By By Ben Glickman
Shares of Amarin experienced a significant boost on Wednesday following better-than-expected fourth-quarter revenue. The stock jumped 15% to reach $1.12 during pre-market trading. However, it is worth noting that shares have experienced a 47% decline over the past year.
Amarin, a pharmaceutical company focused on cardiovascular disease, announced that it anticipates fourth-quarter revenue to fall within the range of $72 million to $74 million. This surpasses the estimated $62 million predicted by analysts surveyed by FactSet.
Furthermore, Amarin projects full-year revenue to range from $304 million to $306 million, exceeding the expected $294.2 million forecasted by analysts according to FactSet.
The pharmaceutical company has also entered into a conditional share buyback agreement with Cantor Fitzgerald & Co. Under the terms of the deal, Amarin can repurchase up to $50 million in American depository shares. This agreement is contingent upon approval from Amarin shareholders and U.K. regulators.
Amarin has expressed confidence in its ability to achieve $40 million in annual savings through previously announced layoffs. Additionally, the company reassures investors that it maintains adequate cash and investments to support ongoing operations, including the share buybacks.
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