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DUBLIN, Ireland - Amarin (NASDAQ:AMRN) Corporation plc (NASDAQ:AMRN) announced today that VAZKEPA® (icosapent ethyl) has been approved for national reimbursement in Portugal to reduce the risk of cardiovascular events in certain high-risk patients. This decision by the Portuguese Ministry of Health enables the commencement of VAZKEPA's commercialization in Portugal starting August 1, 2024.
VAZKEPA is now sanctioned for adult patients who are already on statin therapy and have elevated triglycerides and established cardiovascular disease, or diabetes with additional cardiovascular risk factors. The approval in Portugal marks the eighth European country to reimburse VAZKEPA, with Amarin holding intellectual property rights in the region until 2039.
Statistics from Portugal indicate a 10.7% prevalence of established cardiovascular disease among adults aged 45 to 79. Cardiovascular diseases are a leading cause of mortality in the country, responsible for nearly 29% of all deaths annually. The availability of VAZKEPA is expected to address the growing need for effective cardiovascular treatments in the nation.
Amarin's President and CEO, Aaron Berg, expressed that the approval is a significant step for Portuguese patients and healthcare providers, offering a new treatment backed by robust clinical results. The company is also engaged in ongoing discussions to expand patient access to VAZKEPA across other European markets, with updates to follow as they materialize.
This pharmaceutical development is particularly significant given the burden of cardiovascular disease in Portugal and the potential health outcomes improvement for patients at risk. As the company seeks to enhance cardiovascular disease management, this reimbursement approval may play a crucial role in Amarin's growth within Europe.
The information in this article is based on a press release statement from Amarin Corporation plc.
In other recent news, Amarin Corporation has seen a series of notable developments. The company's medication, VASCEPA, has been approved by China's National Medical Products Administration for reducing cardiovascular risk in adult patients with elevated triglyceride levels. This approval opens up VASCEPA to a significant population affected by cardiovascular diseases in China. In other developments, Amarin's drug VAZKEPA has gained reimbursement approval in Greece, making it the seventh such approval in Europe. This move facilitates access to the preventive treatment for statin-treated adult patients with elevated triglycerides and high-risk factors for cardiovascular events.
Amarin also announced a significant leadership change, with Aaron Berg taking over as the new President and CEO. Berg brings over three decades of experience in the biopharmaceutical industry and has held various leadership roles within the company since 2012. On the financial front, Amarin reported mixed Q1 2024 results with net revenue declining to $56.5 million due to generic competition.
However, the company experienced a 65% growth in European in-market sales, particularly in Spain and the UK. Despite a net loss of $10 million in Q1, Amarin maintains a strong cash position of $308 million and has initiated a shareholder-approved $50 million share repurchase program. These recent developments reflect Amarin's strategic focus on expanding in key European markets and driving profitability.
InvestingPro Insights
As Amarin Corporation plc (NASDAQ:AMRN) gears up for the commercialization of VAZKEPA® in Portugal, the company's financial health and market performance provide a backdrop for investors monitoring the stock. Amarin holds a market capitalization of $324.63 million, reflecting its position in the market. Despite the potential for growth with the expansion of VAZKEPA in Europe, the company's revenue has declined by 23.04% in the last twelve months as of Q1 2024, indicating challenges in its sales dynamics.
The company's stock has experienced significant volatility, with a 39.69% decline over the past year. This underscores the importance of robust commercial strategies and market penetration for VAZKEPA to potentially stabilize and grow Amarin's financial performance. With a Price / Book ratio of 0.58 as of Q1 2024, the stock is trading at a value that may attract investors looking for potentially undervalued opportunities.
InvestingPro Tips highlight that Amarin has more cash than debt on its balance sheet and liquid assets that exceed short-term obligations, suggesting a degree of financial flexibility. However, analysts are cautious, as they do not expect the company to be profitable this year, and anticipate a sales decline. For investors seeking a deeper dive into Amarin's financials and future prospects, InvestingPro offers additional tips to guide investment decisions. To access the complete set of tips, visit https://www.investing.com/pro/AMRN and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. There are currently 7 additional InvestingPro Tips available that could provide further insights into Amarin's investment potential.
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