Amarin news for Tuesday about its mid-year update for 2019 has AMRN stock heading higher.
Amarin (NASDAQ:AMRN) is increasing its revenue guidance for 2019 in its most recent update. This has the company now expecting revenue for the year to range from $380 million to $420 million. This is good news for AMRN stock as Wall Street is only looking for revenue of $364.78 million for the year.
What Amarin news has the company so confident in its revenue outlook for 2019? The company says that it has already seen record revenue levels for the first half of the year. This includes it estimating revenue between $170 million and $174 million for the first half of the year. This is thanks to strong revenue performance in the company’s second quarter of the year.
The Amarin news release notes that the company is also expecting great things from Vascepa. This is its drug that can “lower triglyceride levels in relevant patient populations without raising LDL-cholesterol levels.”
Amarin says that it is now filing a Supplemental New Drug Application for Vascepa. The company says that it believes the application of Vascepa is wider than it previously realized. If it gets approval from the U.S. Food & Drug Administration, it will allow the company to offer the drug to more customers.
“While Amarin remains optimistic that Vascepa will generate billions of dollars in revenue in the years to come, the history of other therapies for chronic conditions suggests that growth builds over multiple years, and thus, the company is not prepared to provide quantified guidance regarding revenue levels beyond 2019,” the Amarin news release reads.
AMRN stock was up 13% as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.