Amarin Still Suspends FY22 Guidance On Generic Challenges

Amarin Still Suspends FY22 Guidance On Generic Challenges
  • Amarin Corporation plc AMRN continues suspending 2022 revenue guidance citing the ongoing global impact of COVID-19, the uncertainty resulting from the impact of generic IPE availability in the U.S., and challenges for most drugs seeking market access in Europe.
  • "In the second quarter of 2022, we made important progress on our long-term growth strategy. Our achievements give us confidence in the direction of and opportunities for Amarin during the remainder of 2022 and into 2023," said CEO Karim Mikhail.
  • Amarin reiterates that current cash, investments, and other assets are adequate to support continued operations, including European launch activities for at least the next twelve months.
  • The company reported Q2 sales of $94.4 million, a decrease of 39% driven by a decline in volume and net selling price due to an increase in generic competition in the U.S. 
  • During Q2, there were three generic competitors in the U.S. market compared to one a year ago.
  • Amarin's gross margin on net product revenue was 46%, compared with 79% a year ago. The adjusted gross margin was 72%.
  • Amarin posted an adjusted EPS loss of $(0.09), a shift from a profit of $0.03 a year ago and missing the consensus loss of $(0.06).
  • Price Action: AMRN shares are down 1.57% at $1.30 during the market session on the last check Wednesday.

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