Financial Data and Key Metrics Changes - For the full year 2025, the company generated approximately $155 million in total net revenues and delivered adjusted EBITDA of $14.7 million, exceeding the previously communicated guidance range of $9 million to $13 million [6][20] - Gross margin for the year was approximately 73%, reflecting continued improvements in cost discipline and product mix [6] Business Line Data and Key Metrics Changes - The acute care franchise increased more than 57% year-over-year in Q4 2025, with ZYNRELEF delivering 48% net revenue growth compared to Q4 2024, and APONVIE growing 97% over the same period [7][13] - Oncology franchise generated just over $105 million in net revenue for the full year 2025, representing a modest 7.8% decline compared to 2024, primarily due to the planned wind down of SUSTOL [10] Market Data and Key Metrics Changes - Acute care net sales were $16.3 million in Q4 2025, up from $12.3 million in Q3 2025, driven primarily by ZYNRELEF and APONVIE [13] - The company expects to see continued growth in unit volume for the CINV franchise, despite anticipated price erosion [25] Company Strategy and Development Direction - The strategy for 2026 and beyond includes accelerating the expansion of the commercial team in key markets, focusing on areas with strong success indicators and favorable reimbursement dynamics [8] - The company plans to increase commercial investments, which may temporarily moderate EBITDA growth, but are expected to drive meaningful growth in top-line revenue [8][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial inflection seen in Q4 2025 continuing into 2026, with a focus on maintaining EBITDA positivity while making targeted commercial investments [21] - The successful completion of financing has eliminated previous capital structure overhangs, providing the company with the financial flexibility needed for growth [21] Other Important Information - The company is advancing the prefilled syringe presentation for ZYNRELEF, with potential FDA approval anticipated in mid to late 2027 [9] - The inclusion of APONVIE in the newly released fifth consensus guidelines for the management of PONV is expected to support long-term utilization [7][16] Q&A Session Summary Question: Expectations for the CINV franchise and the NOPAIN Act's impact on ZYNRELEF - Management expects unit volume growth for the CINV franchise, with some price erosion, while the NOPAIN Act is anticipated to be a strong tailwind for ZYNRELEF [25][26] Question: Rollout status of the Vial Access Needle (VAN) and its impact on sales - The VAN rollout went smoothly, removing preparation challenges, and the company plans to continue leveraging this success for the prefilled syringe launch [30][32] Question: Update on the Slayback litigation regarding CINVANTI - The company is confident in its case and expects a decision from Judge Bryson before the 30-month stay [37] Question: Awareness efforts regarding the NOPAIN Act - The company is expanding its team to enhance awareness and understanding of the NOPAIN Act among providers, which is crucial for reimbursement [40] Question: Timeline for the impact of new consensus guidelines on PONV growth - The guidelines are expected to have a significant impact within 6 to 9 months as they are integrated into order sets and protocols [45][51]

JP Morgan 44th Annual Healthcare Conference Frank D. Lee Chief Executive Officer PCRX | January 14, 2026 Forward-looking statements and where to find additional information Any statements in this presentation about Pacira's future expectations, plans, trends, outlook, projections and prospects, and other statements containing the words "anticipate," "believe," "can," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will," "would," and similar expressions, constitute forward-look ...