On February 26, 2026 OPKO Health, Inc. (NASDAQ: OPK) (OPKO) reported business highlights and financial results for the three and 12 months ended December 31, 2025, and introduces financial guidance for the first quarter and full year 2026.

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Highlights from the fourth quarter of 2025 and recent weeks include the following:

Entered into a research collaboration with Regeneron Pharmaceuticals to develop multispecific antibodies. This new partnership leverages ModeX’s MSTAR technology platform with Regeneron’s proprietary binders to develop single molecule candidates that target multiple distinct biological pathways in several clinical indications. ModeX received an upfront payment and is entitled to potential milestone payments exceeding $200 million for each program. The overall potential value of the collaboration exceeds $1 billion if multiple products from the collaboration are successful. In addition, ModeX is eligible to receive tiered royalties on global net sales, reaching low double digits at the highest tier. Regeneron is responsible for funding all preclinical and clinical development, as well as all commercialization activities.

Merck completed the Phase 1 Epstein-Barr virus vaccine trial (NCT06655324). This investigational vaccine candidate is being developed in collaboration with Merck. The Phase 1 trial evaluating safety and tolerability in over 200 healthy adults was completed in the fourth quarter of 2025. Additional studies are in progress to inform dose and adjuvant selection for potential Phase 2 studies.

MDX2003, a first-in-class trispecific T-cell engager-expander for the treatment of leukemia and lymphoma, was approved for Phase 1 studies in Australia, which are expected to begin in the first half of 2026. Also, an abstract was presented at 2025 ASH (Free ASH Whitepaper) Annual Meeting. In November, an abstract titled "MDX2003, a novel tetraspecific T cell engager-expander targeting CD19xCD20xCD3xCD28, demonstrates potent preclinical activity against B cell malignancies" was presented at the American Society of Hematology (ASH) (Free ASH Whitepaper)’s 67th ASH (Free ASH Whitepaper) Annual Meeting and Exposition. In an animal model, MDX2003 prevented further tumor growth at low doses and was well-tolerated with low levels of cytokines in the blood and no observable toxicity.

Abstract for MDX2004, a first-in-class trispecific antibody-fusion protein immune rejuvenator, was presented at SITC (Free SITC Whitepaper) 2025. In November, an abstract titled "MDX2004, a novel immune rejuvenator targeting CD3, CD28, and 4–1BB, augments tumor immunity in preclinical animal models" was presented at SITC (Free SITC Whitepaper) 2025, the annual meeting of the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper). The ongoing Phase 1/2a study (NCT07110584) is designed to evaluate the safety, tolerability and biologic activity of MDX2004 as an immunotherapy for advanced cancers.

Abstract for MDX2001 cMet-Trop2/CD3-CD28, a first-in-class tetraspecific T-cell engager, was presented at ESMO (Free ESMO Whitepaper) 2025. In October, an abstract titled "A phase I/IIa, multicenter, first-in-human, open-label clinical trial evaluating MDX2001, a tetraspecific T cell engager-expander in patients with advanced solid tumors" was presented at ESMO (Free ESMO Whitepaper) Congress 2025, the annual meeting of the European Society for Medical Oncology. The MDX2001 cMet-Trop2/CD3-CD28 tetraspecific antibody has advanced to the fifth dose level in its Phase 1 clinical trial, with Phase 1b studies in select solid tumors expected to begin in the first half of 2026.

FDA permission to proceed to Phase 1 granted to MDX2301, a tetravalent bispecific antibody that neutralizes all known strains of SARS-CoV2, for the prevention and treatment of COVID-19 infection. Supported by non-dilutive funding from BARDA, the clinical trial in healthy volunteers is scheduled to begin in the second quarter of 2026, with pharmacokinetic and immunogenicity data expected later this year.

Expanded partnership with Entera Bio to advance first-in-class oral long-acting PTH tablet for patients with hypoparathyroidism. This third program under the collaboration combines OPKO’s proprietary long-acting PTH variants with Entera’s proprietary N-Tab technology. Following favorable pharmacodynamic and pharmacokinetic data reported in December 2025, the companies have jointly decided to accelerate development and expect to file an investigational new drug (IND) application with the U.S. Food and Drug Administration (FDA) in late 2026. OPKO and Entera Bio each hold a 50% pro-rata ownership interest in the long-acting PTH hypoparathyroidism program and each is responsible for 50% of the program’s development costs.

Fourth Quarter Financial Results

Consolidated: Consolidated total revenues for the fourth quarter of 2025 were $148.5 million compared with $183.6 million for the 2024 period, with the decrease principally resulting from the sale of certain BioReference assets in 2025. Operating loss for the fourth quarter of 2025 was $38.3 million compared with operating loss of $33.1 million for the 2024 quarter. Net loss for the fourth quarter of 2025 was $31.3 million, or $0.04 per share, compared with net income of $14.0 million, or $0.01 per diluted share, for the 2024 quarter. Net income for the fourth quarter of 2024 included a realized gain of $54.1 million from the sale of shares of GeneDx, as well as non-cash other income of $21.4 million.
Pharmaceuticals: Revenue from products in the fourth quarter of 2025 was $43.7 million compared with $37.4 million in the fourth quarter of 2024, driven by a positive net foreign exchange impact of $4.0 million and by higher sales volumes in our international operations. Revenue from Rayaldee was $8.8 million compared with $9.1 million in the comparable prior-year quarter. Revenue from the transfer of intellectual property and other was $33.7 million in the fourth quarter of 2025 compared with $43.1 million in the 2024 period. Gross profit share payments for NGENLA, which totaled $12.5 million in the 2025 period compared with $9.6 million in the 2024 period, reflect the global commercial progress by Pfizer. In addition, the fourth quarter of 2025 included $4.3 million in royalty revenue from Eli Lilly following the commercial launch of mazdutide in China by their partner Innovent Biologics and a $7.0 million upfront payment from Regeneron. The comparable period of 2024 included a $12.5 million milestone payment from Merck, as well as a $7.0 million decrease in commercial milestones at our Eirgen business and a $4.1 million decrease in revenue from our contract with BARDA. Total costs and expenses increased to $88.0 million in the fourth quarter of 2025 from $82.6 million in the prior-year period, primarily due to higher cost of revenue related to higher sales volume, higher research and development expenses driven by advancements in early-stage programs and employee-related expenses reflecting an increase in headcount to support ongoing clinical activities. Operating loss was $10.7 million in the fourth quarter of 2025, which included $18.3 million in depreciation and amortization expense, compared with operating loss of $2.1 million in the fourth quarter of 2024, which included $18.1 million of depreciation and amortization expense.

Diagnostics: Revenue from services in the fourth quarter of 2025 was $71.1 million compared with $103.1 million in the prior-year period. The decrease was principally a result of the sale of certain BioReference assets in 2025 and the resulting decline in clinical test volume, and lower clinical test reimbursement rates, partially offset by increased demand and higher average reimbursement for the 4Kscore test, resulting in a 16% increase in revenue to $7.0 million in the 2025 quarter compared with $6.0 million in revenue in the 2024 quarter. Total costs and expenses were $89.4 million in the fourth quarter of 2025 compared with $124.8 million in the fourth quarter of 2024. The decrease was primarily attributable to the assets sold and to continued cost-reduction initiatives at BioReference. Operating loss was $18.3 million in the fourth quarter of 2025, which included $4.1 million of depreciation and amortization expense, compared with operating loss of $21.7 million in the 2024 period, which included $6.0 million of depreciation and amortization expense. The fourth quarter of 2025 was impacted by non-recurring transition-related adjustments of $5.8 million, primarily from severance, asset write-offs, third-party revenue adjustments, and capital tax expense. The fourth quarter of 2024 included revenue of $26.3 million and costs and expenses of $32.9 million from the oncology assets that were sold to Labcorp on September 15, 2025.

Cash, cash equivalents, marketable securities and restricted cash: Cash, cash equivalents and restricted cash were $369.1 million as of December 31, 2025. As of December 31, 2025, approximately $87.3 million of OPKO’s common stock had been repurchased, including $13.5 million in the fourth quarter of 2025, under the program since its authorization in July 2024. Approximately $112.7 million remained authorized and available for future repurchases.

2026 Financial Guidance: The table below reflects financial guidance for the first quarter and full year 2026 (in millions):

For the three months ended March 31, 2026 For the year ended December 31, 2026
Low High Low High
Revenue
Services revenue $ 71 $ 75 $ 300 $ 312
Product revenue 38 45 160 170
IP and other revenue 15 20 70 80
Total revenues 125 140 530 560

Included in revenue
Pfizer profit share 5 6 34 37
BARDA contract 7 9 18 22

Total costs and expenses 170 180 725 750

R&D included in costs and expenses 30 32 125 135

Conference Call and Webcast Information

OPKO’s senior management will provide a business update, discuss fourth quarter financial results, provide financial guidance and answer questions during a conference call and live audio webcast today beginning at 4:30 p.m. Eastern time. Participants are encouraged to pre-register for the conference call here. Callers who pre-register will receive a unique PIN to gain immediate access to the call and bypass the live operator. Participants may register at any time, including up to and after the call start time. Those unable to pre-register may participate by dialing 833-630-0584 (U.S.) or 412-317-1815 (International). A webcast of the call can also be accessed at OPKO’s Investor Relations page and here.

A telephone replay will be available until March 5, 2026, by dialing 855-669-9658 (U.S.) or 412-317-0088 (International) and providing the passcode 2367034. A webcast replay will be available beginning approximately one hour after the completion of the live conference call here.

(Press release, Opko Health, FEB 26, 2026, View Source [SID1234663084])

On February 26, 2026 A2 Biotherapeutics, Inc. (A2 Bio), a clinical-stage immunotherapy company developing first-in-class logic-gated therapies for solid tumors, reported the first patient dosed with A2B543, initiating the second arm of the Phase 1/2 EVEREST-2 study (NCT06051695).

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A2B543 is an autologous CAR T cell therapy that builds upon A2 Bio’s proprietary Tmod platform. A2B543 adds an inducible, membrane-tethered IL-12 booster, augmenting the platform’s core ability to selectively kill tumor cells while protecting normal tissue. Designed to activate only when the Tmod cell engages a tumor antigen, the booster aims to enhance the potency and persistence of Tmod cells within the immunosuppressive solid tumor microenvironment while avoiding systemic toxicity.

"Dosing the first patient with A2B543 is a significant step forward in the evolution of the Tmod platform," said John Welch, M.D., Ph.D., chief medical officer of A2 Bio. "While systemic IL-12 induces a potent antitumor immune response, its use has been limited by severe toxicity. With A2B543, we are arming our Tmod cells with a membrane-tethered, inducible IL-12 component. This design allows us to localize the impact of IL-12 to the tumor microenvironment, boosting the persistence and potency of Tmod without the systemic side effects."

Enabling Efficient Patient Identification for A2 Bio Precision Medicine Studies

The A2 Bio clinical programs include A2B543, A2B694, A2B395, and the BASECAMP-1 prescreening study, as well as several preclinical programs exploring additional pipeline expansion opportunities using the proprietary Tmod technology platform. The Tmod platform comprises a suite of technologies that can be used in isolation or in combination, and in both autologous and allogeneic settings, to create novel therapies for cancers and other grievous diseases.

The BASECAMP-1 (NCT04981119) master prescreening study enables efficient identification of patients for all A2 Bio precision medicine studies. Patients are enrolled in EVEREST-2 through BASECAMP-1, which identifies patients with HLA loss of heterozygosity (LOH) at any time in the course of their disease via next-generation sequencing. Upon disease progression, the patients may screen for enrollment in EVEREST-2. There is no time requirement between the studies, and patients may go directly from BASECAMP-1 to EVEREST-2 based on their own disease course. BASECAMP-1 utilizes artificial intelligence (AI)-enabled precision diagnostics as a cost-effective, high-yield approach to identify eligible patients for all A2 Bio clinical studies.1,2

For more information about A2 Bio clinical studies and how to enroll, visit www.a2bioclinicaltrials.com.

About A2B543

A2B543 is designed for the treatment of germline heterozygous HLA-A*02 adults with recurrent unresectable, locally advanced, or metastatic solid tumors that express MSLN and have lost HLA-A*02 expression. A2B543 is comprised of autologous Tmod cells transduced with two lentiviral vectors: one expressing both the HLA-A*02-targeted blocker and the MSLN-targeted CAR activator; and a second expressing an inducible, membrane-tethered IL-12 (mem-IL-12) booster. The inducible mem-IL-12 booster, which activates only upon engagement with tumor antigens, is designed to reduce toxicity associated with systemic IL-12 while enhancing the long-term potency and persistence of Tmod.

About EVEREST-2

The EVEREST-2 master protocol (NCT06051695) is a seamless Phase 1/2 study evaluating the safety and efficacy of A2B694 (Arm 1) and A2B543 (Arm 2), autologous logic-gated investigational cell therapies developed from the A2 Bio proprietary Tmod platform. The Tmod platform provides selective killing of tumor cells and protection of normal cells via a dual-receptor design consisting of an activator that targets tumor cells and a blocker that protects normal cells. A2B694 consists of an activator that targets MSLN and a blocker that targets HLA-A*02. HLA-A*02 is lost in tumor cells and present in normal cells in the eligible patient population. A2B543 contains the same Tmod construct as A2B694 with an added mem-IL-12 booster. The EVEREST-2 study is recruiting patients with colorectal cancer, pancreatic cancer, non-small cell lung cancer, ovarian cancer, mesothelioma, and other solid tumors that express MSLN and have lost HLA-A*02 expression.

About the Tmod Platform

Invented at A2 Bio, the TmodTM platform is a precision-targeting cellular system, designed with logic-gate technology to enable immune cells to unequivocally differentiate tumors from normal tissues. The system consists of activator and blocker receptors. The activator recognizes antigens on tumor cells and triggers their destruction, while the blocker recognizes antigens on normal cells and protects them. This novel blocker technology enables precise, personalized, and effective T-cell targeting specifically against tumors.

(Press release, A2 Biotherapeutics, FEB 26, 2026, View Source [SID1234663100])

On February 26, 2026 CEOCFO Magazine, an independent business and investor publication that highlights important technologies and companies, reported an interview with David J. Arthur, CEO, of Fort Worth, Texas based NanOlogy, LLC advancing their PURCISION technology platform aimed at improving the treatment of cancer without increasing toxicity.

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David J. Arthur, during the interview with CEOCFO’s Senior Editor Lynn Fosse, addressing the concept behind NanOlogy said, "NanOlogy is a clinical-stage oncology company advancing a technology platform aimed at improving the treatment of cancer without increasing toxicity. The technology, called PURCISION, forms particles of pure cancer drugs optimized for intratumoral (IT) delivery. These particles are delivered directly to the site of the tumor, where they continuously deliver high local concentration of drug to the tumor over time, with minimal systemic toxicity. NanOlogy has established feasibility of the PURCISION technology in many small molecules and has studied three intratumorally delivered investigational drugs preclinically or clinically in several solid tumors. The technology, supporting data, and team all attracted me to take on the role of CEO as I believe my background and experience can help position the company to benefit cancer patients and create long term value to shareholders. I think NanOlogy has got to be one of the more attractive companies out there right now."

On the need to improve the treatment of solid tumors, David J. Arthur told Lynn, "A significant unmet need in oncology is to improve the treatment of solid tumors. Solid tumors are very hard to treat and rational combinations including chemotherapies, and newer agents like targeted therapies and immunotherapies, will remain standard of care (SOC) for the foreseeable future. Research has shown that chemo and targeted therapies help kill the tumor and elicit an immune response, called "immune priming", to help improve solid tumor response to immunotherapy.

Over the years, researchers have been working on many methods to target the delivery of cancer drugs to help improve solid tumor response. Targeted therapies given systemically are an example but have not lived up to their promise because of off-target toxicities and other limitations."

As for how their technology approach is different, David J. Arthur shared, "Instead of systemic administration, the PURCISION technology is designed to be given locally to directly kill the primary tumor or tumors and prime the immune system to increase solid tumor response to newer SOC therapies. Our proprietary technology uniquely uses supercritical fluid carbon dioxide as an antisolvent to form what we have come to characterize as large surface area microparticles, or "LSAMs", of pure drug optimized for intratumoral delivery. The microparticles retain a particle size that is sufficient for tumor retention but with a huge increase in surface area that allows for high local drug release over time. LSAMs are covered by a composition of matter patent forming the foundation of more than 100 issued patents filed globally protecting composition, use, formulation, and technology."

Asked where they are in the development process, David J. Arthur replied, "There are many different types of solid tumors, and most are now accessible because of advancements in imaging and advancements in interventional procedures over the last decade. One of the things that excited me about NanOlogy when I came onboard was the breadth of clinical experience that they have already achieved with their LSAM investigational drugs. On two LSAM assets, NanOlogy has run seven clinical trials across six different solid tumors including bladder, lung, pancreas, prostate, ovarian, and peritoneal cancers. We are now talking with Strategic Pharma and other groups to advance those assets further in clinical development in prioritized indications."

Pointing to another asset they have in development, David J. Arthur offered, "Another asset we are excited about is the development of cisplatin into LSAM-Cisplatin. Cisplatin is a chemotherapy that has been around for a while with many uses but has terrible side effects when given systemically. We have developed a clinical formulation of LSAM-Cisplatin and are nearing completion of preclinical studies with our lead indication for a rare devastating pediatric brainstem tumor called diffuse intrinsic pontine glioma (DIPG). This is a devastating, highly lethal cancer in children, with typical onset between the ages of two and ten. There is no treatment other than radiation. Unfortunately, the median survival for these children after diagnosis is only 10 months."

As for their approach to DIPG, David J. Arthur continued, "A key problem is that DIPG is deep in the brain. It is very difficult to get systemically administered drugs through the blood brain barrier to the tumor, and these tumors are inoperable because of their location. But recent advances have allowed us to use a highly precise MRI guided targeting system, to inject LSAM-Cisplatin directly into the tumor. We are hopeful that delivery LSAM-Cisplatin directly to the tumor will offer hope for children and families facing this horrible disease and that LSAM-Cisplatin could become one of the first approved medicines with significant benefit for the treatment of DIPG."

Addressing emerging interest in Intratumoral Therapy, David J. Arthur told CEOCFO, "Intratumoral therapy is rapidly gaining momentum as a potential important part of the treatment of solid tumors – in early disease to prevent or delay progression and in late disease, combined with newer systemic agents, to improve response without the severe stacked toxicities associated with systemic combinations. We are beginning to see the proverbial hockey stick in interest emerge – whereas only a few clinical trials involving IT modalities were underway a few years ago, almost 200 clinical trials are currently underway. Large pharma is beginning to take note, too, with companies like J&J already significantly investing in the space. NanOlogy is a leader in IT therapy aimed at improving solid tumor response without increasing toxicity with growing evidence in support of this aim."

(Press release, NanOlogy, FEB 26, 2026, View Source;utm_medium=rss&utm_campaign=nanology-llc-ceo-david-j-arthur-discusses-their-purcision-technology-advancing-intratumoral-therapy-to-treat-cancer [SID1234663127])

On February 26, 2026 Curium, a world leading nuclear medicine company dedicated to using cutting-edge technology and innovative science to personalize diagnoses and treatments for patients with cancer, reported the first dosimetry and pharmacokinetics (PK) data from a substudy of the ongoing pivotal Phase 3 ECLIPSE clinical trial (NCT05204927).

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The Phase 3 ECLIPSE clinical trial evaluates lutetium-177 (Lu-177) zadavotide guraxetan (a proprietary formulation of 177Lu-PSMA-I&T), an investigational prostate-specific membrane antigen (PSMA)-targeted radioligand therapy, for the treatment of patients with metastatic castration-resistant prostate cancer (mCRPC) who have progressed on prior androgen receptor pathway inhibitor (ARPI). The data will be presented in a poster at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Genitourinary Cancers Symposium (ASCO GU) taking place 26-28 February, 2026, in San Francisco, California.

The nonrandomized PK/dosimetry substudy (n=26) was conducted as part of the ECLIPSE trial to evaluate the biodistribution and radiation absorbed dose of Lu-177 zadavotide guraxetan to organs of interest.

Sakir Mutevelic, MD, Curium’s Chief Medical Officer said: "These data represent the first published dosimetry data for our investigational formulation of Lu-177 zadavotide guraxetan, with projected mean cumulative renal doses remaining low for a six-cycle treatment regimen, thus supporting a protocol amendment to increase from a maximum of four doses to six in the ECLIPSE trial. We will continue to evaluate the ECLIPSE clinical trial data with the goal of bringing this potential therapy to market for those living with mCRPC. This reinforces our long-term vision to treat 80 percent of cancers within the next 10-15 years."

Frankis Almaguel, MD, PhD, Assistant Professor, Medicine, Hematology/Oncology, Loma Linda University Health Cancer Center, and presenting author said: "These data reinforce the clinical utility of using dosimetry data to inform clinical trial protocol design, as well as identify organs at highest risk of radiation exposure."

A poster, Pharmacokinetics and Dosimetry of Lutetium Lu 177 Zadavotide Guraxetan in Patients With Metastatic Castration-Resistant Prostate Cancer (mCRPC): Results From the ECLIPSE Sub-study (Abstract #174), will be presented on Thursday, 26 February in Poster Session A: Prostate Cancer. The abstract is available here.

ASCO GU attendees can learn more about Curium by visiting booth 11 during the symposium.

(Press release, Curium Pharma, FEB 26, 2026, View Source [SID1234663066])

On February 26, 2026 Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to deliver innovative, non-opioid pain therapies to transform the lives of patients, reported financial results for the fourth quarter and full-year of 2025.

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"2025 was a year of disciplined execution for Pacira. With the launch of our 5×30 strategy, we reignited momentum across the business and delivered strong, measurable progress. Our products benefitted more than 2.5 million patients, generated $726 million in revenue, and achieved the highest gross margins in our company’s history. Together, these results clearly validate the impact and promise of our 5×30 strategy," said Frank D. Lee, chief executive officer of Pacira BioSciences.
"Our performance continues to be led by EXPAREL, which is benefitting from expanding reimbursement, growing commercial adoption, and strengthened intellectual property providing protection into the 2040s. We further extended our commercial reach through strategic collaborations, while advancing clinical programs positioned to deliver a data-rich year. Pacira enters 2026 stronger than ever as we continue to redefine what is possible in innovative non-opioid pain management," continued Mr. Lee.

2025 Fourth Quarter and Full-Year Financial Highlights

•Fourth quarter revenues of $196.9 million and full-year revenues of $726.4 million.
•Fourth quarter GAAP net income of $1.6 million or $0.04 per basic and diluted share and full-year GAAP net income of $7.0 million or $0.16 per basic and diluted share.
•Fourth quarter adjusted EBITDA of $38.7 million and full-year adjusted EBITDA of $186.5 million.
•Repurchased 2.0 million shares of common stock at an average price of $24.94, for a cost of $50.0 million in the fourth quarter, bringing the full year 2025 to 5.9 million shares of common stock repurchased for a cost of $150.0 million.
See "Non-GAAP Financial Information" below.
Recent Business Highlights
•Enhanced Board of Directors with Appointment of Samit Hirawat, M.D. In January 2026, the company announced the appointment of Samit Hirawat, M.D., to its Board of Directors, bringing more than 25 years of clinical development and industry expertise. This appointment increases the size of the company’s Board of Directors to 10 members. Most recently, Dr. Hirawat served as Chief Medical Officer, Executive Vice President, and Head of Global Drug Development at Bristol

Myers Squibb, where he oversaw the worldwide clinical development portfolio and advanced multiple transformative therapies across therapeutic areas.
•Strategic Partnership with LG Chem to Bring EXPAREL to Select Asian-Pacific Markets. In January 2026, the company announced an agreement with LG Chem designed to expand access to opioid-sparing postsurgical pain control for patients in select Asian-Pacific markets. Through this partnership, LG Chem has the exclusive rights to commercialize EXPAREL in the region. Under the terms of the agreement, Pacira received an upfront payment, will supply EXPAREL product and receive a transfer price as well as tiered royalties on future commercial sales. LG Chem plans to file for marketing authorizations in South Korea and Thailand in 2026.
Fourth Quarter 2025 Financial Results
•Total revenues were $196.9 million in the fourth quarter of 2025, a 5 percent increase over the $187.3 million reported for the fourth quarter of 2024.
•EXPAREL net product sales were $155.8 million in the fourth quarter of 2025, a 5 percent increase over the $147.7 million reported for the fourth quarter of 2024.
•ZILRETTA net product sales were $33.0 million in the fourth quarter of 2025, essentially flat versus the $33.1 million reported for the fourth quarter of 2024.
•Fourth quarter 2025 iovera° net product sales were $7.0 million, an 8 percent increase over the $6.5 million reported in the fourth quarter of 2024.
•Total operating expenses were $194.5 million in the fourth quarter of 2025, versus the $162.5 million reported for the fourth quarter of 2024.
•Research and development (R&D) expenses were $37.5 million in the fourth quarter of 2025, compared to $23.9 million in the fourth quarter of 2024. The company’s fourth quarter 2025 R&D expenses included a $5.0 million upfront payment for the in-licensing of PCRX-2002 (previously known as AMT-143) from AmacaThera, Inc.
•Selling, general and administrative (SG&A) expenses were $101.6 million in the fourth quarter of 2025, compared to $79.6 million in the fourth quarter of 2024. The company’s fourth quarter 2025 SG&A expenses were impacted by a number of unanticipated costs associated with business development due diligence and litigation.
•GAAP net income was $1.6 million, or $0.04 per basic and diluted share in the fourth quarter of 2025, compared to $16.0 million, or $0.35 per basic share and $0.34 per diluted share in the fourth quarter of 2024.
•Non-GAAP net income was $24.4 million, or $0.58 per basic share and $0.57 per diluted share in the fourth quarter of 2025, compared to $44.3 million, or $0.96 per basic share and $0.91 per diluted share in the fourth quarter of 2024.
•Adjusted EBITDA was $38.7 million in the fourth quarter of 2025, compared to $62.5 million in the fourth quarter of 2024.
•Pacira ended the fourth quarter of 2025 with cash, cash equivalents and available-for-sale investments ("cash") of $238.4 million.
•Pacira had 42.5 million basic and 43.0 million diluted weighted average shares of common stock outstanding in the fourth quarter of 2025.
See "Non-GAAP Financial Information" below.

Full-Year 2025 Financial Results
•Total revenues were $726.4 million in 2025, a 4 percent increase over the $701.0 million reported in 2024.
•EXPAREL net product sales were $575.1 million in 2025, a 5 percent increase over the $549.0 million reported in 2024.
•ZILRETTA net product sales were $116.6 million in 2025, a 1 percent decrease versus the $118.1 million reported in 2024.
•Full-year iovera° net product sales were $24.2 million, a 6 percent increase over the $22.8 million reported in 2024.
•Total operating expenses were $707.2 million in 2025, compared to $774.3 million in 2024. Included within 2024 is a goodwill impairment of $163.2 million.
•R&D expenses were $117.3 million in 2025, compared to $81.6 million in 2024. The company’s 2025 R&D expenses included a $5.0 million upfront payment for the in-licensing of PCRX-2002 from AmacaThera, Inc.
•SG&A expenses were $368.8 million in 2025, compared to $294.1 million in 2024. The company’s 2025 SG&A expenses were impacted by a number of unanticipated costs associated with business development due diligence and litigation.
•GAAP net income was $7.0 million, or $0.16 per basic and diluted share in 2025, compared to a GAAP net loss of $99.6 million, or $2.15 per basic and diluted share in 2024. Included in the GAAP net loss in 2024 was a $163.2 million impairment of goodwill based upon an assessment that the then-fair value of goodwill was less than its carrying value.
•Non-GAAP net income was $122.3 million, or $2.74 per basic share and $2.65 per diluted share in 2025, compared to $157.7 million, or $3.41 per basic share and $3.20 per diluted share in 2024.
•Adjusted EBITDA was $186.5 million in 2025, compared to $223.9 million in 2024.
•Pacira had 44.6 million basic and 45.0 million diluted weighted average shares of common stock outstanding in 2025.
•For non-GAAP measures, Pacira had 46.7 million and 50.2 million diluted weighted average shares of common stock outstanding in 2025 and 2024, respectively.
See "Non-GAAP Financial Information" below.
Share Repurchase Program
During the fourth quarter of 2025, the company repurchased 2.0 million shares of its common stock at an average price of $24.94, through open market transactions for $50.0 million, bringing the company’s total shares repurchased in 2025 to 5.9 million for $150.0 million. At December 31, 2025, the company had 41.1 million shares of common stock outstanding and $150.0 million remaining on its current share repurchase authorization, which expires December 31, 2026.

2026 Financial Guidance
Today the company is providing full-year 2026 financial guidance as follows:
•EXPAREL net product sales of $600 to $620 million;
•Total revenue of $745 million to $770 million;
•Non-GAAP gross margin of 77 to 79 percent;
•Non-GAAP R&D expense of $105 million to $115 million;
•Non-GAAP SG&A expense of $320 million to $340 million; and
•Stock-based compensation of $54 million to $62 million.
See "Non-GAAP Financial Information" below.
Today’s Conference Call and Webcast Reminder
The Pacira management team will host a conference call to discuss the company’s financial results and recent developments today, Thursday, February 26, 2026, at 4:30 p.m. ET. For listeners who wish to participate in the question-and-answer session via telephone, please pre-register at investor.pacira.com/upcoming-events. All registrants will receive dial-in information and a PIN allowing them to access the live call. In addition, a live audio of the conference call will be available as a webcast. Interested parties can access the event through the "Events" page on the Pacira website at investor.pacira.com.

(Press release, Pacira Pharmaceuticals, FEB 26, 2026, View Source;991.htm [SID1234663085])