Amarin Corporation plc (ADR) (NASDAQ:AMRN)
Amarin Corporation plc (ADR) (NASDAQ:AMRN) shares gained over 10% in today’s trading before settling back for just a 2.2% gain to end the trading day at $3.65. The market, initially, bought AMRN shares after the company announced a loss of $13.6 million in its second quarter or (-$0.05) per share. Street estimates were reported at a loss of (-$0.06) per share. The biotech firm posted revenue of $45.2 million in Q2, versus expectations of $41.4 million. Amarin Corporation plc (ADR) (NASDAQ:AMRN) expects full-year revenue in the range of $165 million to $175 million.
The initial gain likely was generated by the report of a 37% increase in sales, to $44.9 million, on Vascepa sales. Estimated normalized total Vascepa prescriptions, based on data from Symphony Health Solutions and IMS Health, totaled approximately 344,000 and 372,000, respectively, for the three months ended June 30, 2017. These prescription levels represent growth of approximately 50% and 52%, respectively, from prior year levels. Also highlighted was modestly positive from operations during three and six months ended June 30, 2017, excluding cash flow related to R&D and finance.
John F. Thero, President and CEO of Amarin Corporation plc (ADR) (NASDAQ:AMRN) stated in the press release “We believe evidence continues to mount supporting the potential success of the REDUCE-IT cardiovascular outcomes study and that Amarin is at the forefront of what could become a new era in preventative cardiovascular care. We have also seen increased interest in addressing residual cardiovascular risk beyond controlling LDL-cholesterol, and a greater focus on finding treatments that can help address this risk. This is an exciting time for Amarin both with respect to growing current revenues and contemplation of the broader positive effect that Vascepa could have on improving patient care if REDUCE-IT study results, expected approximately a year from now, are consistent with expectations.”
All four investment firms that follow Amarin Corporation plc (ADR) (NASDAQ:AMRN) rate the shares as a “Strong Buy”.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.