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Amarin Reports Record Fourth Quarter and Full Year 2017 Financial Results and Provides Update on Operations
Record Revenue of $181.1 Million and $53.9 Million for Full Year and Fourth Quarter 2017
REDUCE-IT Cardiovascular Outcomes Study Remains on Schedule to Report Top-Line Results Before the End of Q3 2018
Management to Host Conference Call at 7:30 a.m. ET Today
BEDMINSTER, N.J., and DUBLIN, Ireland, Feb. 27, 2018 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ:AMRN), a biopharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health, today announced financial results for the quarter and year ended December 31, 2017, and provided an update on company operations.
Key Amarin achievements in 2017 include:
• Revenue growth: Recognized total revenue of $181.1 million for 2017 comprised of $179.8 million in net product revenue from U.S. sales of Vascepa® (icosapent ethyl) and $1.3 million in licensing revenue related to collaborations for the commercialization of Vascepa outside the United States. The net product revenue for 2017 represents an increase of $50.9 million over 2016. Included in annual total revenue was $53.9 million recognized in the fourth quarter of 2017, comprised of $53.5 million in net product revenue and $0.4 million in licensing revenue. As previously reported, Amarin has guided that 2018 net product revenue from sales of Vascepa in the United States is anticipated to be approximately $230 million without adjustment for the potential impact of REDUCE-IT results. This guidance for 2018 will be reassessed after REDUCE-IT results.
• Prescription growth: Increased normalized prescriptions for Vascepa by 45% and 42% in 2017 compared to 2016 based on data from Symphony Health and IQVIA (formerly QuintilesIMS), respectively.
• R&D progress: REDUCE-IT, Amarin's potential landmark long-term cardiovascular outcomes study, is designed to provide data to support a significantly expanded market opportunity for Vascepa. An important step in completing this study is having all living patients in the study visit their clinical site for the final collection of data. In accordance with the previously defined schedule, such final patient visits are scheduled to commence March 1, 2018. The company anticipates reporting top-line results from this study by the end of the third quarter of 2018.
• Research data: During 2017, Amarin supported 25 scientific publications or presentations including four in the fourth quarter of 2017 with additional publications and presentations anticipated in 2018. Two of the publications in the fourth quarter of 2017 reported results of real world evidence studies, both of which reported experience from managed care databases suggesting that the cost of care and incidence of major adverse cardiovascular events in statin-treated patients are considerably higher when patients have high rather than normal levels of triglycerides.
• Strengthened balance sheet: At December 31, 2017, Amarin had $73.6 million of cash and cash equivalents. In February 2018, Amarin received approximately $65.0 million of net proceeds from a registered offering of our American Depositary Shares (ADSs).
"Amarin's growth and operating progress in 2017 were substantial and position the company for further value creation in 2018," stated John F. Thero, president and chief executive officer. "In 2018, we anticipate revenues to continue to grow based on our current promotion of Vascepa and we expect to significantly expand the promotion of Vascepa assuming the results of our landmark cardiovascular outcomes study, the REDUCE-IT study, are successful. Leaders in the medical community share our interest in learning the results of this study, which results we expect to learn before the end of Q3 2018."
Increases in New and Recurring Prescriptions Drive Steady Commercial Growth
During the fourth quarter, Amarin continued to see prescription growth and increases in prescription omega-3 and non-statin market share, particularly among detailed physicians. Estimated normalized total Vascepa prescriptions, based on data from Symphony Health and IQVIA (formerly QuintilesIMS), totaled approximately 394,000 and 406,000, indicating increases of 38% and 40%, respectively, for the three months ended December 31, 2017 compared to the corresponding prior year period. Further, prescription levels for the full year 2017 represented growth of approximately 45% and 42%, respectively, from prior year levels based on data from these sources. These increases in prescription levels reflect sales and marketing activities of both Amarin and our Vascepa co-promotion partner, Kowa Pharmaceuticals America, Inc., with growth driven for the full year and fourth quarter of 2017 by new patient starts, focused message delivery, compelling supportive data and improved managed care coverage.
REDUCE-IT Cardiovascular Outcomes Study Scheduled to Read Out Before the End of Q3 2018
Based on scheduled commencement of final patient site visits on March 1, 2018, Amarin expects study results to be available and made public before the end of the third quarter of 2018, followed by publication of the results. The company extends its appreciation to the patients and clinical sites involved in this important study. Patient enrollment in this study commenced in 2011. When completed, Amarin estimates that the average duration of patients in this study of major adverse cardiovascular events will, as initially projected, be between four and five years.
This 8,175-patient outcomes study is evaluating whether treatment with Vascepa reduces cardiovascular events in patients who despite stabilized statin therapy have elevated triglyceride levels and other cardiovascular risk factors. The results of this important trial, if successful, could lead to improved medical care for tens of millions of patients. Amarin is positioned to be the first company to complete an outcomes study in the high cardiovascular risk patient population being studied in REDUCE-IT.
The primary endpoint of this global, double-blind study is the time to the first occurrence of a composite of major adverse cardiovascular events (MACE). Results will be compared between the Vascepa and placebo groups. The study is being conducted under a Special Protocol Assessment (SPA) agreement with the FDA. Amarin is intentionally blinded to the results of the study and will remain blinded to the results of the study until after the study is completed and the database is locked.
Over the multi-year term of this first ever study of the at-risk patient population being studied in REDUCE-IT, the number of deaths from cardiovascular disease has further increased as has the cost of care for cardiovascular disease. In the United States and most of the world, the number of deaths and the cost of care resulting from cardiovascular disease are greater than any other medical condition, more than all cancers combined1. Vascepa, if proven effective in the REDUCE-IT study at lowering the incidence of major adverse cardiovascular events, is positioned to potentially become a cost-effective alternative for preventing such tragic and expensive events in millions of patients who are at risk despite the current standard of care.
As detailed in the Investor Relations section of the company's website at www.amarincorp.com, there is substantial epidemiological, genetic and clinical data supporting that the broad positive effects of Vascepa on biomarkers, as demonstrated in Phase 3 studies, should translate into positive results in the REDUCE-IT study. As is true for any pioneering therapy, there are risks and uncertainties whenever addressing a population which has not been previously studied. Earlier generation therapies have not been prospectively studied in the REDUCE-IT patient population and are limited by data which shows that while they lower triglyceride levels in patients with high triglycerides, in doing so they raise bad cholesterol (LDL-cholesterol) or have tolerability issues or other safety concerns which may discourage their further study in this population. Vascepa is unique and, Amarin believes, well positioned for potential success in the REDUCE-IT study.
Financial Update
Net product revenue for the three months ended December 31, 2017 and 2016 was $53.5 million and $38.4 million, respectively. Net product revenue for the years ended December 31, 2017 and 2016 was $179.8 million and $129.0 million, respectively. Increased revenue is mainly attributed to increased Vascepa prescriptions.
In addition, Amarin recognized licensing revenue of $1.3 million and $1.1 million for the years ended December 31, 2017 and 2016, respectively, related to agreements for the commercialization of Vascepa outside the United States. Amarin's partner for Vascepa in China recently commenced a clinical trial in China of Vascepa studying patients with triglyceride levels > 500 mg/dL.
Cost of goods sold for the three months ended December 31, 2017 and 2016 was $13.4 million and $10.2 million, respectively. Cost of goods sold for the years ended December 31, 2017 and 2016 was $45.0 million and $34.4 million, respectively. Gross margin on product sales was 75% in the quarter and year ended December 31, 2017, as compared to 74% and 73% in the quarter and year ended December 31, 2016, respectively. This improvement was primarily driven by lower unit cost API purchases.
Selling, general and administrative expenses for the years ended December 31, 2017 and 2016 were $134.5 million $111.4 million, respectively. This increase is due primarily to increased promotional activities, including commercial spend for anticipated expansion following successful REDUCE-IT results, and increased legal costs, which are subject to quarterly variability.
Research and development expenses for the years ended December 31, 2017 and 2016 were $47.2 million and $50.0 million, respectively. This decrease is primarily due to timing of the REDUCE-IT trial and related costs.
Amarin reported a net loss of $67.9 million in the year ended December 31, 2017, or basic and diluted loss per share of $0.25. This net loss included $14.0 million in non-cash stock-based compensation expense. This net loss, as previously guided, also included an allowance offsetting deferred income taxes. This non-cash allowance represents most of the company's reported $13.0 million provision for income taxes. For the year ended December 31, 2016, Amarin reported a net loss of $86.4 million, or basic and diluted loss per share of $0.41. This net loss included $13.6 million in non-cash stock-based compensation expense, an $8.2 million non-cash gain on the change in fair value of derivatives, and a provision for income taxes of $13.0 million, the majority of which was non-cash.
As of December 31, 2017, the company had $45.3 million in net accounts receivable ($57.8 million in gross accounts receivable before allowances and reserves), which are current, and $30.3 million in inventory. As of December 31, 2017, the company had accounts payable and accrued expenses of $84.1 million which increased from $43.8 million at December 31, 2016 primarily due to company growth, including the magnitude and timing of rebates and certain supplier payments associated with supporting increased revenue.
As of December 31, 2017, Amarin had approximately 271.0 million ADSs and ordinary shares outstanding, 32.8 million common share equivalents of Series A Convertible Preferred Shares outstanding and approximately 24.1 million equivalent shares underlying stock options at a weighted-average exercise price of $3.26, as well as 12.0 million equivalent shares underlying restricted or deferred stock units. Additionally, in February 2018 Amarin completed a registered offering of approximately 19.2 million ADSs.
Financial Guidance
Amarin provided financial guidance for 2018 in its press release on January 4, 2018. That guidance is unchanged, except that Amarin's recently completed financing has firmed up its commitment to increase awareness of Vascepa through additional promotional efforts beginning in Q2 2018, including piloting multi-media awareness initiatives to assess the potential effectiveness of such communication for potential broader use after REDUCE-IT results, assuming study success. The incremental cost of this pilot promotion prior to REDUCE-IT results is estimated at between $15 and $20 million. The priority will be to establish brand awareness with consumers and healthcare professionals, most of whom are currently unfamiliar with Vascepa. The company believes that creating greater Vascepa awareness prior to REDUCE-IT results will help the value of REDUCE-IT results be better appreciated. Amarin has not done any promotion of this nature in the past.
Amarin's core strategy is as follows:
1) Continue to aggressively grow revenues;
2) Complete the REDUCE-IT study on a timely basis while maximizing the likelihood of success; and
3) Operate in a cost-effective, opportunistic manner.
The company's outlook for 2018 is divided between the timeframes before and after anticipated results of the REDUCE-IT cardiovascular outcomes study. REDUCE-IT is expected to be completed in 2018 with top-line results reported before the end of Q3 2018. The degree of cardiovascular relative risk reduction achieved in this study will impact future levels of Vascepa promotion and revenues. Assuming a statistically significant relative risk reduction of at least 15% is achieved and, as expected, there is no major negative safety issue identified, the company intends to expand its U.S.-based sales force promptly after the outcomes study results. This post-REDUCE-IT plan would increase Amarin's current level of approximately 150 sales representatives calling on targeted physicians in limited geographies, to more than 400 sales representatives with considerably broader reach and increased frequency of sales calls. Amarin plans to support this sales force growth with increased promotional outreach to consumers and other expanded promotion of Vascepa.
The financial guidance described below reflects expectations prior to the impact of REDUCE-IT results. The company intends to update guidance after such outcomes study results are known. The company begins 2018 expecting to achieve the following results:
U.S. Product Revenue: Without adjustment for the impact of REDUCE-IT results, the company estimates full year 2018 net product revenue from Vascepa will grow approximately $50 million to reach approximately $230 million. Amarin estimates that in each quarter of 2018, net product revenue should grow approximately 30% or more as compared to the same quarter in 2017. This guidance for 2018 will be updated after REDUCE-IT results. The company anticipates quarterly variability to continue with respect to net product revenue. For example, seasonal factors associated with large beginning of the year insurance deductibles for patients under certain medical insurance plans have historically slowed prescription rates in the first quarter of each year. Amarin estimates that its net product revenue in Q1 2018 will be between $45 and $48 million, representing significant growth over the same period in the prior year. Further, consistent with prior year results, Amarin anticipates that Q2 2018 results will rebound on a consecutive quarter basis with net product revenue anticipated in Q2 2018 of $55 million or more.
R&D Spending: The REDUCE-IT study, which commenced in December 2011, is expected to be completed in 2018 with top-line results made public before the end of Q3 2018 and, if all goes as expected, publication and presentation of the results at a medical congress before the end of 2018. REDUCE-IT R&D costs generally have been between $10 and $15 million per quarter with variability from quarter to quarter. This level and quarterly variability of spending are likely to continue until the study is completed and published. Realized savings after patients in the study complete their final study visits are anticipated to be offset by costs of preparing for publication and other activities intended to support robust reporting and presentation of results from this first ever prospective study of the large population of patients being evaluated in REDUCE-IT. While the company is evaluating various potential product development projects to emphasize after REDUCE-IT, the primary thrust of the company's development efforts in 2018 are anticipated to be related to completing the REDUCE-IT study and then publishing and presenting its results.
SG&A Spending: After learning the results of the REDUCE-IT study, assuming the results are positive, the company intends to significantly expand the size of its U.S.-based sales force and to otherwise significantly expand commercial promotion of Vascepa in the United States, including direct to consumer promotion. Prior to REDUCE-IT results, the company, consistent with its growth over the past four years, will work to continue to increase sales productivity from its existing field team. During the period prior to REDUCE-IT results, the company intends to continue to expand medical education and market awareness initiatives. In addition, as described above, Amarin intends to pilot test new promotional initiatives for potential broader application following REDUCE-IT results.
Balance Sheet: Based on its current cash balance and anticipated net cash flows, Amarin believes that it has adequate cash to get to REDUCE-IT results, including top-line results and subsequent presentation at a medical congress. The extent to which, if any, additional capital may be needed to expand promotion of Vascepa following REDUCE-IT results cannot currently be determined. In some respects, the more favorable the results are from REDUCE-IT, the greater the amount that the company may determine it is best to spend on product promotion. During the period of 2018 that is prior to REDUCE-IT results, the company expects to be net cash flow positive, excluding interest, royalties and payments for REDUCE-IT R&D and other costs incurred (mostly medical affairs and supply-related expenditures) in preparation for positive REDUCE-IT results. However, these results will continue to vary from quarter to quarter, including, as seen in prior years, the impact of certain annual payments in Q1 which will likely result in Q1 2018 net cash outflows exceeding those in Q4 2017. The company anticipates that accounts receivable will grow in proportion to net revenue growth and remain current. The company anticipates that inventory balances will grow in proportion to anticipated revenue growth, plus up to approximately $10 million for incremental inventory build prior to REDUCE-IT results. The company periodically reviews proposals to borrow against accounts receivable and inventory balances, and such opportunities may expand after REDUCE-IT results. However, no commitment currently exists for such arrangements.
Conference Call and Webcast Information
Amarin will host a conference call at 7:30 a.m. ET today, February 27, 2018. The call will be webcast live with slides and accessible through the investor relations section of the company's website at www.amarincorp.com. The call can also be heard via telephone by dialing 877-407-8033 within the United States or 201-689-8033 from outside the United States. A replay of the call will be made available for a period of two weeks following the conference call. To hear a replay of the call, dial 877-481-4010. A replay of the call will also be available through the company's website shortly after the call. For both dial-in numbers please use conference PIN 25598.
About Amarin
Amarin Corporation plc is a biopharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health. Amarin's product development program leverages its extensive experience in lipid science and the potential therapeutic benefits of polyunsaturated fatty acids. Vascepa® (icosapent ethyl), Amarin's first FDA-approved product, is a highly-pure, omega-3 fatty acid product available by prescription. For more information about Vascepa visit www.vascepa.com. For more information about Amarin visit www.amarincorp.com.
About VASCEPA® (icosapent ethyl) Capsules
Vascepa® (icosapent ethyl) capsules are a single-molecule prescription product consisting of the omega-3 acid commonly known as EPA in ethyl-ester form. Vascepa is not fish oil, but is derived from fish through a stringent and complex FDA-regulated manufacturing process designed to effectively eliminate impurities and isolate and protect the single molecule active ingredient. Vascepa, known in scientific literature as AMR101, has been designated a new chemical entity by the FDA. Amarin has been issued multiple patents internationally based on the unique clinical profile of Vascepa, including the drug's ability to lower triglyceride levels in relevant patient populations without raising LDL-cholesterol levels.
FDA-Approved Indication and Usage
• Vascepa (icosapent ethyl) is indicated as an adjunct to diet to reduce triglyceride (TG) levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia.
• The effect of Vascepa on the risk for pancreatitis and cardiovascular mortality and morbidity in patients with severe hypertriglyceridemia has not been determined.
Important Safety Information for Vascepa
• Vascepa is contraindicated in patients with known hypersensitivity (e.g., anaphylactic reaction) to Vascepa or any of its components.
• Use with caution in patients with known hypersensitivity to fish and/or shellfish.
• The most common reported adverse reaction (incidence > 2% and greater than placebo) was arthralgia (2.3% for Vascepa, 1.0% for placebo). There was no reported adverse reaction > 3% and greater than placebo.
• Patients receiving treatment with Vascepa and other drugs affecting coagulation (e.g., anti-platelet agents) should be monitored periodically.
• In patients with hepatic impairment, monitor ALT and AST levels periodically during therapy.
• Patients should be advised to swallow Vascepa capsules whole; not to break open, crush, dissolve, or chew Vascepa.
• Adverse events and product complaints may be reported by calling 1-855-VASCEPA or the FDA at 1-800-FDA-1088.
FULL VASCEPA PRESCRIBING INFORMATION CAN BE FOUND AT WWW.VASCEPA.COM.
Vascepa has been approved for use by the United States Food and Drug Administration (FDA) as an adjunct to diet to reduce triglyceride levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia. Nothing in this press release should be construed as promoting the use of Vascepa in any indication that has not been approved by the FDA.
About Cardiovascular Disease
Worldwide, cardiovascular disease (CVD) remains the #1 killer of men and women. In the United States CVD leads to one in every three deaths - one death approximately every 38 seconds - with annual treatment cost in excess of $500 billion.1, 2
Beyond the cardiovascular risk associated with LDL-C, genetic, epidemiologic, clinical and real-world data suggest that patients with elevated triglycerides (TG) (fats in the blood), and TG-rich lipoproteins, are at increased risk for cardiovascular disease. 3, 4, 5, 6
Leading clinical investigations seeking to address cardiovascular risk reduction beyond lowering LDL-C focus on interrupting the atherosclerotic process (e.g., plaque formation and instability) by beneficially affecting other lipid, lipoprotein and inflammation biomarkers and cellular functions thought to be related to atherosclerosis and cardiovascular events.
Forward-Looking Statements
This press release contains forward-looking statements, including statements about the future promotion and commercialization plans for Vascepa; expectations regarding future Vascepa sales and resulting revenue and company expenses for 2018 and inclusive quarterly periods; expectations related to multiple elements of Amarin's 2018 financial outlook such as anticipated expenses, cash balances and financing needs under various scenarios; expectations for continued event rates, timing of last patient visits, results and related announcement timing associated with Amarin's REDUCE-IT cardiovascular outcomes study; expectations related to the successful completion of REDUCE-IT; and statements regarding the potential efficacy, safety and therapeutic benefits of Vascepa, regulatory reviews and approvals of Vascepa internationally and related commercial potential. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. In particular, as disclosed in its previous filings with the U.S. Securities and Exchange Commission, Amarin's ability to effectively commercialize Vascepa will depend in part on efforts of third parties, its ability to create market demand for Vascepa through education, marketing and sales activities, to achieve market acceptance of Vascepa in new and current uses, to receive adequate levels of reimbursement from third-party payers, to develop and maintain a consistent source of commercial supply at a competitive price, to continue to effectively finance its business, to comply with legal and regulatory requirements in connection with the sale and promotion of Vascepa and to maintain patent protection for Vascepa. Among the factors that could cause actual results to differ materially from those described or projected herein include the following: uncertainties associated generally with research and development, clinical trials and related regulatory approvals; the risk that related cost may increase beyond expectations; the risk that Vascepa may not show clinically meaningful effects in REDUCE-IT or support regulatory approvals for intended uses; the risk that patents may not be upheld in patent litigation and applications may not result in issued patents sufficient to protect the Vascepa franchise. A further list and description of these risks, uncertainties and other risks associated with an investment in Amarin can be found in Amarin's filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Amarin undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
Availability of Other Information About Amarin
Investors and others should note that Amarin communicates with its investors and the public using the company website (http://www.amarincorp.com/), the investor relations website (http://investor.amarincorp.com/), including but not limited to investor presentations and investor FAQs, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that Amarin posts on these channels and websites could be deemed to be material information. As a result, Amarin encourages investors, the media, and others interested in Amarin to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on Amarin's investor relations website and may include social media channels. The contents of Amarin's website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933.
References
1 American Heart Association. 2018. Disease and Stroke Statistics-2018 Update.
2 American Heart Association. 2017. Cardiovascular disease: A costly burden for America projections through 2035.
3 Budoff M. Triglycerides and triglyceride-rich lipoproteins in the causal pathway of cardiovascular disease. Am J Cardiol. 2016;118:138-145.
4 Toth PP, Granowitz C, Hull M, et al. High triglycerides increase cardiovascular events, medical costs, and resource utilization in a real-world analysis of statin-treated patients with high cardiovascular risk and well-controlled low-density lipoprotein cholesterol [abstract]. Circulation. 2017;136(suppl 1):A15187.
5 Nordestgaard BG. Triglyceride-rich lipoproteins and atherosclerotic cardiovascular disease - New insights from epidemiology, genetics, and biology. Circ Res. 2016;118:547-563.
6 Nordestgaard BG, Varbo A. Triglycerides and cardiovascular disease. Lancet. 2014; 384: 626-635.
Amarin Contact Information
Investor Relations:
Elisabeth Schwartz
Investor Relations and Corporate Communications
Amarin Corporation plc
In U.S.: +1 (908) 719-1315
investor.relations@amarincorp.com
Lee M. Stern
Trout Group
In U.S.: +1 (646) 378-2992
lstern@troutgroup.com
Media Inquiries:
Kristie Kuhl
Finn Partners
In U.S.: +1 (212) 583-2791
Kristie.kuhl@finnpartners.com
CONSOLIDATED BALANCE SHEET DATA
(U.S. GAAP)
Unaudited*
December 31, 2017 December 31, 2016
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents $ 73,637 $ 98,251
Restricted cash 600 600
Accounts receivable, net 45,318 19,985
Inventory 30,260 20,507
Prepaid and other current assets 3,455 6,983
Total current assets 153,270 146,326
Property, plant and equipment, net 28 78
Deferred tax assets — 11,082
Other long-term assets 174 741
Intangible asset, net 8,126 8,772
TOTAL ASSETS $ 161,598 $ 166,999
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accounts payable $ 25,155 $ 6,062
Accrued expenses and other current liabilities 58,902 37,720
Current portion of exchangeable senior notes, net of discount 481 15,351
Current portion of long-term debt from royalty-bearing instrument 22,348 15,944
Deferred revenue, current 1,644 1,172
Total current liabilities 108,530 76,249
Long-Term Liabilities:
Exchangeable senior notes, net of discount 28,992 —
Long-term debt from royalty-bearing instrument 70,834 85,155
Deferred revenue, long-term 17,192 13,943
Other long-term liabilities 1,150 710
Total liabilities 226,698 176,057
Stockholders' Deficit:
Preferred stock 24,364 24,364
Common stock 208,768 207,166
Additional paid-in capital 977,866 964,914
Treasury stock (4,229 ) (1,498 )
Accumulated deficit (1,271,869 ) (1,204,004 )
Total stockholders' deficit (65,100 ) (9,058 )
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 161,598 $ 166,999
* Unaudited as standalong schedule; copied from consolidated financial statements.
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(U.S. GAAP)
Unaudited Unaudited*
Three months ended December 31, Year Ended December 31,
(in thousands, except per share amounts) (in thousands, except per share amounts)
2017 2016 2017 2016
Product revenue, net $ 53,482 $ 38,403 $ 179,825 $ 128,966
Licensing revenue 384 293 1,279 1,118
Total revenue, net 53,866 38,696 181,104 130,084
Less: Cost of goods sold 13,432 10,155 44,952 34,363
Gross margin 40,434 28,541 136,152 95,721
Operating expenses:
Selling, general and administrative (1) 35,639 31,225 134,549 111,372
Research and development (1) 11,947 10,177 47,158 49,975
Total operating expenses 47,586 41,402 181,707 161,347
Operating loss (7,152 ) (12,861 ) (45,555 ) (65,626 )
Gain on change in fair value of derivative liabilities (2) — — — 8,170
Interest expense, net (2,240 ) (2,190 ) (9,337 ) (18,443 )
Other (expense) income, net (26 ) (101 ) 74 (482 )
Loss from operations before taxes (9,418 ) (15,152 ) (54,818 ) (76,381 )
Provision for income taxes (3) (13,047 ) (12,301 ) (13,047 ) (9,969 )
Net loss $ (22,465 ) $ (27,453 ) $ (67,865 ) $ (86,350 )
Loss per share:
Basic $ (0.08 ) $ (0.10 ) $ (0.25 ) $ (0.41 )
Diluted $ (0.08 ) $ (0.10 ) $ (0.25 ) $ (0.41 )
Weighted average shares outstanding:
Basic 270,906 269,223 270,652 211,874
Diluted 270,906 269,223 270,652 211,874
* Unaudited as standalong schedule, copied from consolidated financial statements.
(1) Excluding non-cash stock-based compensation, selling, general and administrative expenses were $122,711 and $100,011 for 2017 and 2016, respectively, and research and development expenses were $45,036 and $47,723, respectively, for the same periods. Excluding non-cash stock-based compensation as well as co-promotion fees paid to the company's U.S. co-promotion partner, selling, general and administrative expenses were $100,204 and $82,042 for 2017 and 2016, respectively.
(2) Non-cash gains and losses result from changes in the fair value of long-term debt derivative liabilities.
(3) Included in the provisions for the years ended December 31, 2017 and 2016 is non-cash tax expense related to increases in our valuation allowance against deferred tax assets.
Source: Amarin Corporation plc
Scripts Update for Week Ending 16/02
V
TRx: 23,635 {vs 23,956; -1.34%} Sector -1.14% {ATH = 26,191}
NRx: 9,361 {vs 9,589; -2.38%} Sector -0.85% {ATH = 9,899}
Ref: 14,274 {vs 14,367; -0.65%} Sector -1.33% {ATH = 16,438}
GenL
TRx: 48,822 {vs 49,319; -1.01%}
NRx: 19,045 {vs 19,185; -0.73%}
L
TRx: 3,505 {vs 3,561; -1.57%}
NRx: 1,574 {vs 1,462; +7.66%}
V TRx Market Share: 31.11% vs 31.18% {ATH = 31.92%}
V NRx Market Share: 31.22% vs 31.71% {ATH = 32.28%}
V Ref Market Share: 31.04% vs 30.83% {ATH = 32.11%}
Scripts Update for Week Ending 09/02
V
TRx: 23,956 {vs 23,771; +0.78%} Sector +0.36%
NRx: 9,589 {vs 9,499; +0.95%} Sector -0.65%
Ref: 14,367 {vs 14,272; +0.67%} Sector +1.02%
GenL
TRx: 49,319 {vs 49,371; -0.11%}
NRx: 19,185 {vs 19,458; -1.40%}
L
TRx: 3,561 {vs 3,421; +4.09%}
NRx: 1,462 {vs 1,476; -0.95%}
V TRx Market Share: 31.18% vs 31.05%
V NRx Market Share: 31.71% vs 31.21%
V Ref Market Share: 30.83% vs 30.94%
Jan-2018 vs. Jan-2017 (Retail ONLY Data)
V
TRx: 104,150 {vs 82,686; +25.96%} – Sector +0.67%
NRx: 39,640 {vs 33,732; +17.51%} – Sector +1.42%
Ref: 64,510 {vs 48,954; +31.78%} – Sector +0.22%
Gen L
TRx: 218,890 {vs 245,860; -10.97%}
NRx: 84,008 {vs 92,065; -8.75%}
L
TRx: 15,570 {vs 7,794; +99.77%}
NRx: 6,685 {vs 2,268; +146.04%}
V Jan-2018 Retail ONLY TRx Market Share: 30.76% vs 24.58% in Jan-2017
V Jan-2018 Retail ONLY NRx Market Share: 30.41% vs 26.25% in Jan-2017
V Jan-2018 Retail ONLY Ref Market Share: 30.97% vs 23.56% in Jan-2017
Total Monthly Retail ONLY Data January-2018
V
TRx: 104,150 {vs 107,940; -3.51%} – Sector -0.73% -- 5th ATH
NRx: 39,640 {vs 39,570; +0.18%} – Sector +3.88% -- 5th ATH
Ref: 64,510 {vs 68,370; -5.65%} – Sector -3.41% -- 5th ATH
Gen L
TRx: 218,890 {vs 217,820; +0.49%}
NRx: 84,008 {vs 79,580; +5.56%}
L
TRx: 15,570 {vs 15,350; +1.43%}
NRx: 6,685 {vs 6,320; +5.78%}
Monthly Retail TRx Market Share: 30.76% vs 31.64% --- 4th ATH
Monthly Retail NRx Market Share: 30.41% vs 31.54% --- 6th ATH
Monthly Retail Refills Market Share: 30.97% vs 31.71% --- 3rd ATH
Scripts Update for Week Ending 02/02
V
TRx: 23,771 {vs 23,213; +2.40%} Sector +1.52%
NRx: 9,499 {vs 9,255; +2.64%} Sector +0.44%
Ref: 14,272 {vs 13,958; +2.25%} Sector +2.24%
GenL
TRx: 49,371 {vs 48,798; +1.17%}
NRx: 19,458 {vs 19,548; -0.46%}
L
TRx: 3,421 {vs 3,409; +0.35%}
NRx: 1,476 {vs 1,497; -1.40%}
V TRx Market Share: 31.05% vs 30.78%
V NRx Market Share: 31.21% vs 30.54%
V Ref Market Share: 30.94% vs 30.94%
Scripts Update for Week Ending 26/01
V
TRx: 23,213 {vs 23,175; +0.16%} Sector +0.21%
NRx: 9,255 {vs 8,769; +5.54%} Sector +4.76%
Ref: 13,958 {vs 14,406; -3.11%} Sector -2.64%
GenL
TRx: 48,798 {vs 48,663; +0.28%}
NRx: 19,548 {vs 18,639; +4.88%}
L
TRx: 3,409 {vs 3,426; -0.50%}
NRx: 1,497 {vs 1,514; -1.12%}
V TRx Market Share: 30.78% vs 30.79%
V NRx Market Share: 30.54% vs 30.32%
V Ref Market Share: 30.94% vs 31.09%
Full Year-2017 vs. Full Year-2016 (Retail + Inst. Data)
V
TRx 1Y-2017 vs 1Y -2016 +39.97% – Sector -1.41%
NRx 1Y-2017 vs 1Y -2016 +37.66% – Sector -0.11%
Ref 1Y-2017 vs 1Y -2016 +41.35% – Sector -2.09%
Gen L
TRx 1Y -2017 vs 1Y -2016 -11.44%
NRx 1Y -2017 vs 1Y -2016 -11.70%
L
TRx 1Y -2017 vs 1Y -2016 -17.25%
NRx 1Y -2017 vs 1Y -2016 +18.09%
V 1Y -2017 Retail+Inst. TRx Market Share: 28.31% vs 19.94% in 1Y -2016 -- ATH
V 1Y -2017 Retail+Inst. NRx Market Share: 29.94% vs 21.72% in 1Y -2016 -- ATH
V 1Y -2017 Retail+Inst. Ref Market Share: 27.45% vs 19.01% in 1Y -2016 -- ATH
Total Monthly Retail + Institutional Data December-2017
ATH & GROWTH IN INSTITUTIONAL NUMBERS CONTINUES. LARGE ESTABLISHMENTS (ie Hospitals…etc) TAKING NOTICE 6 MONTH IN A ROW NOW…
V
TRx: 118,036 {vs 115,091; +2.56%} -- Sector +1.33% --- ATH
(Inst # 10,096 vs 9,231; +9.34% -- ATH -- Inst Sec +4.54% -- Inst Mkt Sh 28.29% vs 27.04% ATH)
NRx: 39,570 {vs 40,250; -1.69%} – Sector -1.59% -- 5th ATH
Ref: 78,466 {vs 74,841; +4.84%} – Sector +2.85% -- ATH
Gen L
TRx: 242,673 {vs 240,260; +1.00%}
(Inst # 24,853 vs 24,250; +2.49%)
NRx: 79,580 {vs 80,610; -1.28%}
L
TRx: 16,091 {vs 16,520; -2.60%}
(Inst # 741 vs 660; +12.27%)
NRx: 6,320 {vs 6,640; -4.82%}
V Monthly Retail + Inst. TRx Market Share: 31.33% vs 30.95% --- ATH
V Monthly Retail + Inst. NRx Market Share: 31.54% vs 31.57% --- 2nd ATH
V Monthly Retail + Inst. Ref Market Share: 31.22% vs 30.63% --- ATH
Amarin Prices Public Offering of American Depositary Shares
This just released.....well I wasn’t that far I guess with my analysis in the previous post.
Long and strong
BEDMINSTER, N.J. and DUBLIN, Ireland, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ:AMRN) today announced the pricing of the underwritten public offering of its American Depositary Shares ("ADSs") for gross proceeds of approximately $70.0 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Amarin. The offering is expected to close on or about February 1, 2018, subject to customary closing conditions. In addition, Amarin has granted the underwriter a 30-day option to purchase approximately $10.5 million of additional ADSs.
Cantor Fitzgerald & Co. is the sole book-running manager for the offering. The underwriter may offer the ADSs from time to time for sale in one or more transactions on The NASDAQ Global Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. On January 29, 2018, the last sale price of the ADSs on The NASDAQ Global Market was $4.01 per share.
The gross proceeds from the offering are expected to be approximately $70.0 million before deducting customary underwriting discounts and commissions and offering expenses. Amarin intends to use the net proceeds from the offering to expand medical education and market awareness initiatives, including, in advance of REDUCE-IT results being known, pilot testing of new promotional initiatives for potential broader application following REDUCE-IT results, to increase its inventory balances for incremental inventory build prior to REDUCE-IT results and for general corporate and working capital purposes.
The securities described above are being offered by Amarin pursuant to a shelf registration statement on Form S-3ASR (No. 333-216385) previously filed with the Securities and Exchange Commission (the "SEC") on March 1, 2017 and automatically became effective upon filing. The securities may be offered only by means of a written prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC's website at www.sec.gov. A final prospectus supplement and accompanying prospectus will be filed with the SEC. When available, copies of the final prospectus supplement and the accompanying prospectus may also be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by email at prospectus@cantor.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
New Offering
I was reading the released prospectus quickly, I think the new offering is going to be for only 16 - 17million shares @ closing $4.27
From prospectus —- new total will be around 365 million, from previously 348 million —- proceeds of around $72million
The number of ordinary shares to be outstanding after this offering is based on 270,877,229 ordinary shares outstanding on September 30, 2017 and excludes as of that date:
• 23,631,444 ADSs, each ADS representing one ordinary share, issuable upon exercise of outstanding options, at a weighted average exercise price of $3.26 per share, issuable under our 2002 Stock Option Plan and 2011 Stock Incentive Plan, or the Plans, and other equity incentive plans;
• 11,887,491 ADSs, each ADS representing one ordinary share, reserved for issuance in connection with restricted stock units issued under our Plans;
• 17,768,496 ADSs, each ADS representing one ordinary share, available for grant under our 2011 Stock Incentive Plan;
• 7,716,048 ADSs, each ADS representing one ordinary share, currently issuable upon the conversion of our outstanding 3.5% January 2017 exchangeable senior notes due 2047 in the aggregate principal amount of $30.0 million; and
• 32,818,464 ADSs, each ADS representing one ordinary share, currently issuable upon the consolidation and redesignation of 328,184,640 outstanding Series A Preference Shares into ordinary shares at a ratio of 10 preference shares for 1 ordinary share.
Amarin's REDUCE-IT Cardiovascular Outcomes Study Reaches 90% Mark for Reported Primary Events
On Track for Patient Final Study Visits to Commence in March 2018
BEDMINSTER, N.J. and DUBLIN, Ireland, Jan. 23, 2018 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ:AMRN), a biopharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health, today announced that its REDUCE-IT cardiovascular outcomes study has reported and documented more than 90% of the targeted 1,612 primary major adverse cardiovascular events (MACE). The vast majority of these events have been confirmed (i.e., positively adjudicated as a patient's first on-study primary event) with some unable to be fully adjudicated per study protocol until after completion of the associated patients' final study visits. For this first of its kind, potentially landmark, REDUCE-IT cardiovascular outcomes study, Amarin confirmed that it is on track for onset of the targeted 1,612thevent to occur before the end of Q1 2018. Patients are being scheduled for final study visits commencing March 1, 2018. Amarin maintains its guidance to report top-line results from the study before the end of Q3 2018.
"We are pleased to be nearing conclusion of this important study," commented Dr. Steven Ketchum, Amarin senior vice president, president of R&D, and chief scientific officer. "The timing of accumulated events in this study and the scheduling of final patient visits are two important steps towards learning the results of this study and understanding the extent to which Vascepa and the REDUCE-IT trial results can lead to better informed preventative care of patients at high cardiovascular risk."
Amarin is intentionally blinded to the results of the study and will remain blinded to such results until after the study is completed and the database is locked. Final patient visits will be followed by adjudication of newly reported cardiovascular events in the study, completing data entry for the greater than 33,000 patient years of study in REDUCE-IT, and typical database quality control measures, known as cleaning. This will be followed by the database lock and final efficacy and safety analyses, including analysis of the trial's primary endpoint of first MACE events in the study, and the analyses of more than thirty pre-defined secondary and tertiary endpoints. Publication of the study design can be found at https://doi.org/10.1002/clc.22692. ; The lead author of this paper published in Clinical Cardiology is Deepak L. Bhatt, M.D., M.P.H., executive director of the Interventional Cardiovascular Programs at Brigham and Women's Hospital, professor of medicine, Harvard Medical School in Boston, Mass.
The estimate of timing of the onset of the 1,612th MACE event is based on actual adjudicated events from inception to date in the study. The projection of the number of MACE events that will ultimately be adjudicated as a primary event (first event for the patient within the duration of the study) is also based on historical data of adjudicated events within the REDUCE-IT study. Such projections are made by independent statisticians and reviewed by Amarin and the independent steering committee for the trial, all of whom are blinded. The study was designed to provide sufficient power to detect the anticipated result, regardless of whether the final number of primary MACE is slightly more or slightly fewer than 1,612 primary MACE.
Scripts Update for Week Ending 12/18
V
TRx: 23,731 {vs 21,945; +8.14%} Sector +8.80%
NRx: 8,958 {vs 7,433; +20.52%} Sector +23.24%
Ref: 14,773 {vs 14,512; +1.80%} Sector +1.27%
GenL
TRx: 49,890 {vs 45,589; +9.43%}
NRx: 19,430 {vs 15,531; +25.10%}
L
TRx: 3,477 {vs 3,330; +4.41%}
NRx: 1,533 {vs 1,314; +16.67%}
V TRx Market Share: 30.78% vs 30.97%
V NRx Market Share: 29.94% vs 30.62%
V Ref Market Share: 31.31% vs 31.15%
Gabor & all
Your insight is highly appreciated
Doing some “shenanigan” calculation after the announcement of Clinical Development in Mainland China, please do correct my thinking below;
- Hypertriglyceridemia is estimated to affect around 17.7% of the adult Chinese population, about 185 million people.
- 10% Market Share = ~20,000,000 person on V
- Each person buying ONLY 1 bottle = 20,000,000 per year
- Assuming lower retail price than the one in the US = $200
- Sales in 1Y should be around $4 Billion
- Assuming a low margin of just 60% = $2.4 Billion
- Amarin Royalty of just 10% = $240,000,000 per year
- Assuming randomly a 6 Years life cycle = $1.44 Billion
- Fully diluted shares ~ 348 million
- This conservative analysis should be reflected in ~ $4 increase in the price of AMRN
Do any of the above make sense?
Please feel free to correct my reasoning
Thanks
Question about Clinical Development in Mainland China;
The announcement says the following:
"Similar to the MARINE trial conducted by Amarin, the trial being conducted by Eddingpharm in China is a multi-center, placebo-controlled, randomized, double-blind, 12-week study that is enrolling patients with severe hypertriglyceridemia, more commonly known as very high triglycerides, or VHTG. The study’s primary endpoint is the percentage change in triglyceride levels from baseline compared to placebo after 12 weeks of treatment. Eddingpharm anticipates that the study will be completed within the next two years"
Sorry for the question, but if the study is for a 12 week period, how come Eddingpharm anticipates the study to be completed within the next 2 years??
Can someone explain the process please.
Is it 2 years as in including the period to search and enroll patients, establish centers....etc and then do the 12 weeks study??
Thank you in advance
1Y-2017 vs. 1Y-2016 (Retail ONLY Data)
V
TRx 1Y-2017 vs 1Y-2016 +38.78% – Sector -1.16%
NRx 1Y-2017 vs 1Y-2016 +37.66% – Sector -0.11%
Refills 1Y-2017 vs 1Y-2016 +39.51% – Sector -1.79%
Gen L
TRx 1Y-2017 vs 1Y-2016 -12.29%
NRx 1Y-2017 vs 1Y-2016 -11.70%
Refills 1Y-2017 vs 1Y-2016 -12.64%
L
TRx 1Y-2017 vs 1Y-2016 +6.61%
NRx 1Y-2017 vs 1Y-2016 +18.09%
Refills 1Y-2017 vs 1Y-2016 +0.31%
V 1Y-2017 Retail ONLY TRx Market Share: 29.00% vs 20.65% in 1Y-2016
V 1Y-2017 Retail ONLY NRx Market Share: 29.94% vs 21.72% in 1Y-2016
V 1Y-2017 Retail ONLY Refills Market Share: 28.42% vs 20.01% in 1Y-2016
Total Monthly Retail ONLY Data December-2017
V
TRx: 107,940 {vs 105,860; +1.96%} – Sector +1.00% -- 2nd ATH
NRx: 39,570 {vs 40,250; -1.69%} – Sector -1.59% -- 5th ATH
Ref: 68,370 {vs 65,610; +4.21%} – Sector +2.57% -- ATH
Gen L
TRx: 217,820 {vs 216,010; +0.84%}
NRx: 79,580 {vs 80,610; -1.28%}
L
TRx: 15,350 {vs 15,860; -3.22%}
NRx: 6,320 {vs 6,640; -4.82%}
Monthly Retail TRx Market Share: 31.64% vs 31.34% --- ATH
Monthly Retail NRx Market Share: 31.54% vs 31.57% --- 2nd ATH
Monthly Retail Refills Market Share: 31.71% vs 31.21% --- ATH
Could,
Historically it is the same thing with short weeks and vacation.
Based on Years 2015-2016-2017 we should be back to normal levels starting next week and hit new ATH in Feb
Scripts Update for Week Ending 05/01/2018
Holiday Week – Short Week
V
TRx: 21,945 {vs 22,681; -3.25%} Sector –0.26%
NRx: 7,433 {vs 7,253; +2.48%} Sector +5.58%
Ref: 14,512 {vs 15,428; -5.94%} Sector -3.05%
GenL
TRx: 45,589 {vs 45,077; +1.14%}
NRx: 15,531 {vs 14,472; +7.32%}
L
TRx: 3,330 {vs 3,290; +1.22%}
NRx: 1,314 {vs 1,269; +3.55%}
V TRx Market Share: 30.97% vs 31.92%
V NRx Market Share: 30.62% vs 31.54%
V Ref Market Share: 31.15% vs 32.11%
Scripts Update for Week Ending 29/12
Holiday Week – Good Increase in Market Share
V
TRx: 22,681 {vs 25,345; -10.51%} Sector -11.99%
NRx: 7,253 {vs 9,646; -24.81%} Sector -26.13%
Ref: 15,428 {vs 15,699; -1.73%} Sector -3.11%
GenL
TRx: 45,077 {vs 51,734; -12.87%}
NRx: 14,472 {vs 19,961; -27.50%}
L
TRx: 3,290 {vs 3,648; -9.81%}
NRx: 1,269 {vs 1,522; -16.62%}
V TRx Market Share: 31.92% vs 31.40% -- ATH
V NRx Market Share: 31.54% vs 30.99% -- 5th ATH
V Ref Market Share: 32.11% vs 31.65% -- ATH
Scripts Update for Week Ending 22/12
V
TRx: 25,345 {vs 25,669; -1.26%} Sector -0.57%
NRx: 9,646 {vs 9,899; -2.56%} Sector -0.23%
Ref: 15,699 {vs 15,770; -0.45%} Sector -0.78%
GenL
TRx: 51,734 {vs 51,824; -0.17%}
NRx: 19,961 {vs 19,745; +1.09%}
L
TRx: 3,648 {vs 3,699; -1.38%}
NRx: 1,522 {vs 1,558; -2.31%}
V TRx Market Share: 31.40% vs 31.62%
V NRx Market Share: 30.99% vs 31.73%
V Ref Market Share: 31.65% vs 31.55%
Happy New Year all
Best wishes for the coming year and a successful Red-It :):)
Marz & all,
sorry my bad, typo mistake
V
TRx: 25,669 {vs 25,947; -1.07%} Sector -1.53% -- 3rd ATH
Scripts Update for Week Ending 15/12
ATH in NRx Numbers, 3rd ATH in TRx & Refill
V
TRx: 25,669 {vs 25,647; -1.07%} Sector -1.53% -- 3rd ATH
NRx: 9,899 {vs 9,878; +0.21%} Sector -0.47% -- ATH
Ref: 15,770 {vs 16,069; -1.86%} Sector -2.18% -- 3rd ATH
GenL
TRx: 51,824 {vs 52,756; -1.77%}
NRx: 19,745 {vs 19,899; -0.77%}
L
TRx: 3,699 {vs 3,753; -1.44%}
NRx: 1,558 {vs 1,573; -0.95%}
V TRx Market Share: 31.62% vs 31.47% -- ATH
V NRx Market Share: 31.73% vs 31.51% -- 3rd ATH
V Ref Market Share: 31.55% vs 31.44% -- 2nd ATH
Total Monthly Retail + Institutional Data November-2017
ATH Across the Board in terms of MARKET SHARE
ATH & GROWTH IN INSTITUTIONAL NUMBERS CONTINUES. LARGE ESTABLISHMENTS (ie Hospitals, DR.'s Offices, Dialysis Clinics, Long Term Health Facilities, Prisons) TAKING NOTICE 5MONTH IN A ROW NOW…
V
TRx: 115,091 {vs 117,326; -1.90%} -- Sector -3.79% --- 3rd ATH
(Inst # 9,231 vs 8,646; +6.77% -- ATH -- Inst Sec +2.23% -- Inst Mkt Sh 27.04% vs 25.89% -- ATH)
NRx: 40,250 {vs 41,494; -3.00%} – Sector -4.71% -- 3rd ATH
Ref: 74,841 {vs 75,832; -1.31%} – Sector -3.30% -- 2nd ATH
Gen L
TRx: 240,260 {vs 251,692; -4.54%}
(Inst # 24,250 vs 24,052; +0.82%)
NRx: 80,610 {vs 85,330; -5.53%}
L
TRx: 16,520 {vs 17,499; -5.59%}
(Inst # 660 vs 699; -5.58%)
NRx: 6,640 {vs 6,980; -4.87%}
V Monthly Retail + Inst. TRx Market Share: 30.95% vs 30.35% --- ATH
V Monthly Retail + Inst. NRx Market Share: 31.57% vs 31.01% --- ATH
V Monthly Retail + Inst. Ref Market Share: 30.63% vs 30.01% --- ATH
Total Monthly Retail ONLY Data November-2017
ATH Across the Board in Market Share
V
TRx: 105,860 {vs 108,680; -2.59%} – Sector -4.36% -- {3rd ATH}
NRx: 40,250 {vs 41,494; -3.00%} – Sector -4.71% -- {3rd ATH}
Ref: 65,610 {vs 67,186; -2.35%} – Sector -3.07% -- {2nd ATH}
Gen L
TRx: 216,010 {vs 227,640; -5.11%}
NRx: 80,610 {vs 85,330; -5.53%}
L
TRx: 15,860 {vs 16,800; -5.60%}
NRx: 6,640 {vs 6,980; -4.87%}
Monthly Retail TRx Market Share: 31.34% vs 30.78% --- ATH
Monthly Retail NRx Market Share: 31.57% vs 31.01% --- ATH
Monthly Retail Refills Market Share: 31.21% vs 30.63% --- ATH
Scripts Update for Week Ending 08/12
ATH in NRx Numbers, 2nd ATH in TRx & Refill
V
TRx: 25,947 {vs 26,191; -0.93%} Sector -1.92% -- {2nd ATH}
NRx: 9,878 {vs 9,753; +1.28%} Sector -0.55% -- ATH
Ref: 16,069 {vs 16,438; -2.24%} Sector -2.74% -- {2nd ATH}
GenL
TRx: 52,756 {vs 54,124; -2.53%}
NRx: 19,899 {vs 20,278; -1.87%}
L
TRx: 3,753 {vs 3,755; -0.05%}
NRx: 1,573 {vs 1,492; +5.43%}
V TRx Market Share: 31.47% vs 31.15% -- {3rd ATH}
V NRx Market Share: 31.51% vs 30.94% -- {4th ATH}
V Ref Market Share: 31.44% vs 31.28% -- {2nd ATH}
Scripts Update for Week Ending 01/12
ATH in TRx & Refill Numbers, 2nd ATH in NRx
V
TRx: 26,191 {vs 21,953; +19.30%} Sector +20.86% -- ATH
NRx: 9,753 {vs 7,949; +22.69%} Sector +28.01% -- {2nd ATH}
Ref: 16,438 {vs 14,004; +17.38%} Sector +16.94% -- ATH
GenL
TRx: 54,124 {vs 44,174; +22.52%}
NRx: 20,278 {vs 15,222; +33.22%}
L
TRx: 3,755 {vs 3,434; +9.35%}
NRx: 1,492 {vs 1,455; +2.54%}
V TRx Market Share: 31.15% vs 31.56%
V NRx Market Share: 30.94% vs 32.28%
V Ref Market Share: 31.28% vs 31.17%
Scripts Update for Week Ending 24/11
Short Week, Thanksgiving Day 23-11, Market Share is what to look for;
ATH in TRx & NRx Market Share, 2nd ATH in Refills
V
TRx: 21,953 {vs 25,081; -12.47%} Sector -12.59%
NRx: 7,949 {vs 9,563; -16.88%} Sector -19.49%
Ref: 14,004 {vs 15,518; -9.76%} Sector -8.28%
GenL
TRx: 44,174 {vs 50,830; -13.09%}
NRx: 15,222 {vs 19,454; -21.75%}
L
TRx: 3,434 {vs 3,666; -6.33%}
NRx: 1,455 {vs 1,569; -7.27%}
V TRx Market Share: 31.56% vs 31.52% -- ATH
V NRx Market Share: 32.28% vs 31.27% -- ATH
V Ref Market Share: 31.17% vs 31.68% -- 2nd ATH
Teva Pharmaceutical reportedly set for major layoffs in Israel and the US
cnbc: https://www.cnbc.com/2017/11/23/teva-pharmaceutical-reportedly-set-for-major-layoffs-in-israel-us.html
Scripts Update for Week Ending 17/11
ATH in TRx & Refills Numbers & Market Share
V
TRx: 25,081 {vs 24,970; +0.44%} Sector -0.06% -- ATH
NRx: 9,563 {vs 9,779; -2.21%} Sector -0.09% -- {3rd ATH}
Ref: 15,518 {vs 15,191; +2.15%} Sector -0.03% -- ATH
GenL
TRx: 50,830 {vs 50,774; +0.11%}
NRx: 19,454 {vs 19,165; +1.51%}
L
TRx: 3,666 {vs 3,877; -5.44%}
NRx: 1,569 {vs 1,669; -5.99%}
V TRx Market Share: 31.52% vs 31.36% -- ATH
V NRx Market Share: 31.27% vs 31.94% -- {7th ATH}
V Ref Market Share: 31.68% vs 31.00% -- ATH
Raf
"Per Amarin: "Estimated normalized total Vascepa prescriptions, based on data from Symphony Health Solutions and QuintilesIMS, totaled approximately 374,000 and 372,000, respectively, for the three months ended September 30, 2017."
Sam's monthly (institutional & retail) totals for 3Q = 333,313
Why is there a discrepancy in ~40,000 scripts?"
I really don't know raf. I am reporting as it is posted on Bloomberg terminal...could it be that they are under-reporting, Quarter calculation varies....no idea at all
Looking at the positive side, its great that Bloomberg are under-reporting by ~ 40K Scripts, so effectively our real growth year on year is way more than the numbers i have :):)
Oct-2017 vs. Oct-2016 (Retail + Inst. Data)
V
TRx: 117,326 {vs 82,919; +41.49%} – Sector +3.35% -- ATH
NRx: 41,494 {vs 30,561; +35.77%} – Sector +2.95% -- {2nd ATH}
Ref: 75,832 {vs 52,358; +44.83%} – Sector +3.56% -- ATH
Gen L
TRx: 251,692 {vs 280,262; -10.19%}
NRx: 85,330 {vs 96,004; -11.12%}
L
TRx: 17,499 {vs 10,803; +61.98%}
NRx: 6,980 {vs 3,400; +105.29%}
V Oct-2017 Retail+Inst. TRx Market Share: 30.35% vs 22.17% in Oct-2016 -- ATH
V Oct -2017 Retail+Inst. NRx Market Share: 31.01% vs 23.51% in Oct-2016 -- ATH
V Oct -2017 Retail+Inst. Ref Market Share: 30.01% vs 21.46% in Oct-2016 -- ATH
PS: Inst. Numbers Oct-17 vs Oct-16 is +175.88% (8,646 vs 3,134)
Monthly Retail + Institutional Data October-2017
GROWTH IN INSTITUTIONAL NUMBERS CONTINUES. LARGE ESTABLISHMENTS (ie Hospitals…etc) TAKING NOTICE 4MONTH IN A ROW NOW…
V
TRx: 117,326 {vs 110,260; +6.41%} -- Sector +5.18% --- ATH
(Inst # 8,646 vs 8,150; +6.09% -- ATH -- Inst Sec -1.55% -- Inst Mkt Sh 25.89% vs 24.03% -- ATH)
NRx: 41,494 {vs 38,690; +7.25%} – Sector +7.21% -- {2nd ATH}
Ref: 75,832 {vs 71,570; +5.96%} – Sector +4.13% -- ATH
Gen L
TRx: 251,692 {vs 239,343; +5.16%}
(Inst # 24,052 vs 25,133; -4.30%)
NRx: 85,330 {vs 79,051; +7.94%}
L
TRx: 17,499 {vs 17,889; -2.18%}
(Inst # 699 vs 639; +9.39%)
NRx: 6,980 {vs 7,069; -1.26%}
V Monthly Retail + Inst. TRx Market Share: 30.35% vs 30.00% --- ATH
V Monthly Retail + Inst. NRx Market Share: 31.01% vs 31.00% --- ATH
V Monthly Retail + Inst. Ref Market Share: 30.01% vs 29.49% --- ATH
Scripts Update for Week Ending 10/11
ATH in TRx & NRx, 2nd ATH in Refills
ATH Across the Board in Market Share
V
TRx: 24,970 {vs 24,756; +0.86%} Sector -0.78% -- ATH
NRx: 9,779 {vs 9,480; +3.15%} Sector +0.96% -- ATH
Ref: 15,191 {vs 15,276; -0.56%} Sector -1.83% -- {2nd ATH}
GenL
TRx: 50,774 {vs 51,573; -1.55%}
NRx: 19,165 {vs 19,227; -0.32%}
L
TRx: 3,877 {vs 3,916; -1.00%}
NRx: 1,669 {vs 1,614; +3.41%}
V TRx Market Share: 31.36% vs 30.85% -- ATH
V NRx Market Share: 31.94% vs 31.27% -- ATH
V Ref Market Share: 31.00% vs 30.60% -- ATH
Oct-2017 vs. Oct-2016 (Retail ONLY Data)
V
TRx: 108,680 {vs 79,785; +36.22%} – Sector +0.59% -- ATH
NRx: 41,494 {vs 30,561; +35.77%} – Sector +2.95% -- {2nd ATH}
Ref: 67,186 {vs 49,224; +36.49%} – Sector -0.79% -- ATH
Gen L
TRx: 227,640 {vs 261,970; -13.10%}
NRx: 85,330 {vs 96,004; -11.12%}
L
TRx: 16,800 {vs 9,280; +81.03%}
NRx: 6,980 {vs 3,400; +105.29%}
V Oct-2017 Retail ONLY TRx Market Share: 30.78% vs 22.73% in Oct -2016 - ATH
V Oct-2017 Retail ONLY NRx Market Share: 31.01% vs 23.51% in Oct -2016 - ATH
V Oct-2017 Retail ONLY Ref Market Share: 30.63% vs 22.27% in Oct -2016 - ATH
Total Monthly Retail ONLY Data October-2017
ATH Across the Board in Market Share, 2/3 in Numbers
V
TRx: 108,680 {vs 102,110; +6.43%} – Sector +5.86% -- ATH
NRx: 41,494 {vs 38,690; +7.25%} – Sector +7.21% -- {2nd ATH}
Ref: 67,186 {vs 63,420; +5.94%} – Sector +5.06% -- ATH
Gen L
TRx: 227,640 {vs 214,210; +6.27%}
NRx: 85,330 {vs 79,051; +7.94%}
L
TRx: 16,800 {vs 17,250; -2.61%}
NRx: 6,980 {vs 7,069; -1.26%}
Monthly Retail TRx Market Share: 30.78% vs 30.61% --- ATH
Monthly Retail NRx Market Share: 31.01% vs 31.00% --- ATH
Monthly Retail Refills Market Share: 30.63% vs 30.38% --- ATH
Scripts Update for Week Ending 03/11
V
TRx: 24,756 {vs 24,780; -0.10%} Sector +0.28% -- 2nd ATH
NRx: 9,480 {vs 9,699; -2.26%} Sector -1.49% -- 2nd ATH
Ref: 15,276 {vs 15,081; +1.29%} Sector +1.39% -- ATH
GenL
TRx: 51,573 {vs 51,538; +0.07%}
NRx: 19,227 {vs 19,571; -1.76%}
L
TRx: 3,916 {vs 3,703; +5.75%}
NRx: 1,614 {vs 1,510; +6.89%}
V TRx Market Share: 30.85% vs 30.97%
V NRx Market Share: 31.27% vs 31.51%
V Ref Market Share: 30.60% vs 30.63%