Amarin Corporation plc (NASDAQ: AMRN) continues suspending 2022 revenue guidance citing the ongoing global impact of COVID-19, the uncertainty resulting from the impact of generic IPE availability in the U.S., and challenges for most drugs seeking market access in Europe.
"In the second quarter of 2022, we made important progress on our long-term growth strategy. Our achievements give us confidence in the direction of and opportunities for Amarin during the remainder of 2022 and into 2023," said CEO Karim Mikhail.
Amarin reiterates that current cash, investments, and other assets are adequate to support continued operations, including European launch activities for at least the next twelve months.
The company reported Q2 sales of $94.4 million, a decrease of 39% driven by a decline in volume and net selling price due to an increase in generic competition in the U.S.
During Q2, there were three generic competitors in the U.S. market compared to one a year ago.
Amarin's gross margin on net product revenue was 46%, compared with 79% a year ago. The adjusted gross margin was 72%.
Amarin posted an adjusted EPS loss of $(0.09), a shift from a profit of $0.03 a year ago and missing the consensus loss of $(0.06).
Price Action: AMRN shares are down 1.57% at $1.30 during the market session on the last check Wednesday.
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