Pacira BioSciences, Inc.

Pacira BioSciences sells medicines for pain management, principally EXPAREL for postsurgical pain and ZILRETTA for knee osteoarthritis pain. It remains publicly traded as PCRX while Viatris' proposed cash acquisition is pending.

September-quarter results

EXPAREL sales grew 2%, with a 2% rise in gross vial volume partly offset by the mix of products sold. Total revenue fell 2%. Pacira completed the iovera divestiture to Zimmer on July 31, 2026; it no longer recognizes that product's sales after closing, although related development services produced revenue in the quarter.

Quarterly net income included a $14.4 million gain from reducing contingent consideration as the sales forecast used for milestone payments fell, and a $6.6 million divestiture gain. Those items help explain why reported profit rose much faster than revenue.

Cash and borrowing at September 30

Operations generated $133.2 million of cash in the first nine months, compared with $108.3 million a year earlier. Pacira held $247.0 million of cash and equivalents and $48.6 million of short-term investments at September 30.

Debt had a net carrying value of $293.6 million, including $282.6 million for the 2.125% convertible notes due in May 2029 and $11.0 million drawn on the revolving facility. The notes' face amount was $287.5 million. Revolver borrowings fell from $91.0 million at the end of 2025.

The EXPAREL royalty appeal

Pacira received $28.3 million from the Research Development Foundation (RDF) in July 2025 following a favorable lower-court judgment: $23.1 million of royalties previously paid under protest and $5.2 million of statutory interest. Its November 5, 2026 quarterly report still described RDF's consolidated appeal as pending.

In a November 12 filing, Pacira reported that the Ninth Circuit had reversed the judgment in part on November 6. According to that disclosure, Pacira owes royalties on EXPAREL manufactured with its 200-liter process, with the district court directed to enter judgment for RDF on that claim. The district court must separately recalculate interest RDF owes Pacira on the 45-liter portion.

The update does not quantify the new liability or say that the entire previous cash receipt must be repaid. EXPAREL represents about 81% of quarterly revenue, but the filing does not identify the portion made with the affected process.

The latest quarterly report says Pacira decommissioned its 45-liter EXPAREL suite in San Diego in 2025 and continued operating its 200-liter suite at the same facility. That connects the affected process to the current production network.

The Viatris transaction and outlook

Viatris agreed on October 8, 2026 to acquire Pacira for $36.50 per share in cash, an announced equity value of $1.65 billion. The tender offer began October 30. The latest November 12 tender amendments continue to state the same cash price, subject to the agreement's terms and conditions; the purchase remains pending.

Pacira withdrew its 2026 financial guidance on November 5 and said it would not issue further guidance updates while the transaction is pending. It also did not issue a third-quarter earnings release or hold a results call because of the proposed acquisition. The reported quarter is available in its 10-Q.

Read our analysis of the partial royalty reversal and pending acquisition.