2022 hasn't been a good year for cardiovascular drug maker Amarin (AMRN -4.75%), and this was compounded after the company released its latest set of quarterly figures Wednesday morning. Investors reacted clearly and immediately to this by trading out of the stock; as of late afternoon trading it was down by almost 5%.
For the quarter, Amarin took in revenue of $94.4 million, some distance down from the more than $154 million it earned in the same quarter last year. On the bottom line, the company plunged rather violently into the red, posting a $35.6 million ($0.09 per share) non-GAAP (adjusted) loss against the $10.3 billion profit of the year-ago quarter.
While analysts were collectively modeling only $87.6 million on the top line, they believed the pharmaceutical company would post a narrower adjusted net loss of $0.06 per share.
Amarin still has only one commercialized drug on the market, cardiovascular treatment Vascepa (branded Vazkepa in Europe). Unfortunately, Vascepa no longer enjoys patent exclusivity, and the company is being hammered by competing generic products. In the earnings release -- which also served as a business update -- the company said that a third generic recently entered the marketplace, exacerbating the problem.
Investors might also have been concerned that Amarin didn't provide any guidance. In lieu of that, the company wrote that it believes its "current cash and investments and other assets are adequate to support continued operations, including European launch activities for at least the next twelve months."