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Pacira's (PCRX) Q1 Earnings Miss Estimates, Revenues Rise Y/Y
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Pacira BioSciences, Inc. (PCRX - Free Report) reported first-quarter 2022 adjusted earnings of 64 cents per share, missing the Zacks Consensus Estimate of 74 cents. The company had reported adjusted earnings of 53 cents per share in the year-ago quarter.
Total revenues increased 33% to $158 million in the first quarter of 2022 from the year-earlier figure of $119 million, owing to a continuous strong uptake of Exparel. The top line, however, beat the Zacks Consensus Estimate of $157 million.
Shares of Pacira were down 6.1% on Wednesday following announcement of the earnings results. The stock has rallied 13.9% in the year so far against the industry’s decrease of 21.4%.
Image Source: Zacks Investment Research
Quarter in Detail
Pacira’s top line mainly comprises product revenues, other product sales and royalty revenues.
Exparel net product sales were $129.2 million, up 12.6% from $114.7 million generated in the year-ago quarter. However, sale of the drug decreased 7.6% on a sequential basis.
Exparel/bupivacaine liposome injectable suspension sales came in at $1.6 million in the reported quarter compared with $0.8 million in the year-ago quarter. Exparel is a liposome injection of bupivacaine indicated for a single-dose administration into the surgical site to produce postsurgical analgesia.
Iovera system generated sales worth $3 million in the first quarter of 2022, reflecting a sequential decrease of 38.8% and a 9.1% year-over-year decline as well.
Net product sales from Zilretta were $23.6 million in 2022. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales.
Royalty revenues came in at $0.6 million in the reported quarter compared with $0.3 million in the year-ago period.
Research and development (R&D) expenses (excluding stock-based compensation) increased 36.4% to $20.1 million.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) increased 36.4% year over year to $55.9 million in the reported quarter.
2022 Outlook
Pacira is not providing guidance for 2022 due to the COVID-19 pandemic still negatively impacting sales. As a result, it is reporting monthly intra-quarter unaudited net product sales until it gains enough visibility around the impacts of COVID-19.
For 2022, adjusted R&D expenses are expected in the range of $75-$85 million, while adjusted SG&A expenses are anticipated in the band of $220-$230 million – both unchanged from the previous guidance.
Other Updates
The acquisition of Flexion Therapeutics, Inc., added its only marketed drug, Zilretta (triamcinolone acetonide extended-release injectable suspension), to Pacira’s portfolio.
Zilretta was approved in 2017 as the first and only extended-release intra-articular therapy providing relief to osteoarthritis patients with knee pain.
The acquisition is likely to strengthen Pacira’s position in the non-opioid pain management market.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Pacira currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the same sector include Xencor, Inc. (XNCR - Free Report) , Corbus Pharmaceuticals Holdings, Inc. (CRBP - Free Report) and Soleno Therapeutics, Inc. (SLNO - Free Report) . While Xencor carries a Zacks Rank #1 (Strong Buy), Corbus Pharmaceuticals and Soleno Therapeutics sport a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Xencor’s loss per share estimates have narrowed 9.8% for 2022 and 6.7% for 2023 over the past 60 days.
Earnings of Xencor have surpassed estimates in each of the trailing four quarters.
Corbus Pharmaceuticals’ loss per share estimates have narrowed 19.4% for 2022 and 16.2% for 2023 over the past 60 days.
Earnings of Corbus Pharmaceuticals have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion.
Soleno Therapeutics’ loss per share estimates have narrowed 9.1% for 2022 and 25.9% for 2023 over the past 60 days.
Earnings of Soleno Therapeutics have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion.
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Pacira's (PCRX) Q1 Earnings Miss Estimates, Revenues Rise Y/Y
Pacira BioSciences, Inc. (PCRX - Free Report) reported first-quarter 2022 adjusted earnings of 64 cents per share, missing the Zacks Consensus Estimate of 74 cents. The company had reported adjusted earnings of 53 cents per share in the year-ago quarter.
Total revenues increased 33% to $158 million in the first quarter of 2022 from the year-earlier figure of $119 million, owing to a continuous strong uptake of Exparel. The top line, however, beat the Zacks Consensus Estimate of $157 million.
Shares of Pacira were down 6.1% on Wednesday following announcement of the earnings results. The stock has rallied 13.9% in the year so far against the industry’s decrease of 21.4%.
Image Source: Zacks Investment Research
Quarter in Detail
Pacira’s top line mainly comprises product revenues, other product sales and royalty revenues.
Exparel net product sales were $129.2 million, up 12.6% from $114.7 million generated in the year-ago quarter. However, sale of the drug decreased 7.6% on a sequential basis.
Exparel/bupivacaine liposome injectable suspension sales came in at $1.6 million in the reported quarter compared with $0.8 million in the year-ago quarter. Exparel is a liposome injection of bupivacaine indicated for a single-dose administration into the surgical site to produce postsurgical analgesia.
Iovera system generated sales worth $3 million in the first quarter of 2022, reflecting a sequential decrease of 38.8% and a 9.1% year-over-year decline as well.
Net product sales from Zilretta were $23.6 million in 2022. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales.
Royalty revenues came in at $0.6 million in the reported quarter compared with $0.3 million in the year-ago period.
Research and development (R&D) expenses (excluding stock-based compensation) increased 36.4% to $20.1 million.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) increased 36.4% year over year to $55.9 million in the reported quarter.
2022 Outlook
Pacira is not providing guidance for 2022 due to the COVID-19 pandemic still negatively impacting sales. As a result, it is reporting monthly intra-quarter unaudited net product sales until it gains enough visibility around the impacts of COVID-19.
For 2022, adjusted R&D expenses are expected in the range of $75-$85 million, while adjusted SG&A expenses are anticipated in the band of $220-$230 million – both unchanged from the previous guidance.
Other Updates
The acquisition of Flexion Therapeutics, Inc., added its only marketed drug, Zilretta (triamcinolone acetonide extended-release injectable suspension), to Pacira’s portfolio.
Zilretta was approved in 2017 as the first and only extended-release intra-articular therapy providing relief to osteoarthritis patients with knee pain.
The acquisition is likely to strengthen Pacira’s position in the non-opioid pain management market.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Pacira BioSciences, Inc. price-consensus-eps-surprise-chart | Pacira BioSciences, Inc. Quote
Zacks Rank & Stocks to Consider
Pacira currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the same sector include Xencor, Inc. (XNCR - Free Report) , Corbus Pharmaceuticals Holdings, Inc. (CRBP - Free Report) and Soleno Therapeutics, Inc. (SLNO - Free Report) . While Xencor carries a Zacks Rank #1 (Strong Buy), Corbus Pharmaceuticals and Soleno Therapeutics sport a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Xencor’s loss per share estimates have narrowed 9.8% for 2022 and 6.7% for 2023 over the past 60 days.
Earnings of Xencor have surpassed estimates in each of the trailing four quarters.
Corbus Pharmaceuticals’ loss per share estimates have narrowed 19.4% for 2022 and 16.2% for 2023 over the past 60 days.
Earnings of Corbus Pharmaceuticals have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion.
Soleno Therapeutics’ loss per share estimates have narrowed 9.1% for 2022 and 25.9% for 2023 over the past 60 days.
Earnings of Soleno Therapeutics have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion.