Amarin Corporation Plc (NASDAQ:AMRN) posted revenues of $142.2 million in revenues in Q1 2021. Its US operations accounted for a significant chunk of revenues at $140.8 million (down 3% YoY). Amarin maintains a cash balance of $538.7 million in Q1 2021.
Strengthens bottom line
The Q1 2021 revenues of Amarin are impacted by the power outages in states like Texas and winter storms. Amarin strengthened its bottom line by lowering the operating expenses by $29.0 million in Q1 2021. The company successfully mitigated its loss to $1.6 million by efficiently managing the marketing expenses.
Receives EMA for VAZKEPA
Amarin received marketing authorization for its drug VAZKEPA (icosapent ethyl) from the European Commission. The drug is used to treat cardiovascular risks in patients administered with statin and have triglycerides of more than 150 mg/dL.
Amarin commenced brand awareness and pre-launch disease campaigns before its expected launch of icosapent ethyl in Germany in Q3 2021. Just like in the US, cardiovascular disease is the chief cause of death in Europe.
Receives marketing authorization in the UK
Amarin received marketing authorization from MHRA (Medicines and Healthcare Products Regulatory Agency) for its drug – VAZKEPA, to lower cardiovascular events in adults treated with a statin. The marketing authorization for VAZKEPA is applicable in Wales, Scotland, and England.
Expects to receive approval in China by the end of 2021T
Through its partner – Edding, Amarin submitted the drug VAZKEPA for review by the NMPA (National Medical Products Administration) of China.
NMPA is currently reviewing the drug. Amarin is also seeking approval for VAZKEPA from the authorities in Hong Kong.
Change in management
Amarin elevated its SVP and Head (Commercial arm – Europe) – Karim Mikhail, to the CEO and President position. It is on the backdrop of the retirement of the present CEO and President – John Thero, on August 1, 2021.
John said Q1 2021 results showed positive achievements of Amarin despite the impact of the coronavirus pandemic. The company obtained authorization for its drug VAZKEPA for sale in Europe. It eyes a massive opportunity for this drug in Europe and its teams, are making significant progress.
In the US, the company sees an improvement in prescriptions for its drug – VASCEPA, with signs of easing the impact of coronavirus pandemic.