Pacira Biosciences reported preliminary net product sales in 1Q FY21 of Exparel (bupivacaine liposome injectable suspension) and iovera of $114.7 million and $3.3 million, respectively, with total preliminary net sales of $118.7 million coming in slightly below consensus estimates of $118.9 million.
Pacira Biosciences’ (PCRX) also said that Exparel and iovera had net product sales of $44.3 million and $1.5 million, respectively, for the month of March. Exparel had average daily sales that were up by 108%, 103%, and 137% year-on-year for the months of January, February, and March, respectively.
Pacira Biosciences’ Chairman and CEO, Dave Stack said, “The first quarter of 2021 was marked by significant progress as highlighted by the U.S. regulatory approval of EXPAREL in the pediatric setting and its growing utilization across a wide range of long-acting regional blocks for low or no opioid postsurgical pain control. The surgical paradigm continues its rapid progression out of the hospital as EXPAREL-based enhanced recovery after surgery protocols redefine best practice and drive surgical migration to the outpatient setting.”
Stack added, “The COVID-19 pandemic has accelerated this transition, which we expect will be permanently embedded in healthcare systems given the improved patient outcomes, satisfaction rates and economic advantages of outpatient care. These positive market dynamics, along with EXPAREL growth continuing to outpace the recovery of the elective surgery market, leave us very well-positioned for robust long-term growth once the COVID-19 crisis recedes and elective surgeries normalize.”
The company also said that product sales this year continued to be hit by the COVID-19 pandemic which resulted in the postponement or suspension of elective surgeries. (See Pacira Biosciences stock analysis on TipRanks)
Following the preliminary results, Needham analyst Serge Belanger reiterated a Buy and a price target of $85 on the stock. Belanger said in a note to investors, “Exparel appears in a great position to meet/exceed 2Q21 Street sales consensus of $120.5MM, which would allow the product to meet or exceed the Street’s 2021 sales consensus of $507MM.”
The rest of the Wall Street community is cautiously optimistic on the stock with a Moderate Buy consensus rating. That is based on 8 analysts suggesting a Buy and 3 analysts recommending a Hold. The average analyst price target of $83.91 implies around 21.8% upside potential to current levels.
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