DUBLIN - Amarin (NASDAQ:AMRN) Corporation plc (NASDAQ:AMRN) announced today that the Greek Ministry of Health has approved VAZKEPA® (icosapent ethyl) for national reimbursement. This decision enables statin-treated adult patients with elevated triglycerides and additional high-risk factors for cardiovascular events to access the medication as a preventive treatment.
The approval in Greece marks the seventh national reimbursement for VAZKEPA® in Europe, reflecting the growing recognition of its potential benefits in cardiovascular risk management. With cardiovascular diseases being the leading cause of death in Greece, the availability of VAZKEPA® is expected to support the healthcare system in reducing the burden of such ailments.
Amarin has partnered with Vianex S.A., a prominent Greek pharmaceutical company, to facilitate the distribution and commercialization of VAZKEPA® in Greece. Vianex S.A., celebrating its centennial this year, will exclusively handle the import, registration, distribution, and marketing of the product in the Greek territory. Amarin will supply the finished product to Vianex at a transfer price.
Patrick Holt, President & CEO of Amarin, expressed confidence in the potential growth opportunities in Europe, attributing the success to strong scientific data and the product's value for at-risk patients. Christos Papadopoulos, Senior Vice President and Head of Commercial Europe at Amarin, emphasized the alignment of Vianex's commercial capabilities to successfully introduce VAZKEPA® to healthcare providers and patients in Greece.
The announcement also highlighted Amarin's commitment to advancing cardiovascular risk treatment and its extensive international operations, including offices and partnerships in various regions.
This news is based on a press release statement from Amarin Corporation plc.
InvestingPro Insights
In light of Amarin Corporation plc's (NASDAQ:AMRN) recent announcement on VAZKEPA® gaining reimbursement approval in Greece, investors may be keen to understand the company's financial health and market performance. According to data from InvestingPro, Amarin holds a market cap of 348.21 million USD, reflecting its size and significance in the pharmaceutical sector. Despite this, the company has been experiencing a downturn in revenue, with a significant 23.04% decline over the last twelve months as of Q1 2024, and an even steeper quarterly revenue drop of 34.26% in Q1 2024.
InvestingPro Tips suggest that Amarin is trading at a low revenue valuation multiple, which could be a point of interest for value investors looking for potential growth opportunities in the healthcare industry. Additionally, the company is noted for holding more cash than debt on its balance sheet, which may provide some financial flexibility in its operations and expansion efforts. However, it is important to note that analysts do not anticipate the company will be profitable this year, and Amarin has not been profitable over the last twelve months.
For investors looking to delve deeper into Amarin's prospects and receive further guidance, there are additional InvestingPro Tips available at https://www.investing.com/pro/AMRN. These tips could offer valuable insights into the company's performance and future outlook. To access these insights, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a total of 8 InvestingPro Tips that could aid in making more informed investment decisions.
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