Amarin announces restructuring plan, new CEO; shares drop on weak Vascepa rev

Amarin

18/07/2023 22:03

** Shares of biopharma company Amarin Corporation Plc
 AMRN.O  fall ~14% to $1.23 after the bell
    ** Co says it has initiated an organizational restructuring
program; expects annual cost savings of about $40 million
    ** Co says will maintain its fish-oil derived heart drug
Vascepa as a cost-effective option to generics while
implementing a reduction in force of all U.S. sales force
positions and ~30% of non-sales roles
     ** Amarin also announced Q2 product revenue of ~$65 million
for Vascepa; analysts estimate $72.25 million according to two
analysts polled by Refinitiv
    ** The drugmaker also appointed Patrick Holt as president
and chief executive officer, effective immediately
    ** Co estimates that it will incur about $10 mln in charges
related to organizational restructuring program; expects to
record charges in Q2 of 2023
    ** Stock up ~18% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))