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Amarin (AMRN) Beats Earnings & Beats Revenues in Q2

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Amarin Corporation PLC (AMRN - Free Report) is a pharmaceutical company focused on developing innovating treatments for improving cardiovascular health. The company’s sole marketed drug, Vascepa, is approved as an adjunct to diet to reduce triglyceride levels in severe hypertriglyceridemia patients.

Amarin’s earnings track record has been mixed so far. Over the four trailing quarters, the company posted an average negative earnings surprise of 13.75%, missing estimates in two quarters, beating the same twice.

Currently, Amarin’s has a Zacks Rank #3 (Hold) but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings Beat: Amarin reported an adjusted earnings of 2 cents (excluding stock based compensation) per American depositary share. The Zacks Consensus Estimate was loss of 1 cents.

Revenues Beat: Amarin posted revenues of $100.8 million, beating the consensus estimate of $100.18 million. Revenues were up 91% year over year.

Key Stats: Selling, general and administrative expenses were up 36.1% at $73.4 million while research & development expenses decreased 60.7% to $7.1 million. Normalized prescriptions for Vascepa increased approximately 75% year-over-year. The company ended the quarter with $221.8 million in cash and cash equivalents. Moreover, the company completed an equity offering in July 2019 which will generate approximately $439.5 million in net proceeds.

2019 Guidance: Earlier this month, Amarin revised its guidance provided in preliminary results release. The company raised its expectation for Vascepa sales to the range of $380million - $420 million from previous guidance of $350 million in 2019.

Share Price Impact: Shares were up almost 4.7% in pre-market trading.

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