Amarin Corporation plc (ADR) (NASDAQ: AMRN) is having an overwhelmingly strong start to the trading session today, and for good reason. The company released its earnings report for the second quarter, and that report proved to be incredibly positive. As a result, excited investors are sending the stock toward the top, prompting our partners at Trade Ideas to send the alert. Currently (10:23), AMRN is trading at $3.98 per share after a gain of $0.41 per share or 11.62% thus far today.
AMRN Reports Q2 Earnings
As mentioned above, Amarin Corporation is having an incredibly strong time in the market at the moment after reporting overwhelmingly positive second quarter financial results. Here are the key points from the report…
- Product Revenue Growth – During the second quarter, AMRN saw incredible growth in net product revenue from Vascepa®. The company said that sales in the second quarter came to $44.9 million. This is great when you compare that to the $32.8 million generated the same quarter last year. That’s a 37% increase!
- U.S. Prescription Growth – The company also said that during the second quarter, normalized prescriptions for Vascepa increased by 50% and 52% year over year according to data from Symphony Health Solutions and IMS Health, respectively.
- Study Progress – AMRN also informed investors that the REDUCE-IT clinical study is nearing completion and results are expected to be reported in either the second quarter or third quarter of 2018.
- Cash Balance – When it comes to cash balance, AMRN seems to be doing relatively well. As of June 30th, the company had a cash balance of $85.5 million.
In a statement, John F. Thero, President and CEO at Amarin, had the following to offer with regard to the Q2 performance…
“We believe evidence continues to mount supporting the potential success of the REDUCE-IT cardiovascular outcomes study and that Amarin is at the forefront of what could become a new era in preventative cardiovascular care. We have also seen increased interest in addressing residual cardiovascular risk beyond controlling LDL-cholesterol, and a greater focus on finding treatments that can help address this risk…This is an exciting time for Amarin both with respect to growing current revenues and contemplation of the broader positive effect that Vascepa could have on improving patient care if REDUCE-IT study results, expected approximately a year from now, are consistent with expectations. We will continue to focus on positive execution.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on AMRN. In particular, we’re interested in following both, the improving sales environment surrounding Vascepa as well as the REDUCE-IT clinical study. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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