Amarin - Execution Improving (Sponsored Research, TP $3.00 [2.50], 11 pgs)
In Q422, Amarin reported a second consecutive quarter of positive cash flow, as very strong cost management has resulted in an upgrade to its $100m cost reduction target. They now expect to spend $290-305m of opex in 2023, vs our original expectations of $340m. In the US, Vascepa revenue has remained stable for a fourth quarter, at $88m, despite generics, though we forecast a modest 15% decline this year. The European launch is progressing well, with Vazkepa now available in 6 markets, which we anticipate to increase to 14 in 2023. We also expect an approval in China by mid-2023. Having upgraded our forecasts for US sales and lower costs, we upgrade our PT to $3.00 [$2.50].For access to the full note, please contact Naresh Chouhan ( )
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