Amarin Corporation rose by more than a quarter on Wednesday after the drugmaker reported preliminary fourth-quarter revenues well ahead of analysts’ expectations.
In a business update ahead of its presentation to a J.P. Morgan Healthcare conference in San Francisco, the company said it expected 4Q revenues of between $72 million and $74 million versus the $62 million pencilled in by Wall Street analysts.
It ended 2023 with cash of $321 million and delivered full-year positive cash flow of roughly $10 million.
The company also announced it plans to initiate a share repurchase program of up to $50 million once it has received shareholder and UK High Court approval.
“We enter 2024 with a number of positives: we have a solid cash position and no debt; our European business is showing early signs of progress following new leadership and a new strategy; our US business continues to retain IPE market leadership and is in a solid position with exclusive contracts to start 2024; and our partners in the Rest of World (ROW) are advancing commercialization and market access efforts,” Amarin president and CEO Patrick Holt commented in a statement.
The company’s shares were 26% higher at $1.22 in late morning trade in New York.