Lower Vascepa Volume Hits Amarin's Q4 Topline Growth

Amarin Corp plc's AMRN Q4 FY21 sales decreased 13.6% Y/Y to $144.49 million, beating the consensus of $141.75 million.

  • The decline was driven primarily by the volume of Vascepa sales adversely impacted by the generic icosapent ethyl market entrants and the ongoing challenges of the COVID-19 pandemic.
  • The cost of goods sold was $30.63 million, compared to $34.76 million. Amarin's overall gross margin on net product revenue was 79.2%, compared with 79.9% a year ago.
  • Related: Amarin Posts Encouraging Vascepa Data In Patients With Peripheral Artery Disease.
  • SG&A expense was $92.36 million compared to $116.82 million in the prior year, primarily due to a decrease in marketing and direct-to-consumer promotions in 2021 due to the impact of COVID-19 and the company's focus on improving the profitability of operations.
  • The decrease also includes reducing costs associated with the company's Go-To-Market strategy, resulting in decreased promotional initiatives, reduced travel, and decreased sales force.
  • The company reported adjusted EPS of $0.06 compared to $0.04 a year ago and the consensus of $(0.02).
  • Amarin held aggregate cash and investments of $489.1 million at the end of 2021.
  • Guidance: Amid uncertainty related to the impact of COVID-19 and generic availability, Amarin is unable to provide 2022 revenue guidance.
  • Price Action: AMRN shares are up 1.21% at $3.35 during the premarket session on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: BiotechEarningsNewsPenny StocksGuidanceHealth CareSmall CapGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!