Amarin Corporation plc (NASDAQ: AMRN) shares are plunging after it said it would continue suspending 2022 revenue guidance and Q1 earnings came short of expectations.
The update follows the ongoing global impact of COVID-19 and the uncertainty resulting from the impact of generic icosapent ethyl (IPE) availability in the U.S. and challenges for most drugs seeking market access in Europe.
The company reported Q1 sales of $94.6 million, down 33% Y/Y, missing the consensus of $128.37 million.
The decline was driven by lower Vascepa volume. During the three months ended March 31, 2022, there were three generic competitors in the market compared to one generic competitor a year ago.
"In the U.S., we continue to execute our go-to-market strategy to help drive VASCEPA revenue with this focused approach while also maintaining our focus on profitability and contribution margin," said Karim Mikhail, President & CEO.
"In Europe, we received the first national reimbursement for VAZKEPA in Sweden, which marked the first step in the next phase of our geographic expansion strategy," added Mikhail.
Amarin posted an adjusted EPS loss of $(0.06), a shift from a profit of $0.03 a year ago and missing the consensus loss of $(0.02).
Price Action: AMRN shares are down 42% at $1.59 during the market session on the last check Wednesday.
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