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Pacira's (PCRX) Q4 Earnings Top Estimates, Revenues Miss

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Zacks Equity Research
·4 min read
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Pacira BioSciences, Inc. PCRX reported fourth-quarter 2020 earnings of 87 cents per share, beating the Zacks Consensus Estimate of 82 cents and also increasing from the year-ago earnings of 56 cents.

Total revenues increased 7% to $131 million from the year-earlier figure of $122.4 million in the fourth quarter of 2020. However, the top line missed the Zacks Consensus Estimate of $132 million.

Shares of Pacira were down 5.5% following the earnings release on Thursday. However, the stock has rallied 24.4% so far this year compared with the industry’s increase of 4.5%.

price chart for PCRX
price chart for PCRX


Quarter in Detail

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

Exparel net product sales were $125.3 million, up 7% from $116.9 million generated in the year-ago quarter. Sale of the drug also grew 10.2% on a sequential basis.

Exparel/bupivacaine liposome injectable suspension sales came in at $2 million compared with $1.7 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.

Meanwhile, iovera system generated sales worth $2.4 million in the fourth quarter of 2020, reflecting a sequential decrease of 11.1%.

We remind investors, that in April 2019, Pacira acquired the privately held MyoScience, Inc. Following this buyout, the company added the latter’s iovera system to its portfolio, it being is highly complementary to Exparel as a non-opioid therapy. Moreover, upon closing the acquisition, Pacira changed its corporate name to Pacira BioSciences, Inc.

Meanwhile, royalty revenues came in at $1.2 million in the reported quarter, up 100% year over year.

Research and development (R&D) expenses (excluding stock-based compensation) fell approximately 22.9% to $14.1 million.

Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) also decreased around 6.1% year over year to $44.7 million in the reported quarter.

Full-Year Results

For 2020, Pacira generated revenues of $429.6 million, reflecting an increase of 2% year over year. Exparel net product sales were $413.3 million in 2020, reflecting 1% increase year over year.

For the same period, the company reported earnings of $2.21 per share compared with the year-ago earnings of $1.67 per share.

2021 Outlook

Per the company, due to the adverse effects of the COVID-19 pandemic negatively impacting the sale, the former is not providing the guidance for 2021.

Recent Updates

In November 2020, the European Commission granted marketing authorization to Exparel as a brachial plexus block or femoral nerve block for the treatment of post-operative pain in adults and as a field block for the treatment of somatic post-operative pain from small- to medium-sized surgical wounds in adults. Exparel is the first long-acting non-opioid option for field block and brachial plexus or femoral nerve block approved in Europe. The nod from EU should drive Exparel sales in future quarters.

The company expects to launch Exparel in the second half of 2021 in Europe.

Please note that, last August, the FDA accepted Pacira’s supplemental new drug application (sNDA), seeking an expansion of Exparel’s label to include single-dose infiltration for providing postsurgical analgesia in children aged six years and above. The regulatory body set an action date of Mar 22, 2021. There is currently no approved alternative to opioids for managing severe post-surgical pain in pediatric patients. A potential approval and label expansion will boost Exparel’s sales in the future quarters.

Pacira BioSciences, Inc. Price, Consensus and EPS Surprise

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 #5 (Strong Sell).

Better-ranked stocks in the same sector include Can-Fite BioPharma Ltd. CANF, Ono Pharmaceutical Co., Ltd. OPHLF and Radius Health, Inc. RDUS, 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.

Can-Fite BioPharma’s loss per share estimates have narrowed 60.8% for 2021 over the past 60 days. The stock has rallied 21.3% year to date.

Ono Pharmaceutical’s earnings estimates have been revised 9.8% upward for 2021 over the past 60 days. The stock has risen 2.4% year to date.

Radius Health’s loss per share estimates have narrowed 36.4% for 2021 over the past 60 days. The stock has increased 6.5% year to date.

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