - The company repurchased $200.0 million of its 0.750% convertible senior notes due 2025 for $191.4 million, resulting in a $7.5 million gain on early extinguishment of debt[307]. - The company anticipates that existing cash and cash equivalents will be sufficient to fund operating expenses and capital requirements for the next 12 months[310]. - The company may require additional debt or equity financing to meet future operating and capital requirements, with no committed external sources of funds[311].

Financial Performance - Total revenues for Q3 2025 were $179.5 million, up 6% from $168.6 million in Q3 2024[5] - Net product sales for EXPAREL were $139.9 million, reflecting a 9% volume growth compared to $132.0 million in Q3 2024[5] - Non-GAAP net income was $31.8 million, or $0.72 per share (basic), compared to $38.2 million, or $0.83 per share (basic) in Q3 2024[12] - Adjusted EBITDA for Q3 2025 was $49.4 million, down from $54.7 million in Q3 2024[12] - The company reported a net income of $5.43 million in Q3 2025, a significant recovery from a net loss of $143.47 million in Q3 2024[46] - Non-GAAP net income for Q3 2025 was $31.84 million, compared to $38.16 million in Q3 2024, indicating a decrease of 16.5%[46] - Total revenues for the nine months ended September 30, 2025, were $529.54 million, up from $513.71 million in the same period of 2024, marking a 3.1% increase[44] - For the three months ended September 30, 2025, total revenues were $179.5 million, compared to $168.6 million for the same period in 2024, representing a year-over-year increase of approximately 5.5%[68] Expenses and Costs - Research and development expenses increased to $26.0 million in Q3 2025 from $19.1 million in Q3 2024[12] - Selling, general and administrative expenses rose to $91.8 million in Q3 2025, compared to $74.3 million in Q3 2024[12] - Research and development expenses increased to $25.97 million in Q3 2025, compared to $19.10 million in Q3 2024, reflecting a 36.4% rise[44] - Research and development expenses for the nine months ended September 30, 2025, were $79.9 million, compared to $57.7 million for the same period in 2024, reflecting an increase of approximately 38.5%[68] - The company recognized $7.00 million in legal settlement costs related to patent infringement suits during the nine months ended September 30, 2025[52] - The company incurred $3.7 million in employee termination benefit charges in Q3 2025 as part of a workforce reduction due to improved manufacturing efficiencies[48] - Acquisition-related expenses in Q3 2025 primarily involved costs associated with the acquisition of GQ Bio[51] - The GAAP cost of goods sold for the three months ended September 30, 2025, was $34.3 million, down from $38.9 million in the same period of 2024[68] Guidance and Projections - The company updated its full-year 2025 revenue guidance to a range of $725 million to $735 million, down from the previous range of $730 million to $750 million[13] - Non-GAAP gross margin guidance was increased to 80% to 82%, up from the previous range of 78% to 80%[13] - The company expects total revenues for the full year 2025 to be in the range of $725 million to $735 million, with a gross margin projected between 80% to 82%[74] Assets and Liabilities - Total current assets decreased from $745,130,000 in December 2024 to $562,751,000 in September 2025, a decline of approximately 24.5%[42] - Cash and cash equivalents dropped significantly from $276,774,000 in December 2024 to $147,589,000 in September 2025, representing a decrease of about 46.3%[42] - Inventories increased from $125,282,000 in December 2024 to $157,680,000 in September 2025, an increase of approximately 25.8%[42] - Total liabilities decreased from $774,168,000 in December 2024 to $522,938,000 in September 2025, a reduction of about 32.4%[42] - Long-term debt remained relatively stable, decreasing slightly from $383,545,000 in December 2024 to $376,721,000 in September 2025[42] - The total stockholders' equity decreased from $778,348,000 in December 2024 to $727,214,000 in September 2025, a decline of approximately 6.6%[42] Product Development and Research - The company reported promising Phase 1 study results for PCRX-201, showing sustained improvements in knee pain, stiffness, and function over two years[34] - The HCAd vector platform acquired in February 2025 is expected to enable the production of thousands of doses in a single batch, enhancing cost efficiency[37] - The company is currently conducting a Phase 2 study (ASCEND study) for PCRX-201, indicating ongoing commitment to product development[35] - EXPAREL sales amounted to $139.90 million in Q3 2025, up from $132.00 million in Q3 2024, representing a 5.4% growth[44] Shareholder Actions - The company repurchased 2.0 million shares at an average price of $25.30 per share, totaling $50.0 million[10]

Core Viewpoint - PharmaCorp Rx Inc. has announced a bought deal offering of 47.7 million units at C$0.42 per unit, aiming to raise C$20.0 million due to strong investor demand [1][3] Group 1: Offering Details - The offering consists of units, each comprising one common share and one-half of a common share purchase warrant, with the warrant allowing the purchase of one common share at C$0.50 for 24 months [2] - The closing of the offering is expected around November 12, 2025, pending regulatory approvals [3] - An over-allotment option allows underwriters to purchase an additional 15% of the units sold to cover over-allotments [4] Group 2: Use of Proceeds - The net proceeds from the offering will be allocated for future acquisition opportunities and general working capital [3] Group 3: Company Overview - PharmaCorp is focused on acquiring and operating community pharmacies in Canada, empowering pharmacists as equity partners [7] - The company operates seven pharmacies under the PharmaChoice Canada banner and plans to continue acquiring both bannered and independent pharmacies [8]

Core Viewpoint - PharmaCorp Rx Inc. has announced a bought deal offering of 35.7 million units at a price of C$0.42 per unit, aiming to raise gross proceeds of C$15.0 million for future acquisitions and working capital [1][3]. Group 1: Offering Details - The offering consists of units, each comprising one common share and one-half of a common share purchase warrant, with the warrant allowing the purchase of one common share at C$0.50 for 24 months [2]. - The closing of the offering is expected around November 12, 2025, pending regulatory approvals [3]. - The underwriters have an over-allotment option to purchase an additional 15% of the units sold to cover over-allotments and for market stabilization [4]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated towards future acquisition opportunities and general working capital requirements [3]. Group 3: Company Overview - PharmaCorp is a Canadian pharmacy acquisition platform focused on empowering pharmacists as equity partners and supporting succession for retiring pharmacy owners [7]. - The company operates seven pharmacies under the PharmaChoice Canada banner and plans to continue acquiring both bannered and independent pharmacies across Canada [8].

Core Insights - Pacira BioSciences has completed patient enrollment in Part A of its Phase 2 ASCEND study for PCRX-201, a novel gene therapy for knee osteoarthritis, with topline results expected by the end of 2026 [1][6][10] Study Overview - The ASCEND study is a two-part, multicenter trial involving approximately 135 patients aged 45 to 80 with painful knee osteoarthritis at Kellgren-Lawrence Grades 2, 3, or 4 [4] - Part A randomizes about 45 patients to evaluate two doses of PCRX-201, with a 1:1:1 randomization to Dose A, Dose B, or saline, all receiving corticosteroid pretreatment [5][6] - The primary endpoint includes treatment-emergent adverse events and secondary endpoints assess pain and physical function changes at Weeks 38 and 52 [7] Product Details - PCRX-201 is designed to enhance IL-1Ra production locally in the knee joint, targeting chronic inflammation and pain associated with osteoarthritis [2][9] - The therapy utilizes a high-capacity adenovirus vector platform, allowing for efficient gene delivery and the potential for redosing [12][17] - The product has received RMAT designation from the FDA and ATMP designation from the EMA, highlighting its clinical promise [11] Company Background - Pacira BioSciences focuses on innovative, non-opioid pain therapies, with existing products including EXPAREL, ZILRETTA, and iovera° [15] - The company aims to address prevalent diseases like osteoarthritis through advanced gene therapy solutions [15]

Core Insights - Pacira BioSciences has announced an exclusive worldwide license and collaboration agreement with AmacaThera for the development of AMT-143, a novel long-acting formulation of the non-opioid analgesic ropivacaine aimed at postsurgical pain control [1][2] Company Strategy - The addition of AMT-143 to the pipeline aligns with Pacira's 5x30 growth strategy, focusing on clinical stage, derisked opportunities that complement existing pain management offerings [2] - The company aims to enhance its leadership in opioid-sparing pain management through this new asset, which is expected to improve patient outcomes and expand treatment options [2] Financial Terms of the Agreement - Under the agreement, Pacira will fund the clinical development up to commercial launch, with AmacaThera receiving an upfront payment of $5 million, along with potential future milestone payments and a tiered royalty on net sales [3] Product Details - AMT-143 is designed for postsurgical pain control and demonstrated sustained release of ropivacaine for up to 14 days in a Phase 1 study [4] - The product utilizes AmacaThera's hydrogel-based drug delivery platform, which allows for slow release while minimizing systemic side effects [5] Current Product Portfolio - Pacira currently offers three commercial-stage non-opioid treatments: EXPAREL, ZILRETTA, and iovera, which target various pain management needs [6]

Core Insights - Pacira BioSciences, Inc. will report its third quarter financial results on November 6, 2025, after U.S. market close [1] - A live conference call and webcast will follow the financial results announcement at 4:30 p.m. ET [1] Company Overview - Pacira specializes in innovative, non-opioid pain therapies aimed at transforming patient lives [3] - The company has three commercial-stage non-opioid treatments: - EXPAREL, a long-acting local analgesic for various postsurgical pain management applications [3] - ZILRETTA, an extended-release injection for osteoarthritis knee pain management [3] - ioveraº, a handheld device providing immediate, long-acting, drug-free pain control [3] - Pacira is also developing PCRX-201, a novel gene therapy targeting prevalent diseases like osteoarthritis [3]