Amarin Corporation PLC (NASDAQ:AMRN) is a pharmaceutical company focused on developing innovating treatments for improving cardiovascular health. The company’s sole marketed drug, Vascepa, is approved as an adjunct to diet to reduce triglyceride levels in severe hypertriglyceridemia patients.
Amarin’s earnings track record has been mixed so far. Over the four trailing quarters, the company posted an average negative earnings surprise of 12.92%, missing estimates in two quarters, beating the same once and meeting once.
Currently, Amarin’s has a Zacks Rank #3 (Hold) 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 an adjusted loss of 9 cents (excluding stock based compensation) per American depositary share which was wider than the Zacks Consensus Estimate of loss of 5 cents.
Revenues Miss: Amarin posted revenues of $77.3 million, missing the consensus estimate of $74.45 million. However, it was up 44.1% year over year.
Key Stats: Selling, general and administrative expenses were up 123.6% at $79.7 million while research & development expenses decreased 0.3% to $11.9 million. Normalized prescriptions for Vascepa increased approximately 32% year-over-year. The company is on track to file the label expansion regulatory application for Vascepa to include cardiovascular data from REDUCE-IT study by March end.
2019 Guidance: Amarin maintained its guidance provided in preliminary results release. The company expects Vacepa sales to reach $350 million in 2019 which excludes any impact from potential label expansion.
Share Price Impact: Shares were up almost 3.7% in pre-market trading.
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