Amarin Corporation plc (NASDAQ: AMRN) reported better-than-expected revenue and earnings for the second quarter of 2019, allowing the stock to gain 2.2% in premarket hours on Wednesday. The consensus estimate was for a loss of $0.02 per share on revenue of $99.5 million.
Total revenue grew nearly 92% to $100.8 million compared to the same period last year. Net product revenue increased 91% to $100.4 million, helped by growth in new and recurring prescriptions of Vascepa.
On a GAAP basis, the company reported a net loss of $1.8 million, or $0.01 per share, compared to $34.2 million, or $0.12 per share, in the year-ago period. Adjusted net income was $6.1 million, or $0.02 per share.
During the quarter, Amarin saw continued prescription growth and an increase in Vascepa market share. Based on data from Symphony Health Solutions and IQVIA, normalized total Vascepa prescriptions grew approx. 76% and 73%, to approx. 756,000 and 683,000, respectively.
Amarin’s plans to gain approval for Vascepa in Canada in the fourth quarter of 2019 are progressing on track. The company also plans to submit an application seeking approval for Vascepa in Europe before the end of 2019.
John F. Thero, President and Chief Executive Officer said, “Amarin made tremendous progress in the first half of 2019, including achieving $100 million in quarterly revenue which is a record for Vascepa sales. We believe this is just the start of realizing the significant commercial opportunity for Vascepa, which will be driven by our passion to potentially help millions of at-risk patients and our ability to broadly communicate to healthcare professionals and patients the cost-effective value of Vascepa based on the FDA-approved expanded indication we’re anticipating in September. Our focus right now is ensuring we are prepared to robustly launch Vascepa based on that expanded indication.”
As of June 30, 2019, Amarin reported cash and cash equivalents of $221.8 million and $46.3 million in inventory.
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