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Wednesday, May 3, 2023

Amarin Reports Stable Revenue, Cash Position In Q1, Lowers FY23 Operating Expense Guidance

 

  • Amarin Corporation plc 
    AMRN-3.55%+ Free Alerts
     reported first-quarter sales of $85.97 million, a decrease of 9.2% Y/Y and beating the consensus of $81.23 million, due to a decline in volume and net selling price due to the impact of generic competition in the U.S.

  • Amarin continues actively monitoring key performance indicators in the U.S. market to support its strategy thoughtfully.

  • Amarin's gross margin on net product revenue was 55%, down from 76% a year ago. The company amended a supplier agreement resulting in a charge of $12.3 million. Excluding the impact of this item, the gross margin was 70%. The remaining decrease in gross margin is primarily a result of a decrease in net selling price.

  • Amarin posted an adjusted EPS loss of $0.02, a shift from a loss of $(0.06) a year ago and beating the consensus of $(0.03).

  • "We continue to make progress on our financial initiatives and our pursuit of operational excellence beyond our initial $100 million cost savings target," said CFO Tom Reilly. 

  • "We have been working to renegotiate our supply agreements, including the most recent settlement this quarter. With these efforts, we reduced operating expense guidance for 2023," Reilly added.

  • Amarin lowered its FY23 operating expense guidance to $270 million-$285 million from $290 million-$305 million.

  • The company reiterates that current cash and investments and other assets are adequate to support continued operations, including European launch activities.
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Why EyePoint Pharmaceuticals Shares Are Shooting Higher

 EyePoint Pharmaceuticals Inc 

EYPT
 reported Q1 revenues of $7.68 million, down from $9.3 million a year ago but slightly beating the $7.43 million consensus.

Operating expenses reached $29.2 million compared with $27.6 million a year ago, primarily driven by continued investment in R&D for EYP-1901 development, offset by a reduction in sales and marketing spend for DEXYCU.

Net product revenue for Yutiq was $7.4 million, up 60% Y/Y, with a customer demand of approximately 930 units.

The company reported a smaller-than-expected EPS loss of $(0.56), beating the consensus of $(0.68).

Cash, cash equivalents, and investments of $122.5 million will provide a cash runway into the second half of 2024.

Pipeline Update:

  • The company completed enrollment in an oversubscribed Phase 2 DAVIO 2 trial of EYP-1901 for maintenance treatment for wet AMD in March 2023. Topline data remain on track for Q4 of 2023.
  • Enrollment ahead of schedule in the Phase 2 PAVIA trial of EYP-1901 in non-proliferative diabetic retinopathy. The trial size was reduced based on robust clinical evidence and proof-of-concept for vorolanib and EYP-1901.
  • Plans to initiate a Phase 2 trial evaluating EYP-1901 in diabetic macular edema in Q1 of 2024 remain on track.

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What's Going On With Kiromic BioPharma

 Kiromic BioPharma Inc 

KRBP+46.5%+ Free Alerts
 shares are gaining Wednesday morning. However, there is no specific news today. During the session, the share price reached $9.22.

Monday morning, the FDA authorized the company's Investigational New Drug (IND) application to initiate a Phase 1 trial to evaluate Deltacel (KB-GDT-01) for patients with non-small cell lung cancer (NSCLC).

The company expects to start the trial in Q2 of 2023.

Deltacel is the company's allogeneic, non-engineered, off-the-shelf Gamma Delta T-cell therapy.

The company submitted the IND application in early April.

Kiromic BioPharma stock is gaining on heavy volume, with a session volume of 3.6 million shares traded, compared to the trailing 100-day volume of 164.038K shares.

https://www.benzinga.com/general/biotech/23/05/32190317/whats-going-on-with-kiromic-biopharma-stock-wednesday

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