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Amarin Corp PLC AMRN shares are trading by around 28% after the company reported preliminary Q4 FY23 results.
AMRN expects revenue of $72 million-$74 million (vs. consensus $62.03 million) for Q4 and $304 million-$306 million (vs. $294.16 million) for FY23.
The company ended 2023 with cash of around $321 million and investments, with a positive cash flow of about $10 million.
Amarin says it is on track to deliver $40 million of annual savings based on the reduction in force announced in July 2023.
Share Buyback: Amarin entered into a conditional share repurchase agreement with Cantor Fitzgerald & Co. to buy 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.
Patrick Holt, President & CEO of Amarin said, “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.
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