Amarin Corp. (AMRN) Tops Q1 EPS by 1c, Slight Beat on Revenues
Amarin Corp. (NASDAQ: AMRN) reported Q1 EPS of ($0.07), $0.01 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $43.92 million versus the consensus estimate of $43.75 million.
Key Amarin achievements through March 31, 2018 include:
- R&D progress: The REDUCE-IT cardiovascular outcomes study, designed to provide data to support a significantly expanded market opportunity for Vascepa® (icosapent ethyl), is estimated to have reached the 100% mark for onset of the 1,612 target primary major adverse cardiovascular events (MACE) specified in the study design. Amarin anticipates that MACE from the study will be adjudicated through Q2 2018, consistent with the company's objective of reporting top-line results from this important study before the end of Q3 2018.
- U.S. revenue growth: Recognized $43.8 million in net product revenue from Vascepa sales in Q1 2018 compared to $34.3 million in Q1 2017, an increase of 27%.
- U.S. prescription growth: Increased normalized prescriptions for Vascepa by 25% and 27% compared to Q1 2017 based on data from Symphony Health Solutions and IQVIA, respectively.
- International development: Announced the first international approval for Vascepa with the regulatory approval of Vascepa in Lebanon. The clinical trial of Vascepa for approval in China is in process.
- Cash balance: As of March 31, 2018, Amarin had a cash balance of $129.0 million, which includes approximately $70.0 million in net cash proceeds from the equity offering announced in February 2018, compared to $73.6 million at December 31, 2017.
For earnings history and earnings-related data on Amarin Corp. (AMRN) click here.