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Pacira's (PCRX) Q4 Earnings Beat Estimates, Revenues Rise Y/Y

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Pacira BioSciences, Inc. (PCRX - Free Report) reported fourth-quarter 2021 adjusted earnings of 97 cents per share, beating the Zacks Consensus Estimate of 83 cents. The company had reported earnings of 87 cents per share in the year-ago quarter.

Total revenues increased 22% to $159.2 million in the fourth quarter of 2021 from the year-earlier figure of $131 million, owing to a continuous strong uptake of Exparel. The top line was almost in line with the Zacks Consensus Estimate of $159 million.

Shares of Pacira were up 2.3% on Thursday following announcement of the earnings results. The stock has declined 12.9% in the past year compared with the industry’s decrease of 32.1%.

Zacks Investment Research
Image Source: Zacks Investment Research

Full-Year Results

For full-year 2021, Pacira generated total revenues of $541.5 million compared with $429.6 million recorded in 2020.

For 2021, the company reported adjusted earnings of $3.00 per share compared with adjusted earnings of $2.21 per share in 2020.

Quarter in Detail

Pacira’s top line mainly comprises product revenues, other product sales and royalty revenues.

Exparel net product sales were $139.9 million, up 12% from $125.3 million generated in the year-ago quarter. Sale of the drug increased 14.8% on a sequential basis.

Exparel/bupivacaine liposome injectable suspension sales came in at $1.1 million in the reported quarter compared with $2 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 $4.9 million in the fourth quarter of 2021, reflecting a sequential increase of 16.7% and a significant year-over-year rise as well.

Net product sales from Zilretta were $12.7 million in 2021. 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 $1.2 million in the year-ago period.

Research and development (R&D) expenses (excluding stock-based compensation) declined 3.5% to $13.6 million.

Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) slightly decreased 0.3% year over year to $44.6 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.

Recent Updates

In November 2021, Pacira completed the acquisition of Flexion Therapeutics, Inc., which added the latter’s 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.

In November 2020, the European Commission (EC) granted marketing authorization to Exparel as a brachial plexus block or femoral nerve block for the treatment of post-operative pain, and as a field block for the treatment of somatic post-operative pain from small- to medium-sized surgical wounds in adults. On the fourth-quarter conference call, management stated that Exparel’s targeted European launch is now underway.

Pacira BioSciences, Inc. Price, Consensus and EPS Surprise

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 Catalyst Pharmaceuticals, Inc. (CPRX - Free Report) , Spectrum Pharmaceuticals, Inc. and United Therapeutics Corporation (UTHR - Free Report) , all carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Catalyst Pharmaceuticals’ earnings estimates have been revised 42% upward for 2022 over the past 60 days. The stock has rallied 99% in the past year.

Earnings of Catalyst Pharmaceuticals have surpassed estimates in each of the trailing four quarters.

Spectrum Pharmaceuticals’ loss per share estimates have narrowed 8.1% for 2022 over the past 60 days.

Earnings of Spectrum Pharmaceuticals have surpassed estimates in two of the trailing four quarters and missed the same on the other two occasions.

United Therapeutics’ earnings estimates have been revised 0.3% upward for 2022 over the past 60 days.

Earnings of United Therapeutics have surpassed estimates in two of the trailing four quarters and missed the same on the other two occasions.

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