Amarin Corporation plc (NASDAQ:AMRN) has announced its Q3 and nine months results and offered updates on operations as it continues to progress VASCEPA towards European approval and commercialization.
Amarin posts record revenue thanks to VASCEPA
In the third quarter, the company had net total revenue of $156.5 million, which is a 29% YoY increase, with revenue in the first nine months being $446.8 million. John Thero, the CEO and President, said that the company had a challenging but productive third quarter with net revenue growing significant due to an increase in prescription levels for VASCEPA. This is despite most patients not returning to doctor’s offices for preventative healthcare because of COVID-19. Thero said that they believe the court decisions on VASCEPA patent related to triglyceride-lowering indication have been wrong, and the company is planning to pursue matters to the highest level.
He said that continued investment in market expansion is justified with the expectation that increased profit and revenue can accumulate. VASCEPA was launched recently as the first and only treatment for cardiovascular risk reduction indication, and Amarin is focused on delivering the drug to risk patients in the US, Europe, and across the world. The company is nearing EMA’s regulatory decision on VASCEPA, and it is preparing for the commercial launch in Europe. This is a massive opportunity for Amarin to deliver this proven effective therapy to millions of patients at risk of cardiovascular events.
Amarin to leverage US experience
The company plans to leverage the experience and knowledge gains from the huge progress made by the US commercial team for the launch in Europe. The CEO said that launching on their own in Europe’s major markets allows Amarin to create great values as the company will not have to share profits.
Going forward, the company expects to achieve significant milestones, which include topline data readout from Phase 3 clinical study of VASCEPA in China with Eddingpharm. The company will present more data supporting VASCEPA in cardiovascular risk reduction indication at the Annual Scientific Sessions of the American Heart Association.