Key Highlights

● Second-quarter revenue rose 6% to $192.4 million, with EXPAREL sales of $147.8 million.

● Pacira sold iovera to Zimmer Biomet, with up to $70 million in milestones possible.

● 2026 revenue guidance was lowered to $735 million to $760 million after the sale.

● PCRX-201 topline Phase 2 data are expected by the end of 2026.

Two late-stage readouts matter most for Pacira BioSciences (NASDAQ:PCRX) after it sold its iovera business: topline data from the Phase 2 ASCEND study of PCRX-201 in knee osteoarthritis, which management expects by the end of 2026, and the shoulder osteoarthritis study of ZILRETTA, which was due to report later this year according to the company's first-quarter release.

The second-quarter picture

Pacira, a Nasdaq-listed pain-management company, reported second-quarter 2026 results on August 4, 2026. Total revenues under US GAAP were $192.4 million, up 6% from $181.1 million a year earlier. EXPAREL net product sales were $147.8 million, up 3%. ZILRETTA sales were $32.6 million, up 4%, and iovera sales were $6.8 million, up 22%.

GAAP net income was $4.7 million, or $0.12 per share. The company's non-GAAP measures look quite different: non-GAAP earnings were $29.5 million, or $0.73 per diluted share, and adjusted EBITDA was $48.7 million. Non-GAAP figures exclude items such as stock-based compensation and amortization, so they are not directly comparable with GAAP results or with other companies' adjusted numbers.

Why iovera matters

On July 31, 2026 Pacira divested iovera to Zimmer Biomet (NYSE:ZBH). The company may receive up to $70 million in revenue-based milestone payments through December 31, 2031. It also said it will collaborate with Zimmer Biomet on iovera's spasticity program, and may receive further compensation if a registrational study succeeds and regulators approve the indication. No timing was given.

The sale narrows Pacira's focus to EXPAREL, ZILRETTA and its gene therapy candidate, while removing a fast-growing but small product line from its revenue base.

Guidance

First-quarter revenue was $177.4 million, so second-quarter revenue was higher sequentially, although procedure volumes can vary between quarters. Because of the divestiture, Pacira lowered its 2026 total revenue guidance to $735 million to $760 million from $745 million to $770 million. It also trimmed its non-GAAP selling, general and administrative expense range to $310 million to $330 million. EXPAREL net product sales guidance of $600 million to $620 million, non-GAAP gross margin of 77% to 79% and non-GAAP research and development of $105 million to $115 million were reiterated. These are management forecasts, not reported results.

The pipeline milestones

PCRX-201 is an investigational gene therapy for knee osteoarthritis. Enrollment in Part A of the Phase 2 ASCEND study concluded in June 2026, with topline data expected by the end of 2026. Part B enrollment is under way after a new commercial manufacturing process was implemented. A Phase 1 paper has been accepted by Annals of the Rheumatic Diseases, though no publication date was given. Part A data will be an early signal only, and later studies would still be needed before any filing.

The first-quarter release, dated April 30, 2026, said the Phase 3 shoulder osteoarthritis trial of ZILRETTA had completed enrollment and that topline results were expected later in 2026. ZILRETTA's current label covers knee osteoarthritis pain only, so a positive result could broaden it.

Balance sheet and risks

Cash, cash equivalents and available-for-sale investments totaled $251.0 million at June 30, 2026. The second-quarter release did not report share repurchases. In the first quarter, Pacira bought about 2.2 million shares for $50.0 million, at an average of $22.28, leaving $100.0 million under an authorization that expires on December 31, 2026. The releases mention no dividend.

Risks include clinical failure, regulatory delay, competition from non-opioid and generic alternatives, and dependence on EXPAREL. Gene therapy also carries manufacturing and safety uncertainty.