Amarin (NASDAQ: AMRN) announced its fourth quarter and full year financial results Tuesday afternoon. The company has managed to beat both revenue and profit targets set by Wall Street analysts, in large part thanks to sales of its fish oil-derived drug Vascepa.
The pharmaceutical The company reported fourth quarter 2019 revenue of $ 143.3 million, an increase of 85% from the $ 77.3 million reported in the fourth quarter of 2018. Amarin barely made a profit in this quarter, with net income of $ 7.1 million compared to the net loss of $ 33.7 reported last year.
Additionally, the company reaffirmed its guidance for 2020 which calls for total net revenue of between $ 650 million and $ 700 million for the year, almost all of which comes from Vascepa sales. Wall Street expected a loss in earnings per share (EPS) of $ 0.02, a figure Amarin beat, reporting positive EPS of $ 0.02. Amarin also significantly exceeded the revenue target of $ 136 million predicted by analysts.
Details about Vascepa
Vascepa is the only drug in Amarin, first granted US Food and Drug Administration (FDA) approval in 2012 to lower triglyceride levels in patients. In December, the treatment also received expanded approval as a secondary treatment for patients with elevated triglyceride levels of 150 mg per deciliter or more.
“The FDA approval of Vascepa represents the introduction of an important new treatment option for patients with severe hypertriglyceridemia,” said Joseph Zakrzewski, chief executive officer of Amarin. Vascepa has shown strong clinical results in lowering LDL cholesterol (the “bad” cholesterol) in patients.
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