Initial estimates
suggest that revenues for the first half of 2019 came in between $170 million
and $174 million, the company said. This represents about 80% increase from the
year-over period.
Most of this growth was driven by prescription sales in the US, Amarin said in a statement.
Separately, Amarin has submitted a supplemental new drug application (sNDA) with the US Food and Drug Administration seeking to expand the indication for Vascepa. If accepted, it would help in broadening Amarin’s market base.
READ: Auris Medical trades near a historical low, with a lot to prove
The company is also in the process of accelerating its commercialization plans for Vascepa in the US by doubling its sales force to around 800 representatives. The move is aimed at meeting the rising demand in the US.
CEO John Thero said, “We anticipate Vascepa revenue growth to accelerate further after label expansion approval and with a larger sales team, and then again after we commence promotion of Vascepa for cardiovascular risk reduction on television and through other media.”
During the first
quarter, Amarin 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, 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.