Shares of Amarin Corporation plc (AMRN), which touched a 52-week low of $3.95 on March 31, 2020, following an unfavorable ruling in a patent case related to Vascepa, have since gained 38% as of this writing.
Vascepa is indicated as an adjunct to diet to reduce triglyceride levels in adult patients with severe hypertriglyceridemia, and as an adjunct to statin therapy to reduce the risk of cardiovascular events.
The ruling was delivered by the District Court of Nevada in the patent case filed by Amarin against generic competitors Dr. Reddy’s and Hikma Pharmaceuticals.
Vascepa brought in annual sales of $427 million for Amarin in 2019 compared to $228 million in 2018. According to the Company, Vascepa is said to have patent coverage in the U.S. until 2030.
But although the patents on Vascepa have been invalidated by the ruling of the District Court of Nevada on March 30, the Company does not believe there is an impending generic launch by the litigants that would compete with VASCEPA at this time.
According to Amarin, geographies outside the United States in which Vascepa is sold and under regulatory review are not subject to this litigation and judgment. No generic litigation is pending outside the United States.
Vascepa remains available by prescription in Canada, Lebanon, and the United Arab Emirates. In Canada, the drug has the benefit of eight years of data protection afforded through Health Canada (until the end of 2027), in addition to separate patent protection with expiration dates that could extend into 2039, according to the Company.
For 2020, Amarin expects net total revenue of $650 to $700 million, predominately from sales of Vascepa in the United States.
AMRN has traded in a range of $3.95 to $26.12 in the last 1 year. The stock is currently trading at $5.45, up 9.44%.
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