Amarin (AMRN) Meets Earnings Estimates in Q1, Revenues Tops
Amarin Corporation PLC AMRN is a commercial-stage pharmaceutical company focused on developing therapies, especially based on omega-3 fatty acid, for treating cardiovascular diseases.
The company’s sole marketed drug, Vascepa (icosapent ethyl) is approved in the United States as an adjunct to diet for treating severe hypertriglyceridemia or elevated triglyceride (TG) levels (≥500 mg/dL). In December 2019, the FDA approved Vascepa to reduce cardiovascular risk in patients with persistent elevated triglycerides on statin therapy for LDL-C. The drug is under review in Europe for the cardiovascular indication.
Amarin’s performance has been impressive so far, with the company’s earnings beating expectations in each of the trailing four quarters. Overall, the company has delivered an average positive surprise of 204.17%.
Currently, Amarin has a Zacks Rank #2 (Buy), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings Beat: Amarin reported adjusted loss of 3 cents per share in the first quarter of 2020, in line with our consensus estimate. Adjusted loss has narrowed 40% year over year.
Revenues Beat: Revenues were up 111.5% year over year at $155 million. Revenues also beat the Zacks Consensus Estimate of $144.13 million.
Key Stats: Vascepa sales for the quarter was $152.2 million, an increase of 109.3% year over year. The estimated number of normalized total VASCEPA prescriptions for the quarter was up 72%. Selling, general and administrative expenses were up 87% to $133.9 million while Research & development expenses increased 43.1% to $10.3 million. The company ended the quarter with $623.7 million in cash and cash equivalents.
Share Price Impact: Shares were up 0.6% in pre-market trading.
Check back later for our full write up on AMRN earnings report later!
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