Amarin Corp Plc (AMRN)

[ggwpq]

SVB Leerink bullish on Amarin, initiates with an Outperform
As previously reported, SVB Leerink analyst Roanna Ruiz initiated coverage this morning of Amarin with an Outperform rating and $12 price target. Despite broad use of statins and other low-density lipoprotein cholesterol lowering agents, many patients are not able to reach target levels and are still at risk of experiencing a serious cardiovascular event, the analyst notes. Hence, Ruiz thinks there is a place for Vascepa to help many not well-controlled patients further lower triglycerides and achieve improved cardiovascular risk outcomes. Further, the analyst believes the Vazkepa EU launch is "underappreciated" and that Vazkepa could achieve about $1B peak sales in 2032 due to a much broader EU label and a notably larger EU total addressable market versus that of the U.S. launch. U.S. generics appear to have supply issues in 2021, but Ruiz expects this to resolve as more generics launch in the U.S. in a few years. Thus, the analyst assumes steady year-over-year sales erosion for branded Vascepa from 2023 onwards.

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