Amarin Reports First Quarter 2017 Financial Results And Provides Update On Operations

Prescription Growth Up >50%; Outcomes Study Beyond 80% Complete

Re-affirms Guidance on Full Year Net Product Revenues of between $155 and $165 Million

Management to Host Conference Call at 8:00 a.m. ET Today

BEDMINSTER, N.J. and DUBLIN, Ireland, May 03, 2017 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ:AMRN), a biopharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health, today announced financial results for the three months ended March 31, 2017, and provided an update on company operations.

Key Amarin achievements through March 31, 2017 include:

  • U.S. revenue growth: Recognized $34.3 million in net product revenue from Vascepa® (icosapent ethyl) sales in Q1 2017 compared to $25.3 million in Q1 2016, an increase of 36%.
  • U.S. prescription growth: Increased normalized prescriptions for Vascepa by 52% and 58% compared to Q1 2016 based on data from Symphony Health Solutions and IMS Health, respectively.
  • International development: China regulatory authorities approved the Vascepa clinical trial application (CTA) from Amarin’s partner, Eddingpharm, paving the way for Eddingpharm to commence a clinical trial of Vascepa in China before the end of 2017.
  • R&D progress: Our REDUCE-IT cardiovascular outcomes study, designed to provide data to support a significantly expanded market opportunity for Vascepa, is progressing as planned. Our statistical models indicate that in March 2017, the study reached the onset of approximately 80% of the target aggregate number of primary cardiovascular events. The onset of the target final primary cardiovascular event will likely be reached near the end of 2017 in this 8,175 patient study that commenced in 2011.
  • Cash flow: Net cash outflow from operations during Q1 2017 was less than $1.5 million, excluding costs for R&D, interest and royalty. The company aims to be net cash flow positive on this basis for the full year with continued quarterly variability.
  • Cash balance: As of March 31, 2017, Amarin had a cash balance of $96.1 million compared to $98.3 million at December 31, 2016. The March 31st cash balance includes approximately $13.7 million in net cash proceeds from the January 2017 redemption of debt and simultaneous issuance of $30.0 million face value of new debt long-term.

“Historically, Q1 has been our most challenging quarter for revenue growth due to seasonal factors. We are pleased that both revenues and prescriptions for Vascepa grew significantly in Q1, as prescription growth exceeded our internal projections. We are on-track to achieve our full year 2017 product revenue guidance of $155 to $165 million,” stated John F. Thero, president and chief executive officer. “Our expectations are that REDUCE-IT study results will be reported in mid-2018, and we are actively planning for expanded promotion based on anticipated positive results from this study. There is a large unmet medical need that we are seeking to address through demonstration of positive results in REDUCE-IT. We believe the efficacy, safety, oral administration and affordable cost of Vascepa position the product for substantial growth, assuming that REDUCE-IT results are positive.”

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