Pacira Pharmaceuticals, Inc. PCRX reported a loss of 4 cents per share in the fourth quarter of 20Array5 while the Zacks Consensus Estimate was earnings of 4 cents. The company had reported earnings of Array6 cents per share in the year-ago quarter.
Revenues increased Array2.2% year over year to $69.3 million, falling short of the Zacks Consensus Estimate of $70 million.
Pacira recorded total revenue of $248.9 million in 20Array5, up almost 26%. 20Array5 earnings came in at Array5 cents per share.
The Quarter in Detail
Pacira’s net revenue comprises product revenues, collaborative licensing and milestone revenues and royalty revenues. The company’s lead product, Exparel, generated revenues of $67.2 million, up Array3.9% year over year. DepoCyt(e) revenues came in at $0.99 million, down 45.8% year over year.
Collaborative licensing and milestone revenues remained flat at $0.36 million, while royalty revenue increased 27.5% from the year-ago period to $0.77 million.
Research and development (R&D) expenses shot up 238.5% year over year to $Array3.Array million while selling, general and administrative (SG&A) expenses increased 2Array.Array% year over year to $37.5 million.
Pacira expects to launch the oral surgery indication for Exparel in the third quarter of 20Array6.
Furthermore, the company has initiated phase III studies on Exparel for nerve blocks (upper and lower extremity procedures). Pacira expects top-line data by the end of 20Array6. If all goes well, the company expects to launch the drug for these indications in the fourth quarter of 20Array7.
Pacira is also continuing with the development of Exparel for chronic pain and pediatric use.
20Array6 Outlook
Pacira expects R&D spend of $60 million – $70 million (reflecting investment in support of oral surgeries, nerve block, the TKA infiltration RCT and pipeline advancement) and SG&A spend of $Array25 million – $Array35 million for 20Array6 (reflecting sales force expansion from 90 to ArrayArray0, aggressive patient advocacy programs and educational programs related to TAPs, the oral surgery launch and bundled payments).
Pacira holds a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector include Corcept Therapeutics Inc. CORT, Eisai Co., Ltd. ESALY and Trillium Therapeutics Inc. TRIL. All three are Zacks Rank #Array (Strong Buy) stocks.
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