PCRXPacira BioSciences, Inc.
Pharmaceutical Preparations
- Revenue
- $726M
- 3.6% YoY
- Operating margin
- 2.6%
- 125% YoY
- EBITDA
- $110M
- 1936% YoY
- Market cap
- $1.4B
- Employees
- 829
- $876K revenue each
- Net debt / EBITDA
- 1.4×
- $157M net debt
- AI in 10-K
- 1.2
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo22× net incomeCash flow under 80% of net income
- Dilutive SBCNo8% of revenueOver 10% of revenue
- Payouts exceed cash flowNo98% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentYes14% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$876K · 69th pctBottom quartile of its SIC industry
- Quiet on AINo1.2 per 10K words · 39th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes5 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $542M | $667M | $675M | $701M | $726M | 3.6% |
| Operating income | $90M | $60M | $88M | −$73M | $19M | 126% |
| Net income | $42M | $16M | $42M | −$100M | $7M | 107% |
| Operating cash flow | $126M | $145M | $155M | $189M | $152M | 20% |
| Capex | $46M | $30M | $15M | $11M | $15M | 44% |
| Stock-based comp | $42M | $48M | $48M | $51M | $58M | 12% |
| Buybacks | — | $0 | $0 | $25M | $148M | 493% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 30, 2026 | SC TO-T | Viatris Inc | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 13, 2026 | Doma Perpetual Capital Management LLC | SCHEDULE 13D/A | 0.0% | Active |
| Mar 12, 2026 | Doma Perpetual Capital Management LLC | SCHEDULE 13D/A | 6.9% | Active |
| Jan 2, 2026 | Doma Perpetual Capital Management LLC | SCHEDULE 13D/A | 26.7% | Active |
| Nov 10, 2025 | Doma Perpetual Capital Management LLC | SCHEDULE 13D/A | 6.8% | Active |
| Aug 8, 2025 | Doma Perpetual Capital Management LLC | SCHEDULE 13D | 5.7% | Active |
| Sep 6, 2019 | Consonance Capital Management LP | SC 13D/A | 4.9% | Passive |
| Aug 5, 2019 | Consonance Capital Management LP | SC 13D/A | 5.7% | Passive |
| Jul 10, 2019 | Consonance Capital Management LP | SC 13D/A | 6.8% | Passive |
| Jun 5, 2019 | Consonance Capital Management LP | SC 13D/A | 7.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3M · 17
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 43 | 107 |
| FY2024 | — | — | 31 | 82 |
| FY2023 | — | — | 56 | 80 |
| FY2022 | — | — | 65 | 79 |
| FY2021 | — | — | 101 | 89 |