Shares of Pacira Pharmaceuticals jumped more than 17 percent on Friday after the company reported preliminary 2016 revenues that totaled about $27 million higher than the previous year.
In a preliminary report released on Friday, the specialty pharmaceutical company said total revenues were $276.4 million, compared to $249 million for 2015. Fourth quarter revenues were $72.9 million, compared to $69.3 million in the same period last year.
Chairman and CEO Dave Stack said 2016 was a year of solid execution for the company that set the stage for continued growth of its pain-relief drug, Exparel.
"We made important progress advancing our three-part growth strategy that focuses on expanding awareness around opioid-sparing solutions, generating robust clinical data, and forming strategic partnerships," the chief executive said in a statement.
Pacira expects in the new year several key milestones, including results from its phase 3 and phase 4 trails, which are anticipated to expand the company's drugs label.
Pacira stock is up more than 13 percent in the last 6 months.