Amarin's (AMRN) Vascepa Has a Strong Week of Prescription Growth, But Is It Enough?

April 2, 2013 10:57 AM EDT
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MKM Partners analyst Jon LeCroy reiterated his Buy rating and $12 price target on Amarin Corporation (NASDAQ: AMRN) Tuesday following solid Vascepa weekly prescription data.

For the week of March 22, Vascepa had growth of 263 prescriptions which was better than the approximately 200 prescriptions per week recently. After 11 weeks, Vascepa total weekly prescriptions increased to 1,669 for the week ending March 22 up 19% from the prior week.

"If the current growth continues, assuming a wholesale cost of $184 per prescription and a prescription under-reporting rate of 22%, that would imply 1Q13 Vascepa sales of approximately $2.2mn (FactSet consensus estimate = $6.4mn) and 2Q13 Vascepa sales of approximately $11.0mn (FactSet consensus estimate = $13.6mn)," the analyst notes. "So, while the consensus Vascepa estimates still appear to be slightly high, with stocking, the estimates could be attainable."

The firm's 1Q13 Vascepa revenue estimate is $5.0mn including stocking and they estimate $11.1mn in Vascepa sales for 2Q13.

For an analyst ratings summary and ratings history on Amarin Corporation click here. For more ratings news on Amarin Corporation click here.

Shares of Amarin Corporation closed at $7.36 yesterday.

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