Feb 25 (Reuters) - Amarin Corp Plc beat estimates for fourth-quarter revenue on Tuesday, helped by strong demand for its fish-oil derived therapy Vascepa that recently won U.S. approval for expanded heart benefit claims.
Vascepa, the company’s only drug, was first approved in 2012 to lower high triglycerides. With the expanded label, the company is looking to tap into a market of up to 15 million Americans as it markets it as a therapy for reducing the chance of heart attacks and strokes in high-risk patients.
The company said it had seen improved insurance coverage for Vascepa in 2020, including expanded coverage by various insurers in January and February to include patients with prescriptions for the expanded label.
“In terms of being on formulary coverage, we’re on nearly 95% of Medicare Part D plans and on about 85% of commercial plans,” Chief Executive Officer John Thero told Reuters.
Of these plans, about a third of the commercial plans and a little less than 10% of Medicare Part D plans are restrictive in terms of expanding coverage to patients, he added.
Amarin said its plan to double its U.S. sales force to 800 representatives was expected to be completed early this year. It also expects to begin its television advertisements for patients in mid-2020 following a review by regulatory authorities.
The company reported a net income of $7.1 million, or 2 cents per share, in the quarter ended Dec. 31, compared to a net loss of $33.6 million, or 11 cents per share, a year earlier.
Total revenue rose 85% to $143.3 million, beating analysts’ estimates of $136 million, according to IBES data from Refinitiv. (Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Shounak Dasgupta)