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Amarin (AMRN) Beats Earnings & Revenues Estimates in Q3

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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 positive earnings surprise of 67.5%, beating estimates in three quarters, missing the same once.

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 1 cents (excluding stock based compensation) per American depositary share. The Zacks Consensus Estimate was loss of 1 cents.

Revenues Beat: Amarin posted revenues of $112.4 million, slightly missing the consensus estimate of $112.63 million. Revenues were up 103% year over year.

Key Stats: Selling, general and administrative expenses were up 65% at $82.6 million while research & development expenses decreased 37% to $8.9 million. Normalized prescriptions for Vascepa increased approximately 89% year-over-year. The company ended the quarter with $673.2 million in cash and cash equivalents, boosted by an equity offering in July 2019 which generated approximately $439.5 million in net proceeds.

2019 Guidance: Amarin maintained its previous guidance for Vascepa sales in the range of $380 million - $420 million.

Share Price Impact: Shares were up almost 2% in pre-market trading.

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