Categories LATEST, Other Industries

Amarin updates 2019 revenue guidance on strong Vascepa sales, stock soars

Amarin (NASDAQ: AMRN) said sales of its flagship drug Vascepa were far better in the first half of 2019 than it had originally anticipated. The strong sales witnessed in the first six months of the year has prompted the Irish biopharmaceutical firm to raise its total 2019 revenue guidance to a range of $380 million to $420 million from the prior projection of $350 million.

Wall Street welcomed this announcement, sending the stock spiking up to 10% during pre-market hours on Tuesday. The stock has gained about 48% since the beginning of this year.

Amarin vascepa performance

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.

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

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Tags

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