At a glance
Pacira BioSciences, Inc. is worth $1.45B, about 227 times its fiscal 2025 earnings. Revenue grew 3.6% to $726.4M in fiscal 2025, with 1.0% kept as profit; over 5 years it has grown 11.1% a year. It pays no dividend; it spent $173.3M buying back its shares over FY2021–FY2025. The stock returned +70.4% over the past year with dividends reinvested and −6.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.0% in the 2020 crash (S&P 500: 33.7%) and 37.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Pacira BioSciences, based in Brisbane, California, makes three non-opioid pain treatments. EXPAREL is a long-acting numbing drug that doctors inject to control pain after surgery. It wraps the anesthetic bupivacaine in Pacira's delivery technology so the drug releases slowly. ZILRETTA, gained with the November 2021 purchase of Flexion Therapeutics, is an extended-release steroid shot for knee osteoarthritis (wear-and-tear arthritis) pain. iovera° is a handheld device that applies controlled cold to a nerve, blocking pain for months without a drug.
Its customers are hospitals and ambulatory surgery centers (ASCs, clinics for same-day surgery), supplied through wholesalers and distributors. A hospital's pharmacy committee usually must add EXPAREL to its approved drug list, called a formulary, before it can be used, and insurers and Medicare decide what gets paid. In fiscal 2025, which ended December 31, 2025, revenue was $726.4 million. EXPAREL supplied 79%, ZILRETTA 16% and iovera° about 3%; royalties and other sales made up the rest.
Pacira's lead experimental treatment, PCRX-201, a gene therapy injected into the knee for osteoarthritis, was in Phase 2 trials, the middle stage of human testing, as of its February 2026 annual report. Under its 5x30 plan, launched in January 2025, Pacira aims by 2030 to reach more than three million patients a year, up from 2.5 million in 2025.
Price history
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PCRX +70.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| EXPAREL | $575.1M | 79.2% |
| ZILRETTA | $116.6M | 16.1% |
| iovera° | $24.2M | 3.3% |
| Bupivacaine liposome injectable suspension | $6.9M | 1% |
| Royalty revenue | $3.6M | 0.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $192.4M, up 6.2% from a year earlier, and net income was $4.7M.
- For fiscal 2025, revenue was $726.4M (+3.6% year over year; +11.1% a year from FY2020 to FY2025) with a 1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.1% good |
|---|---|
| Operating margin | 2.6% weak |
| Free cash flow margin | 18.8% good |
| Return on equity (FY2025) | 1% weak |
| Return on assets (FY2025) | 0.6% weak |
| Net cash (cash minus debt) | $-112.1M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $429.6M | $145.5M | $39.2M |
| FY2021 | $541.5M | $42.0M | $79.9M |
| FY2022 | $666.8M | $15.9M | $115.2M |
| FY2023 | $675.0M | $42.0M | $139.5M |
| FY2024 | $701.0M | $-99.6M | $178.8M |
| FY2025 | $726.4M | $7.0M | $136.7M |
Valuation snapshot
| Market value | $1.45B |
|---|---|
| P/E ratio | 227.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Pacira BioSciences’s market value went from $1.21B at the end of 2016 to $1.45B on Oct 28, 2026, up 20%; since the end of 2025 it is up 30%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.45B | +30.3% |
| 2025 | $1.11B | +28.0% |
| 2024 | $869.9M | -44.5% |
| 2023 | $1.57B | -11.6% |
| 2022 | $1.77B | -33.9% |
| 2021 | $2.68B | +3.1% |
| 2020 | $2.60B | +37.5% |
| 2019 | $1.89B | +6.9% |
| 2018 | $1.77B | -4.5% |
| 2017 | $1.85B | +53.3% |
| 2016 | $1.21B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PCRX price data to Oct 28, 2026 | +40.6% | +70.4% | +9.7% | -6.9% | +0.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +40.6% |
| 2025 | +37.4% |
| 2024 | -44.2% |
| 2023 | -12.6% |
| 2022 | -35.8% |
| 2021 | +0.6% |
| 2020 | +32.1% |
| 2019 | +5.3% |
| 2018 | -5.8% |
| 2017 | +41.3% |
| 2016 | -57.9% |
| 2015 | -13.4% |
| 2014 | +54.2% |
| 2013 | +229.1% |
| 2012 | +102.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44% over that stretch · deepest drop along the way 44%, back to its old high 3.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.6% over that stretch · deepest drop along the way 37.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 11 sales ($1.5M), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 23, 2026 | Shawn Cross Chief Financial Officer | sell (plan) | $326K |
| Jun 4, 2026 | Kristen Williams Chief Administrative Officer | sell (plan) | $228K |
| Oct 8, 2026 | Lauren Riker Senior Vice President, Finance | sell (plan) | $218K |
| Apr 20, 2026 | Shawn Cross Chief Financial Officer | sell (plan) | $194K |
| Jun 11, 2026 | Lauren Riker Senior Vice President, Finance | sell (plan) | $144K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.2% | Mar 31, 2025 |
| Vanguard Portfolio Management | 6.38% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 5.1% | Mar 31, 2026 |
| Renaissance Technologies LLC | 4.98% | Jul 1, 2025 |
| Vanguard Capital Management | 4.82% | Sep 30, 2026 |
| Pacer US Small Cap Cash Cows ETF | 1.28% | Mar 31, 2025 |
| Millennium Management LLC | 0.7% | Mar 31, 2025 |
ETFs with the most weight in PCRX
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 3.45% |
| XPH SPDR S&P Pharmaceuticals ETF | 3.37% |
| PJP Invesco Pharmaceuticals ETF | 3.3% |
| PINK Simplify Health Care ETF | 3.17% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 1.27% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.75% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.7% |
| IHE iShares U.S. Pharmaceuticals ETF | 0.59% |
What could go wrong
- One drug brings in most of the revenue. EXPAREL supplied 79% of revenue in fiscal 2025 and ZILRETTA another 16%. Any setback for EXPAREL, from new competition, pricing pressure or a supply problem, would hit results hard because little else offsets it.
- Patent protection may not keep rivals out. Pacira's 2025 annual report describes a lawsuit against WhiteOak and Qilu to defend its patents. ZILRETTA's patents cover specific formulations, not the steroid itself, and all patents eventually expire, which can let competitors in.
- Depends on hospital approval and insurer payment. Hospital pharmacy committees must approve EXPAREL, and budget-minded pharmacists may restrict its use. If insurers or Medicare cut coverage, or hospitals and surgery centers pick cheaper alternatives, sales would suffer.
- Manufacturing problems could cut off supply. Pacira's products are complex to make under strict FDA quality rules, and it co-produces with Thermo Fisher. A plant problem or supply-chain disruption could leave customers short and cost sales.
- More debt than cash. As of June 30, 2026, debt was $363.1 million against $251.0 million in cash and investments. Loan terms restrict the company, and it may need cash to settle or repurchase its 2029 convertible notes.
- Pipeline bets may not pay off. Growth plans lean on new products such as PCRX-201, a knee gene therapy in Phase 2 testing. Clinical trials are costly with uncertain outcomes, and failed research or acquisitions could hurt earnings.
Recent events
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
Pacira pays no dividend, and its annual report says none is planned for the foreseeable future. For an income investor, any cash from the stock would have to come from trimming the holding. Rather than dividends, the company has repurchased shares (buybacks): $148.3 million in fiscal 2025, more than its $136.7 million of free cash flow (cash left after running and investing in the business), and $25.0 million in fiscal 2024. Shares outstanding fell 10.5% between October 2021 and August 2026. The annual report warns buybacks may not add value and can reduce financial flexibility.
The share price fell 44% in the 2020 COVID crash but recovered within about three months, by June 2020. In 2022 it dropped 37% from its April peak to September and had not regained that peak as of October 28, 2026. The deepest fall in its price history was 90%. A single stock like this carries far more risk than a diversified fund.
Questions investors ask
How does Pacira BioSciences make money?
Pacira makes money from three non-opioid pain treatments used by hospitals and ambulatory surgery centers. EXPAREL, a long-acting numbing drug for pain after surgery, brought in $575.1 million in fiscal 2025, or 79% of total revenue of $726.4 million. ZILRETTA, an extended-release steroid shot for knee osteoarthritis pain, added $116.6 million, or 16%. The iovera° nerve-cooling device added $24.2 million. Royalties and other bupivacaine liposome sales made up the small remainder.
Does Pacira BioSciences pay a dividend?
No. Pacira paid no dividends from fiscal 2021 through fiscal 2025, and its annual report says it does not intend to pay any for the foreseeable future. It has returned cash through share buybacks instead, repurchasing $148.3 million of stock in fiscal 2025 and $173.3 million over those five years. Shares outstanding fell 10.5% between October 2021 and August 2026. Investors who rely on portfolio income would receive none from this stock.
Is Pacira BioSciences profitable?
Only barely, based on reported earnings. In fiscal 2025, Pacira earned $7.0 million on revenue of $726.4 million, a 1% net margin and $0.16 per diluted share. That followed a $99.6 million loss in fiscal 2024. Cash generation looks stronger: free cash flow was $136.7 million in fiscal 2025. Because earnings are so thin, the price-to-earnings ratio (share price divided by earnings per share) was about 227 as of October 28, 2026.
How much debt does Pacira have?
As of June 30, 2026, Pacira had $363.1 million of debt and $251.0 million in cash and investments, so debt exceeded cash by about $112.1 million. Borrowings include a loan under a credit agreement and convertible notes due 2029, which are bonds that can be exchanged for shares. The annual report warns that loan terms restrict the company and that it may struggle to raise cash to settle conversions or repurchase the notes in some situations.
How has Pacira stock performed?
Mixed: strong over the past year, weak over five. As of October 28, 2026, the share price was up 70.4% over one year but down an average of 6.9% a year over five years, a 30% cumulative loss. Over ten years it averaged 0.9% a year. Swings are large: the stock fell 44.2% in 2024, rose 37.4% in 2025 and was up 40.6% for 2026 through that date. Pacira pays no dividend, so price is the whole return.