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Pacira Pharmaceuticals’ Top Line Continues to Expand

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Aug. 31 2018, Updated 1:40 p.m. ET

Company overview

Pacira Pharmaceuticals (PCRX) is a specialty pharmaceutical company focused on bringing products to the market that are based on its proprietary DepoFoam technology. Its efforts are directed towards postsurgical pain management through the use of opioid reducing strategies. Pacira’s Exparel is an opioid-free local anesthetic used in postsurgical local analgesia. The product is directly drop-shipped to the end user. In June 2018, Pacira partnered with Mednax to address the use of opioids during and after cesarean surgery by launching a nationwide collaboration for the implementation of an enhanced recovery post-cesarean surgery program. Additionally, Pacira is also developing DepoMeloxicam to treat moderate to severe pain as part of a non-opioid multimodal regimen.

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Top line

Pacira Pharmaceuticals generated total revenues of $84.11 million in the second quarter as compared with $70.93 million in the second quarter of 2017. The company generates revenues from product sales, royalties and licensing, and milestone payments. Its net product sales increased from $70.14 million in the second quarter of 2017 to $80.72 million in the second quarter of 2018. Pacira’s revenues from licensing and milestones increased from $130,000 in the second quarter of 2017 to $3.0 million in the second quarter of 2018. The royalty revenues of the company, on the other hand, decreased from $665,000 in the second quarter of 2017 to $390,000 in the second quarter of 2018.

For fiscal 2018 and 2019, the company is expected to generate revenues of $327.20 million and $376.42 million, respectively, as compared with revenues of $286.63 million in fiscal 2017.

Pacira Pharmaceuticals incurred a cost of goods sold of $20.92 million in the second quarter of 2018 as compared with $23.81 million in the second quarter of 2017.

Pacira Pharmaceuticals’ gross margins expanded from 69.11% in the second quarter of 2017 to 75.50% in the second quarter of 2018. For fiscal 2018, Pacira Pharmaceuticals’ gross margin is expected to be 73.05%.

We’ll take a look at Pacira Pharmaceuticals’ bottom line and valuations in the next part of this series.

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