Depends on what typ of panorama. Up to 180 ° FOV PS/LR is doing a decent job but without any control really.
If you want to go wider or full 360° or change the projection, PT GUI is imho the best.
You can try out Microsoft ICE or Hugin for free and see if they suit your needs.
As @ObsidianVX wrote you have to first convert them to TIFF to process correctly.