Market Commentary and Intraday News
Pacira 2Q loss narrows, helped by new drug sales
289 days ago
(AP:PARSIPPANY, N.J.) Pacira Pharmaceuticals' second-quarter loss narrowed slightly as licensing revenue and sales of its recently launched pain treatment pumped up revenue.
The Parsippany, N.J., company said Thursday it lost $8.3 million, or 27 cents per share, in the three months that ended June 30. That compares to a loss of $8.8 million, or 51 cents per share, in 2011's second quarter. Revenue more than tripled to $12.3 million.
Analysts surveyed by FactSet expected, on average, a loss of 43 cents per share on $8.7 million in revenue
Company shares climbed 4 percent, or 63 cents, to $15.57 in mid-morning trading, while the Nasdaq exchange rose slightly.
Pacira Pharmaceuticals Inc. launched Exparel in April, and the treatment for postsurgical pain brought in $2.3 million in sales during the quarter.
Collaborative licensing and development revenue jumped to $6.7 million from about $1.3 million in the quarter. The company cited revenue recognition tied to the end of a licensing, distribution and marketing agreement for its surgical pain drug DepoDur.
The drugmaker saw operating expenses climb 56 percent to nearly $19 million due mainly to the Exparel launch.
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