Did Pacira BioSciences Miss Market Expectations in Q4 2025?

Pacira BioSciences (ticker: PCRX) unveiled preliminary Q4 2025 financial results that fell short of market projections, with total revenues reaching $196.9 million against the anticipated $199 million benchmark. The shortfall triggered a market reaction, with the stock sliding 9.6% following the announcement on Friday, signaling investor disappointment with the company’s quarterly performance.

Breaking Down Product Revenue Performance

The company generates revenue streams from three primary therapeutic offerings: Exparel, Zilretta, and iovera. Each product demonstrated distinct performance trajectories in the quarter.

Exparel’s Mixed Quarter

Exparel net product sales reached $155.8 million, representing a 5% year-over-year increase and marginally surpassing both the consensus estimate of $155 million and internal projections of $155.1 million. Despite a solid 7% volume expansion, the growth was tempered by unfavorable vial mix dynamics and introductory pricing concessions tied to a newly established group purchasing organization agreement.

This drug (bupivacaine liposome injectable suspension) targets patients six years and older, providing single-dose infiltration for postsurgical analgesia. The medication also addresses regional analgesia needs in adult patients through various nerve block applications—including interscalene brachial plexus nerve block, sciatic nerve block in the popliteal fossa, and femoral nerve block positioned in the adductor canal. Over the past six months, PCRX shares appreciated 0.9%, underperforming the broader biotech sector’s 21% advancement.

Zilretta’s Disappointing Results

Zilretta preliminary net product sales landed at $33 million, essentially unchanged year-over-year but disappointing relative to consensus expectations of $34.4 million and model estimates of $35.7 million. This extended-release intra-articular therapy targets osteoarthritis patients experiencing knee pain. Pacira’s 2021 acquisition of Flexion Therapeutics marked the inflection point for Zilretta revenue recognition within the company’s financial statements.

iovera’s Modest Growth

iovera net product sales climbed to $7 million, up 8% from the prior year quarter, though falling short of the $7.3 million consensus figure while matching internal models. This FDA-approved cryoneurolysis system represents a drug-free pain management alternative gaining market traction.

Ancillary revenue from bupivacaine liposome licensing arrangements totaled $1.1 million, compared to zero in the year-ago period.

Full-Year 2025 Revenue Trajectory

For the complete fiscal year 2025, Pacira BioSciences disclosed preliminary total revenues of $726.4 million, reflecting 4% year-over-year growth but disappointing against the $728.8 million consensus projection. The company intends to release comprehensive financial results alongside 2026 guidance during the first quarter of 2026.

Current Market Positioning

Pacira BioSciences carries a Zacks Rank #3 (Hold) designation. The biotech landscape includes higher-ranked alternatives such as Amicus Therapeutics (FOLD), CorMedix (CRMD), and Indivior (INDV), each holding Zacks Rank #1 (Strong Buy) status. These competitors have demonstrated varied earnings momentum and shareholder returns over recent trading periods.