Pacira BioSciences' Q2 2025: Contradictions Surface on EXPAREL Market Access, Sales, and Margins

EXPAREL formulary wins and market access expansion, EXPAREL sales force expansion and impact on commercial performance, EXPAREL market access and reimbursement progress, and gross margin improvement expectations are the key contradictions discussed in Pacira BioSciences' latest 2025Q2 earnings call.



Revenue and Market Access Expansion:
- Pacira Biosciences reported 4% growth in EXPAREL sales to $142.9 million for Q2 2025, driven by 6% year-over-year volume growth.
- The growth was fueled by an increase in EXPAREL's market access, particularly the expansion of patient access to opioid-sparing pain therapies through new CMS policies.

Gross Margin Improvement:
- Pacira's non-GAAP gross margin improved to 82% for the second quarter, up from 76% last year.
- This improvement is attributed to increased manufacturing efficiencies and favorable production volumes, resulting from investments in 200-liter manufacturing facilities in Swindon and San Diego.

Capital Structure and Share Repurchase:
- Pacira executed a $50 million share repurchase, reducing common stock by approximately 2 million shares.
- The company also secured a new $300 million revolver with an annualized interest savings of 60 basis points, strengthening its capital structure and financial flexibility.

Pipeline and Product Development:
- Pacira announced the 3-year follow-up data for PCRX-201, showcasing sustained efficacy and a well-tolerated profile.
- The company's focus on becoming the leader in musculoskeletal pain and adjacencies is supported by advancements in its registrational studies and innovative product development.