Why Amarin Stock Is Sinking on Wednesday
Shares of Amarin (NASDAQ: AMRN), a pharmaceutical company that markets a fish oil supplement called Vascepa, are under pressure after the company's first-quarter earnings call. Results that missed expectations prompted the market to drag the stock 42.9% lower as of 10:25 a.m. ET on Wednesday.
Back in 2019, the Food and Drug Administration approved an expanded indication for Vascepa that was expected to produce windfall profits for the company. Unfortunately for Amarin, a federal court ruling opened Vascepa up to competition from generic versions in 2020.
The stock is sliding today because first-quarter earnings results suggest the company's commercialization strategy isn't working. First-quarter revenue fell 34% year over year to $94 million, which was $33 million less than Wall Street was expecting.
Source Fool.com
