This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Photo Release -- Amarin Reports First Quarter 2013 Financial Results And Provides Update On Operations

Financial update

Amarin reported cash and cash equivalents of $201.8 million at March 31, 2013.

Amarin reported net product revenues for the quarter ended March 31, 2013 of $2.34 million under U.S. Generally Accepted Accounting Principles (GAAP). In accordance with GAAP, until Amarin has more experience in the commercialization of Vascepa, Amarin plans to recognize revenue based on the resale of Vascepa by the wholesalers to which Amarin sells Vascepa, and not based on sales from Amarin to such wholesalers. During the quarter ended March 31, 2013, the net value of Vascepa sold to wholesalers was $5.2 million, which, in accordance with GAAP, resulted in $2.9 million of deferred product revenue from Vascepa sales in the quarter ended March 31, 2013.

Consistent with industry practice, the net price of Vascepa in the quarter ended March 31, 2013 reflects the deduction of one-time discounts paid to wholesalers to stock Vascepa in advance of the launch of Vascepa on January 28, 2013 as well as the costs of Amarin's 2013 co-payment rebate card program and customary payor rebates and allowances.

Cost of goods sold during the quarter ended March 31, 2013 was $1.3 million. All of the API sold during the first quarter of 2013 was sourced from a single API supplier. As previously commented, Amarin's purchases of API from that supplier in 2012 and Q1 2013 are at a higher cost/kg than scheduled future purchases from such supplier. The unusually high cost of goods percentage is attributable to start up costs, geography, special launch related discounts to wholesalers, exchange rate exposure, lower volume, our co-payment rebate card program and less favorable terms than exist with other suppliers. Amarin expects steady state gross margins to approach the high seventies to eighty percent level. In future periods, Amarin also anticipates purchasing API from BASF and Chemport, the sNDAs for which were approved in April 2013. The API cost/kg from BASF and Chemport are also significantly lower than the costs incurred for past purchases of API from our single initial supplier.

4 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.70 0.00%
FB $101.91 0.00%
GOOG $683.11 0.00%
TSLA $150.47 0.00%
YHOO $26.76 0.00%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs