AMRN - Amarin posts 9% decline in Q1 2023 topline amid generic competition

2023-05-03 09:24:24 ET

Amarin Corporation ( NASDAQ: AMRN ) reported better than expected financials for Q1 2023 on Wednesday, even as its topline contracted ~9% YoY amid generic competition to its fish oil-derived heart disease therapy Vazkepa.

The Ireland-based biotech posted $86.0M in total revenue while its net product revenue fell ~10% YoY to $84.7M as generic competition hurt volume and net selling price in the U.S., where net product revenue witnessed a ~7% sequential drop.

“While we will continue to work to optimally manage the U.S. business, I am focused with the team on ways to accelerate patient access and revenue in Europe,” interim CEO Aaron Berg remarked.

However, despite a decline in gross margin from 76% in Q1 2022 to 70% adjusted for a one-off charge, the company’s GAAP net loss for the quarter dipped ~48% YoY to $16.5M as SG&A expenses fell ~34% YoY to $59.6M amid ongoing cost-saving efforts.

Citing additional cost reductions and timing of reimbursements, Amarin ( AMRN ) lowered its full-year outlook for operating expenses to $270M – $285M from $290M – $305M in the previous forecast.

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