Amarin sees Q1 revs below guidance, reiterates FY18 outlook (2.93)
- Based on lower than expected orders from Amarin's wholesaler customers attributed to seasonal factors related primarily to patients' beginning of the new year insurance policy deductible amounts, Amarin estimates that net product revenue for its first fiscal quarter, the quarter ended March 31, 2018, is likely to be approximately $43 million (Prior $45-48 mln) vs $45.65 mln Capital IQ Consensus Estimate.
- With respect to full year 2018 net product revenue expectations, Amarin continues to believe that it is on track to achieve product revenue of at least $230 million vs $235.53 mln Capital IQ Consensus Estimate, with such guidance planned to be updated after REDUCE-IT results.
- Amarin reported that greater than 97% of patients who are alive and active in the REDUCE-IT study have either completed their final visit or are scheduled to complete their final visit in the coming weeks with work ongoing to schedule the remaining patients for their final study-related visits. This progress is consistent with the company's objective of reporting top-line results from this important study before the end of Q3 2018.
- As separately reported today, Amarin estimates that the onset of the 1,612th primary major adverse cardiovascular event (MACE) has occurred in the REDUCE-IT study and anticipates that MACE from the study will be adjudicated through Q2 2018. This timing is also consistent with reporting top-line results before the end of Q3 2018.