Amarin Corporation plc (ADR) (NASDAQ: AMRN) is having a relatively strong start to the trading session in the pre-market hours this morning, and for good reason. The company released preliminary results for the 2017 year and guidance for the current year, causing excitement among investors. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for with regard to AMRN ahead.
AMRN Releases Preliminary Results
As mentioned above, Amarin Corporation is having a strong start to the trading session after releasing preliminary results for 2017 and guidance for 2018. Here’s what we saw from the release:
- 2017 Revenue – When it comes to revenue, AMRN showed some positive results. In fact, revenue for 2017 are estimated to have reached between $177 and $180 million, a record year! In the fourth quarter, it is expected that revenue came in between $51 million and $54 million. Once again, breaking another record.
- 2018 Guidance – For the year 2018, AMRN is expecting that record-breaking growth will continue. In fact, it is expecting that revenue from Vascepa will grow by around $50 million to close the 2018 year off at $230 million. The company also estimates that net product revenue for the first quarter will come in the range between $45 and $48 million, showing strong year over year growth.
- REDUCE-IT – Finally, Amarin Corporation provided an update with regard to the landmark cardiovascular outcomes study, known as REDUCE-IT. In the PR, the company said that the study has accumulated more than 30,000 patient years of study. Also, the first patient’s last visit will be in March of 2018, leading to the report of top-line results by the end of the third quarter and publication and presentation of these results before the end of the fourth quarter.
In a statement, John F. Thero, President and CEO at AMRN, had the following to offer:
“2017 was another year of tremendous accomplishment for Amarin as we achieved record product revenues, advanced our landmark outcomes study towards completion and otherwise made broad operational progress to support anticipated growth in 2018 and beyond… We enter 2018 with a strong, experienced and dedicated team of Amarin employees and collaborators and a terrific product in Vascepa. We also enter 2018 with expectations that our outcomes study will be successful and confidence that with such success we will be well positioned to improve preventative cardiovascular care for at-risk patients while accelerating Amarin’s growth. It should be an exciting and positive year.”
What We’re Seeing From The Stock
As investors one of the first things that we learn is that the news moves the market. Any time positive news is released with regard to a publicly traded company, we can expect to see gains in the value of the stock that’s representative of that company. So, it’s no surprise that with such positive news, we’re seeing strong gains out of Amarin Corporation today. Currently (8:55), AMRN is trading at $4.41 per share after a gain of $0.22 per share or 5.25% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on AMRN. In particular, we’re interested in following the story surrounding the REDUCE-IT trial, growth in Vascepa sales, as well as overall company growth. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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