UPDATE: Brean Capital Assumes Pacira Pharmaceuticals (PCRX) at Hold
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(Updated - October 7, 2016 9:52 AM EDT)
Brean Capital assumed coverage on Pacira Pharmaceuticals (NASDAQ: PCRX) with a Hold rating.
Analyst Jason Wittes said, "The company has two products: Exparel, a local analgesic based on bupivacaine in combination with the proprietary product delivery platform, DepoFoam, and DepoCyt(e) (cytarabine liposome injection), a sustainedrelease liposomal formulation of cytarabine based on DepoFoam. Pacira provided Exparel net sales guidance for 2016 of $270-280 million (we are nudging our 2016 Exparel estimate up to $270.5 million versus consensus of $275 million), which, in our view, reflects the extra effort required to sell the drug without comparative data to SOC and with hospital pharmacists’ reluctance to compromise their personal profitability, which in turn requires more conversation with C-suite hospital staff. As these conversations progress, the company builds out its clinical case and expands the label, we expect revenue acceleration, and we hope to see acceleration beginning in 2H17. Pacira estimated full-year 2016 non-GAAP gross margin to be in the range of 70-73% and that in a few years GPM should reach 85%. Pacira had $162.7 million in cash at the end of 2Q16."
Shares of Pacira Pharmaceuticals closed at $34.76 yesterday.
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