EXPAREL Net Sales and Volume Growth
EXPAREL net sales of $143.3M in Q1 2026 versus $136.5M in Q1 2025; reported volume growth of ~7% year-over-year, with continued momentum into 2026 driven by expanded reimbursement, a new product-specific J-code, non-opioid stewardship adoption, and protocol uptake.
ZILRETTA and ioverao Strong Performance
ZILRETTA Q1 sales of $26.8M, up 15% YoY ($23.3M in Q1 2025); ioverao Q1 sales of $6.2M, up 21% YoY ($5.1M in Q1 2025). Growth attributed to dedicated sales forces, expanded patient access programs, and partnerships (e.g., J&J MedTech for ZILRETTA).
Pipeline and Near‑Term Readouts
Key milestones: PCRX201 (HCAG gene therapy for knee OA) Part A fully enrolled with 49 patients and top-line results expected later this year; Part B planned to enroll ~90 additional patients midyear. ZILRETTA Phase 3 registrational study in shoulder OA enrollment concluded (top-line later this year). PCRX2002 expected to begin Phase 2 later this year; registrational study for ioverao in spasticity on track for year-end results.
Expanded IP Protection for EXPAREL
EXPAREL now has 21 Orange Book-listed patents across two families protecting the franchise, a significant improvement from a single patent previously litigated, supporting longer-term visibility and defense against generic challengers.
Commercial Access Expansion
Reimbursement progress: over 110 million covered lives with reimbursement for EXPAREL outside the surgical bundle (including NOPAIN-driven Medicare changes), and growing commercial payer recognition of EXPAREL value.
Financial Strength and Capital Returns
Adjusted EBITDA of approximately $40.2M in Q1; executed $50M in share repurchases in Q1 (retiring ~2.2M shares), reducing outstanding common shares to ~39.3M; $100M remaining under buyback authorization. Company reiterated full-year guidance: total revenues $745M–$770M and EXPAREL net sales $600M–$620M.
Manufacturing and Margin Efficiency
Non-GAAP consolidated gross margin of 80% in Q1 (vs. 81% prior year) benefiting from improved costs and efficiencies of enhanced larger-scale EXPAREL manufacturing and continuous improvement initiatives; PCRX201 highlighted as having favorable cost-of-goods potential due to local delivery and efficient manufacturing.