On December 7, 2021 Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, reported preliminary unaudited net product sales for EXPAREL (bupivacaine liposome injectable suspension) and iovera° for the month of November 2021 (Press release, Pacira Pharmaceuticals, DEC 7, 2021, View Source [SID1234596543]). EXPAREL net product sales were $46.5 million, compared with $38.1 million for November 2020. EXPAREL average daily sales for the month of November 2021 were 122 percent of November 2020. The company reports average daily growth rates for EXPAREL to account for differences in the number of selling days per reporting period. The number of EXPAREL selling days were 20 in both November 2021 and November 2020. Net product sales of iovera° were $1.5 million for the month of November 2021, compared with $0.8 million for November 2020.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"We are encouraged by EXPAREL’s robust growth in November with product utilization continuing to significantly outpace the recovery of the elective surgery market," said Dave Stack, chairman and chief executive officer of Pacira BioSciences. "Our team is driving strong results while at the same time advancing integration activities from the Flexion acquisition. We look forward to the significant opportunity and synergies we believe ZILRETTA will add to our commercial offering in 2022 and beyond. As we close out 2021, we look forward to delivering strong top- and bottom-line growth as we build upon our mounting momentum and leadership in non-opioid pain management to improve patient care along the neural pain pathway."
On November 19, 2021, Pacira completed its acquisition of Flexion Therapeutics, which added ZILRETTA (triamcinolone acetonide extended-release injectable suspension) to its commercial offering. Pacira is currently not reporting preliminary monthly ZILRETTA net product sales as the required adjustments for certain product rebate programs are calculated after the end of the quarter and, as a result, ZILRETTA net product sales for the months of November 2021 and 2020 are not included in the amounts above. In addition to pandemic-related challenges, Flexion previously reported that its sales were negatively impacted in the third quarter of 2021 by rebate program modifications and several unanticipated manufacturing batch failures that led to short-dated ZILRETTA inventory resulting in smaller order sizes and product returns. Pacira expects to exit 2021 with ZILRETTA quarterly sales tracking more in line with ZILRETTA second quarter of 2021 sales with sales trends improving thereafter as Pacira extends inventory dating, simplifies the rebate program, and completes integration activities in 2022.
The company’s net product sales were negatively impacted by the COVID-19 pandemic in 2020 due to the significant postponement or suspension in the scheduling of elective surgical procedures resulting from public health guidance and government directives. Elective surgery restrictions began to lift on a state-by-state basis in April 2020, allowing EXPAREL sales to return to year-over-year growth in June 2020. However, while many restrictions have since eased and COVID-19 vaccines have become more widely available and administered to the general public, it is still unclear how long it will take the elective surgery market to normalize, or if restrictions on elective procedures will recur due to COVID-19 variant strains or otherwise.
The company has not provided 2021 financial guidance given the continued uncertainty around COVID-19 and the pace of recovery for the elective surgery market. To provide greater transparency, Pacira is reporting monthly intra-quarter unaudited net product sales for EXPAREL and iovera° and will continue to do so until it has gained enough visibility around the impacts of COVID-19. The company is also providing weekly EXPAREL utilization and elective surgery data within its investor presentation, which is accessible at investor.pacira.com.
The financial information included in this press release is preliminary, unaudited, and subject to adjustment. It does not present all information necessary for an understanding of the company’s financial results for the fourth quarter or full year 2021.