Amarin Corp PLC AMRN experiences a surge of approximately 28% following the disclosure of provisional Q4 FY23 results.
Amarin forecasts Q4 revenue to be in the range of $72 million-$74 million, overshadowing the consensus estimate of $62.03 million. Additionally, the projected revenue for FY23 stands at $304 million-$306 million, surpassing the anticipated $294.16 million.
By the conclusion of 2023, the company held approximately $321 million in cash and investments, and secured a positive cash flow of around $10 million.
Amarin asserts that it is well-positioned to achieve $40 million in annual savings through the staff reduction initiated in July 2023.
Share Buyback: Amarin has entered a conditional share repurchase agreement with Cantor Fitzgerald & Co. to procure up to $50 million of its ordinary shares in American depository shares (ADSs).
Amarin anticipates completing this initiative by the end of Q2 2024, with share repurchases commencing shortly after.
Confident Outlook and Positive Leadership as Stated By CEO
Patrick Holt, President & CEO of Amarin, expressed, “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; and our partners in the Rest of World (ROW) are advancing commercialization and market access efforts.”
Price Action: AMRN shares are up 28% at $1.24 on the last check Wednesday.
