Amarin Corp. (AMRN) Tops Q3 EPS by 2c
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Amarin Corp. (NASDAQ: AMRN) reported Q3 EPS of ($0.08), $0.02 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $32.4 million versus the consensus estimate of $32.03 million.
Key Amarin achievements since June 30, 2016 include:
- Revenue growth: Recognized $32.4 million in net product revenue from Vascepa® (icosapent ethyl) sales in Q3 2016 compared to $21.3 million in Q3 2015, an increase of 52%.
- Prescription growth: Increased normalized prescriptions, based on data from Symphony Health Solutions and IMS Health, by 54% and 56%, respectively, compared to Q3 2015.
- R&D progress: REDUCE-IT cardiovascular outcomes study continues to track towards achieving, before the end of 2017, the onset of the targeted 1,612 aggregate primary cardiovascular events for completion of the study. As expected, no modification to the study was recommended based on the first pre-specified interim efficacy analysis, the “60% review” as completed in September by the study’s independent data monitoring committee (DMC).
- Vascepa franchise extension: Announced the introduction, beginning in October, of a smaller 0.5-gram capsule size for Vascepa that is now available in retail pharmacies nationwide. The smaller capsule is in addition to the original and currently available 1-gram size Vascepa capsule as an alternative for the subset of patients who prefer a smaller capsule.
- Strengthened balance sheet: Through an equity financing of approximately $65 million in August 2016 followed by a mandatory exchange of $150 million in previously outstanding debt, Amarin strengthened its balance sheet to support completion of the REDUCE-IT trial while remaining on course to become cash flow positive in 2017 from commercial operations, excluding REDUCE-IT costs, interest and royalties.
For earnings history and earnings-related data on Amarin Corp. (AMRN) click here.
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