We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Amarin Corporation PLC (AMRN - Free Report) reported third-quarter 2021 adjusted earnings of 3 cents (excluding stock-based compensation) per American depositary share compared with 1 cent in the year-ago period. The Zacks Consensus Estimate was pegged at a loss of 1 cent.
Revenues, primarily from its cardiovascular drug, Vascepa, were down almost 9% year over year to approximately $142 million in the quarter, missing the Zacks Consensus Estimate of $162.46 million.
Shares of Amarin were down 3.1% in pre-market trading, following the mixed quarterly results. The stock has declined 1.4% so far this year compared with the industry’s 8.9% decrease.
Image Source: Zacks Investment Research
Quarter in Details
Product revenues, entirely from Vascepa, were $141.4 million, down 9% year over year due to lower volumes in the United States. The drug is also facing generic competition for its reduction of triglyceride levels indication. The company stated that Vascepa retained approximately 83% of the total icosapent ethyl normalized prescriptions during the third quarter. The company’s market share declined during the quarter compared with 89% market share in the first half of 2021.
We note that Hikma Pharmaceuticals launched a generic version of Vascepa in the United States in November last year. Dr. Reddy's Laboratories (RDY - Free Report) launched a generic version of Vascepa in June. The labels of both generics include reduction of triglyceride levels indication but not the cardiovascular risk reduction indication.
Licensing revenues were $0.6 million in the third quarter compared with $1.3 million in the year-ago period.
The company ended the quarter with $517.9 million in cash and investments, compared with $523.1 million as of Jun 30, 2021.
Vascepa Update
In September, Amarin launched Vazkepa in Germany. The company has filed market access dossiers for reimbursement in nine other European countries and plans to file the same in other countries in Europe next year.
The company is focusing on expanding the availability of Vascepa in other countries. It plans to file regulatory submissions, seeking approval for the drug in 20 countries over the next few years. The drug is under review in China and a potential approval is expected by year-end.
In August, Amarin’s Canadian partner signed an agreement with Pfizer (PFE - Free Report) for the promotion of the drug in Canada.
These developments are likely to boost the drug's prospects going forward as Europe and China represent significant market opportunity. Also, there is no generic overhang on these three territories so far. The company has plans to expand in key countries with high cardiometabolic rates going forward with a potential market opportunity of more than $1 billion.
Amarin Corporation PLC Price, Consensus and EPS Surprise
Image: Bigstock
Amarin (AMRN) Q3 Earnings Top, Vascepa Sales Decline Y/Y
Amarin Corporation PLC (AMRN - Free Report) reported third-quarter 2021 adjusted earnings of 3 cents (excluding stock-based compensation) per American depositary share compared with 1 cent in the year-ago period. The Zacks Consensus Estimate was pegged at a loss of 1 cent.
Revenues, primarily from its cardiovascular drug, Vascepa, were down almost 9% year over year to approximately $142 million in the quarter, missing the Zacks Consensus Estimate of $162.46 million.
Shares of Amarin were down 3.1% in pre-market trading, following the mixed quarterly results. The stock has declined 1.4% so far this year compared with the industry’s 8.9% decrease.
Quarter in Details
Product revenues, entirely from Vascepa, were $141.4 million, down 9% year over year due to lower volumes in the United States. The drug is also facing generic competition for its reduction of triglyceride levels indication. The company stated that Vascepa retained approximately 83% of the total icosapent ethyl normalized prescriptions during the third quarter. The company’s market share declined during the quarter compared with 89% market share in the first half of 2021.
We note that Hikma Pharmaceuticals launched a generic version of Vascepa in the United States in November last year. Dr. Reddy's Laboratories (RDY - Free Report) launched a generic version of Vascepa in June. The labels of both generics include reduction of triglyceride levels indication but not the cardiovascular risk reduction indication.
Licensing revenues were $0.6 million in the third quarter compared with $1.3 million in the year-ago period.
The company ended the quarter with $517.9 million in cash and investments, compared with $523.1 million as of Jun 30, 2021.
Vascepa Update
In September, Amarin launched Vazkepa in Germany. The company has filed market access dossiers for reimbursement in nine other European countries and plans to file the same in other countries in Europe next year.
The company is focusing on expanding the availability of Vascepa in other countries. It plans to file regulatory submissions, seeking approval for the drug in 20 countries over the next few years. The drug is under review in China and a potential approval is expected by year-end.
In August, Amarin’s Canadian partner signed an agreement with Pfizer (PFE - Free Report) for the promotion of the drug in Canada.
These developments are likely to boost the drug's prospects going forward as Europe and China represent significant market opportunity. Also, there is no generic overhang on these three territories so far. The company has plans to expand in key countries with high cardiometabolic rates going forward with a potential market opportunity of more than $1 billion.
Amarin Corporation PLC Price, Consensus and EPS Surprise
Amarin Corporation PLC price-consensus-eps-surprise-chart | Amarin Corporation PLC Quote
Zacks Rank & Stock to Consider
Amarin currently carries a Zacks Rank #3 (Hold).
A better-ranked company from the biotech sector is Vertex Pharmaceuticals Incorporated (VRTX - Free Report) , carrying a Zacks Rank #2 (Buy). Earnings estimates for 2021 and 2022 have risen 0.5% and 0.2%, respectively, over the past 30 days.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.