Pacira BioSciences
PCRXNASDAQUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $36.46 Prior regular-session close from the quote source.
- $36.45–$36.50 Regular-session low and high so far today.
- 1.9M Regular-session shares traded · Nov 10, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $18.80–$36.67 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own PCRX if Pacira is a cash-generative pain-management franchise whose upside depends on proving that EXPAREL-led opioid-sparing protocols can withstand generic, formulary, and pricing pressure while management restores operating leverage.
PCRX price history
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INVESTMENT THESIS
What must happen next
Surgeon, anesthesiologist, hospital, and ASC workflows continue to value EXPAREL-led opioid-sparing pain control enough to keep Pacira’s portfolio in use rather than reverting to cheaper local anesthetics or competing regimens.StrengtheningMateriality: High
Annual GAAP revenue increased from $666.8 million in FY2022 to $726.4 million in FY2025. If the workflow advantage holds, Pacira can keep converting procedure volume into revenue; if it fails, the franchise becomes vulnerable to rapid formulary-driven erosion.
Watch: Hospital pharmacy and therapeutics committees or ASC purchasing groups remove EXPAREL from preferred protocols after judging plain bupivacaine, nerve blocks, or multimodal analgesia sufficient.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP revenue increased from $666.8 million in FY2022 to $726.4 million in FY2025.
Open source ↗Pacira’s drug-delivery know-how, manufacturing execution, and specialty commercial positioning continue to support high gross economics despite price-sensitive hospital buyers and potential generic substitution.StrengtheningMateriality: High
Annual GAAP gross profit increased from an estimated $467.5 million in FY2022 to an estimated $576.7 million in FY2025. The investment case depends less on explosive revenue growth than on whether existing product sales remain high-margin; gross-margin erosion would weaken cash generation before revenue necessarily collapses.
Watch: An FDA-approved generic liposomal bupivacaine or ANDA filer obtains scale supply and undercuts EXPAREL pricing at major hospital systems.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP gross profit increased from an estimated $467.5 million in FY2022 to an estimated $576.7 million in FY2025.
Open source ↗Pacira’s commercial platform remains capable of turning the pain portfolio into operating cash even when GAAP earnings are pressured by spending, litigation, amortization, or other specialty-pharma costs.StrengtheningMateriality: Medium
Annual GAAP operating cash flow was positive in every year shown from FY2022 through FY2025. If cash conversion holds, the company has time to defend the franchise and invest in extensions; if cash flow rolls over, the balance-sheet and capital-allocation risk rises quickly.
Watch: Management increases selling, litigation, launch, or lifecycle-management spending faster than product demand can absorb.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating cash flow was positive in every year shown from FY2022 through FY2025.
Open source ↗The business must prove that recent revenue growth can flow through to sustained GAAP operating income rather than being consumed by commercial spending, litigation, restructuring, or portfolio support costs.HoldingMateriality: Medium
Annual GAAP operating income improved from a loss of $73.4 million in FY2024 to income of $19.2 million in FY2025. Shareholder value depends on Pacira being more than a revenue-stable franchise; it must convert gross profit into durable earnings power.
Watch: Pacira has to maintain or raise sales-force spending to defend EXPAREL against generic or branded competition, preventing operating leverage.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating income improved from a loss of $73.4 million in FY2024 to income of $19.2 million in FY2025.
Open source ↗Pacira’s balance-sheet flexibility remains sufficient to defend the franchise, fund portfolio development, and absorb legal or competitive shocks without forcing distressed financing.StrengtheningMateriality: Medium
Total liabilities declined from $906.2 million at FY2022 year-end to $571.8 million at FY2025 year-end. A specialty-pharma company facing patent and pricing risk needs liquidity; if the balance sheet tightens, management’s strategic options shrink and equity risk rises.
Watch: A debt refinancing, acquisition, or litigation settlement materially increases leverage or consumes cash.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities declined from $906.2 million at FY2022 year-end to $571.8 million at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
Surgeon, anesthesiologist, hospital, and ASC workflows continue to value EXPAREL-led opioid-sparing pain control enough to keep Pacira’s portfolio in use rather than reverting to cheaper local anesthetics or competing regimens. If the workflow advantage holds, Pacira can keep converting procedure volume into revenue; if it fails, the franchise becomes vulnerable to rapid formulary-driven erosion.
Pacira’s drug-delivery know-how, manufacturing execution, and specialty commercial positioning continue to support high gross economics despite price-sensitive hospital buyers and potential generic substitution. The investment case depends less on explosive revenue growth than on whether existing product sales remain high-margin; gross-margin erosion would weaken cash generation before revenue necessarily collapses.
Pacira’s commercial platform remains capable of turning the pain portfolio into operating cash even when GAAP earnings are pressured by spending, litigation, amortization, or other specialty-pharma costs. If cash conversion holds, the company has time to defend the franchise and invest in extensions; if cash flow rolls over, the balance-sheet and capital-allocation risk rises quickly.
The business must prove that recent revenue growth can flow through to sustained GAAP operating income rather than being consumed by commercial spending, litigation, restructuring, or portfolio support costs. Shareholder value depends on Pacira being more than a revenue-stable franchise; it must convert gross profit into durable earnings power.
Pacira’s balance-sheet flexibility remains sufficient to defend the franchise, fund portfolio development, and absorb legal or competitive shocks without forcing distressed financing. A specialty-pharma company facing patent and pricing risk needs liquidity; if the balance sheet tightens, management’s strategic options shrink and equity risk rises.
All standing thesis claims
Original report summary
Pacira is a cash-generative pain-management franchise whose upside depends on proving that EXPAREL-led opioid-sparing protocols can withstand generic, formulary, and pricing pressure while management restores operating leverage.
BULL CASE / BEAR CASE
Bull case and bear case for Pacira BioSciences
Where the evidence on Pacira BioSciences stands: Holding on the latest evidence (Nov 7, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
Surgeon, anesthesiologist, hospital, and ASC workflows continue to value EXPAREL-led opioid-sparing pain control enough to keep Pacira’s portfolio in use rather than reverting to cheaper local anesthetics or competing regimens.
Pacira’s drug-delivery know-how, manufacturing execution, and specialty commercial positioning continue to support high gross economics despite price-sensitive hospital buyers and potential generic substitution.
Pacira’s commercial platform remains capable of turning the pain portfolio into operating cash even when GAAP earnings are pressured by spending, litigation, amortization, or other specialty-pharma costs.
The business must prove that recent revenue growth can flow through to sustained GAAP operating income rather than being consumed by commercial spending, litigation, restructuring, or portfolio support costs.
Pacira’s balance-sheet flexibility remains sufficient to defend the franchise, fund portfolio development, and absorb legal or competitive shocks without forcing distressed financing.
Bear case: what would count against it
Hospital pharmacy and therapeutics committees or ASC purchasing groups remove EXPAREL from preferred protocols after judging plain bupivacaine, nerve blocks, or multimodal analgesia sufficient.
An FDA-approved generic liposomal bupivacaine or ANDA filer obtains scale supply and undercuts EXPAREL pricing at major hospital systems.
Management increases selling, litigation, launch, or lifecycle-management spending faster than product demand can absorb.
Thesis-Break Engine
What has broken in Pacira BioSciences’s thesis
Each break OptimistFi flagged on Pacira BioSciences, dated — with what has historically followed the same kind of break across the market, not a forecast for Pacira BioSciences.
- Analyst downgradecondition set before this filing
Across all companies, this kind of break has happened 12,641 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDRegulation FD disclosure.
Pacira BioSciences filed an SEC 8-K on 2026-11-05: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MIXEDEntered a material definitive agreement.
Pacira BioSciences filed an SEC 8-K on 2026-10-08: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MIXEDReported results of operations (earnings release).
Pacira BioSciences filed an SEC 8-K on 2026-08-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- Hospital pharmacy and therapeutics committees or ASC purchasing groups remove EXPAREL from preferred protocols after judging plain bupivacaine, nerve blocks, or multimodal analgesia sufficient.
- An FDA-approved generic liposomal bupivacaine or ANDA filer obtains scale supply and undercuts EXPAREL pricing at major hospital systems.
- Management increases selling, litigation, launch, or lifecycle-management spending faster than product demand can absorb.
- Pacira has to maintain or raise sales-force spending to defend EXPAREL against generic or branded competition, preventing operating leverage.
- A debt refinancing, acquisition, or litigation settlement materially increases leverage or consumes cash.
PCRX news
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FINANCIAL STATEMENTS
PCRX income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
PCRX: quick answers
- When does Pacira BioSciences (PCRX) report earnings next?
- Pacira BioSciences's next results were projected for November 5, 2026, from the dates of its own results filings with the SEC, and it has not filed them yet. It last reported on August 4, 2026. Earnings calendar
- What is PCRX's short interest?
- As of October 30, 2026, 3.3M PCRX shares were sold short, down 21.4% from the count before. At the stock's average daily volume that is 3.9 days to cover. FINRA publishes the count twice a month. PCRX short interest history
- Have members of Congress traded PCRX?
- 11 trades in PCRX have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed PCRX trade