Amarin Corporation plc (NASDAQ:AMRN) stock identified change of 59.11% away from 52-week low price and recently located move of -23.12% off 52-week high price. It has market worth of $7.41BM. AMRN stock has been recorded -1.35% away from 50 day moving average and 9.75% away from 200 day moving average. Moving closer, we can see that shares have been trading -8.21% off 20-day moving average.
On Jan. 7, 2020, Amarin Corporation plc (NASDAQ:AMRN) provided a business update, including an update of preliminary 2019 results and additional 2020 financial guidance. Amarin plans to discuss these results and expectations with investors in connection with the 38th Annual J.P. Morgan Healthcare Conference in San Francisco, California, at which Amarin is scheduled to present on Wednesday, January 15, 2020, at 10:30 a.m. Pacific Time (PT) / 1:30 p.m. Eastern Time (ET).
Preliminary (unaudited) 2019 Financial Results
Record Revenue Levels: 2019 net total revenue, subject to audit, are expected to be at or potentially slightly above the upper-end of the company’s previously expressed guidance of $410 to $425 million, this upper end representing an increase of ~85% over 2018 results. Net total revenue consists predominantly of U.S. sales driven by increased prescriptions for VASCEPA® (icosapent ethyl) capsules. Wholesaler inventory levels of VASCEPA were within normal industry ranges at the end of 2019.
Current Assets: Amarin ended 2019 with approximately $645 million in cash, approximately $117 million in net accounts receivable and approximately $76 million in inventory.
No Debt, Except Remaining Balance of Royalty-Bearing Instrument: Amarin ended 2019 with no debt except the remaining balance on its royalty-bearing instrument which is repaid at a rate of 10% of VASCEPA revenue until this royalty-like obligation is fulfilled; aggregate repayment of less than $55 million remained as of December 31, 2019.
2020 Financial and Operational Guidance
On December 13, 2019, Amarin notified the approval of VASCEPA as the first and only drug with an FDA-approved indication for reducing cardiovascular risk in patients with persistent high cardiovascular risk despite statin therapy as studied in the REDUCE-IT® cardiovascular outcomes study. With this new indication, Amarin aims to help millions of patients through aggressively launching VASCEPA in the United States while exploring additional international opportunities.
Amarin is increasing its United States sales force to 800 sales representatives, up from 400 in most of 2019. Health professional targets will be expanded from approximately 50,000 to a planned 75,000 physicians along with planned increased frequency in the number of calls to these targets. The hiring of the expanded sales team is well underway as more than two-thirds of the new sales representatives are hired and in the process of being trained. The remaining sales professionals are targeted to be hired in January or early February 2020. While trained sales representatives are already in the field with the new label for VASCEPA, the company’s national sales launch meeting is scheduled for next week, after which the sales team will be more fully trained and more prepared for field promotion The Healthcare sector company, Amarin Corporation plc noticed change of -5.42% to $20.08 along volume of 9927654 shares in recent session compared to an average volume of 10.08M. The stock observed return of -4.52% in 5 days trading activity. The stock was at -7.93% over one month performance. AMRN’s shares are at 39.74% for the quarter and driving a 52.12% return over the course of the past year and is now at -6.34% since this point in 2018.
The average volatility for the week at 4.42% and for month was at 4.93%. There are 368.84M shares outstanding and 149.51M shares are floated in market. Right now the stock beta is 1.04.
Eugene Harris joined us after more than 10 years of experience in writing financial and business news, most recently as Investment Editor and writer. He also has a vast knowledge of stock trading. Eugene earned bachelor degree from Union College with a focus in Business Administration. Eugene is the Senior Editor and market movers section. He also holds an MBA from Penn State University He has two daughter and two children.
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Address – 797 Paradise Crescent, Hauterive, Quebec
Zip Code – G5C 1M1
Phone Number – 418-920-9491