Pacira Biosciences, Inc. · NASDAQ:PCRX
Pacira Biosciences — Proxy Contest (May 2026)
66 slides from Pacira Biosciences's proxy contest presentation, May 20, 2026
Slide 1: Delivering Long-Term Value for All Stockholders May 2026
Delivering Long - Term Value for All Stockholders May 2026
Slide 2: Forward-looking Statements and Where to Find Additional Information
Better is possible. 2 Forward - looking Statements and Where to Find Additional Information Any statements in this document about Pacira’s future expectations, plans, trends, outlook, projections and prospects, and ot her statements containing the words “believes,” “anticipates,” “plans,” “estimates
Slide 3: Table of Contents
Better is possible. 3 Table of Contents 4 Executive Summary 7 Overview of Pacira BioSciences 14 Pacira is Successfully Executing on Its Long - Term Strategy to Drive Value for All Stockholders 29 Pacira’s Highly Qualified Board is Effectively Overseeing Our Long - Term Strategy and Committed to Good
Slide 4: Executive Summary
Better is possible. 4 Executive Summary
Slide 5: Executive Summary (1/2): Disciplined Capital Allocation and Strategic De-Risking
Better is possible. 5 Executive Summary (1/2) Disciplined and Thoughtful Approach to Capital Allocation and Strategic De - Risking • Investing in the Business : (1) Successfully diversified the pipeline through the partnership with and ultimate acquisition of GQ Bio (PCRX - 201) and the in - licensi
Slide 6: Executive Summary (2/2): Pacira's Nominees Vastly Superior to DOMA's
Better is possible. 6 Executive Summary (2/2) Pacira’s Nominees are Vastly Superior to DOMA’s Nominees Note: We refer to DOMA Perpetual Capital Management LLC (“DOMA Perpetual”), which is affiliated with certain other persons an d e ntities identified in DOMA Perpetual’s proxy solicitation materials
Slide 7: Overview of Pacira BioSciences
Better is possible. 7 Overview of Pacira BioSciences
Slide 8: A Leader in Innovative Pain Management
Better is possible. 8 A Leader in Innovative Pain Management MISSION Our mission is to deliver innovative, non - opioid pain therapies to transform the lives of patients. GUIDING PRINCIPLES Our guiding principles are mantras we developed in lockstep with our mission, influencing every decision we ma
Slide 9: We Have the Leading Portfolio in Non-Opioid Pain Management
Better is possible. 9 We Have the Leading Portfolio in Non - Opioid Pain Management… Better is possible. TAM / Market Opportunity 2025 Revenue Stage MoA Indication Asset ~29mm 1 Potential Procedures $575mm Marketed Proprietary pMVL Technology Acute Postsurgical Pain EXPAREL ~9mm 2 Potential Procedur
Slide 10: 2026 Kicking Off a Data-Rich Phase Poised to Drive Growth Through 2030
Better is possible. 10 …with 2026 Kicking Off a Data - Rich Phase Poised to Drive Growth Through 2030 and Beyond 2028+ 2027 2026 Target Product Commercial Base Pediatric age 0 to <6 Shoulder OA Spasticity Knee OA Innovative Pipeline Knee OA PCRX - 201 Postsurgical pain PCRX - 2002 Generating data to
Slide 11: Strong Commercial Base with Significant Growth Potential
Better is possible. 11 Strong Commercial Base with Significant Growth Potential Better is possible. EXPAREL: $143.3mm in Q1 2026 revenue, a ~5% y/y increase ZILRETTA: $26.8mm in Q1 2026 revenue, a ~15% y/y increase iovera ° : $6.2mm in Q1 2026 revenue, a ~21% y/y increase • Expanded coverage outside
Slide 12: 2024 Transitional Year, Culminating in Launch of 5x30 Strategy
Better is possible. 12 $10 $15 $20 $25 $30 $35 $40 $45 $50 Dec-2023 Jul-2024 Feb-2025 Oct-2025 May-2026 2024 Was a Transitional Year, Culminating In the Launch of 5x30 Strategy in 2025 External pre - existing dynamics impacting EXPAREL generic entry 5x30 Strategy Announced (Jan 10, 2025) Lower guida
Slide 13: Q1 2026 Results Demonstrate Significant Cash Flow Generation
Better is possible. 13 Q1 2026 Results Demonstrate Significant Cash Flow Generation, in Furtherance of Our 5x30 Strategy Better is possible. 1 See Non - GAAP disclosure slides in appendix for reconciliation to GAAP. 2 Guidance is as of April 30, 2026 and is neither being updated nor reaffirmed hereb
Slide 14: Pacira is Successfully Executing on Its Long-Term Strategy
Better is possible. 14 Pacira is Successfully Executing on Its Long - Term Strategy to Drive Value for All Stockholders
Slide 15: Pacira Has Undergone a Significant Transformation
Better is possible. 15 Pacira Has Undergone a Significant Transformation and is Well - Positioned for Future Growth x Announced a restructuring plan in Feb 2024 x Organizational reprioritization, reallocating resources to focus on strengthening U.S. commercial portfolio, to leverage the NOPAIN Act i
Slide 16: Frank D. Lee, MBA, Chief Executive Officer
Better is possible. 16 Frank D . Lee, MBA, Chief Executive Officer • Joined Pacira as CEO and Board member in January 2024 • Accomplished biopharmaceutical leader, who brings nearly three decades of global experience and a strong track record of product development and commercial success across both
Slide 17: 5x30 Strategy: Five Key Objectives
Better is possible. 17 Better is possible. SIGNIFICANT CASH - GENERATING COMMERCIAL BASE ADVANCING PIPELINE VALUE 1 2 3 4 5 More than 3mm patients treated per year Double - digit compounded annual growth rate 5 - percentage point N on - GAAP G ross M argin improvement over 2024 1 Clinical pipeline e
Slide 18: Patients: On Track to Treat 3 Million Patients Annually
Better is possible. 18 2.4 2.5 3.0 2024 2025 2030E (5x30 Goal) 1 Patients: On Track to Treat 3 Million Patients Annually Patient Growth Towards Target Key Drivers of Patient Volume Growth Relevant Assets Overview • Effective January 1, 2025, NOPAIN provides separate Medicare reimbursement (ASP + 6%)
Slide 19: Product Revenue: Strong Momentum Towards Double-Digit Growth
Better is possible. 19 2 Product Revenue: Strong Momentum Towards Our Goal of Double - Digit Compounded Annual Topline Growth Revenue Over Time Year over Year EXPAREL Volume Growth $726M ~2.6% CAGR >10% CAGR >$1.1B $745 - 770M $675M $701M 2023 2024 2025 2026 2030 2025 2030E (5x30 Goal) 2026E 6% 4% 2
Slide 20: Profitability: Expanding Non-GAAP Gross Margins
Better is possible. 20 • Manufacturing upgrades support ongoing efficiency for EXPAREL - Transitioned to two larger - scale 200 - liter manufacturing suites and executed targeted manufacturing strategy improvements • Restructured San Diego campus: - Reduced workforce by 71 employees, expected to low
Slide 21: Pipeline: Two Promising Phase Clinical Programs
Better is possible. 21 4 Pipeline: Two Promising Phase 2 Clinical Programs that Enhance Pacira’s Strategic Positioning, Reinforcing Leadership & Growth in 2030 and Beyond Note: 1 RMAT is an FDA designation that expedites development and review of regenerative medicine therapies (such as cell therapi
Slide 22: Partnerships and Acquisition to Build Pipeline
Better is possible. 22 Acquisition to Build Pipeline Pacira has formed key strategic partnerships across the commercial base and pipeline, laying the infrastructure for durable long - term growth Partnerships to Expand Commercial Reach Partnership to Acquisition Co - Promotion Licensing & Distro (Ju
Slide 23: Disciplined Capital Allocation Framework
Better is possible. 23 Disciplined Capital Allocation Framework Complements Our Long - Term Strategy SG&A • Strengthened our commercial, medical and market access and dedicated field teams to drive renewed growth in EXPAREL more than a decade after initial launch • Established new partnerships to ex
Slide 24: EXPAREL Patent Estate and Litigation Settlement
Better is possible. 24 What We Inherited Actions Taken Looking Ahead • Litigation commenced 2021, extended through 2024 • No precedential value of the previous case, which only involved one patent (the '495 patent) • 2024: NJ Court decision against Pacira on the '495 patent • Single Orange Book - li
Slide 25: Analysts View the Fresenius Kabi Settlement as a Win
Better is possible. 25 Vast Majority of Analysts View the Fresenius Kabi Settlement in 2025 as a Win for Pacira “We view the settlement as a win and clearing event for any patent and litigation - related uncertainty, allowing for focus to return on the Exparel and 5x30 story… The settlement shifts o
Slide 26: Analysts Have Conviction in Our Ability to Execute on Commercial Base
Better is possible. 26 Analysts Have Conviction in Our Ability to Execute on the Commercial Base… Confidence in EXPAREL’s Long - Term Growth Ability to Capitalize NOPAIN Tailwinds “EXPAREL has a multi - year lead , and manufacturing is highly complex , which limits potential for many generic competi
Slide 27: Analysts Support Our Pipeline Expansion Strategy
Better is possible. 27 …and Support Our Strategy to Pursue Value - Creation Opportunities Via Pipeline Expansion Robust Pipeline of Assets Operational Discipline Translating to Margin Improvement “We came away encouraged by the efforts to drive core revenue acceleration while investing in the pipeli
Slide 28: Seasoned Management Team with Deep Experience
Better is possible. 28 Seasoned Management Team with Deep Experience and Expertise Frank D. Lee Chief Executive Officer & Director Brendan Teehan Chief Commercial Officer Kristen Williams, Esq. Chief Administrative Officer & Secretary Jonathan Slonin , MD Chief Medical Officer Shawn Cross Chief Fina
Slide 29: Pacira's Board Overseeing Long-Term Strategy and Good Governance
Better is possible. 29 Pacira’s Highly Qualified Board is Effectively Overseeing Our Long - Term Strategy and Committed to Good Corporate Governance
Slide 30: Recently Refreshed and Highly Qualified Board
Better is possible. 30 We Have a Recently Refreshed and Highly Qualified Board Our Board Has Relevant Experiences to Support Our Business Strategy 1,2 Since October 2023, the Board has appointed five new independent directors and nominated a sixth (Thomas Wiggans) for election at the 2026 Annual Mee
Slide 31: Independent Board Accountable to Stockholders
Better is possible. 31 • Independent Board Chair • 8 of our 9 directors continuing in office and director nominees are independent • Balanced Board tenures with wide range of expertise directly related to current growth strategy and industry • Regular executive sessions of independent directors with
Slide 32: Fit-for-Purpose Board Overseeing Our Strategic Execution
Better is possible. 32 Fit - for - Purpose Board Overseeing Our Strategic Execution… Committee Chair Class III Directors Standing for Election Class I and II Directors Senior Adviser to BridgeBio Pharma (Nasdaq: BBIO) Independent Director since 2011, Board Chair since 2025 • 35+ years of leadership
Slide 33: Director Skills and Experience
Better is possible. 33 Total Young Yang Wiggans Lee Hirawat Froimson Christie Brege Bigal Director Skills and Experience 3 / 9 Academia 4 / 9 Accounting & Finance 8 / 9 Business Development / M&A 6 / 9 Corporate Governance / Public Board Service 3 / 9 Cybersecurity & Information Technology 4 / 9 Gov
Slide 34: Pacira's Director Nominees: Christie, Hirawat, Wiggans
Better is possible. 34 Christopher Christie Managing Member of Christie 55 Solutions and Former Governor of the State of New Jersey Deep expertise in government, public policy, regulatory affairs, and public health leadership Samit Hirawat , MD Former CMO & Head of Global Drug Development, Bristol M
Slide 35: Compensation Governance Highlights
Better is possible. 35 8 % 7 % 7 % 78 % 18 % 9 % 9 % 13 % 51 % Compensation Governance Highlights x Pay mix emphasizes at - risk incentives x Robust stock ownership guidelines for executives and directors x FY25 incentive plan payouts aligned with stockholder experience x Market - aligned annual tar
Slide 36: Board Actions in Response to Key Feedback Themes
Better is possible. 36 BOARD ACTIONS IN RESPONSE KEY FEEDBACK THEMES • The Committee reaffirmed that one - time awards are not a routine element of our executive compensation program and commits that s uch awards will be used only in exceptional and non - recurring circumstances o The 2026 proxy dis
Slide 37: 2026 Compensation Program Evolution
Better is possible. 37 20% | PSUs 1Y perf. tied to 2026 net product sales of EXPAREL and, to the extent earned (if any), vests 25% each year over four years 80 % | RSUs 4Y ratable vest Following the 2025 Say - on - Pay vote outcome, Board has significantly evolved its 2026 peer group, compensation p
Slide 38: DOMA's Campaign is Highly Misguided
Better is possible. 38 DOMA’s Campaign is Highly Misguided and Not in the Best Interest of All Stockholders
Slide 39: Pacira Has Attempted to Engage Constructively With DOMA
Better is possible. 39 Pacira Has Attempted to Engage Constructively With DOMA Over a Multi - Year Period Since September 2023, Pacira’s Board and management team have engaged with DOMA 17 times through virtual and in - person meetings, received / responded to 16 letters from DOMA and offered to int
Slide 40: DOMA's "Strategy" is Not a Strategy (1/2)
Better is possible. 40 DOMA’s “Strategy” is Not a Strategy (1 / 2) Pacira’s 5x30 Strategy DOMA’s “Strategy” 1 2 3 4 5 1 See Non - GAAP disclosure slides in appendix for reconciliation to GAAP. Downgrade the Board with three highly unqualified director candidates Patients: More than 3mm patients trea
Slide 41: DOMA's "Strategy" is Not a Strategy (2/2)
Better is possible. 41 DOMA’s “Strategy” is Not a Strategy (2 / 2) DOMA’s “Plan” Consequences Will significantly reduce quality and effectiveness of Board oversight over our long - term strategy. Under our current Board’s leadership, Pacira has made substantial progress toward our 5x30 strategy and
Slide 42: DOMA's False Causal Link Between CEO Appointment and Stock Decline
Better is possible. 42 $10 $15 $20 $25 $30 $35 $40 Dec-2023 Jul-2024 Feb-2025 Oct-2025 May-2026 Pacira’s share price fell significantly during CEO Frank D. Lee’s tenure. He should be removed immediately DOMA Attempted to Create a False Causal Link Between Our CEO Appointment and Stock Decline that R
Slide 43: DOMA is Cherry-Picking Distorted Metrics
Better is possible. 43 DOMA is Cherry - Picking Distorted Metrics to Mislead Investors… DOMA Metric Why It’s Misleading Pacira’s Framework Pacira lacked combined profitability in the last two years Purposefully includes a one - time goodwill impairment charge of $163mm relating to EXPAREL patent lit
Slide 44: The Facts vs. DOMA's Myths (1)
Better is possible. 44 The Facts DOMA’s Myths • We are focused on maximizing the value of the EXPAREL franchise while building a complementary and diversified portfolio through strategic lifecycle management, high - value partnerships and disciplined capital deployment into new accretive assets • We
Slide 45: The Facts vs. DOMA's Myths (2)
Better is possible. 45 The Facts DOMA’s Myths • ZILRETTA has demonstrated meaningful acceleration in commercial momentum, and we reported 15% revenue growth in 1Q’26 vs 1Q’25 • Through our collaboration with Johnson & Johnson MedTech, we have tripled our U.S. commercial reach to physicians with a le
Slide 46: Our Nominees are Vastly Superior to DOMA's
Better is possible. 46 DOMA’s Nominees 2 Academia Accounting & Finance Business Development / M&A Corporate Governance / Public Board Service Cybersecurity & Information Technology Government, Public Policy & Regulatory Affairs Human Capital Management Industry Experience Operations, Manufacturing &
Slide 47: DOMA's Campaign Would Remove Expertise in Government Affairs
Better is possible. 47 DOMA’s Campaign Would Remove Extensive Expertise in Government Affairs and Public Health Leadership Christopher Christie Managing Member, Christie 55 Solutions Former Governor of New Jersey x Offers deep insights into pressing public health issues and key stakeholders , partic
Slide 48: DOMA's Campaign Would Remove Expertise in Drug Development
Better is possible. 48 DOMA’s Campaign Would Remove Profound Expertise in Drug Development, Innovation and Partnership Samit Hirawat Former Chief Medical Officer & Head of Global Drug Development, Bristol Myers Squibb (NYSE: BMY) x Proven track record of leading global early - and late - stage devel
Slide 49: DOMA's Campaign Would Remove Seasoned Biopharmaceutical Leadership
Better is possible. 49 DOMA’s Campaign Would Remove Seasoned Biopharmaceutical Leadership & Expertise Thomas Wiggans Former Chairman and CEO, Pardes Biosciences, Inc. (Nasdaq: PRDS) x Proven chief executive with a strong track record of building, scaling, and leading biopharmaceutical companies, inc
Slide 50: Conclusion
50 Better is possible. Conclusion
Slide 51: Conclusion (1/2): Disciplined Capital Allocation and De-Risking
51 Better is possible. Conclusion (1 / 2) Disciplined and Thoughtful Approach to Capital Allocation and Strategic De - Risking • Investing in the Business : (1) Successfully diversified the pipeline through the partnership with and ultimate acquisition of GQ Bio (PCRX - 201) and the in - licensing o
Slide 52: Conclusion (2/2): Pacira's Nominees Vastly Superior
52 Better is possible. Conclusion (2 / 2) Pacira’s Nominees are Vastly Superior to DOMA’s Nominees Note: We refer to DOMA Perpetual Capital Management LLC (“DOMA Perpetual”), which is affiliated with certain other persons an d e ntities identified in DOMA Perpetual’s proxy solicitation materials fil
Slide 53: Pacira's Contact
Better is possible. 53 Pacira’s Contact Susan Mesco Vice President, Investor Relations susan.mesco@pacira.com BLUE D.F. King & Co., Inc. 28 Liberty Street, 53 rd Floor, New York, New York 10005 Stockholders Call Toll - Free: (800) 714 - 3310 Banks and Brokers Call Collect: (646) 981 - 1286 PCRX@dfki
Slide 54: Appendix
Better is possible. 54 Better is possible. APPENDIX
Slide 55: Engagement With DOMA Over a Multi-Year Period (1/2)
Better is possible. 55 Pacira Has Attempted to Engage Constructively With DOMA Over a Multi - Year Period (1 / 2) September 20, 2023 Initial virtual meeting between Pacira management and DOMA CEO Pedro Escudero September 26, 2023 Pacira announces the retirement of long - time CEO David Stack Septemb
Slide 56: Engagement With DOMA Over a Multi-Year Period (2/2)
Better is possible. 56 Pacira Has Attempted to Engage Constructively With DOMA Over a Multi - Year Period (2 / 2) May 9, 2025 Only weeks after withdrawing, DOMA demands a 20% share repurchase by year - end and threatens to remove CEO Frank Lee January 22, 2026 DOMA demands the Board form a subcommit
Slide 57: Pacira vs Peer Operational Benchmarking
57 Better is possible. 81 % 92 % 90 % 87 % 84 % 77 % 68 % Median: 85 % Pacira vs Peer Operational Benchmarking ($ in millions) Better is possible. Note: Market data as of May 15, 2026. Peers represent average of includes INDV, SUPN, JAZZ, HRMY, ALKS, and ESPR. 1 See Non - GAAP disclosure slides in a
Slide 58: EXPAREL is Redefining the Way Postsurgical Pain is Managed
Better is possible. 58 P roprietary multivesicular liposome ( pMVL ) Bupivacaine EXPAREL is Redefining the Way Postsurgical Pain is Managed Source: https://www.surgjournal.com/article/S0039 - 6060(22)00013 - 7/abstract EXPAREL Uses proprietary multivesicular liposome ( pMVL ) technology, an advanced
Slide 59: ZILRETTA and iovera°
Better is possible. 59 ZILRETTA and iovera ° Triamcinolone acetonide (TA): Corticosteroid to reduce pain and inflammation caused by osteoarthritis Microsphere technology Uses extended - release microsphere technology to slowly release pain medication into the knee joint • Microspheres are tiny parti
Slide 60: PCRX-2002 and PCRX-201
Better is possible. 60 PCRX - 201 and PCRX - 2002 Prefilled syringe Sustained release Hydrogel platform Rapid onset paired with sustained release Specialized formulation uses two forms of ropivacaine that may provide immediate relief followed by controlled, extended release — all with one syringe an
Slide 61: Non-GAAP Reconciliations
Better is possible. 61 Non - GAAP Reconciliations This document contains financial measures that do not comply with U.S. generally accepted accounting principles (GAAP), such as non - GAAP gross margin, non - GAAP R&D expense, non - GAAP R&D expense margin, non - GAAP SG&A expense, non - GAAP SG&A e
Slide 62: Non-GAAP Reconciliations (Cont'd)
Better is possible. 62 Non - GAAP Reconciliations (Cont’d) ($ in Thousands) 1 In July 2025, as a result of improving manufacturing efficiencies for EXPAREL, we announced the decommissioning of our 45 - liter EXPAREL batch manufacturing suite located at our Science Center Campus in San Diego, Califor
Slide 63: Non-GAAP Reconciliations (Cont'd)
Better is possible. 63 Non - GAAP Reconciliations (Cont’d) ($ in Thousands) 1 In July 2025, as a result of improving manufacturing efficiencies for EXPAREL, we announced the decommissioning of our 45 - liter EXPAREL batch manufacturing suite located at our Science Center Campus in San Diego, Califor
Slide 64: Non-GAAP Reconciliations (Cont'd)
Better is possible. 64 Non - GAAP Reconciliations (Cont'd) Descriptions of the other adjustments are noted on previous pages in the reconciliation of GAAP to Non - GAAP financial informatio n. ($ in Thousands) 1 Includes amortization of debt discount and debt issuance costs. Three Months Ended 31-Ma
Slide 65: Non-GAAP Reconciliations (Cont'd)
Better is possible. 65 Non - GAAP Reconciliations (Cont'd) ($ in Thousands) 2025 GAAP total revenues $ 726,411 Research and development reconciliation: GAAP research and development $ 117,312 GAAP research and development margin 16.1 % Stock-based compensation (9,188) Key employee holdback (3,420) N
Slide 66: Non-GAAP Reconciliations (Cont'd)
Better is possible. 66 Non - GAAP Reconciliations (Cont'd) ($ in Thousands) 1 Includes amortization of debt discount and debt issuance costs. 2 Approximately $0.1 million and $3.6 million of restructuring charges were excluded from this line item for the three months a nd year ended December 31, 202