Amarin's (AMRN) Vascepa Tracking Well 3-Months In; Investors Eye Tier 2 Designation

April 1, 2013 11:47 AM EDT Send to a Friend
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Amarin (Nasdaq: AMRN) is trading strong amid positive comments from Leerink Swann today.

Analyst Joseph Schwartz said IMS Health's weekly publication of Vascepa prescription data are tracking well. The largest TRx advance since launch was recorded last week, with 1,504 recorded last week, while refills and new prescriptions are picking up.

Vascepa is tracking in-line with other cardiovascular drugs, including Johnson & Johnson's (NYSE: JNJ) Xarelto and Bristol-Myer Squibb's (NYSE: BMY) Eliquis. Schwartz noted, "Interestingly, early weekly Rx data for these potential blockbuster drugs looks similar to Vascepa, in contrast to [Astra Zeneca's (NYSE: AZN)] Brilinta, which had a disappointing launch."

Schwartz sees marketing efforts and moves to obtain Tier 2 reimbursement further accelerating TRx growth. Amarin management recently commented that all Q412 prescriptions were under the Tier 3 designation. The analyst also said that Amarin, "has...seen a lot of conversion of Lovaza to Vascepa in patients with TG > 500mg/dL."

In terms of Amarin's sNDA for Vascepa in mixed dyslipidemia. Schwartz expects acceptance in late April to early May. Amarin already has an SPA for its ANCHOR study, the analyst noted, "acceptance of the sNDA should remove some uncertainty on the Street that the FDA will require outcomes data for this 10-fold larger indication."

Shares of Amarin are up 1.4 percent Monday. Leerink has the stock at Outperform with valuation of $20 per share.

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 $7.41 yesterday.


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