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- **Revenue Growth**: 6% YoY driven by 9% EXPAREL volume (highest in 3 years) and 82% gross margin
- **Strategic Investments**: $50M share buyback, AMT-143 licensing for 14-day analgesia, and Phase II PCRX-201 gene therapy
- **Pipeline Momentum**: 100M+ covered lives for EXPAREL, 3-year OA registry data showing opioid reduction, and J&J partnership accelerating Zilretta adoption
- **Risk Mitigation**: 21st EXPAREL patent and disciplined IP defense against generics

**【Management Opening Remarks】**
- CEO Frank Lee highlighted 6% year-over-year revenue growth, driven by 9% volume growth in EXPAREL and 82% non-GAAP gross margin. The company emphasized its 5x30 strategy for 5-year, 30% CAGR growth through commercial expansion and pipeline innovation.

**【CEO Commentary】**
- Reported strong execution across commercial and clinical initiatives, including EXPAREL volume growth of 9% (highest in 3 years) and 100 million+ covered lives via separate reimbursement policies. Discussed strategic investments in AMT-143 (long-acting bupivacaine) and Phase II PCRX-201 gene therapy for OA pain. Highlighted 21st EXPAREL patent listing and disciplined IP protection against generics.

**【CFO Financial Commentary】**
- GAAP net income: $420M; Non-GAAP EPS: $1.08 (vs. $0.95 prior). Gross margin improved to 82% (vs. 78% prior) due to manufacturing scale. R&D/Sales & Marketing expenses: $22.5M/$81.7M, up 30% YoY. Completed $50M share buyback, with $200M remaining under 2026 authorization. Raised 2025 guidance: Revenue $725M-$735M, EBITDA $49.4M.

**【Q&A Highlights】**
- **GPO Impact**: 9% EXPAREL volume growth offset by 3% ASP decline; expect convergence of volume/revenue growth in 2026. 
- **AMT-143 Licensing**: 14-day analgesia via hydrogel depot; Phase II planned for 2026. 
- **Zilretta Momentum**: J&J partnership driving access; 2026 Phase II for shoulder OA. 
- **Gene Therapy Perception**: PCRX-201 safety data (no neutralizing antibodies) and 3-year durability reduce skepticism.

Pacira BioSciences, Inc. (PCRX) Q3 2025 Earnings Call Transcript

Net Product

Royalty

Collaborative Licensing and Milestone

PCRX

PCRX fundamentals

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