AMRN stock demonstrates the danger of the current trading environment. Amarin’s quarterly report was good and the company updated investors on its roll-out plans for Vascepa. The stock would normally continue to trend higher but not in this market. It headfaked a move higher then dropped.
Amarin reported Q2 adjusted EPS of 4c versus the consensus estimate of (7c). The company reported Q2 revenue of $135.3M versus the consensus estimate of $149.48M.
“The second quarter of 2020 was a challenging but productive quarter for Amarin. Despite headwinds brought on by the adverse patent judgment and the onset of COVID-19 related societal restrictions at the end of the first quarter, the Amarin team continues to be productive with an increasingly positive outlook. We recently resumed a substantial level of in-person interactions with healthcare professionals in various geographies to build on the January launch of VASCEPA for its new and differentiated cardiovascular risk reduction indication. Amarin’s employees are working diligently to succeed driven by our mission to bring the promise of VASCEPA to millions of cardiovascular disease patients in need in the United States and internationally,” stated John F. Thero, president and chief executive officer, Amarin.
Amarin Corporation plc (NASDAQ:AMRN), today announced the company’s plans to undertake its own focused commercial launch of VASCEPA® (icosapent ethyl) in Europe. Amarin’s plan is subject to review and approval of its Marketing Authorization Application (MAA) by the European Medicines Agency and the European Commission, respectively. The application is in the late stages of review for the reduction of cardiovascular (CV) risk in high-risk patients based on the REDUCE-IT® cardiovascular outcomes study.
“With more than 80 million people in Europe with cardiovascular disease1, there is a significant and untapped market opportunity for a safe and effective treatment beyond conventional therapies for cardiovascular risk reduction for appropriate patients based on the REDUCE-IT study,” said John Thero, president and chief executive officer, Amarin. “In anticipation of approval, we conducted an extensive evaluation of the commercial options for VASCEPA in Europe. Based on that analysis, we determined that a commercialization team within Amarin and dedicated to VASCEPA is the best choice to maximize the blockbuster potential of the drug in Europe. Amarin’s plan will allow the company to retain substantially all of the economic benefits of this sizeable market opportunity in key regions within Europe and is expected to result in select partnering transactions in certain smaller countries. Amarin has the passion, commitment and in-depth understanding of the product and its unique cardiovascular benefits necessary for a commercial launch. We look forward to advancing VASCEPA through the regulatory process and maximizing the blockbuster potential of VASCEPA in Europe to help millions of patients in need.”