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Amarin Corp Plc (AMRN) Posts Q4 Loss of 26c/Share; Update on Ops

February 27, 2014 4:03 PM EST
Amarin Corp Plc (NASDAQ: AMRN) reported Q4 EPS of ($0.26), $0.03 worse than the analyst estimate of ($0.23). Revenue for the quarter came in at $10.1 million versus the consensus estimate of $11.17 million.

Key Amarin milestones since September 30, 2013 include:

-- Recognized $26.4 million in product revenue from Vascepa® sales in 2013, the first year of Vascepa sales, including revenue growth to $10.1 million in Q4 despite an October reduction in sales force size
-- Normalized prescriptions (estimated) for the year ending December 31, 2013, based upon data from Symphony Health Solutions and IMS Health, totaled approximately 225,000 and 195,000, respectively
-- Improved formulary access by increasing number of lives covered with Tier 2 status to over 100 million, with over 200 million lives covered on formulary overall
-- Increased the number of physicians prescribing Vascepa to over 16,000
-- Surpassed 6,500 patients enrolled in the REDUCE-IT cardiovascular outcomes trial
-- Increased patents issued or allowed in the United States to 40, all but two of the 40 have patent terms extending into 2030, with more than 30 additional patent applications being prosecuted in the United States alone
-- Reduced worldwide staffing by half in October to reduce costs and better match the operational size of Amarin for commercialization of the current indication for Vascepa following a negative recommendation from an FDA advisory committee related to the pending ANCHOR sNDA
-- Began appeal process following the decision of the Division of Metabolism and Endocrinology Products (DMEP) within the U.S. Food and Drug Administration (FDA) to rescind the Special Protocol Assessment (SPA) agreement for the ANCHOR study

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


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