anilakkus/E+ via Getty Images Shares of Amarin Corporation ( NASDAQ: AMRN ) sold off in the morning hours Tuesday after the company announced the resignation of its CEO, Patrick Holt, and a major commercial update regarding commercial coverage for its heart disease therapy, Vascepa. While Holt's departure has led to the appointment of Aaron Berg, Amarin's ( AMRN ) President of the U.S.
Business, as his successor, Vascepa's commercial update concerns a major national pharmacy benefit manager that has dropped its coverage. In a regulatory filing on Tuesday, the Dublin, Ireland-based company said that the PBM would no longer cover Vascepa as its exclusive icosapent ethyl product in its commercial national formularies beginning July 1. Amarin ( AMRN ) added that this unnamed PBM accounted for almost 25% of the U.
S. Vascepa prescription volumes generated from this channel. However, the decision will not impact PBM's Medicare Part D coverage for the fish oil-derived drug.
Vascepa, approved in the U.S. to reduce triglycerides in blood and harmful cardiovascular events, helped Amarin ( AMRN ) generate $285.
3M in net product revenue in 2023, a ~22% YoY decline from a year ago. More on Amarin Amarin Corporation plc (AMRN) Q1 2024 Earnings Call Transcript Amarin Corporation: Small Signs Of Recovery May Not Be Enough Amarin Q1 2024 Earnings Preview Seeking Alpha’s Quant Rating on Amarin Historical earnings data for Amarin.
