aibioPacira BioSciences approves new buyback of up to $300.0 million
Tickers PCRX
Pacira BioSciences says its board approved a $300.0 million repurchase program on April 17, 2025, replacing the program announced in May 2024, while EXPAREL still accounts for most of its revenue.
Key facts
- Company
- Pacira BioSciences, Inc. (NASDAQ: PCRX)
- News type
- Financings
- Primary source
- Pacira BioSciences, Inc. 8-K (2025-04-22)
Pacira BioSciences, Inc. (Nasdaq: PCRX) said its Board of Directors approved a new share repurchase program on April 17, 2025. The program is effective immediately and authorizes the company to buy up to an aggregate of $300.0 million of its outstanding common stock. The company reported the authorization in an 8-K filed April 22, 2025, under Item 8.01, Other Events.
The new program replaces the one announced on May 7, 2024. The 8-K does not say how much stock was bought under the earlier program, or how much of its authorization remained. The new program expires on December 31, 2026.
Repurchases may be made at management's discretion, on the open market or through privately negotiated transactions. The company may suspend or discontinue the program at any time. The 8-K names no bank, broker or advisor for the buyback, and it does not say how the repurchases will be funded.
What the buyback rests on
The annual report for 2024, filed in February 2025, describes Pacira as a company with three commercialized non-opioid treatments. The first is EXPAREL, a long-acting local analgesic. The filing says it is the only product indicated for local analgesia by infiltration in patients six years and older, and for regional nerve blocks in adults, and that safety and efficacy have not been established in other nerve blocks. The European Commission granted marketing authorization for some EXPAREL uses in November 2020. EXPAREL net product sales were $549.0 million in 2024, $538.1 million in 2023 and $536.9 million in 2022. The filing says EXPAREL accounted for 78% of total revenues in 2024, 80% in 2023 and 81% in 2022.
The second is ZILRETTA, a single-shot corticosteroid injection for osteoarthritis knee pain. The filing says it releases triamcinolone into the knee for about three months, with pain relief for 12 weeks and in some patients through 16 weeks. The FDA approved it in October 2017. Its net product sales were $118.1 million in 2024, $111.1 million in 2023 and $105.5 million in 2022. The third product is the iovera system, a handheld device that the filing describes as delivering immediate, long-acting, drug-free pain control with precise doses of cold temperature to a targeted nerve.
The filing also says that Pacira acquired MyoScience in April 2019, Flexion Therapeutics in November 2021 and GQ Bio Therapeutics in February 2025. It is also advancing PCRX-201, a gene therapy vector platform. In January 2025 the company launched a growth plan it calls 5x30, with five objectives by 2030, including delivering its products to more than three million patients annually and growing product revenues at a double-digit compounded annual rate. EXPAREL's share of revenue means the company's results depend heavily on one product.
What the filings leave out
The 8-K is a board authorization, not a repurchase report. It gives no share count, price or cash figure, and no date for any purchase. Investors cannot tell from the filing how much of the new authorization the company intends to use in 2025.
The sales figures above come from the business section and cover 2022 through 2024. The 8-K gives no balance sheet figures, and the filing does not say what cash the company expects to use for the buyback.
The 8-K is signed by Kristen Williams, Chief Administrative Officer and Secretary, and was dated April 22, 2025. The authorization runs through December 31, 2026.