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Amarin Corp plc (AMRN) Tops Q2 EPS by 1c

August 7, 2014 4:24 PM EDT

Amarin Corp plc (NASDAQ: AMRN) reported Q2 EPS of ($0.14), $0.01 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $12.6 million versus the consensus estimate of $12.86 million.

Amarin reported cash and cash equivalents of $150.5 million at June 30, 2014, representing a net decrease of $13.8 million from reported cash and cash equivalents of $164.3 million as of March 31, 2014 and a net decrease of $41.0 million from reported cash and cash equivalents of $191.5 million as of December 31, 2013. Net cash outflows in the six months ended June 30, 2014 included approximately $24.7 million in sales and marketing related expenses and approximately $16.7 million of costs incurred through the company's clinical research organization and for clinical trial materials in support of the REDUCE-IT cardiovascular outcomes study.

"Financially, operationally and strategically we made important progress in Q2 2014 all of which should position Amarin for further growth," stated John F. Thero, President and Chief Executive Officer. He added that, "While it is too early to expect significant prescription growth from Kowa's co-promotion efforts, since mid-May they have become increasingly active in educating target physicians about Vascepa. These co-promotion efforts should add further positive momentum to the increasing prescription trends we witnessed in Q2 from customers we targeted with our sales team."

The FDA's Office of New Drugs recently notified Amarin that it requires additional time to respond to the company's appeal of the rescission of the ANCHOR clinical trial special protocol assessment agreement. Amarin now expects to receive a substantive response to its appeal by mid-September.

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

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