Pacira (PCRX) Q3 Earnings and Revenues Miss, '23 View Updated
Pacira BioSciences, Inc. PCRX reported third-quarter 2023 adjusted earnings of 72 cents per share, missing the Zacks Consensus Estimate of 84 cents. The company had reported adjusted earnings of 59 cents per share in the year-ago quarter.
Total revenues in the third quarter amounted to $163.9 million, which also missed the Zacks Consensus Estimate of $172.8 million.
Year to date, shares of Pacira have lost 26.7% compared with the industry’s 18.9% fall.
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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 $128.7 million, which declined about 3% from the year-ago quarter and missed both the Zacks Consensus Estimate of $137.3 million and our estimate of $139.7 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 $28.8 million, up 8.7% 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 marginally missed the Zacks Consensus Estimate of $28.82 million, but beat our estimate of $27.8 million.
Net product sales of iovera were $5.26 million, up 17.8% from the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $4.76 million as well as our estimate of $4 million.
Revenues generated from the sales of bupivacaine liposome injectable suspension to third-party licenses were pegged at $0.9 million, down 71% from the year-ago quarter’s figure.
Royalty revenues amounted to $0.34 million in the reported quarter, down 62.1% year over year.
Research and development (R&D) expenses (excluding stock-based compensation) came in at $18.6 million, up 5.6% from the year-ago quarter.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) of $58.9 million also increased year over year by 13.3%.
As of Sep 30, 2023, Pacira had cash, cash equivalents and available-for-sale investments of $235.2 million compared with $220.8 million as of Jun 30, 2023.
2023 Guidance
Parica now expects Exparel's net product sales in the range of $535-$540 million in 2023, reduced from the company’s previously guided range of $550-$560 million.
On the other hand, the company reiterated its previously provided guidance for net Zilretta sales in 2023 in the range of $110-$115 million. The previously provided guidance has also been maintained for iovera net product sales, which is expected in the range of $17-$20 million in 2023.
For 2023, expected adjusted R&D expenses of $70-$80 million and adjusted SG&A expenses of $220-$230 million also remain consistent with previously provided guidance.
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 are Dynavax Technologies DVAX, Apellis Pharmaceuticals APLS and Adicet Bio, Inc. ACET. DVAX sports a Zacks Rank #1 (Strong Buy), and APLS and 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 Dynavax’s 2023 loss per share has narrowed from 23 cents to 22 cents. The estimate for Dynavax’s 2024 earnings per share is currently pegged at 8 cents. Year to date, shares of DVAX have gained 32.5%.
DVAX’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 25.78%.
In the past 30 days, the Zacks Consensus Estimate for Apellis’ 2023 loss per share has narrowed from $4.89 to $4.32. During the same time frame, the estimate for Apellis’ 2024 loss per share has narrowed from $2.77 to $2.15. Year to date, shares of APLS have lost 3.5%.
APLS beat estimates in two of the trailing four quarters, missing the mark on the other two occasions, delivering an average negative earnings surprise of 3.91%.
In the past 30 days, the estimate for Adicet Bio’s 2023 loss per share has remained constant at $2.93. During the same period, the estimate for Adicet’s 2024 loss per share has remained constant at $2.40. Year to date, shares of ACET have fallen 85.5%.
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 7.70%.
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Pacira BioSciences, Inc. (PCRX) : Free Stock Analysis Report
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