Slides
Page 1
pacira BIOSCIENCES BETTER IS POSSIBLE . 2Q26 Earnings Presentation PCRX | August 2026
Page 2
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: the ability to realize the anticipated benefits of the divestiture of iovera®°; '5x30', our growth and business strategy, our future outlook, the strength and efficacy of our intellectual property protection and patent terms, our future growth potential and future financial and operating results and trends, our plans, objectives, expectations (financial or otherwise) and intentions, including our plans with respect to the repayment of our indebtedness, anticipated product portfolio and product development programs, strategic alliances, plans with respect to the Non-Opioids Prevent Addiction in the Nation (“NOPAIN”) Act, and any 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 these indicated by such forward-looking statements as a result of various important factors, including risks relating to, among others: risks associated with acquisitions, such as the risk that the acquired businesses and/or assets 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; risks associated with divestitures; our manufacturing and supply chain, global and United States economic conditions (including tariffs, inflation and rising interest rates), and our business, including our revenues, financial condition, cash flows and results of operations; the success of our sales and manufacturing efforts in support of the commercialization of EXPAREL and ZILRETTA; the rate and degree of market acceptance of EXPAREL and ZILRETTA; the size and growth of the potential markets for EXPAREL and ZILRETTA and our ability to serve those markets; our plans to expand the use of EXPAREL and ZILRETTA to additional indications and opportunities, and the timing and success of any related clinical trials for EXPAREL, ZILRETTA and any of our other product candidates, including, but not limited to, PCRX-201 and PCRX-2002; the commercial success of EXPAREL and ZILRETTA; the related timing and success of United States 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 high-capacity adenovirus (“HCAd”) vector platform; the approval of the commercialization of our products in other jurisdictions (by either us or our partners); clinical trials in support of an existing or potential HCAd-based product candidate; 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. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these statements. These factors include the matters discussed and referenced in the “Risk Factors” of our most recent Annual Report on Form 10-K and in other filings that we periodically make with the SEC.
Page 3
3Better is possible. GUIDING PRINCIPLES VALUES 3 Every day, we are determined to is the foundation of who we are We respect the diverse talent and the collective power of a MISSION We deliver innovative, non-opioid pain therapies to transform the lives of patients.
Page 4
4Better is possible. SIGNIFICANT CASH-GENERATING COMMERCIAL BASE 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 non-GAAP gross margin improvement over 20241 Clinical pipeline expansion with 5 novel programs in development Establishing 5 partnerships including pipeline and commercial agreements 2.4M 2.5M $726M $701M 81% 77-79% 76% PCRX-201 PCRX-2002 2024 2025 2026 $737-752M 2024 2025 2026 2024 2025 2026 ~2.7M 1Non-GAAP Gross Margin is a non-GAAP financial measure. See non-GAAP disclosure in the appendix for a reconciliation to GAAP.
Page 5
5Better is possible. 2Q26 performance reflects disciplined execution Revenues of >$190M, driven by 4% volume growth despite macroeconomic pressures weighing on hospital elective procedures Adjusted EBITDA of nearly $50M PCRX-201 scalable commercial manufacturing process up and running; Part B of ASCEND study underway Concluded enrollment in iovera° spasticity registrational study; topline results on track for EOY 2026 Completed iovera° divesture and formed partnership in spasticity with Zimmer Biomet Expanding market access with meaningful recent payor wins for EXPAREL & ZILRETTA
Page 6
6Better is possible. EXPAREL well-positioned to continue outperforming elective surgery market by advancing three key priorities 1 Expanding patient access by securing new commercial coverage 2 Utilizing growing body of HEOR studies to demonstrate value proposition 3 Driving expanded utilization within fastest growing areas • Strong momentum with many commercial plans reimbursing at a significant premium to CMS rate • Focusing on existing/new accounts, inflation-resilient procedures, and outpatient sites of care • Recent payer wins bring total EXPAREL covered lives 150M+; ~50% of U.S. insured lives and within reach of full year goal
Page 7
7Better is possible. 102M 160M 2025 2026 Goal Expanding patient access through commercial payer wins providing separate reimbursement outside surgical bundle Covered lives expansion progress 2024 YTD ~40M Additional recent wins 2026 Goal >150M ~50% of all U.S. medically insured lives UnitedHealthcare UnitedHealthcare
Page 8
8Better is possible. Innovative Pipeline PCRX-201 Knee OA PCRX-2002 Postsurgical pain PCRX-1003 Degenerative disc disease Generating data to support patent filings PCRX-1002 Dry eye disease Generating data to support patent filings PCRX-1001 Canine OA Generating material for regulatory clinical initiation Product Target 2026 2027 2028+ Commercial Base Pediatric 0 to <6 Shoulder OA 2026 set to be a pivotal year as Pacira enters a data-rich period PK/Safety Clinical Trial Topline readout Abbreviations: PK, pharmacokinetics; OA, osteoarthritis. Knee OA Phase 2 ASCEND: Part A Phase 2 ASCEND: Part B Topline readout Topline readout Phase 2 study Partnerships Spasticity Topline readout IGOR | Capturing real-world data spanning the patient treatment journey in knee OA
Page 9
9Better is possible. PCRX-201: Part A of Phase 2 ASCEND study on track for topline data end of year *Methylprednisolone acetate 40mg Abbreviations: IA, intraarticular; KOOS, Knee Injury and Osteoarthritis Outcome Score; OA, osteoarthritis; WOMAC, Western Ontario and McMaster Universities Osteoarthritis Index; KL, Kellgren and Lawrence Grade; GC, genome copies. Enrollment in Part B underway Endpoints Secondary • Characterize systemic biodistribution • Characterize immunogenicity and neutralizing antibodies to assess potential for re-dosing • Efficacy of two doses via pain, WOMAC and KOOS scores IA Corticosteroid* + PCRX-201: 1.4×1011 GC N=15(A) IA Corticosteroid* + PCRX-201: 1.4×1010 GC N=15(A) IA Corticosteroid* + Saline N=15(A) Double Blind Randomized 1:1:1 Stratified by KL Grade (30% KL4 cap per cohort) Two-part P2 study: Adult subjects with Painful Knee OA KL2-4 and active synovitis (A;N=45) (B;N=90) Group 1 Group 2 Group 3 • Treatment emergent adverse events (TEAEs) • Adverse events of special interest (AESIs) • Serious adverse events (SAEs) IA Corticosteroid* + PCRX-201: 1.4×1011 GC N=30(B) IA Corticosteroid* + PCRX-201: 1.4×1010 GC N=30(B) IA Corticosteroid* + Saline N=30(B) Part A Part B
Page 10
PACIRA Better is possible. 10 Increasing validation of HCAd platform’s potential Abbreviations: HCAd, high-capacity adenovirus. PCRX-201 PCRX-2002 HCAd platform generating promising preclinical candidates Dry eye disease PCRX-1002 Degenerative disc disease PCRX-1003 Canine osteoarthritis PCRX-1001 Phase 1 manuscript accepted for publication in the Annals of the Rheumatic Disease journal Pilot safety study complete • Pilot efficacy study now initiating
Page 11
11Better is possible. High-caliber partnerships Extend commercial reach, improve capital efficiency and enable resource concentration on highest-priority growth opportunities Partnership to optimize business Partnership to extend commercial reach iovera° divestiture (July 2026) • Sharpens focus as an innovation-driven biopharmaceutical while improving margin profile • Enables reallocation of capital and resources toward higher-return growth opportunities aligned with long-term strategic priorities • Up to $140M in revenue - $70M upfront and additional $70M linked to revenue-based milestones • Preserves our participation of future success in both existing indications and spasticity Licensing & distribution (January 2026) • South Korea regulatory filing submitted • Revenues on track to begin 2027 • Expect ex-US revenues to extend through life of patents into the 2040s Plan to provide visibility into additional ex-US commercial partnerships in 2H26 • Unlock commercial value of partnered assets by mutually leveraging our scale, expertise and customer relationships • Create pathways for potential future collaborations across our portfolios
Page 12
12Better is possible. 2026 Financial Guidance Updated as of 2Q26 to reflect closing of the Zimmer transaction Total Revenue $735-760 Non-GAAP SG&A $310-330 Stock-based Compensation $54-59 Reiterated as of 2Q26 $600-620 Non-GAAP R&D $105-115 Non-GAAP Gross Margins 77-79% Significant cashflow generation to advance strategy and create shareholder value into and well beyond 2030 1 In June 2026, we entered into a Stock and Asset Purchase Agreement with Zimmer, Inc., a subsidiary of Zimmer Biomet Holdings, Inc. to divest iovera°. The transaction closed on July 31, 2026, after which, we will no longer recognize revenue associated with iovera°. 2 See non-GAAP disclosure in appendix for reconciliation to GAAP. 2Q26 $147.8 $32.6 $6.8 Total Revenue $192.4 Non-GAAP Gross Margins 78% Adjusted EBITDA2 $48.7 GAAP Net Income $4.7 GAAP EPS (basic & diluted) $0.12 Cash and Investments $251 $ in M, except per share $ in M 1
Page 13
Website Investor-toolkit Social: X Social: LinkedIn
Page 14
14Better is possible. APPENDIX
Page 15
15Better is possible. Non-GAAP disclosure – Adjusted EBITDA
Page 16
16Better is possible. Non-GAAP disclosure – Gross margin