Needham & Company Reiterates Buy Rating, $84 PT on Pacira Pharmaceuticals (PCRX), Continue to Expect Significant Sales Growth Rebound

Needham & Company analyst Serge Belanger reiterated a Buy rating and $84.00 price target on Pacira Pharmaceuticals (NASDAQ: PCRX), following release of prelim January 2022 sales figures.

The analyst quotes: "PCRX reported prelim Jan 2022 sales of $36.3MM and $1.1MM for Exparel and iovera, respectively. On a mth/mth basis, Exparel sales are down ~29% (vs. Dec's $50.9MM), while on yr/yr comparison, Jan average daily sales were at 104% of 2021 levels. As a comparison, Exparel's recent avg daily were +110% Y/Y in Dec, +122% Y/Y in Nov, +104% Y/Y in Oct. Iovera's Jan 2022 sales were down 50% vs. Dec 2021 ($2.2MM) and in-line with Jan 2021 sales of $1.1MM. We project Exparel 1Q22 sales of $129.1MM (vs. the Street's $129.5MM) based on expectations of a significant sales growth rebound in Feb and March that reflects a return to pre-Omicron late-2021 surgery volumes. Our 2022 Exparel sale est of $577.9MM (+~14% Y/Y) assumes that Y/Y sales growth returns to 15%-20% in 2H22. We maintain our Buy rating and $84PT."

For an analyst ratings summary and ratings history on Pacira Pharmaceuticals click here. For more ratings news on Pacira Pharmaceuticals click here.

Shares of Pacira Pharmaceuticals closed at $64.74 yesterday.

Written by Vlad Schepkov | [email protected]

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