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PCRX | November 2025 3Q25 Earnings Presentation
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2Better is possible. Forward-looking statements and where to find additional information Any statements in this presentation about Pacira’s future expectations, plans, trends, outlook, projections and prospects, and other statements containing the words “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” “will,” “would,” and similar expressions, constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995, including, without limitation, statements related to: '5x30', our growth and business strategy, our future outlook, our intellectual property and patent terms, our growth and future operating results and trends, our plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, including our plans with respect to the repayment of our indebtedness, anticipated product portfolio, development programs, development of products, strategic alliances, plans with respect to the Non-Opioids Prevent Addiction in the Nation (“NOPAIN”) Act, the expected cost savings and benefits of the July 2025 reduction in force and other statements that are not historical facts. For this purpose, any statement that is not a statement of historical fact should be considered a forward-looking statement. We cannot assure you that our estimates, assumptions and expectations will prove to have been correct. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to, among others: the failure to realize the anticipated benefits and synergies from the acquisition of GQ Bio Therapeutics GmbH; risks associated with acquisitions, such as the risk that the businesses will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected benefits of the transaction will not occur; our manufacturing and supply chain, global and U.S. economic conditions (including inflation and rising interest rates), and our business, including our revenues, financial condition, cash flow and results of operations; the success of our sales and manufacturing efforts in support of the commercialization of EXPAREL, ZILRETTA and iovera°; the rate and degree of market acceptance of EXPAREL, ZILRETTA and iovera°; the size and growth of the potential markets for EXPAREL, ZILRETTA and iovera° and our ability to serve those markets; our plans to expand the use of EXPAREL, ZILRETTA and iovera° to additional indications and opportunities, and the timing and success of any related clinical trials for EXPAREL, ZILRETTA and iovera°; the commercial success of EXPAREL, ZILRETTA and iovera°; the related timing and success of U.S. Food and Drug Administration supplemental New Drug Applications and premarket notification 510(k)s; the related timing and success of European Medicines Agency Marketing Authorization Applications; our plans to evaluate, develop and pursue additional product candidates utilizing our proprietary multivesicular liposome (“pMVL”) drug delivery technology; the approval of the commercialization of our products in other jurisdictions; clinical trials in support of an existing or potential pMVL-based product; our commercialization and marketing capabilities; our ability to successfully complete capital projects; the outcome of any litigation; the recoverability of our deferred tax assets; assumptions associated with contingent consideration payments; assumptions used for estimated future cash flows associated with determining the fair value of the Company; the anticipated funding or benefits of our share repurchase program; and factors discussed in the “Risk Factors” of our most recent Annual Report on Form 10-K and in other filings that we periodically make with the Securities and Exchange Commission (the “SEC”). In addition, the forward-looking statements included in this presentation represent our views as of the date of this presentation. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements, and as such we anticipate that subsequent events and developments will cause our views to change. Except as required by applicable law, we undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and readers should not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation.
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3Better is possible. We are transitioning into an innovative biopharmaceutical organization and intend to become the therapeutic area leader in musculoskeletal pain and adjacencies ACCELERATING GROWTH IN BASE BUSINESS ADVANCING PIPELINE VALUE 1 2 3 4 5 More than 3 million patients treated per year Double-digit compounded annual growth rate 5-percentage point gross margin improvement over 2024 Clinical pipeline expansion with 5 novel programs in development Establishing 5 partnerships including pipeline and commercial agreements
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4Better is possible. 4 Patients: More than 3 million patients treated per year 2022 2023 2024 2025 2026 2027 2028 2029 2030 >3M ACCELERATING GROWTH IN BASE BUSINESS 2.2M 2.3M 2.4M ~2.6M 2025 2030
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5Better is possible. $675M $701M 5 Product revenue: Double-digit compounded annual growth rate ACCELERATING GROWTH IN BASE BUSINESS $725M- $735M 3% 6% 9% 1Q 2Q 3Q 2025 YoY EXPAREL volume growth 3Q Highest volume growth in >3 years ~2.6% CAGR >10% CAGR 2023 2024 2025 2030 >$1.1B
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6Better is possible. 76% Profitability: 5-percentage point gross margin improvement over 2024 80-82% ACCELERATING GROWTH IN BASE BUSINESS ≥ 81% Favorable gross margins support 2nd increase in guidance 75% 80% 85% 76-78% Feb ‘25 78-80% 80-82% Aug ‘25 78% 82% Nov ‘25 6 3Q253Q24 2024 2025 2030
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7Better is possible. 7 Pipeline: Clinical pipeline expansion with 5 novel programs in development ADVANCING PIPELINE VALUE Product candidate Target Clinical development stage Next clinical milestonePreclinical P1 P2 P3 1 PCRX-201 Knee OA Phase 2 Part B enrollment begins (Mid 2026) 2 AMT-143 Postsurgical pain Phase 2 program launch (2026) 1 PCRX-1003 Degenerative disc disease 2 PCRX-1002 Dry eye disease 3 PCRX-1001 Canine OA
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8Better is possible. 8 Partnerships: Establishing 5 partnerships including pipeline and commercial agreements ADVANCING PIPELINE VALUE Partner Product Region Year 1 U.S. 2025
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9Better is possible. Improving trends within commercial portfolio Rising momentum from strong execution expanding and GPO’s and performance-based contracting growing user base On-track to surpass FY goal of 100M covered lives across commercial and government payers Significantly expanding reach through with J&J MedTech J&J team trained and active resulting from dedicated sales force and other commercial investments Two new key programs to expand utilization • Patient support HUB & co-pay assistance • Performance-based agreements with top customers Growing uplift from medial branch launch Improving reimbursement from NOPAIN Ramping up reimbursement training & launching additional customer-facing materials around new patient services hub
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10Better is possible. Becoming the therapeutic area leader in musculoskeletal pain and adjacencies Advancing an innovative pipeline PCRX-201 (enekinragene inzadenovec) in Part A of P2 ASCEND study – 3-year follow-up data presented at ACR in October • Data demonstrated sustained efficacy with improvements in pain, stiffness and function for up to 3 years • Efficacy observed through all structural severity subgroups • Pre-existing neutralizing antibodies had no effect on efficacy or safety – potential for re-dosing Clinical Preclinical In-licensing of AMT-143, a novel, long-acting formulation of Ropivacaine • Leverages our deep expertise in long-acting, locally administered pain therapeutics • Highly complementary to EXPAREL, allowing us to serve broader range of patients and customers • Easily administered • P1 study demonstrated sustained release through 14 days • Validated MOA provides attractive risk and product profile • Expect to initiate P2 in 2026; commercialization would begin within 5x30 timeframe • Potential to be meaningfully accretive to cashflows and earnings due to strong commercial synergies Prioritizing three HCAd-based programs with disease-modifying potential in painful conditions of high unmet need • | Degenerative Disc Disease Addressing a major cause of chronic back pain with few currently available effective therapies • | Dry Eye Disease Widespread condition where current treatments offer only temporary relief • | Canine Osteoarthritis Strong out-licensing potential for a large market lacking durable solutions
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11Better is possible. Product Target 2025 2026 2027+ Innovative Pipeline PCRX-201 Knee OA Commercial Base Pediatric 0 to <6 Shoulder OA Spasticity Knee OA Key data catalysts expected to begin in 2026 PK/Safety Clinical Trial Registrational Clinical Trial Registrational Clinical Trial 2026: Phase 3 interim analysis 2026: Phase 3 interim analysis Abbreviations: PK, pharmacokinetics; IGOR, Innovations in Genicular Outcomes Registry. Phase 2 ASCEND Clinical Trial: Part A Phase 2 ASCEND Clinical Trial: Part B 2026: Phase 2 Part A topline IGOR | Capturing real-world data spanning the patient treatment journey in knee OA
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12Better is possible. EXPAREL franchise well protected from multiple directions A great deal has changed since the first generic filer Claiming composition of EXPAREL produced by our enhanced large-scale manufacturing processes in Swindon, UK and San Diego, CA Erucic acid family IVRA family • Result of EXPAREL made via enhanced, large-scale batch process in Swindon, UK – approved in 2021 • Process demonstrated improved lipid degradation as measured by the byproduct of erucic acid at 6 months • Provide exclusivity runway to January 2041 • Team continues to innovate with additional patents forthcoming • Result of EXPAREL made via enhanced, large-scale batch process in San Diego, CA – approved in 2024 • Process demonstrated a more consistent and stable multivesicular liposome as measured by our vitro release assay (IVRA) • Results unexpected therefore patentable invention • Provide exclusivity runway to July 2044 • Distinct profile – erucic acid levels not a release specification, whereas every commercial batch of EXPAREL has to pass IVRA stability testing, resulting in much stronger, larger data set supporting IVRA family ANY generic challenger needs to overcome every patent, manufacture at commercial scale, establish bioequivalence AND secure FDA approval 14 4
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13Better is possible. Strong progress across three key commercial priorities 13
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14Better is possible. Market Access 14 >100M total covered lives expected across both commercial and government payers by year end of EXPAREL business has contracted pricing through GPOs or individual agreements Abbreviations: YoY, year-over-year; GPO, Group Purchasing Organization. ~90M total covered lives across both commercial and government payers as of 3Q25 5% 10% 15% 2Q25 3Q25 Contracted business YoY volume growth 3Q25 Top 5 states account for 3Q YoY volume growth of collectively in these markets TX FL CA NJ NC 1Q 2Q 3Q
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15Better is possible. 6Awareness 15 Rolled out several targeted digital pilot programs in 1H25 to advance patient and physician awareness and engagement across both consumer and healthcare provider platforms since launch Website traffic up
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16Better is possible. Utilization 16Abbreviations: YoY, year-over-year; ASCs, Ambulatory Surgical Centers. YoY Volume Growth ASCs More streamlined decision-making in ASCs and community hospitals, enabling faster adoption 0% 5% 10% 15% 20% 25% 30% 2Q25 3Q25 ASC Improving growth in Hospital setting despite challenging elective surgery market Community Hospital Hospital 3Q25
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17Better is possible. Significant cashflow generation to advance strategy and create shareholder value 1See non-GAAP disclosure in appendix for reconciliation to GAAP. 2Pro forma cash balance after repaying August 2025 convertible notes and reception of RDF’s repayment of the EXPAREL royalties. 2025 Financial Guidance Updated as of 3Q25 Total Revenue $725-735 Non-GAAP Gross Margins 80-82% Non-GAAP R&D $95-105 Non-GAAP SG&A $310-320 Stock-based Compensation $56-59 3Q25 EXPAREL $140 ZILRETTA $29 iovera° $6 Total Revenue $180 Non-GAAP Gross Margins 82% Adjusted EBITDA1 $49 Cash and Investments2 ~$246 $ in M $ in M
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18Better is possible. Disciplined capital allocation strategy to drive shareholder value Abbreviations: MOA, mechanism of action. Accelerating growth in base business • Established commercial, medical & market access powerhouse • Life cycle management programs in areas of high unmet need with favorable return on invested capital • Educating patients and providers • Therapeutic area focus on musculoskeletal pain and adjacencies – Large market, high unmet need and lacking innovation to date • Prioritize mid-to-late-stage/derisked opportunities with validated MOAs and established reimbursement pathway • PCRX-201 for OA of the knee and adjacencies • Investment in growth with disciplined return of capital to shareholders – Additional $50M share repurchase in 3Q (~2M shares of common stock) – $200M remaining in current authorization 1 Advancing pipeline value2 Returning capital to shareholders 3
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Website Investor-toolkit Social: X Social: LinkedIn
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20Better is possible. APPENDIX
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21Better is possible. Non-GAAP disclosure Pacira BioSciences, Inc. Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (Non-GAAP) (in thousands) (unaudited) 3Q25 GAAP net income (loss) $ 5,432 Interest income (8,534) Interest expense (1) 4,279 Income tax expense 4,092 Depreciation expense 6,869 Amortization of acquired intangible assets 14,322 EBITDA 26,460 Other adjustments: Contingent consideration charges (gains), acquisition- related expenses, restructuring and other: Changes in the fair value of contingent consideration 625 Restructuring charges (2) 3,728 Acquisition-related expenses (280) Legal judgment (23,148) Impairment of acquired IPR&D 25,866 Stock-based compensation 13,978 Accrued key employee holdback 1,151 Loss (gain) on early extinguishment of debt 983 Adjusted EBITDA $ 49,363 (1) Includes amortization of debt discount and debt issuance costs. (2) Approximately $0.8 million and $3.5 million of restructuring charges were excluded from this line item as they were included in the stock-based compensation line item for the three and nine months ended September 30, 2024, respectively.