Amarin Corporation plc (NASDAQ: AMRN) is trading in the green this morning after releasing its results for the third quarter. The company reported record prescriptions and record revenues. However, in my view, the major topic of conversation surrounds the regulatory update. Here’s what’s going on:
AMRN Stock Gains 3% On Quarterly Results
As mentioned above, Amarin Corporation announced its financial results for the third quarter and first nine months of the year in a press release this morning. In the release, the company said that Vascepa achieved record prescription levels.
Importantly, AMRN said that prescription growth was driven, not only by new Vascepa prescribers, but also by an increase in average prescrptions per prescriber. Depending on which data provider you look at Symphony Health and IQVIA, prescriptions for the three month period came in at between 865,000 and 787,000. That proved to be an increase of 89% on a year over year basis.
As you can imagine, increasing prescriptions drive increasing revenues. During the third quarter, the company generated $112.4 million in revenue. During the 9 month period, revenues came in at $286.5. These figures represent year over year growth of 103% and 89%, respectively.
While strong growth in prescriptions and revenue is great news, it’s not what I’m focused most on. My interest in AMRN and Vascepa has to do with what comes in late December.
In the release, Amarin pointed to the coming PDUFA date, which is set at December 28th. On this date, the FDA will make its decision with regard to an sNDA for Vascepa seeking to change the drug’s label.
Not only coud an approval turn Vascepa into a blockbuster drug, there’s a huge catalyst that’s just around the corner.
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