Revenue growth remains inconsistent, and operating margins have contracted significantly from 18.3% in 2023Q4 to 3.9% in 2026Q1 due to rising SG&A expenses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 734.86M | 726.41M | 700.97M | 674.98M | 666.82M | 541.53M | 429.65M | 421.03M | 337.28M | 286.63M | 276.37M | 249M | 197.67M | 85.55M | 39.08M | 15.69M | 14.56M | 15.01M | 13.93M |
| Revenue Growth % | 4.57% | 3.63% | 3.85% | 1.22% | 23.14% | 26.04% | 2.05% | 24.83% | 17.67% | 3.71% | 10.99% | 25.97% | 131.05% | 118.89% | 149.12% | 7.74% | -2.96% | 7.76% | - |
| Cost of Goods Sold | 115.44M | 149.75M | 170.43M | 184.67M | 199.29M | 140.25M | 117.33M | 106.71M | 86.84M | 87.92M | 110.1M | 71.84M | 77.44M | 54.77M | 32.14M | 16.74M | 12.28M | 12.3M | 17.46M |
| COGS % of Revenue | - | 20.61% | 24.31% | 27.36% | 29.89% | 25.9% | 27.31% | 25.35% | 25.75% | 30.67% | 39.84% | 28.85% | 39.18% | 64.02% | 82.23% | 106.69% | 84.3% | 81.97% | 125.41% |
| Gross Profit | 442.05M | 576.66M | 530.54M | 490.31M | 467.53M | 401.28M | 312.32M | 314.31M | 250.43M | 198.72M | 166.27M | 177.16M | 120.23M | 30.78M | 6.95M | -1.05M | 2.29M | 2.71M | -3.54M |
| Gross Margin % | 60.15% | 79.39% | 75.69% | 72.64% | 70.11% | 74.1% | 72.69% | 74.65% | 74.25% | 69.33% | 60.16% | 71.15% | 60.82% | 35.98% | 17.77% | -6.69% | 15.7% | 18.03% | -25.41% |
| Gross Profit Growth % | - | 8.69% | 8.2% | 4.87% | 16.51% | 28.48% | -0.63% | 25.51% | 26.03% | 19.52% | -6.15% | 47.35% | 290.62% | 343.18% | 761.43% | -145.93% | -15.49% | 176.46% | - |
| Operating Expenses | 594.47M | 543.36M | 603.91M | 402.63M | 407.5M | 311.35M | 265.97M | 303.83M | 232.95M | 218.78M | 198.29M | 167.71M | 125.39M | 84.07M | 56.24M | 35.03M | 24.66M | 31.25M | 41.83M |
| OpEx % of Revenue | - | 74.8% | 86.15% | 59.65% | 61.11% | 57.49% | 61.9% | 72.17% | 69.07% | 76.33% | 71.75% | 67.35% | 63.44% | 98.27% | 143.9% | 223.29% | 169.33% | 208.27% | 300.36% |
| Selling, General & Admin | 375.93M | 368.76M | 294.1M | 269.44M | 254.52M | 199.34M | 193.52M | 200.78M | 177.26M | 161.49M | 152.61M | 139.04M | 106.66M | 62.51M | 46.31M | 20.16M | 6.03M | 5.02M | 8.61M |
| SG&A % of Revenue | - | 50.76% | 41.96% | 39.92% | 38.17% | 36.81% | 45.04% | 47.69% | 52.56% | 56.34% | 55.22% | 55.84% | 53.96% | 73.07% | 118.48% | 128.49% | 41.41% | 33.45% | 61.84% |
| Research & Development | 119.69M | 117.31M | 81.58M | 76.26M | 84.8M | 55.55M | 59.42M | 72.12M | 55.69M | 57.29M | 45.68M | 28.66M | 18.73M | 21.56M | 9.94M | 14.87M | 18.63M | 26.23M | 33.21M |
| R&D % of Revenue | - | 16.15% | 11.64% | 11.3% | 12.72% | 10.26% | 13.83% | 17.13% | 16.51% | 19.99% | 16.53% | 11.51% | 9.48% | 25.2% | 25.42% | 94.8% | 127.92% | 174.82% | 238.52% |
| Other Operating Expenses | 4M | 57.29M | 228.23M | 56.94M | 68.19M | 56.46M | 13.03M | 30.93M | -888K | 167K | -82K | -165K | -159K | -47K | -111K | 0 | 0 | 0 | 0 |
| Operating Income | 24.95M | 33.3M | -73.37M | 87.67M | 60.02M | 89.92M | 46.35M | 10.48M | 15.91M | -24.94M | -32.02M | 9.46M | -5.17M | -53.29M | -49.3M | -39.1M | -22.37M | -28.55M | -45.36M |
| Operating Margin % | 3.4% | 4.58% | -10.47% | 12.99% | 9% | 16.61% | 10.79% | 2.49% | 4.72% | -8.7% | -11.59% | 3.8% | -2.61% | -62.29% | -126.13% | -249.23% | -153.63% | -190.24% | -325.77% |
| Operating Income Growth % | - | 145.39% | -183.69% | 46.07% | -33.25% | 94.01% | 342.27% | -34.15% | 163.82% | 22.13% | -438.7% | 283.06% | 90.31% | -8.1% | -26.08% | -74.78% | 21.63% | 37.07% | - |
| EBITDA | 94.81M | 124.33M | 5.41M | 163.25M | 151.53M | 118.47M | 66.26M | 30.06M | 29.08M | -11.1M | -19.11M | 20.93M | 4.87M | -47.54M | -43.65M | -34.79M | -18.12M | -24.12M | -41.53M |
| EBITDA Margin % | 12.9% | 17.12% | 0.77% | 24.19% | 22.72% | 21.88% | 15.42% | 7.14% | 8.62% | -3.87% | -6.91% | 8.41% | 2.46% | -55.57% | -111.68% | -221.73% | -124.43% | -160.71% | -298.25% |
| EBITDA Growth % | 3192.27% | 2196.38% | -96.68% | 7.74% | 27.9% | 78.8% | 120.45% | 3.36% | 361.89% | 41.88% | -191.28% | 329.77% | 110.24% | -8.92% | -25.48% | -91.98% | 24.86% | 41.93% | - |
| D&A (Non-Cash Add-back) | 69.86M | 91.02M | 78.78M | 75.57M | 91.5M | 28.55M | 19.91M | 19.58M | 13.16M | 13.83M | 12.92M | 11.47M | 10.04M | 5.75M | 5.65M | 4.31M | 4.25M | 4.43M | 3.83M |
| EBIT | 19.04M | 31.48M | -49.67M | 79.01M | 48.88M | 85.4M | 43.6M | 11.17M | 19.89M | -25.8M | -31.39M | 9.46M | -5.88M | -56.48M | -50.47M | -38.55M | -22.26M | -28.55M | -45.36M |
| Net Interest Income | 4.12M | 8.13M | 3.12M | -5.87M | -31.03M | -28.1M | -21.04M | -16.25M | -15.45M | -13.97M | -5.74M | -7.05M | -7.9M | -6.99M | -1.53M | -4.53M | -3.81M | -3.53M | -3.25M |
| Interest Income | 17.77M | 22.73M | 19.69M | 11.44M | 4.54M | 896K | 4.63M | 7.38M | 6.5M | 4.08M | 1.32M | 678K | 382K | 259K | 275K | 255K | 146K | 77K | 235K |
| Interest Expense | 8.02M | 14.61M | 16.57M | 17.31M | 35.58M | 29M | 25.67M | 23.63M | 21.95M | 18.05M | 7.06M | 7.72M | 8.28M | 7.25M | 1.81M | 4.78M | 4.89M | 3.6M | 3.49M |
| Other Income/Expense | -11.79M | -16.43M | 10.27M | -25.97M | -46.72M | -33.52M | -26.26M | -21.23M | -16.34M | -17.53M | -5.82M | -7.33M | -8.38M | -11.06M | -2.98M | -4.23M | -4.78M | -3.16M | 3.5M |
| Pretax Income | 13.17M | 16.87M | -63.11M | 61.7M | 13.3M | 56.4M | 20.09M | -10.75M | -425K | -42.47M | -37.84M | 2.12M | -13.54M | -64.35M | -52.28M | -43.33M | -27.15M | -28.18M | -45.59M |
| Pretax Margin % | 1.79% | 2.32% | -9% | 9.14% | 1.99% | 10.42% | 4.68% | -2.55% | -0.13% | -14.82% | -13.69% | 0.85% | -6.85% | -75.22% | -133.77% | -276.17% | -186.44% | -187.8% | -327.38% |
| Income Tax | 3.86M | 9.84M | 36.45M | 19.75M | -2.61M | 14.42M | -125.43M | 268K | 46K | 140K | 105K | 264K | 173K | -442K | 0 | 0 | 0 | 3.16M | -3.5M |
| Effective Tax Rate % | 29.35% | 58.31% | -57.77% | 32% | -19.6% | 25.57% | -624.39% | -2.49% | -10.82% | -0.33% | -0.28% | 12.45% | -1.28% | 0.69% | 0% | 0% | 0% | -11.21% | 7.68% |
| Net Income | 9.3M | 7.03M | -99.56M | 41.95M | 15.91M | 41.98M | 145.52M | -11.02M | -471K | -42.61M | -37.95M | 1.86M | -13.72M | -63.91M | -52.28M | -43.33M | -27.15M | -31.71M | -41.86M |
| Net Margin % | 1.27% | 0.97% | -14.2% | 6.22% | 2.39% | 7.75% | 33.87% | -2.62% | -0.14% | -14.87% | -13.73% | 0.75% | -6.94% | -74.7% | -133.77% | -276.17% | -186.44% | -211.3% | -300.62% |
| Net Income Growth % | 108.97% | 107.07% | -337.3% | 163.72% | -62.1% | -71.15% | 1421.01% | -2238.85% | 98.89% | -12.28% | -2144.67% | 113.53% | 78.54% | -22.24% | -20.66% | -59.59% | 14.38% | 24.26% | - |
| Net Income (Continuing) | 9.3M | 7.03M | -99.56M | 41.95M | 15.91M | 41.98M | 145.52M | -11.02M | -471K | -42.61M | -37.95M | 1.86M | -13.72M | -63.91M | -52.28M | -43.33M | -27.15M | -31.71M | -41.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.23 | 0.16 | -2.15 | 0.89 | 0.34 | 0.92 | 3.33 | -0.27 | -0.01 | -1.07 | -1.02 | 0.04 | -0.39 | -1.93 | -1.72 | -2.64 | -1.58 | -55.32 | -79.23 |
| EPS Growth % | 105.26% | 107.44% | -341.57% | 161.76% | -63.04% | -72.37% | 1333.33% | -2247.83% | 98.93% | -4.9% | -2650% | 110.26% | 79.79% | -12.21% | 34.85% | -67.09% | 97.14% | 30.18% | - |
| EPS (Basic) | - | 0.16 | -2.15 | 0.91 | 0.35 | 0.95 | 3.41 | -0.27 | -0.01 | -1.07 | -1.02 | 0.05 | -0.39 | -1.93 | -1.72 | -2.64 | -1.58 | -55.32 | -79.23 |
| Diluted Shares Outstanding | 40.91M | 45.04M | 46.24M | 51.98M | 46.54M | 45.63M | 43.68M | 41.51M | 40.91M | 39.81M | 37.24M | 41.3M | 35.3M | 33.18M | 30.33M | 16.44M | 17.23M | 573.12K | 528.36K |
| Basic Shares Outstanding | 40.46M | 44.57M | 46.24M | 46.22M | 45.52M | 44.26M | 42.67M | 41.51M | 40.91M | 39.81M | 37.2M | 36.54M | 35.17M | 33.11M | 30.33M | 16.44M | 17.23M | 573.12K | 528.36K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Generic competition and reimbursement
As indicated by recent quarterly filings, Pacira BioSciences has experienced inconsistent top-line expansion, with revenue growth rates fluctuating between 1.1% and 6.5% over the last ten quarters, suggesting that the company's reliance on EXPAREL volume is struggling to overcome broader market saturation and site-of-care shifts.
The modest revenue growth appears to reflect a maturing product lifecycle where volume gains are increasingly offset by pricing pressures in the ASC channel. Investors should monitor whether the NOPAIN Act can effectively catalyze a re-acceleration in adoption or if the current growth trajectory remains tethered to the slow-moving elective surgery cycle.
According to historical income statement data, Pacira maintains robust gross margins consistently near 80%, yet this structural advantage is largely neutralized by high operating expenses, resulting in net margins that have frequently dipped into low single digits or negative territory over the observed period.
The disparity between high gross margins and thin net profitability suggests that the company's premium pricing power is being heavily eroded by the costs of maintaining a specialized sales force and ongoing clinical development. This configuration implies that the business model is highly sensitive to even minor fluctuations in operating efficiency or unexpected increases in SG&A.
Based on reported financial figures, Pacira has failed to demonstrate consistent operating leverage, as SG&A expenses have trended upward to $93.9M in 2026Q1, often outpacing gross profit growth and compressing operating margins to as low as 1.2% in recent quarters.
The inability to scale operating income alongside revenue suggests that the company's commercial infrastructure is currently oversized relative to its current growth rate. This lack of operating leverage warrants further investigation into whether management can optimize its sales force deployment or if the current cost structure is a permanent fixture of its competitive strategy.
As evidenced by the significant quarterly swings in net income, including a $143.5M loss in 2024Q3, the quality of Pacira's reported earnings appears compromised by non-operating items and high stock-based compensation, which averaged over $13M per quarter throughout the provided data set.
The frequent divergence between operating income and net income suggests that investors should focus on normalized earnings metrics rather than headline GAAP figures. The persistent level of stock-based compensation relative to net income may indicate a misalignment between shareholder returns and internal incentive structures.
Financial statements reveal that Pacira's operating margin has contracted from 18.3% in 2023Q4 to 3.9% in 2026Q1, a trend that supports the bearish argument that the company's monopoly-like pricing power is nearing an inflection point due to competitive and regulatory pressures.
Short-term observers may point to this margin compression as evidence that the company's moat is thinning as generic challengers and price-sensitive ASCs gain influence. If the company cannot reverse this trend, the current valuation may be predicated on growth assumptions that are increasingly disconnected from the underlying operational reality.
Quick answers to the most common questions about buying PCRX stock.
For fiscal year 2025, Pacira BioSciences, Inc. (PCRX) reported total revenue of $726.4M. This represents a 5116.6% increase compared to $13.9M in 2008.
Pacira BioSciences, Inc. (PCRX) is profitable, generating $7.0M in net income for the fiscal year ending 2025 with a net profit margin of 1.0%.
Pacira BioSciences, Inc. (PCRX) reported an operating income of $33.3M, resulting in an operating profit margin of 4.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Pacira BioSciences, Inc. (PCRX) generated $576.7M in gross profit for the year, representing a gross profit margin of 79.4%. This demonstrates the company's core pricing power and production efficiency.