Biopharmaceutical company Amarin Corporation (AMRN) reported better-than-expected Q2 results, which surpassed both earnings and revenue estimates on the back of higher revenues from increased volume of VASCEPA sales in the United States.
The company reported earnings of $0.02 per share, up 50% from the year-ago period, surpassing the Street’s estimate of a loss of $0.03 per share.
Additionally, revenue climbed 14% year-over-year to $154.5 million, beating analysts’ estimates of $153.8 million. Net product revenue surged 15% to $153.8 million during the quarter. (See Amarin stock charts on TipRanks)
As of June 30, the company’s balance sheet remained strong with no debt holdings and $523.1 million in total cash and investments.
The President and CEO of Amarin, Karim Mikhail, said, “Amarin enters the second half of 2021 well positioned to deliver on our goals to reignite growth of branded VASCEPA in the U.S., to successfully launch VAZKEPA in Europe and to undertake initiatives to expand its growth in other important geographies.”
Two months ago, Northland Securities analyst Carl Byrnes assigned a Buy rating to the stock with a price target of $15 (upside potential of 237.8%).
Byrnes said, “We anticipate demand for VASCEPA will strengthen in 2021 as the company resumes promotion of the PCVR label (approved in December 2019) as COVID-related HCP access challenges abate.”
Based on the 2 Buys, 1 Hold and 1 Sell, the stock has a Hold consensus. The average Amarin price target of $10 implies 110.1% upside potential from current levels.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Amarin, with 3.6% of investors on TipRanks increasing their exposure to AMRN stock over the past 30 days.
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