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Amarin Corp. (AMRN) Tops Q1 EPS by 6c, Revenues Beat

May 1, 2019 5:51 AM EDT

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Amarin Corp. (NASDAQ: AMRN) reported Q1 EPS of ($0.05), $0.06 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $73.3 million versus the consensus estimate of $67.3 million.

Key Amarin achievements in Q1 2019 include:

  • Revenue growth: Net total revenue of $73.3 million in Q1 2019 as compared to $43.9 in Q1 2018, an increase of approximately 67% primarily reflecting increased Vascepa prescription growth.
  • sNDA submission: On March 28, 2019, Amarin submitted a supplemental new drug application (sNDA) to the U.S. Food and Drug Administration (FDA) seeking an expanded indication for Vascepa® (icosapent ethyl) capsules, based on the positive results of the landmark REDUCE-IT™ cardiovascular outcomes study which, assuming approval, will facilitate considerably broader promotion of Vascepa in the United States.
  • Total events analysis presented from REDUCE-IT study: New data presented in March 2019 at the American College of Cardiology 68th Annual Scientific Session showed that Vascepa provided a statistically significant 30% risk reduction in total (first and subsequent) cardiovascular events compared to placebo in the statin-treated patient population studied in REDUCE-IT demonstrating approximately one fewer major adverse cardiovascular events (MACE) per six patients treated with Vascepa (or 159 fewer MACE per 1000 patients) over a five year period. This new data was concurrently published in the Journal of the American College of Cardiology1.
  • American Diabetes Association® guidelines updated: The American Diabetes Association (ADA) updated its 2019 Standards of Medical Care in Diabetes2 to incorporate findings from REDUCE-IT recommending that “in patients with ASCVD (atherosclerotic cardiovascular disease) or other cardiac risk factors on a statin with controlled low-density cholesterol (LDL-C), but elevated triglycerides (135-499), the addition of icosapent ethyl should be considered to reduce cardiovascular risk.”

“Initial reaction from the medical community to REDUCE-IT results has been very encouraging, including the updated guidelines from the ADA. Our expanded sales team is off to a good start and we are optimistic regarding the potential results of pharmacoeconomic analysis expected later this year,” commented John Thero, Amarin’s president and chief executive officer. “We remain very early in the process of introducing Vascepa to healthcare professionals and we remain limited in what we can say about Vascepa, particularly to consumers, until the label for Vascepa is expanded. We are confident in the robust results of the REDUCE-IT study and we look forward to interacting with regulatory authorities in their review of these Vascepa clinical results in conjunction with the expanded labeling we seek for Vascepa.”

For earnings history and earnings-related data on Amarin Corp. (AMRN) click here.



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