Amarin Corp. (AMRN) Tops Q1 EPS by 1c, Revenues Beat

Amarin Corp. (NASDAQ: AMRN) reported Q1 EPS of ($0.06), $0.01 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $155 million versus the consensus estimate of $137.43 million.

Key recent Amarin achievements include:

• Record revenue: Net total revenue reached a record high of $155.0 million in Q1 2020 as compared to $73.3 in Q1 2019, an increase of approximately 112% primarily reflecting increased VASCEPA® (icosapent ethyl) prescription growth in the United States augmented by $6.7 million net product revenue from VASCEPA sales outside of the United States.
• Commercial expansion: Increased size of U.S. sales force for VASCEPA in Q1 2020 to approximately 800 sales representatives plus their managers representing a doubling in size compared to most of 2019. All such new hires have now completed training and are interacting with healthcare providers, which interactions, commencing in mid-March, were transitioned to telephonic or other forms consistent with social distancing practices amidst the COVID-19 pandemic.
• International progress: In Canada, Amarin’s commercial partner began promotion of VASCEPA in mid Q1 2020. As planned, Amarin’s commercial partner for Canada purchased VASCEPA capsules from Amarin to support their launch of VASCEPA. These purchases for Canada represented the majority of Amarin’s net product revenue from outside the United States in Q1 2020. In China, Amarin’s partner is nearing completion of their clinical trial of VASCEPA, the results of which are expected to be reported later this year based on our partner’s assumption of continued limited impact from COVID-19 on study completion. In Europe, the marketing authorization application for VASCEPA with the European Medicines Agency, or EMA, is undergoing review with an approval recommendation anticipated by Amarin near the end of 2020 and associated European Community, or EC, approval expected promptly thereafter, assuming continued limited impact of COVID-19 on the review. As previously disclosed, Amarin is taking a parallel path of evaluating whether it is best for long-term shareholder value to launch VASCEPA directly, in whole or in part, in Europe or to contract with a potential pan-European partner for VASCEPA promotion and sales. Amarin is targeting Q3 2020 for making this decision.
• ANDA litigation update: As previously disclosed, Amarin and the defendants in the patent litigation pertaining to the initial indication for VASCEPA in the United States have agreed to expedite proceedings for the appeal of the district court decision. The parties have requested the U.S. Court of Appeals for the Federal Circuit approve an expedited schedule including requested briefing in Q2 2020 and an expedited hearing. This proposed timing should facilitate a hearing in Q3 2020 (or perhaps early Q4 2020) and position the court to rule thereafter potentially in 2020 or in early 2021. Amarin believes that it has a strong basis for appeal, which will be set out in its opening brief proposed for filing on May 12th.

“Amarin’s record revenue in Q1 2020 further confirms the value of VASCEPA’s new cardiovascular risk reduction indication and reflects that our commercial launch got off to a good start,” commented John Thero, Amarin’s president and chief executive officer. “We are regularly receiving positive responses from physicians about VASCEPA and witnessing further improvements in already good managed care coverage for VASCEPA supporting the large opportunity for this unique product. With strong science, great employees and wonderful collaborators, we are highly motivated to improve patient care for the millions of people worldwide who might benefit from VASCEPA while aggressively working to overcome challenges caused by COVID-19 restrictions and patent litigation.”

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

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