PCRX · CIK 0001396814
What Pacira BioSciences, Inc. told the SEC could break it.
Pacira's revenue is heavily concentrated in a few distributors: its three largest wholesalers were 31%, 26% and 22% of revenue in 2025 — about 79% combined, each above 10% — so disruption to any of those relationships would be material. Its supply is concentrated too, with EXPAREL made in San Diego and both EXPAREL and ZILRETTA at a Thermo Fisher facility in Swindon, U.K., alongside sole-source suppliers, so an inability to manufacture adequate supply could disrupt customers and breach contracts. And the economics of EXPAREL and iovera° depend on favorable CMS reimbursement under the NOPAIN Act — effective January 1, 2025 they receive separate Medicare reimbursement in outpatient and surgery-center settings (EXPAREL at ASP+6%), so any reversal of that policy would pressure demand.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- three largest pharmaceutical wholesalershigh
Pacira's three largest wholesalers accounted for 31%, 26% and 22% of revenue in 2025 (79% combined; 77% in 2024 and 2023) — each individually exceeding 10%. The wholesalers are not named in the filing.
“the Company's three largest wholesalers in each period presented: Year Ended December 31, 2025 2024 2023 Largest wholesaler 31 % 34 % 33 % Second largest wholesaler 26 % 23 % 24 % Third largest wholesaler 22 % 20 % 20 % Total 79 % 77 % 77 %”
SEC filing →As of 2026
Geographic concentration
- limited manufacturing sites and sole-source suppliersmedium
Pacira manufactures its products at a limited number of sites — EXPAREL at San Diego, CA and both EXPAREL and ZILRETTA at the Thermo Fisher facility in Swindon, U.K. — and relies on sole-source suppliers; an inability to manufacture adequate supplies of EXPAREL, ZILRETTA or iovera° could disrupt supply to customers/partners and breach contractual obligations.
“An inability to continue manufacturing adequate supplies of EXPAREL, ZILRETTA or iovera° at our facilities could result in a disruption in the supply of these products to our customers and partners and a breach of our contractual obligations to such counterparties.”
SEC filing →As of 2026
Regulatory & policy
- NOPAIN Act / CMS non-opioid reimbursementmedium
EXPAREL and iovera° economics depend on favorable CMS reimbursement under the NOPAIN Act — effective January 1, 2025 they receive separate Medicare reimbursement in HOPD/ASC settings (EXPAREL at ASP+6%; iovera° an add-on of up to $255.85); any reversal or change in this policy-driven reimbursement would pressure demand.
“CMS confirmed that both EXPAREL and iovera° qualify as eligible non-opioid pain management products under the NOPAIN Act. HOPDs and ASCs, that use these products now receive additional Medicare reimbursement effective January 1, 2025. The reimbursement rate for EXPAREL equates to 106% of the average sales price (ASP +6%) in the HOPD and ASC environments.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“EXPAREL is currently manufactured at our facilities in San Diego, California; both EXPAREL and ZILRETTA are currently manufactured at the Thermo Fisher facility in Swindon, U.K.”
Cited →J&J MedTech (Johnson & Johnson)
“J&J MedTech is the exclusive third-party co-promoter for ZILRETTA in the U.S. The initial term of the J&J Agreement extends through 2031 with an option to extend under mutual agreement.”
Cited →
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