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What’s the Scoop on Amarin Stock? What’s the Scoop on Amarin Stock?

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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.

β€œIn 2023, our team focused and delivered on our priorities that advanced our strategy,” said Patrick Holt, CEO of Amarin. β€œWe 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.”

Related News: Why Ardelyx Stock Is Climbing Higher

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

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