Amarin Corp Plc (AMRN)

[Sam81]

SunTrust Update: 20-Jan-2017

AMRN raised $30M in 3.50% convertible debt ($3.89 strike) due in 2047 through a private placement. AMRN intends to use ~$15M to repo its 2032 Convertible Notes, with ~$14M for general corporate & working capital purposes. We maintained our sales & expenses, with no change to our ’17 sales ($172M vs. AMRN’s $155-$165M range) & LPS of ($0.14). In the out years, our EPS declines by ~$0.01 per year, with no meaningful impact on our DCF. The next catalyst is the 2nd REDUCE-IT interim analysis in 3Q17 (80% of events should be reached in 1H17). Reiterate our Buy & $6PT, based on our DCF analysis.

Link:
https://drive.google.com/file/d/0B57g27wC5ShhVGxWejV4NHUtX1U/view?usp=sharing