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Amarin (AMRN) Stock Rises on Stellar Q4 Preliminary Results
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Shares of Amarin Corporation plc (AMRN - Free Report) surged 32.8% on Jan 10 after the company announced robust preliminary results for the fourth quarter and full-year 2023. The company also plans to initiate a share repurchase program of up to $50 million.
Amarin’s top line currently comprises product revenues from Vascepa/Vazkepa (Vascepa’s brand name in Europe), as well as licensing and royalty revenues.
Vascepa (icosapent ethyl) is approved as an adjunct to diet for treating severe hypertriglyceridemia or elevated triglyceride (TG) levels (≥500 mg/dL). Vascepa is also approved to reduce cardiovascular risk (CV) in patients with persistent elevated triglycerides on statin therapy for LDL-C.
Q4 & 2023 Preliminary Results
Preliminary total revenues are expected to be between $72 million and $74 million for the fourth quarter. The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $61.3 million.
Total revenues in the fourth quarter are expected to be between $64 million and $65 million in the United States. In Europe, total revenues are anticipated to be approximately $1.5 million, while in the rest of the world, total revenues are expected in the range of $7-$8 million.
As of the end of 2023, Amarin had approximately $321 million in cash and investments. The company ended the year with a positive cash flow of almost $10 million.
For full-year 2023, preliminary total revenues are expected between $304 million and $306 million. The Zacks Consensus Estimate for full-year revenues is pegged at $293.4 million.
Shares of Amarin have plunged 33.8% in the past year compared with the industry’s decrease of 11.5%.
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Amarin announced that it has entered into a conditional share repurchase agreement with Cantor Fitzgerald to purchase up to $50 million of its shares that are held in the form of American depository shares.
2024 Outlook
Amarin remains focused on saving around $40 million annually in operating expenses through restructuring.
The company believes that its current cash, along with the share repurchase program, is enough to fund the ongoing operations.
We note that in July 2023, Amarin implemented an organizational restructuring plan to strengthen its existing cash runway and curb cash burn. It reduced its current workforce by 30% in non-sales positions.
In the past 60 days, estimates for Stoke Therapeutics’ 2024 loss per share have narrowed from $2.66 to $2.50. In the past year, shares of STOK have plunged 49.1%.
Stoke Therapeutics beat estimates in three of the last four quarters while missing the same on the remaining occasion. STOK delivered a four-quarter earnings surprise of 10.81%, on average.
In the past 60 days, estimates for Freeline Therapeutics’ 2024 loss per share have narrowed from 35 cents to 15 cents. In the past year, shares of FRLN have declined 15.7%.
Earnings of Freeline Therapeutics beat estimates in each of the last three quarters. FRLN delivered a four-quarter average earnings surprise of 67.17%.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 62 cents to 69 cents. In the past year, shares of PBYI have risen 1.8%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.
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Amarin (AMRN) Stock Rises on Stellar Q4 Preliminary Results
Shares of Amarin Corporation plc (AMRN - Free Report) surged 32.8% on Jan 10 after the company announced robust preliminary results for the fourth quarter and full-year 2023. The company also plans to initiate a share repurchase program of up to $50 million.
Amarin’s top line currently comprises product revenues from Vascepa/Vazkepa (Vascepa’s brand name in Europe), as well as licensing and royalty revenues.
Vascepa (icosapent ethyl) is approved as an adjunct to diet for treating severe hypertriglyceridemia or elevated triglyceride (TG) levels (≥500 mg/dL). Vascepa is also approved to reduce cardiovascular risk (CV) in patients with persistent elevated triglycerides on statin therapy for LDL-C.
Q4 & 2023 Preliminary Results
Preliminary total revenues are expected to be between $72 million and $74 million for the fourth quarter. The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $61.3 million.
Total revenues in the fourth quarter are expected to be between $64 million and $65 million in the United States. In Europe, total revenues are anticipated to be approximately $1.5 million, while in the rest of the world, total revenues are expected in the range of $7-$8 million.
As of the end of 2023, Amarin had approximately $321 million in cash and investments. The company ended the year with a positive cash flow of almost $10 million.
For full-year 2023, preliminary total revenues are expected between $304 million and $306 million. The Zacks Consensus Estimate for full-year revenues is pegged at $293.4 million.
Shares of Amarin have plunged 33.8% in the past year compared with the industry’s decrease of 11.5%.
Amarin announced that it has entered into a conditional share repurchase agreement with Cantor Fitzgerald to purchase up to $50 million of its shares that are held in the form of American depository shares.
2024 Outlook
Amarin remains focused on saving around $40 million annually in operating expenses through restructuring.
The company believes that its current cash, along with the share repurchase program, is enough to fund the ongoing operations.
We note that in July 2023, Amarin implemented an organizational restructuring plan to strengthen its existing cash runway and curb cash burn. It reduced its current workforce by 30% in non-sales positions.
Zacks Rank & Other Stocks to Consider
Amarin currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the healthcare sector are Stoke Therapeutics, Inc. (STOK - Free Report) , Freeline Therapeutics Holdings plc and Puma Biotechnology, Inc. (PBYI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Stoke Therapeutics’ 2024 loss per share have narrowed from $2.66 to $2.50. In the past year, shares of STOK have plunged 49.1%.
Stoke Therapeutics beat estimates in three of the last four quarters while missing the same on the remaining occasion. STOK delivered a four-quarter earnings surprise of 10.81%, on average.
In the past 60 days, estimates for Freeline Therapeutics’ 2024 loss per share have narrowed from 35 cents to 15 cents. In the past year, shares of FRLN have declined 15.7%.
Earnings of Freeline Therapeutics beat estimates in each of the last three quarters. FRLN delivered a four-quarter average earnings surprise of 67.17%.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 62 cents to 69 cents. In the past year, shares of PBYI have risen 1.8%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.