Amarin Corp plc's (NASDAQ:AMRN) Q4 FY21 sales decreased 13.6% Y/Y to $144.49 million, beating the consensus of $141.75 million.
- The decline was driven primarily by the volume of Vascepa sales adversely impacted by the generic icosapent ethyl market entrants and the ongoing challenges of the COVID-19 pandemic.
- The cost of goods sold was $30.63 million, compared to $34.76 million. Amarin's overall gross margin on net product revenue was 79.2%, compared with 79.9% a year ago.
- Related: Amarin Posts Encouraging Vascepa Data In Patients With Peripheral Artery Disease.
- SG&A expense was $92.36 million compared to $116.82 million in the prior year, primarily due to a decrease in marketing and direct-to-consumer promotions in 2021 due to the impact of COVID-19 and the company's focus on improving the profitability of operations.
- The decrease also includes reducing costs associated with the company's Go-To-Market strategy, resulting in decreased promotional initiatives, reduced travel, and decreased sales force.
- The company reported adjusted EPS of $0.06 compared to $0.04 a year ago and the consensus of $(0.02).
- Amarin held aggregate cash and investments of $489.1 million at the end of 2021.
- Guidance: Amid uncertainty related to the impact of COVID-19 and generic availability, Amarin is unable to provide 2022 revenue guidance.
- Price Action: AMRN shares are up 1.21% at $3.35 during the premarket session on the last check Tuesday.
