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Amarin Reports Second Quarter 2013 Financial Results And Provides Update On Operations

Stocks in this article: AMRN

Financial update

Amarin reported cash and cash equivalents on-hand of $149.4 million at June 30, 2013. On July 12, 2013, Amarin completed a public offering resulting in additional net proceeds to Amarin of approximately $121.1 million, after deducting the company's portion of estimated offering expenses, resulting in aggregate pro forma cash and cash equivalents of $270.5 million as of June 30, 2013. 

Vascepa's commercial launch commenced on January 28, 2013 in the United States. The quarter ended June 30, 2013 is the first full quarter of Vascepa sales. Amarin reported net product revenues for the quarter ended June 30, 2013 of $5.5 million as compared to revenue of $2.3 million for the quarter ended March 31, 2013 and no revenues in the corresponding periods of 2012. In accordance with U.S. Generally Accepted Accounting Principles (US GAAP), and consistent with Q1 reporting, until the company has more operating history with the commercialization of Vascepa, it is recognizing revenue based not on its sales to wholesalers but based on the resale of Vascepa for the purpose of filling prescriptions. For the six months ended June 30, 2013, the net value of Vascepa sold to wholesalers was $9.6 million, and, as a result, in addition to $7.8 million in recognized revenue, Amarin recorded deferred revenue of $1.8 million at June 30, 2013. Cash collections from the sale of Vascepa in the quarter ended June 30, 2013 were approximately $6.6 million for a total of $9.4 million collected from wholesalers since the launch of Vascepa.

Consistent with industry practice, the net price of Vascepa for the six months ended June 30, 2013 reflects the deduction of one-time discounts paid to wholesalers to stock Vascepa in advance of Vascepa's launch in January 2013, as well as the costs of a co-payment rebate card program and customary payor rebates and allowances. The net price also includes adjustments for other customary amounts.

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