Pacira Pharmaceuticals Reports Preliminary 2016 Revenues of $276.4 Million
January 06 2017 - 7:30AM
Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) today reported
preliminary unaudited total revenues and EXPAREL® (bupivacaine
liposome injectable suspension) net product sales for the fourth
quarter and full-year 2016.
“2016 was a year of solid execution that has set the stage for
continued growth of EXPAREL,” said Dave Stack, chief executive
officer and chairman of Pacira. “We made important progress
advancing our three-part growth strategy that focuses on expanding
awareness around opioid-sparing solutions, generating robust
clinical data, and forming strategic partnerships.”
Preliminary Unaudited 2016 Revenues:
- Total revenues for the fourth quarter of 2016 were $72.9
million, compared to $69.3 million for the fourth quarter of
2015.
- EXPAREL net product sales for the fourth quarter of 2016 were
$71.4 million, compared to $67.2 million for the fourth quarter of
2015.
- Total revenues for 2016 were $276.4 million, compared to $249.0
million for 2015.
- EXPAREL net product sales for 2016 were $265.8 million,
compared to $239.9 million for 2015.
Mr. Stack continued: “As we look to 2017, we are on track to
deliver multiple key milestones including results from our Phase 4
randomized controlled trials in knee and spine, as well as our
Phase 3 nerve block studies that are designed to expand the EXPAREL
label. We are also planning to initiate a number of Phase 4
randomized controlled trials in soft tissue procedures. With
respect to partnerships, we are seeing strong interest from
potential partners who share our commitment to broadening the use
of EXPAREL as an alternative to opioids in the acute postsurgical
setting.”
Pacira will provide final financial results and additional
information on the fourth quarter and full-year 2016 performance in
the earnings press release and conference call that will take place
in the first quarter of 2017.
About Pacira
Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) is a specialty
pharmaceutical company focused on the clinical and commercial
development of new products that meet the needs of acute care
practitioners and their patients. The company’s flagship product,
EXPAREL® (bupivacaine liposome injectable suspension), indicated
for single-dose infiltration into the surgical site to produce
postsurgical analgesia, was commercially launched in the United
States in April 2012. EXPAREL and two other products have
successfully utilized DepoFoam®, a unique and proprietary product
delivery technology that encapsulates drugs without altering their
molecular structure, and releases them over a desired period of
time. Additional information about Pacira is available at
www.pacira.com.
About EXPAREL®
EXPAREL (bupivacaine liposome injectable suspension) is
currently indicated for single-dose infiltration into the surgical
site to produce postsurgical analgesia. The product combines
bupivacaine with DepoFoam®, a proven product delivery technology
that delivers medication over a desired time period. EXPAREL
represents the first and only multivesicular liposome local
anesthetic that can be utilized in the peri- or postsurgical
setting. By utilizing the DepoFoam platform, a single dose of
EXPAREL delivers bupivacaine over time, providing significant
reductions in cumulative pain score with up to a 45 percent
decrease in opioid consumption; the clinical benefit of the opioid
reduction was not demonstrated. Additional information is available
at www.EXPAREL.com.
Important Safety Information
EXPAREL is contraindicated in obstetrical paracervical block
anesthesia. EXPAREL has not been studied for use in patients
younger than 18 years of age. Non-bupivacaine-based local
anesthetics, including lidocaine, may cause an immediate release of
bupivacaine from EXPAREL if administered together locally. The
administration of EXPAREL may follow the administration of
lidocaine after a delay of 20 minutes or more. Other formulations
of bupivacaine should not be administered within 96 hours following
administration of EXPAREL. Monitoring of cardiovascular and
neurological status, as well as vital signs should be performed
during and after injection of EXPAREL as with other local
anesthetic products. Because amide-type local anesthetics, such as
bupivacaine, are metabolized by the liver, EXPAREL should be used
cautiously in patients with hepatic disease. Patients with severe
hepatic disease, because of their inability to metabolize local
anesthetics normally, are at a greater risk of developing toxic
plasma concentrations. In clinical trials, the most common adverse
reactions (incidence greater-than or equal to 10%) following
EXPAREL administration were nausea, constipation, and vomiting.
Please see the full Prescribing Information for more details
available at
http://www.exparel.com/pdf/EXPAREL_Prescribing_Information.pdf.
Forward Looking Statements
Any statements in this press release about our future
expectations, plans, outlook and prospects, and other statements
containing the words “believes,” “anticipates,” “plans,”
“estimates,” “expects,” “intends,” “may” and similar expressions,
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including
risks relating to: the success of our sales and manufacturing
efforts in support of the commercialization of EXPAREL; the rate
and degree of market acceptance of EXPAREL and our other products;
the size and growth of the potential markets for EXPAREL and our
ability to serve those markets; our plans to expand the use of
EXPAREL to additional indications and opportunities, and the timing
and success of any related clinical trials; the related timing and
success of United States Food and Drug Administration supplemental
New Drug Applications; the outcome of the U.S. Department of
Justice inquiry; our plans to evaluate, develop and pursue
additional DepoFoam-based product candidates; clinical trials in
support of an existing or potential DepoFoam-based product; our
plans to continue to manufacture and provide support services for
our commercial partners who have licensed DepoCyt(e); our
commercialization and marketing capabilities; our and Patheon UK
Limited’s ability to successfully and timely construct dedicated
EXPAREL manufacturing suites; and other factors discussed in the
“Risk Factors” of our most recent Annual Report on Form 10-K for
the fiscal year ended December 31, 2015 and in other filings that
we periodically make with the SEC. In addition, the forward-looking
statements included in this press release represent our views as of
the date of this press release. Important factors could cause our
actual results to differ materially from those indicated or implied
by forward-looking statements, and as such we anticipate that
subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so. These forward-looking statements should
not be relied upon as representing our views as of any date
subsequent to the date of this press release.
Investor Contact:
Susan Mesco
(973) 451-4030
susan.mesco@pacira.com
Media Contact:
Coyne Public Relations
Alyssa Schneider
(973) 588-2270
aschneider@coynepr.com
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