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Pacira Q1 Earnings Miss Estimates on Higher Costs, Revenues Rise Y/Y
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Key Takeaways
Pacira posted Q1 EPS of 60 cents, missing estimates, while revenues rose 5% to $177.4M, beating forecasts.
Pacira growth was driven by Exparel demand and rising Zilretta and iovera sales despite some estimate misses.
Pacira saw higher R&D and SG&A costs, reducing profits, while maintaining its full-year 2026 outlook.
Pacira BioSciences (PCRX - Free Report) posted first-quarter 2026 adjusted earnings of 60 cents per share, which declined 3.2% year over year and marginally missed the Zacks Consensus Estimate of 61 cents. Revenues came in at $177.4 million, which rose 5% from the year-ago quarter and beat the consensus mark of $176 million.
Top-line growth was supported by momentum across the commercial portfolio, highlighted by continued demand for Exparel and incremental revenues from Zilretta and iovera sales. Exparel volume growth was approximately 7% in the quarter.
PCRX Product Sales Rise on Broad Portfolio Growth
PCRX generated $177.4 million in total revenues for the quarter, driven entirely by product sales. Exparel remained the largest contributor, with net product sales of $143.3 million, up 5% from the prior-year period. The reported figure, however, missed the Zacks Consensus Estimate of $146.3 million.
Management attributed Exparel’s performance to ongoing growth in outpatient settings and expanding access, while noting headwinds from vial-mix shifts, higher discounting tied to a newer group purchasing organization partnership and returns related to a major winter storm earlier in the quarter.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged six years and older for single-dose infiltration to produce postsurgical local analgesia. It is also indicated for regional analgesia in adults via an interscalene brachial plexus nerve block, sciatic nerve block in the popliteal fossa and femoral nerve block in the adductor canal.
Pacira’s Other Brands Add Incremental Lift
Pacira continued to show improving traction beyond Exparel. Zilretta net product sales increased 15% year over year to $26.8 million, reflecting benefits from commercial investments made last year, including a dedicated sales force and broader promotional reach through a collaboration with Johnson & Johnson MedTech. The reported figure, however, missed the Zacks Consensus Estimate of $28.6 million.
iovera net product sales rose 21% to $6.2 million. The company pointed to execution gains from a dedicated iovera sales force and the rollout of a product-specific reimbursement code, which is intended to support smoother adoption in targeted accounts. The figure beat the Zacks Consensus Estimate of $5.7 million.
Pacira generated revenues of $1.2 million from the sales of bupivacaine liposome injectable suspension to third-party licenses in the fourth quarter compared with $2.6 million in the year-ago period. The company did not record any royalty revenues in the reported quarter compared with $1,3 million in the year-ago quarter.
Year to date, Pacira shares have lost 1.5% compared with the industry’s 3.2% decline.
Image Source: Zacks Investment Research
PCRX Expense Growth Weighs on Profitability
While revenues improved, operating expenses increased year over year due to advancing late-stage and registrational programs, limiting earnings upside. Research and development (R&D) expenses (excluding stock-based compensation and key employee holdback) came in at $25.4 million, up 10% from the year-ago quarter. Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) of $83.9 million also increased 10% year over year.
On a margin basis, Pacira reported an 80% adjusted gross margin compared to 81% a year ago, supported by manufacturing efficiencies as discussed on the earnings call. Adjusted net income was $24.5 million compared with $30 million in the prior-year quarter, and adjusted EBITDA was $40.2 million versus $44.1 million a year ago.
Pacira Reiterates 2026 Financial Framework
Pacira reiterated its full-year 2026 outlook. The company continues to expect total revenues of $745-$770 million, with Exparel net product sales forecast at $600-$620 million.
The adjusted model assumptions were also maintained, including gross margin of 77-79%, adjusted R&D expense of $105-$115 million and adjusted SG&A expense of $320-$340 million. Management said quarterly patterns should largely track historical seasonality, while it looks for additional visibility before changing assumptions for Zilretta and iovera for the year.
PCRX Enters a Catalyst-Heavy Stretch in 2026
PCRX emphasized a “data-rich” period ahead. The company completed enrollment in a phase III registrational study of Zilretta for osteoarthritis (OA) pain of the shoulder, with top-line results expected later this year. Separately, a registrational study for iovera in spasticity remains on track, with top-line results expected by year-end.
The pipeline narrative continues to center on PCRX-201, a locally administered gene therapy for knee OA. Management noted Part A of the phase II ASCEND study is fully enrolled with 49 patients and is expected to deliver top-line data later this year, while Part B is planned to enroll roughly 90 additional patients across three arms, including an active steroid comparator.
Pacira Uses Balance Sheet for Shareholder Returns
Pacira ended the quarter with $202.2 million in cash, cash equivalents and available-for-sale investments compared with $238.4 million as of Dec. 31, 2025, supporting continued investment in commercial execution, pipeline progress and capital returns.
During the first quarter, the company repurchased 2.2 million shares at an average price of $22.28 per share for a total cost of $50 million. As of March 31, 2026, Pacira had $100 million remaining under its current share repurchase authorization, which expires on Dec. 31, 2026.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 EPS have declined from $2.82 to $2.78. CPRX shares have gained 20.6% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
Over the past 60 days, the estimate for Alkermes’ 2026 loss per share has widened from 6 cents to 69 cents. ALKS shares have rallied 20.4% year to date.
Alkermes’ earnings beat estimates in three of the trailing four quarters and missed on the remaining occasion, with the average negative surprise being 0.77%.
Over the past 60 days, estimates for Inovio Pharmaceuticals’ 2026 loss per share have narrowed from $1.26 to $1.06. INO shares have plunged 35.7% year to date.
Inovio Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 57.94%.
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Pacira Q1 Earnings Miss Estimates on Higher Costs, Revenues Rise Y/Y
Key Takeaways
Pacira BioSciences (PCRX - Free Report) posted first-quarter 2026 adjusted earnings of 60 cents per share, which declined 3.2% year over year and marginally missed the Zacks Consensus Estimate of 61 cents. Revenues came in at $177.4 million, which rose 5% from the year-ago quarter and beat the consensus mark of $176 million.
Top-line growth was supported by momentum across the commercial portfolio, highlighted by continued demand for Exparel and incremental revenues from Zilretta and iovera sales. Exparel volume growth was approximately 7% in the quarter.
PCRX Product Sales Rise on Broad Portfolio Growth
PCRX generated $177.4 million in total revenues for the quarter, driven entirely by product sales. Exparel remained the largest contributor, with net product sales of $143.3 million, up 5% from the prior-year period. The reported figure, however, missed the Zacks Consensus Estimate of $146.3 million.
Management attributed Exparel’s performance to ongoing growth in outpatient settings and expanding access, while noting headwinds from vial-mix shifts, higher discounting tied to a newer group purchasing organization partnership and returns related to a major winter storm earlier in the quarter.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged six years and older for single-dose infiltration to produce postsurgical local analgesia. It is also indicated for regional analgesia in adults via an interscalene brachial plexus nerve block, sciatic nerve block in the popliteal fossa and femoral nerve block in the adductor canal.
Pacira’s Other Brands Add Incremental Lift
Pacira continued to show improving traction beyond Exparel. Zilretta net product sales increased 15% year over year to $26.8 million, reflecting benefits from commercial investments made last year, including a dedicated sales force and broader promotional reach through a collaboration with Johnson & Johnson MedTech. The reported figure, however, missed the Zacks Consensus Estimate of $28.6 million.
iovera net product sales rose 21% to $6.2 million. The company pointed to execution gains from a dedicated iovera sales force and the rollout of a product-specific reimbursement code, which is intended to support smoother adoption in targeted accounts. The figure beat the Zacks Consensus Estimate of $5.7 million.
Pacira generated revenues of $1.2 million from the sales of bupivacaine liposome injectable suspension to third-party licenses in the fourth quarter compared with $2.6 million in the year-ago period. The company did not record any royalty revenues in the reported quarter compared with $1,3 million in the year-ago quarter.
Year to date, Pacira shares have lost 1.5% compared with the industry’s 3.2% decline.
Image Source: Zacks Investment Research
PCRX Expense Growth Weighs on Profitability
While revenues improved, operating expenses increased year over year due to advancing late-stage and registrational programs, limiting earnings upside. Research and development (R&D) expenses (excluding stock-based compensation and key employee holdback) came in at $25.4 million, up 10% from the year-ago quarter. Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) of $83.9 million also increased 10% year over year.
On a margin basis, Pacira reported an 80% adjusted gross margin compared to 81% a year ago, supported by manufacturing efficiencies as discussed on the earnings call. Adjusted net income was $24.5 million compared with $30 million in the prior-year quarter, and adjusted EBITDA was $40.2 million versus $44.1 million a year ago.
Pacira Reiterates 2026 Financial Framework
Pacira reiterated its full-year 2026 outlook. The company continues to expect total revenues of $745-$770 million, with Exparel net product sales forecast at $600-$620 million.
The adjusted model assumptions were also maintained, including gross margin of 77-79%, adjusted R&D expense of $105-$115 million and adjusted SG&A expense of $320-$340 million. Management said quarterly patterns should largely track historical seasonality, while it looks for additional visibility before changing assumptions for Zilretta and iovera for the year.
PCRX Enters a Catalyst-Heavy Stretch in 2026
PCRX emphasized a “data-rich” period ahead. The company completed enrollment in a phase III registrational study of Zilretta for osteoarthritis (OA) pain of the shoulder, with top-line results expected later this year. Separately, a registrational study for iovera in spasticity remains on track, with top-line results expected by year-end.
The pipeline narrative continues to center on PCRX-201, a locally administered gene therapy for knee OA. Management noted Part A of the phase II ASCEND study is fully enrolled with 49 patients and is expected to deliver top-line data later this year, while Part B is planned to enroll roughly 90 additional patients across three arms, including an active steroid comparator.
Pacira Uses Balance Sheet for Shareholder Returns
Pacira ended the quarter with $202.2 million in cash, cash equivalents and available-for-sale investments compared with $238.4 million as of Dec. 31, 2025, supporting continued investment in commercial execution, pipeline progress and capital returns.
During the first quarter, the company repurchased 2.2 million shares at an average price of $22.28 per share for a total cost of $50 million. As of March 31, 2026, Pacira had $100 million remaining under its current share repurchase authorization, which expires on Dec. 31, 2026.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Pacira BioSciences, Inc. price-consensus-eps-surprise-chart | Pacira BioSciences, Inc. Quote
PCRX’s Zacks Rank & Stocks to Consider
Pacira BioSciences currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Catalyst Pharmaceuticals (CPRX - Free Report) , Alkermes (ALKS - Free Report) and Inovio Pharmaceuticals (INO - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 EPS have declined from $2.82 to $2.78. CPRX shares have gained 20.6% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
Over the past 60 days, the estimate for Alkermes’ 2026 loss per share has widened from 6 cents to 69 cents. ALKS shares have rallied 20.4% year to date.
Alkermes’ earnings beat estimates in three of the trailing four quarters and missed on the remaining occasion, with the average negative surprise being 0.77%.
Over the past 60 days, estimates for Inovio Pharmaceuticals’ 2026 loss per share have narrowed from $1.26 to $1.06. INO shares have plunged 35.7% year to date.
Inovio Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 57.94%.