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Amarin's (AMRN) Q1 Earnings and Revenues Surpass Estimates

Amarin Corporation Plc AMRN reported first-quarter 2024 adjusted loss of 2 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 5 cents per share. The company had recorded an adjusted loss of 4 cents in the year-ago quarter.

Total revenues were $56.5 million, which beat the Zacks Consensus Estimate of $51.0 million. However, revenues declined 34% from the year-ago quarter’s levels, owing to lower product revenues.

Despite the better-than-expected results, shares of Amarin were down in pre-market trading on Wednesday following the earnings announcement. Year to date, the stock has risen 5.9% against the industry’s decline of 9.6%.

Zacks Investment Research
Zacks Investment Research


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Quarter in Detail

Net Vascepa product revenues in the first quarter were $55.2 million, down 35% year over year.

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U.S. product revenues from Vascepa, the company’s sole marketed drug, totaled $48.1 million, declining 41.6% from the year-ago quarter’s level as rising generic competition continued to hurt sales volumes. The drug’s U.S. sales missed our model estimate of $49 million.

Product revenues from Vazkepa (Vascepa’s brand name in Europe) in the European market totaled $1.9 million compared with $1.5 million reported in the previous quarter.

In-market sales growth of Vazkepa grew 65% sequentially during the first quarter of 2024, owing to strong sales growth in the United Kingdom and Spain. Its commercial launch is currently underway in several other European countries. AMRN is also making progress on pricing and reimbursement processes in various European markets.

Licensing and royalty revenues, comprising royalties from partners in Canada, the China region, Australia, New Zealand and the Middle East, came in at $1.4 million compared with $1.3 million in the year-ago period.

Selling, general and administrative expenses (SG&A) totaled $39.9 million, down almost 33.1% year over year. This downside was due to AMRN’s cost reduction and restructuring efforts.

In July last year, Amarin implemented an organizational restructuring plan to strengthen its existing cash runway and curb cash burn. It plans to save around $40 million annually in operating expenses through restructuring.

Research and development (R&D) expenses amounted to $5.6 million, down almost 1.8% year over year.

Amarin ended the first quarter with cash and investments of $308.2 million, compared with $321 million reported in the quarter ended December 2023. The company believes that its current cash is enough to fund the ongoing operations and support continued operations, including any share repurchases.

Recent Updates

Last month, AMRN obtained a new patent covering Vazkepa from the European Patent Office. The patent adds another eight years to the drug’s regulatory exclusivity in Europe, extending the commercial protection across the continent till April 2039.

Vazkepa’s regulatory exclusivity in Europe is likely to boost sales in 2024 and beyond as it remains insulated from any generic threat in the region.

Amarin Corporation PLC Price, Consensus and EPS Surprise

Amarin Corporation PLC Price, Consensus and EPS Surprise
Amarin Corporation PLC Price, Consensus and EPS Surprise

Amarin Corporation PLC price-consensus-eps-surprise-chart | Amarin Corporation PLC Quote

Zacks Rank & Other Stocks to Consider

Amarin currently sports a Zacks Rank #1 (Strong Buy).

Some other top-ranked stocks in the healthcare sector are Voyager Therapeutics, Inc. VYGR, Ligand Pharmaceuticals Incorporated LGND and ANI Pharmaceuticals, Inc. ANIP, each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, estimates for Voyager Therapeutics’ 2024 loss per share have narrowed from $1.89 to $1.64. Year to date, shares of VYGR have decreased 7.3%.

VYGR’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 545.93%.

In the past 60 days, estimates for Ligand’s 2024 earnings per share have improved from $4.42 to $4.56. Year to date, shares of LGND have fallen 2.1%.

Earnings of LGND beat estimates in each of the trailing four quarters, the average surprise being 84.81%.

In the past 60 days, estimates for ANI Pharmaceuticals’ 2024 earnings per share have improved from $4.25 to $4.44. Year to date, shares of ANIP have jumped 19.7%.

Earnings of ANIP beat estimates in each of the trailing four quarters, the average surprise being 109.06%.

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Ligand Pharmaceuticals Incorporated (LGND) : Free Stock Analysis Report

Amarin Corporation PLC (AMRN) : Free Stock Analysis Report

ANI Pharmaceuticals, Inc. (ANIP) : Free Stock Analysis Report

Voyager Therapeutics, Inc. (VYGR) : Free Stock Analysis Report

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