Amarin Corporation AMRN shares are trading higher Wednesday after the company released a business update and announced a conditional share repurchase program.
The Financial Report:
Amarin estimates preliminary unaudited fourth-quarter total revenue between $72 million and $74 million and between $304 million and $306 million for the full year 2023.
Amarin ended 2023 with approximately $321 million in cash and investments, with positive cash flow of approximately $10 million for the full year.
The company also announced a conditional share repurchase program of up to $50 million and will seek shareholder approval of the program at its annual general shareholder meeting.
“In 2023, our team focused and delivered on our priorities that advanced our strategy,” said Patrick Holt, CEO of Amarin. “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 U.S. business continues to retain IPE market leadership and is in a solid position with exclusive contracts to start 2024.”
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AMRN Price Action: According to Benzinga Pro, Amarin shares are up 22.5% at $1.18 at the time of publication.
Image: Glen Alden from Pixabay
