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Pacira (PCRX) Q1 Earnings Miss Estimates, Revenues Beat
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Pacira BioSciences, Inc. (PCRX - Free Report) reported first-quarter 2023 adjusted earnings of 53 cents per share, missing the Zacks Consensus Estimate of 60 cents and our model’s estimate of 58 cents. The company had reported adjusted earnings of 64 cents per share in the year-ago quarter.
Total revenues increased 1.5% to $160.3 million in the first quarter. The top line surpassed the Zacks Consensus Estimate of $157 million and our model estimate of $155.1 million.
Shares of Pacira have gained 20.3% in the year against the industry’s decline of 1.1%.
Image Source: Zacks Investment Research
Quarter in Detail
Pacira’s top line mainly comprises product sales and royalty revenues.
Exparel’s net product sales were $130 million, up from the $129.2 million generated in the year-ago quarter, beating the Zacks Consensus Estimate of $125 million and our estimate of $124.4 million.
The average daily volume growth of 6% in the first quarter was offset by a lower net selling price primarily due to the implementation of 340B Drug Pricing and other contracted relationships.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged 6 years and older for single-dose infiltration to produce postsurgical local analgesia and in adults as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia.
Zilretta’s net product sales came in at $24.3 million compared with $23.6 million in the year-ago quarter. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales.
Net product sales of iovera were $4 million compared with $3 million in the year-ago quarter.
Sales of bupivacaine liposome injectable suspension to third-party licenses were $0.7 million in the quarter, down from $1.6 million reported in the first quarter of 2022.
Royalty revenues were $0.9 million, up from $0.6 million in the year-ago quarter.
Research and development (R&D) expenses (excluding stock-based compensation) decreased to $15.3 million from $20.15 million in the year-ago quarter.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) increased 11.7% year over year to $62.5 million in the reported quarter.
2023 Guidance Reiterated
Parica expects Exparel's net product sales of $570-$580 million, Zilretta’s net product sales of $115-$125 million and the same for iovera of $17-$20 million.
For 2023, adjusted R&D expenses are expected to be $70-$80 million, while adjusted SG&A expenses are anticipated to be $220-$230 million.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
In March 2023, the FDA accepted the company’s supplemental new drug application (sNDA) seeking label expansion of Exparel to include single-dose sciatic nerve block in the popliteal fossa and femoral nerve block in the adductor canal. The regulatory body has set a target action date of Nov 13, 2023.
Zacks Rank and Other Stocks to Consider
Pacira currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the healthcare sector include Spero Therapeutics (SPRO - Free Report) , Fate Therapeutics (FATE - Free Report) and Ligand Pharmaceuticals (LGND - Free Report) . While Spero sports a Zacks Rank #1 (Strong Buy), FATE and LGND each carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, loss estimates for SPRO have narrowed to $1.02 from $1.45 for 2023. SPRO topped earnings estimates in three of the last four quarters and missed in the remaining one, the average surprise being 56.37%.
Over the past 60 days, loss estimates for FATE have narrowed to $2 from $2.14 for 2023. FATE surpassed estimates in all the trailing four quarters, the average surprise being 15.26%.
Over the past 60 days, earnings estimates for LGND for 2023 have increased 55 cents to $4.16. LGND topped earnings estimates in just one of the last four quarters and missed in the remaining three.
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Pacira (PCRX) Q1 Earnings Miss Estimates, Revenues Beat
Pacira BioSciences, Inc. (PCRX - Free Report) reported first-quarter 2023 adjusted earnings of 53 cents per share, missing the Zacks Consensus Estimate of 60 cents and our model’s estimate of 58 cents. The company had reported adjusted earnings of 64 cents per share in the year-ago quarter.
Total revenues increased 1.5% to $160.3 million in the first quarter. The top line surpassed the Zacks Consensus Estimate of $157 million and our model estimate of $155.1 million.
Shares of Pacira have gained 20.3% in the year against the industry’s decline of 1.1%.
Image Source: Zacks Investment Research
Quarter in Detail
Pacira’s top line mainly comprises product sales and royalty revenues.
Exparel’s net product sales were $130 million, up from the $129.2 million generated in the year-ago quarter, beating the Zacks Consensus Estimate of $125 million and our estimate of $124.4 million.
The average daily volume growth of 6% in the first quarter was offset by a lower net selling price primarily due to the implementation of 340B Drug Pricing and other contracted relationships.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged 6 years and older for single-dose infiltration to produce postsurgical local analgesia and in adults as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia.
Zilretta’s net product sales came in at $24.3 million compared with $23.6 million in the year-ago quarter. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales.
Net product sales of iovera were $4 million compared with $3 million in the year-ago quarter.
Sales of bupivacaine liposome injectable suspension to third-party licenses were $0.7 million in the quarter, down from $1.6 million reported in the first quarter of 2022.
Royalty revenues were $0.9 million, up from $0.6 million in the year-ago quarter.
Research and development (R&D) expenses (excluding stock-based compensation) decreased to $15.3 million from $20.15 million in the year-ago quarter.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) increased 11.7% year over year to $62.5 million in the reported quarter.
2023 Guidance Reiterated
Parica expects Exparel's net product sales of $570-$580 million, Zilretta’s net product sales of $115-$125 million and the same for iovera of $17-$20 million.
For 2023, adjusted R&D expenses are expected to be $70-$80 million, while adjusted SG&A expenses are anticipated to be $220-$230 million.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Pacira BioSciences, Inc. price-consensus-eps-surprise-chart | Pacira BioSciences, Inc. Quote
Recent Updates
In March 2023, the FDA accepted the company’s supplemental new drug application (sNDA) seeking label expansion of Exparel to include single-dose sciatic nerve block in the popliteal fossa and femoral nerve block in the adductor canal. The regulatory body has set a target action date of Nov 13, 2023.
Zacks Rank and Other Stocks to Consider
Pacira currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the healthcare sector include Spero Therapeutics (SPRO - Free Report) , Fate Therapeutics (FATE - Free Report) and Ligand Pharmaceuticals (LGND - Free Report) . While Spero sports a Zacks Rank #1 (Strong Buy), FATE and LGND each carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, loss estimates for SPRO have narrowed to $1.02 from $1.45 for 2023. SPRO topped earnings estimates in three of the last four quarters and missed in the remaining one, the average surprise being 56.37%.
Over the past 60 days, loss estimates for FATE have narrowed to $2 from $2.14 for 2023. FATE surpassed estimates in all the trailing four quarters, the average surprise being 15.26%.
Over the past 60 days, earnings estimates for LGND for 2023 have increased 55 cents to $4.16. LGND topped earnings estimates in just one of the last four quarters and missed in the remaining three.