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Amarin Corp. (AMRN) Tops Q2 EPS by 4c, Revenues Beat

July 31, 2019 5:44 AM EDT

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Amarin Corp. (NASDAQ: AMRN) reported Q2 EPS of $0.02, $0.04 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $100.8 million versus the consensus estimate of $99.54 million.

  • Record Total Revenue of $100.8 Million Achieved in Q2 2019
  • Commercial Expansion Plans on Track in Anticipation of September 28, 2019 PDUFA Date for Vascepa®
  • If Approved, Vascepa to Become First Prescription Therapy to Treat Patients with Underlying Cardiovascular Risk Beyond Cholesterol Management as Demonstrated in the REDUCE-IT™ Cardiovascular Outcomes Study
  • Millions of Patients in the U.S. Have Underlying Cardiovascular Risk Beyond Cholesterol Management
  • Increased Cash Balance to More Than $600 Million on a Proforma Basis to Ensure Robust Promotion and Education for Vascepa

Key Amarin achievements since its last quarterly report include:

  • U.S. regulatory review progressing: The Priority Review of Amarin’s supplemental new drug application (sNDA) seeking to expand the indication for Vascepa® (icosapent ethyl) appears to be progressing in an orderly and timely manner toward the September 28, 2019 PDUFA goal date.
  • Second quarter net product revenue growth increased by 91%: Recognized $100.8 million in total revenue and $100.4 million in net product revenue from Vascepa sales in Q2 2019 compared to $52.5 million in Q2 2018, an increase of 91%. The total revenueresult is at the upper end of the company’s previously estimated revenue of between $97 and $101 million announced on July 2, 2019.
  • U.S. prescriptions grew by more than 70%: Increased normalized prescriptions for Vascepa by 76% and 73% compared to Q2 2018 based on data from Symphony Health Solutions and IQVIA, respectively.
  • Commercial expansion preparation under way: Actively hiring additional sales managers and sales representatives to double the size of Amarin’s U.S. sales force to approximately 800 sales representatives by October 2019, while also executing on other plans to effectively educate healthcare professionals and consumers regarding the cardiovascular risk reduction profile of Vascepa and the significant unmet need for this disease, following an anticipated label expansion in late September.
  • International plans on track: Progressing through Amarin’s licensee, HLS Therapeutics Inc. (HLS), towards anticipated approval of Vascepa in Canada in the fourth quarter of 2019. As previously disclosed, the application for Vascepa was granted a priority review designation by Health Canada. Other international progress is continuing, including Amarin’s plans to submit an application seeking approval for Vascepa in Europe before the end of 2019.
  • Increased cash balance to ensure robust launch of Vascepa: As of June 30, 2019, Amarin had a cash balance of $221.8 million. In July 2019, Amarin completed a $460.0 million equity offering resulting in an increase in Amarin’s cash balance to more than $600 million on a pro forma basis.

“Amarin made tremendous progress in the first half of 2019, including achieving $100 million in quarterly revenue which is a record for Vascepa sales,” stated John F. Thero, president and chief executive officer, Amarin. “We believe this is just the start of realizing the significant commercial opportunity for Vascepa, which will be driven by our passion to potentially help millions of at-risk patients and our ability to broadly communicate to healthcare professionals and patients the cost-effective value of Vascepa based on the FDA-approved expanded indication we’re anticipating in September. Our focus right now is ensuring we are prepared to robustly launch Vascepa based on that expanded indication.”

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

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