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AMR101 Sales Forecast Strong

By Drug Discovery Trends Editor | May 1, 2012

NEW YORK (AP) – An analyst for Citi Investment Research began covering the stock of Irish drugmaker Amarin Corp. with a “Buy” rating, saying U.S. sales of the company’s triglyceride drug AMR101 could reach $2.6 billion per year.

Analyst John Boris said AMR101 could become the leading triglyceride-lowering drug, surpassing GlaxoSmithKline PLC’s Lovaza and Abbott Laboratories Inc.’s drugs Tricor and Trilipix. He said annual U.S. sales could rise to $1.5 billion by 2020 if Amarin sells the drug on its own, or $2.6 billion if it forms a partnership with a bigger drug company.

Boris said those sales projections depend on the specifics of the marketing approval for the drug as well as its price. He expects broad approval and a price that is higher than that of Lovaza.

AMR101 is designed to treat high levels of triglycerides, or fats in the blood. The Food and Drug Administration is scheduled to make a decision on the drug by July 26. If approved, it will be Amarin’s first marketed product.

Boris said Amarin could start selling the drug in early 2013 if it is approved in July. He said AMR101 could surpass Lovaza because that drug can raise levels of “bad” LDL cholesterol, and overtake Tricor and Trilipix because those drugs are not associated with better health outcomes.

Boris set a price target of $20 per share. Amarin shares have traded between $5.99 and $19.87 in the last 52 weeks, peaking on May 31. However the shares have not traded above $20 since 2007.

Date: April 31, 2012
Source: Associated Press

 


Filed Under: Drug Discovery

 

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