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Pacira BioSciences, Inc. (PCRX - Free Report) reported second-quarter 2024 adjusted earnings of 89 cents per share, which beat the Zacks Consensus Estimate of 73 cents. The company had reported adjusted earnings of 71 cents per share in the year-ago quarter.
Total revenues amounted to $178 million, which increased 5% year over year and surpassed the Zacks Consensus Estimate of $173 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 $137 million, which increased slightly from the year-ago quarter. The reported figure beat the Zacks Consensus Estimate of $136 million and matched our model estimate. Revenues generated from Exparel sales were negatively impacted by contracted discounts and vial mix, which led to the low sales growth rate in the reported quarter.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged six years and older for single-dose infiltration to produce postsurgical local analgesia. It is also indicated for regional analgesia in adults via an interscalene brachial plexus nerve block, sciatic nerve block in the popliteal fossa and femoral nerve block in the adductor canal.
Zilretta’s net product sales came in at $30.71 million, up 5% year over year. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales. The reported figure beat the Zacks Consensus Estimate of $30.10 million as well as our model estimate of $29.6 million.
Net product sales of iovera were $5.67 million, up 29% from the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $5.37 million and marginally beat our model estimate of $5.6 million, as well.
Revenues generated from the sales of bupivacaine liposome injectable suspension to third-party licenses were pegged at $3.15 million, up significantly from the year-ago quarter’s figure.
Royalty revenues amounted to $1.64 million in the reported quarter. The company did not recognize any royalty revenues in the year-ago quarter.
Year to date, shares of Pacira have plunged 42.1% compared with the industry’s 2.2% decline.
Image Source: Zacks Investment Research
Research and development (R&D) expenses (excluding stock-based compensation) came in at $18.41 million, up 8% from the year-ago quarter. The uptick can be attributed to start-up activities for the planned phase III studies of Zilretta for shoulder osteoarthritis and iovera for spasticity.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) of $58.98 million also increased 3% year over year, largely due to a rise in investments made in commercial, medical and market access organizations, along with consultation fees.
As of Jun 30, 2024, Pacira had cash, cash equivalents and available-for-sale investments of $404.2 million compared with $325.9 million as of Mar 31, 2024.
2024 Guidance Reaffirmed
Pacira reiterated its previously announced financial guidance for 2024. It 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 July, Pacira announced that the Centers for Medicare and Medicaid Services (CMS) has proposed the Hospital Outpatient Prospective Payment System and Ambulatory Surgical Center Payment System rule for 2025. In this rule, Exparel is among six non-opioid treatments, out of which two are specific to ophthalmology, eligible for separate Medicare reimbursement in both ambulatory surgical centers (ASC) and hospital outpatient (HOPD) settings. This policy is set to take effect on Jan 1, 2025, pending finalization.
The proposed rule is part of the implementation of the Non-Opioids Prevent Addiction in the Nation (NOPAIN) Act, which requires separate CMS payments for qualifying non-opioid drugs and devices in HOPD and ASC settings.
Pacira believes that the successful implementation of the NOPAIN Act will drive expanded Exparel utilization in outpatient settings and accelerate top-line growth in 2025 and beyond.
In the past 60 days, the Zacks Consensus Estimate for Annovis’ 2024 loss per share has remained constant at $2.46. During the same period, the consensus estimate for 2025 loss per share has narrowed from $1.95 to $1.91. Year to date, shares of ANVS have plunged 49.5%.
ANVS beat estimates in three of the trailing four quarters and missed once, delivering an average negative surprise of 1.39%.
In the past 60 days, estimates for ANI Pharmaceuticals 2024 earnings per share (EPS) have improved from $4.41 to $4.42. EPS estimates for 2025 have improved from $4.85 to $5.42. Year to date, shares of ANIP have jumped 16.8%.
ANIP’s earnings beat estimates in each of the trailing four quarters, the average surprise being 53.90%.
In the past 60 days, estimates for Akero Therapeutics’ 2024 loss per share have narrowed from $3.87 to $3.82. During the same period, loss per share estimates for 2025 have remained constant at $4.29. Year to date, shares of AKRO have gained 14%.
Akero’s earnings beat estimates in one of the trailing four quarters, missed twice and matched once, delivering an average negative surprise of 5.10%.
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Pacira (PCRX) Q2 Earnings Beat, Exparel Sales Drive Revenues
Pacira BioSciences, Inc. (PCRX - Free Report) reported second-quarter 2024 adjusted earnings of 89 cents per share, which beat the Zacks Consensus Estimate of 73 cents. The company had reported adjusted earnings of 71 cents per share in the year-ago quarter.
Total revenues amounted to $178 million, which increased 5% year over year and surpassed the Zacks Consensus Estimate of $173 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 $137 million, which increased slightly from the year-ago quarter. The reported figure beat the Zacks Consensus Estimate of $136 million and matched our model estimate. Revenues generated from Exparel sales were negatively impacted by contracted discounts and vial mix, which led to the low sales growth rate in the reported quarter.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged six years and older for single-dose infiltration to produce postsurgical local analgesia. It is also indicated for regional analgesia in adults via an interscalene brachial plexus nerve block, sciatic nerve block in the popliteal fossa and femoral nerve block in the adductor canal.
Zilretta’s net product sales came in at $30.71 million, up 5% year over year. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales. The reported figure beat the Zacks Consensus Estimate of $30.10 million as well as our model estimate of $29.6 million.
Net product sales of iovera were $5.67 million, up 29% from the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $5.37 million and marginally beat our model estimate of $5.6 million, as well.
Revenues generated from the sales of bupivacaine liposome injectable suspension to third-party licenses were pegged at $3.15 million, up significantly from the year-ago quarter’s figure.
Royalty revenues amounted to $1.64 million in the reported quarter. The company did not recognize any royalty revenues in the year-ago quarter.
Year to date, shares of Pacira have plunged 42.1% compared with the industry’s 2.2% decline.
Image Source: Zacks Investment Research
Research and development (R&D) expenses (excluding stock-based compensation) came in at $18.41 million, up 8% from the year-ago quarter. The uptick can be attributed to start-up activities for the planned phase III studies of Zilretta for shoulder osteoarthritis and iovera for spasticity.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) of $58.98 million also increased 3% year over year, largely due to a rise in investments made in commercial, medical and market access organizations, along with consultation fees.
As of Jun 30, 2024, Pacira had cash, cash equivalents and available-for-sale investments of $404.2 million compared with $325.9 million as of Mar 31, 2024.
2024 Guidance Reaffirmed
Pacira reiterated its previously announced financial guidance for 2024. It 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 July, Pacira announced that the Centers for Medicare and Medicaid Services (CMS) has proposed the Hospital Outpatient Prospective Payment System and Ambulatory Surgical Center Payment System rule for 2025. In this rule, Exparel is among six non-opioid treatments, out of which two are specific to ophthalmology, eligible for separate Medicare reimbursement in both ambulatory surgical centers (ASC) and hospital outpatient (HOPD) settings. This policy is set to take effect on Jan 1, 2025, pending finalization.
The proposed rule is part of the implementation of the Non-Opioids Prevent Addiction in the Nation (NOPAIN) Act, which requires separate CMS payments for qualifying non-opioid drugs and devices in HOPD and ASC settings.
Pacira believes that the successful implementation of the NOPAIN Act will drive expanded Exparel utilization in outpatient settings and accelerate top-line growth in 2025 and beyond.
Pacira BioSciences, Inc. Price and Consensus
Pacira BioSciences, Inc. price-consensus-chart | Pacira BioSciences, Inc. Quote
Zacks Rank and Stocks to Consider
Pacira currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Annovis Bio (ANVS - Free Report) , ANI Pharmaceuticals, Inc. (ANIP - Free Report) and Akero Therapeutics (AKRO - Free Report) . While ANVS sports a Zacks Rank #1 (Strong Buy), ANIP and AKRO 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 60 days, the Zacks Consensus Estimate for Annovis’ 2024 loss per share has remained constant at $2.46. During the same period, the consensus estimate for 2025 loss per share has narrowed from $1.95 to $1.91. Year to date, shares of ANVS have plunged 49.5%.
ANVS beat estimates in three of the trailing four quarters and missed once, delivering an average negative surprise of 1.39%.
In the past 60 days, estimates for ANI Pharmaceuticals 2024 earnings per share (EPS) have improved from $4.41 to $4.42. EPS estimates for 2025 have improved from $4.85 to $5.42. Year to date, shares of ANIP have jumped 16.8%.
ANIP’s earnings beat estimates in each of the trailing four quarters, the average surprise being 53.90%.
In the past 60 days, estimates for Akero Therapeutics’ 2024 loss per share have narrowed from $3.87 to $3.82. During the same period, loss per share estimates for 2025 have remained constant at $4.29. Year to date, shares of AKRO have gained 14%.
Akero’s earnings beat estimates in one of the trailing four quarters, missed twice and matched once, delivering an average negative surprise of 5.10%.