Categories Earnings, Health Care

Amarin Corp tops the market in Q1 on Vascepa strength

Amarin Corporation (NASDAQ: AMRN) on Wednesday said its revenues soared 67% to $73.3 million, riding on the strong demand for its Vascepa capsules as well as higher commercialization fees from its licensed partners. The top line surpassed Wall Street projection of $72.2 million.

The company, however, reported a loss of 5 cents per share during the quarter, as it incurred more expenses related to its label expansion applications, besides higher marketing costs. However, this was narrower than analysts’ expectation of a loss of 11 cents per share.

Image for representation (Photo by Drew Hays on Unsplash)

According to Symphony Health, new prescriptions of Vascepa rose by about 80% in the first quarter of 2019, compared to the same period of the prior year. However, its net selling price declined modestly as an increased portion of prescriptions were derived from patients with lower net paying Medicare insurance coverage.

Licensing revenues, from the commercialization of Vascepa outside the US, were $0.5 million in Q1, compared to $0.1 million in the year-over period.

Amarin tops the market in Q1 on Vascepa strength

READ: THE QUESTION EVERY POT INVESTOR ASKS HIMSELF – AURORA CANNABIS OR HEXO?

Amarin CEO John Thero said, “We remain very early in the process of introducing Vascepa to healthcare professionals and we remain limited in what we can say about Vascepa, particularly to consumers, until the label for Vascepa is expanded.”

Amarin shares have gained 46% since the beginning of this year, outperforming the industry, which has grown just over 2%. Three events had set the stage for the stock rally this year: Rumors that Novartis (NYSE: NVS) was interested in acquiring it; a better-than-expected revenue growth in Q4; and reports that the American Diabetes Association had given a positive note on its Vascepa capsule.

Amarin’s Vascepa capsules lower fat level in blood by reducing triglycerides in the body when taken along with a proper diet.

 

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

McCormick (MKC) expects pricing to drive sales growth for the full year of 2022

Shares of McCormick & Co. Inc. (NYSE: MKC) were up on Thursday after the company beat sales estimates for the third quarter of 2022. Adjusted earnings, however, decreased from the

STZ Infographic: Highlights of Constellation Brands’ Q2 2023 earnings results

Constellation Brands, Inc. (NYSE: STZ) announced second-quarter 2023 earnings results on Thursday, reporting a 12% increase in net sales. Comparable earnings, adjusted for one-off items, climbed 33% year-over-year to $3.17

Conagra Brands (CAG) Q1 earnings beat estimates on higher revenues

Packaged Foods company Conagra Brands Inc. (NYSE: CAG) on Thursday said its first-quarter profit increased supported by a 10% revenue growth. Earnings also came in above the consensus forecast. At $2.90

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top