We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Pacira BioSciences, Inc. (PCRX - Free Report) reported fourth-quarter 2023 adjusted earnings of 89 cents per share, which matched the Zacks Consensus Estimate. The company had reported adjusted earnings of 73 cents per share in the year-ago quarter.
Total revenues in the fourth quarter amounted to $181.2 million, which increased 5% year over year and surpassed the Zacks Consensus Estimate of $180 million.
Quarter in Detail
Pacira’s top line comprises product sales and royalty revenues. The company recognizes product revenues from the sales of its three marketed drugs — Exparel, Zilretta and iovera.
Exparel’s net product sales were $144 million, which rose about 4% from the year-ago quarter and beat both the Zacks Consensus Estimate of $143 million and our estimate of $142.3 million.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged six 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 $28.7 million, up 3% from the year-ago quarter. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales. The reported figure missed the Zacks Consensus Estimate of $29.2 million but matched our model estimate.
Net product sales of iovera were $6 million, up 32% from the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $5.9 million and matched our model estimate.
Revenues generated from the sales of bupivacaine liposome injectable suspension to third-party licenses were pegged at $1.1 million, up 9% from the year-ago quarter’s figure.
Royalty revenues amounted to $1.5 million in the reported quarter, up significantly year over year.
In the past year, shares of Pacira have lost 29.7% against the industry’s 3.2% growth.
Image Source: Zacks Investment Research
Research and development (R&D) expenses (excluding stock-based compensation) came in at $16.6 million, up 6% from the year-ago quarter. The uptick can be attributed to start-up activities for the planned phase III study of Zilretta in shoulder osteoarthritis.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) of $57.4 million also increased 5% year over year, largely due to a rise in legal fees.
As of Dec 31, 2023, Pacira had cash, cash equivalents and available-for-sale investments of $281 million compared with $235.2 million as of Sep 30, 2023.
Full-Year Results
In 2023, Pacira recorded total revenues of $675 million, which increased slightly compared with the figure recorded in 2022. The reported revenues surpassed the Zacks Consensus Estimate of $674 million.
The company recorded adjusted earnings of $2.81 per share in 2023, which missed the Zacks Consensus Estimate of $2.91. PCRX recorded adjusted earnings of $2.39 in 2022.
2024 Guidance
Rolling into 2024, Pacira expects total revenues in the band of $680-$705 million for the full year.
The company anticipates adjusted R&D expenses between $70 million and $80 million, while adjusted SG&A expenses are expected in the range of $245-$265 million.
The adjusted gross margin of the company is projected between 74% and 76% in 2024.
Recent Updates
In the earnings release, Pacira announced that the FDA has signed off on its new 200-liter Exparel manufacturing suite in San Diego, CA. The company expects to start selling commercial products manufactured in this 200-liter suite later in 2024. Management believes that this will help drive a more favorable mix of commercial products sold and benefit Exparel’s gross margins over time.
During the reported quarter, the FDA also approved a regulatory filing seeking label expansion of Exparel to include the drug’s administration in adults as an adductor canal block and a sciatic nerve block in the popliteal fossa.
In November 2023, the U.S. Patent Office issued two new patents to Pacira for Exparel, one for the enhanced manufacturing process and another related to the composition of matter. Including these two new patents, PCRX currently has 10 listed patents protecting Exparel’s intellectual property rights, which will expire on Jan 22, 2041.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
In the past 30 days, the Zacks Consensus Estimate for ADMA Biologics’ 2024 earnings per share (EPS) has remained constant at 22 cents. During the same period, the estimate for ADMA’s 2025 EPS has remained constant at 32 cents. Over the past year, shares of ADMA have jumped 54.6%.
ADMA beat estimates in three of the trailing four quarters and matched in one, delivering an average earnings surprise of 85%.
In the past 30 days, the Zacks Consensus Estimate for Akero Therapeutics’ 2023 loss per share has remained constant at $2.82. During the same period, the estimate for AKRO’s 2024 loss per share has narrowed from $3.34 to $3.33. In the past year, shares of AKRO have plunged 42.2%.
AKRO beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 12.20%.
In the past 30 days, the Zacks Consensus Estimate for Adicet Bio’s 2023 loss per share has remained constant at $3.39. During the same period, the consensus estimate for Adicet’s 2024 loss per share has narrowed from $2.29 to $1.81. In the past year, shares of ACET have plunged 69%.
ACET’s earnings beat estimates in two of the trailing four quarters, missing the mark on the other two occasions, delivering an average negative surprise of 8.36%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Pacira (PCRX) Q4 Earnings Match, Exparel Sales Drive Revenues
Pacira BioSciences, Inc. (PCRX - Free Report) reported fourth-quarter 2023 adjusted earnings of 89 cents per share, which matched the Zacks Consensus Estimate. The company had reported adjusted earnings of 73 cents per share in the year-ago quarter.
Total revenues in the fourth quarter amounted to $181.2 million, which increased 5% year over year and surpassed the Zacks Consensus Estimate of $180 million.
Quarter in Detail
Pacira’s top line comprises product sales and royalty revenues. The company recognizes product revenues from the sales of its three marketed drugs — Exparel, Zilretta and iovera.
Exparel’s net product sales were $144 million, which rose about 4% from the year-ago quarter and beat both the Zacks Consensus Estimate of $143 million and our estimate of $142.3 million.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged six 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 $28.7 million, up 3% from the year-ago quarter. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales. The reported figure missed the Zacks Consensus Estimate of $29.2 million but matched our model estimate.
Net product sales of iovera were $6 million, up 32% from the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $5.9 million and matched our model estimate.
Revenues generated from the sales of bupivacaine liposome injectable suspension to third-party licenses were pegged at $1.1 million, up 9% from the year-ago quarter’s figure.
Royalty revenues amounted to $1.5 million in the reported quarter, up significantly year over year.
In the past year, shares of Pacira have lost 29.7% against the industry’s 3.2% growth.
Image Source: Zacks Investment Research
Research and development (R&D) expenses (excluding stock-based compensation) came in at $16.6 million, up 6% from the year-ago quarter. The uptick can be attributed to start-up activities for the planned phase III study of Zilretta in shoulder osteoarthritis.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) of $57.4 million also increased 5% year over year, largely due to a rise in legal fees.
As of Dec 31, 2023, Pacira had cash, cash equivalents and available-for-sale investments of $281 million compared with $235.2 million as of Sep 30, 2023.
Full-Year Results
In 2023, Pacira recorded total revenues of $675 million, which increased slightly compared with the figure recorded in 2022. The reported revenues surpassed the Zacks Consensus Estimate of $674 million.
The company recorded adjusted earnings of $2.81 per share in 2023, which missed the Zacks Consensus Estimate of $2.91. PCRX recorded adjusted earnings of $2.39 in 2022.
2024 Guidance
Rolling into 2024, Pacira expects total revenues in the band of $680-$705 million for the full year.
The company anticipates adjusted R&D expenses between $70 million and $80 million, while adjusted SG&A expenses are expected in the range of $245-$265 million.
The adjusted gross margin of the company is projected between 74% and 76% in 2024.
Recent Updates
In the earnings release, Pacira announced that the FDA has signed off on its new 200-liter Exparel manufacturing suite in San Diego, CA. The company expects to start selling commercial products manufactured in this 200-liter suite later in 2024. Management believes that this will help drive a more favorable mix of commercial products sold and benefit Exparel’s gross margins over time.
During the reported quarter, the FDA also approved a regulatory filing seeking label expansion of Exparel to include the drug’s administration in adults as an adductor canal block and a sciatic nerve block in the popliteal fossa.
In November 2023, the U.S. Patent Office issued two new patents to Pacira for Exparel, one for the enhanced manufacturing process and another related to the composition of matter. Including these two new patents, PCRX currently has 10 listed patents protecting Exparel’s intellectual property rights, which will expire on Jan 22, 2041.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Pacira BioSciences, Inc. price-consensus-eps-surprise-chart | Pacira BioSciences, Inc. Quote
Zacks Rank and Stocks to Consider
Pacira currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the drug/biotech industry are ADMA Biologics (ADMA - Free Report) , Akero Therapeutics (AKRO - Free Report) and Adicet Bio, Inc. (ACET - Free Report) . While ADMA sports a Zacks Rank #1 (Strong Buy), AKRO & ACET carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 30 days, the Zacks Consensus Estimate for ADMA Biologics’ 2024 earnings per share (EPS) has remained constant at 22 cents. During the same period, the estimate for ADMA’s 2025 EPS has remained constant at 32 cents. Over the past year, shares of ADMA have jumped 54.6%.
ADMA beat estimates in three of the trailing four quarters and matched in one, delivering an average earnings surprise of 85%.
In the past 30 days, the Zacks Consensus Estimate for Akero Therapeutics’ 2023 loss per share has remained constant at $2.82. During the same period, the estimate for AKRO’s 2024 loss per share has narrowed from $3.34 to $3.33. In the past year, shares of AKRO have plunged 42.2%.
AKRO beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 12.20%.
In the past 30 days, the Zacks Consensus Estimate for Adicet Bio’s 2023 loss per share has remained constant at $3.39. During the same period, the consensus estimate for Adicet’s 2024 loss per share has narrowed from $2.29 to $1.81. In the past year, shares of ACET have plunged 69%.
ACET’s earnings beat estimates in two of the trailing four quarters, missing the mark on the other two occasions, delivering an average negative surprise of 8.36%.