Pacira BioSciences, Inc.

Pacira BioSciences reported second quarter 2026 total revenues of $192.4 million, a 6% increase over the prior year, and updated full-year guidance to $735 million to $760 million following the divestiture of iovera to Zimmer Biomet. EXPAREL net sales rose 3% to $147.8 million, ZILRETTA sales grew 4% to $32.6 million, and iovera sales increased 21% to $6.8 million. The company highlighted UnitedHealthcare's decision to provide separate reimbursement for EXPAREL outside the surgical bundle, bringing total covered lives to over 150 million, and noted that ZILRETTA was placed on UnitedHealthcare's preferred drug list. Pacira expects top-line data from three registrational studies later this year: the iovera spasticity study, the ZILRETTA shoulder osteoarthritis study, and Part A of the Phase 2 PCRX-201 study.

Pacira BioSciences reported a second-quarter profit of $4.65 million, or $0.12 per share, swinging from a loss of $4.85 million, or $0.11 per share, a year earlier. Total revenue rose 6% to $192.40 million, driven by higher product sales and $1.91 million in royalty revenue. EXPAREL sales increased 3.4% to $147.82 million, while ZILRETTA sales edged up to $32.65 million. The company completed the divestiture of its Iovera business to Zimmer Biomet for $73.6 million in cash at closing, with potential milestone payments of up to $70 million. Following the divestiture, Pacira revised its full-year 2026 total revenue guidance to a range of $735 million to $760 million, down from the prior range of $745 million to $770 million, and projects EXPAREL net product sales of $600 million to $620 million.

UnitedHealthcare, the largest U.S. health insurer with about 40 million members, will separately reimburse for Pacira BioSciences' non-opioid pain medicine Exparel when used in outpatient settings such as hospital outpatient departments and ambulatory surgery centers. This decision is expected to improve patient access and support non-opioid pain management after surgery. UnitedHealthcare joins other major national insurers including Aetna, Cigna, TRICARE and Humana, as well as many regional health plans, that already provide separate reimbursement for Exparel rather than bundling its cost into the overall surgical payment. Pacira noted that expanded Medicare coverage under the NOPAIN Act and growing commercial insurer support have created a more favorable reimbursement environment, allowing hospitals and physicians to use the therapy based on medical need instead of cost considerations. Exparel, Pacira's flagship product, generated net product sales of $143.3 million out of total first-quarter 2026 revenues of $177.4 million.

Zimmer Biomet has agreed to acquire Pacira BioSciences' FDA-cleared iovera pain relief device in a deal valued at up to $140 million, including $70 million upfront and future milestone payments. The agreement also includes a collaboration to advance the iovera spasticity program, extending Zimmer Biomet's reach into non-opioid pain management and neuromuscular conditions. The transaction is expected to close in the third quarter of 2026, subject to customary conditions. Zimmer Biomet's recently renewed $2.75 billion in revolving credit facilities provides liquidity to fund the acquisition alongside other corporate needs. The move reflects continued portfolio building around the full episode of orthopedic care, complementing its existing joint replacement and extremities products.