Pacira Pharmaceuticals, Inc. (PCRX) provided its revenue estimates for fourth-quarter and full-year 2014, both of which are in line with the Zacks Consensus Estimate.
Pacira expects revenues of $61.8 million in the fourth quarter of 2014, an increase of 84% year over year and in line with the Zacks Consensus Estimate.
Revenues in 2014 are projected around $197.7 million, roughly in line with the Zacks Consensus Estimate of $197 million.
Pacira’s lead product, Exparel, is a liposome injection of bupivacaine indicated for single-dose administration into the surgical site to produce postsurgical analgesia.
Pacira expects net revenues from Exparel to come in around $59 million in the fourth quarter, up 93% year over year while annual Exparel revenues should come in at $188.5 million, up 147% from 2013.
Management is encouraged by the continued traction in Exparel revenues, which should continue in 2015 as well.
We note that demand for Exparel has been strong since its launch in Apr 2012, driven by growth within existing accounts along with increasing acceptance by major hospitals and orthopedic centers as it is increasingly being used in orthopedic procedures. Moreover, continued adoption of Exparel for transversus abdominis plane, infiltration procedures for abdominal and genitourinary surgeries have positively impacted sales.
Pacira is looking to expand Exparel’s label to include nerve block (expected PDUFA date is Mar 5, 2015).
Meanwhile, Pacira announced in Dec 2014 that the FDA has approved changes to the Exparel packaging and label as proposed by the company in its routine label supplement application. The company however clarified that the approved label changes were limited to revisions of the product’s storage, instructions of use and use in special populations, and do not impact the approved indication whatsoever.
We are looking forward to further updates on Exparel label expansion at its Investor Day to be held on Jan 22, 2015.
Pacira currently carries a Zacks Rank #2 (Buy). Other favorably-placed stocks in the health care sector are Biodel Inc. (BIOD), Apricus Biosciences, Inc. (APRI) and Shire plc (SHPG). All these stocks carry a Zacks Rank #1 (Strong Buy).
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