Amarin Corp. (AMRN) Tops Q4 EPS by 2c, Revenues Beat
Amarin Corp. (NASDAQ: AMRN) reported Q4 EPS of $0.01, $0.02 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $167.25 million versus the consensus estimate of $164.94 million.
“We entered 2021 well positioned to further grow VASCEPA revenue in the U.S. while expanding internationally as we continue to lead the creating of an important new paradigm in preventative cardiovascular care beyond cholesterol management for at-risk patients,” stated John F. Thero, president and chief executive officer. “Our record revenue for the fourth quarter and full year of 2020, despite the headwinds we faced from the COVID-19 pandemic, underscores the large, untapped market need for VASCEPA in its new indication of persistent cardiovascular risk (P-CVR) reduction in the United States. We continue to focus our efforts on increasing awareness and education of P-CVR and VASCEPA’s demonstrated benefits in reducing that risk as proven in the landmark REDUCE-IT® study.”
“The positive CHMP opinion, as recently announced, leads us to expect the European Commission to render its formal approval of VAZKEPA in April 2021. The CHMP opinion and anticipated approval are significant milestones for Amarin that brings us closer to making this important drug available in Europe to millions of patients at high risk of cardiovascular events such as heart attacks and strokes. Our growing commercial team in Europe is advancing commercial launch plans with unbranded engagement, and preliminary market access discussions are underway in certain key markets.”
“Our global expansion plans are being further advanced by the progress of our partner in the China region, Edding, which includes Mainland China, Hong Kong, Macau and Taiwan. Edding is making tremendous progress across several key initiatives critical to the successful approval and launch of VASCEPA in the region, including the positive readout from their pivotal Phase 3 clinical study, inclusion of icosapent ethyl in the treatment guidelines of the CSC, the acceptance of the regulatory filing related to Mainland China with the NMPA and the introduction of VASCEPA in the Hainan Boao Lecheng International Medical Tourism Pilot Zone program. The China region represents a very significant market opportunity and we continue to work closely with Edding in support of their efforts to bring this important therapeutic to the millions of patients in the China region with high triglycerides who are at risk of cardiovascular events.”
“Amarin has a very dynamic year ahead and we expect to achieve a number of potentially value-creating milestones and to advance our leadership in cardiovascular risk reduction,” concluded Mr. Thero.
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