Hi,
weil es schön langsam enorm unterbewertet ist das Unternehmen und auch der Chart total überverkauft wirkt!
Hier leiß mal vom 4 Qartal:
Press Information
Amarin Corporation Reports Fourth Quarter and 2001 Financial Results
Revenues Increased 118 Percent to $56.9 Million in 2001
Company Achieves Earnings per ADS of $0.28 (before exceptional charges) for the Fourth Quarter and Earnings per ADS of $1.28 (before exceptional charges) for Fiscal 2001
LONDON, United Kingdom, February 11, 2002-- Amarin Corporation plc (NASDAQ: AMRN) today reported that total revenues grew 31 percent to $17.1 million for the fourth quarter ended December 31, 2001. For the quarter, the Company achieved net income of $3.2 million (before exceptional charges) and diluted earnings per American Depository Share (ADS) of $0.28 (before exceptional charges). This is compared with revenues of $13.0 million, net income of $3.1 million and diluted earnings per ADS of $0.30 for the same period a year ago. The fourth quarter of 2000 benefited from $8.7 million of sales and $3.9 million in net income relating to discontinued operations.
For the fiscal year 2001, total revenues more than doubled to $56.9 million, compared with $26.2 million in 2000. Net income (before exceptional charges) increased more than 500 percent in 2001 to $14.4 million and diluted earnings per ADS (before exceptional charges) increased 341 percent to $1.28. This is compared with net income of $2.4 million and diluted earnings per ADS of $0.29 in 2000. All per share comparisons have been impacted by the increased weighted average number of diluted ordinary shares for both the fourth quarter of 2001 and the year in its entirety. This increase reflects the full effect of the Company's $11.5 million private equity placement in June 2000.
"Unquestionably, 2001 represented the most successful year in Amarin's history," said Rick Stewart, chief executive officer. "It was a year in which we achieved significant milestones. By acquiring the rights to Permax® and a purchase option for Zelapar™, we succeeded in establishing a strategic franchise in the therapeutic area of Parkinson's disease. By adding Zelapar™ to a pipeline already possessing LAX-101, Amarin is now positioned to potentially become a leader in the field of movement disorder. The Company successfully launched a specialty sales force dedicated to neurology. Importantly, we also invested in the infrastructure necessary for the eventual commercialisation of our late-stage development pipeline."
Permax® (pergolide mesylate tablets) is a dopamine receptor agonist indicated as adjunctive therapy in the management of Parkinson"s disease. Zelapar™ (Zydis® selegiline tablets), an MAO-B inhibitor, is a potential treatment for Parkinson's disease. A New Drug Application for Zelapar™ is expected to be submitted to the U.S. Food and Drug Administration in the first half of 2002. Amarin gained exclusive U.S. marketing, sales and distribution rights to Permax®, and a purchase option for Zelapar™ in May 2001. LAX-101 is a potential treatment for Huntington's disease that is currently in Phase III clinical trials.
In the fourth quarter of 2001, the Company recorded an exceptional charge within operating expenses of $18.1 million in accordance with FRS 3 (UK GAAP) and FASB 142 (U.S. GAAP). The exceptional charge relates to the partial amortization of the U.S. marketing, sales and distribution rights associated with Permax®. The Company also recognized an exceptional one-time charge of $1.3 million on the disposition of its transdermal patch product development business in Argentina. After these exceptional charges, the Company reported a net loss of $16.2 million and loss per ADS of $1.39 for the fourth quarter of 2001. For the year, the Company reported a net loss of $5.1 million and loss per ADS of $0.46.
In 2001, product revenues were $46.5 million, of which Permax contributed $29.6 million. Legacy products (non-therapeutically focused, directly marketed products) contributed the remaining $16.9 million. Amarin Development achieved revenues of $6.1 million, an increase of 11 percent, resulting in a return to profitability for this business. Revenues from Amarin Technologies in Argentina have been included in the Company"s financial results until the date of its disposal in December 2001 and totalled $1.5 million. Amarin Corporation contributed revenues of $2.8 million.
The increase in direct cost of sales in 2001 predominantly represents the increased cost of goods associated with the increased revenues resulting from Permax® sales. Selling, general and administrative expense more than doubled to $15 million in 2001. This increase resulted primarily from the expansion of the Company's sales and marketing infrastructure in the U.S. and the launch of the Company's 24-member U.S. neurology sales force. The decrease in research and development expense for the year resulted, in part, from the continued rationalisation of research and development operations in Sweden. Under Amarin's strategic development partnering agreements, research and development expense for Amarin's Phase III pipeline products are principally the responsibility of Amarin's development partners. Amarin does not have any interests in joint venture vehicles or off-balance sheet entities.
Since the end of the third quarter of 2001, Amarin Corporation:
recruited and launched a 24-person specialty neurology sales force;
strengthened senior management by recruiting Michael M. Wess, M.D. as vice president of medical and scientific affairs for Amarin Pharmaceuticals, Inc., the pharmaceutical development and marketing subsidiary of Amarin Corporation plc;
sold its transdermal patch product development business in South America, completing the planned divestiture of all its transdermal research and development facilities; and
announced that positive results of two separate Phase II studies of LAX-101 (and a LAX-101 prototype) were published in the January 21 issue of NeuroReport. LAX-101 is a novel and proprietary potential treatment for Huntington's disease which is currently in Phase III clinical trials in the U.S. and internationally.
Amarin Corporation plc is a specialty pharmaceutical company focused on neurology and pain management. The company plans to become a leader in these therapeutic categories by providing innovative products and solutions that address significant unmet medical needs. For press release and other Company information, visit our website at www.amarincorp.com.
Amarin Corporation plc
Period Ended December 31st, 2001
SELECTED DATA (UK GAAP - UNAUDITED)
INCOME STATEMENT Three months ended
December 31st Twelve months ended
December 31st
2000
$'000 2001
$'000 2000
$'000 2001
$'000
REVENUE
Licensing & Development Fees 733 325 1,410 2,143
Royalties & Product Sales 3,608 15,412 16,126 51,602
Revenues from discontinued business 8,664 1,330 8,664 3,237
Total Revenues 13,005 17,067 26,200 56,982
OPERATING EXPENSES
Direct Costs 926 6,853 5,216 21,444
Research & Development 2,496 1,022 5,745 4,134
Selling, General & Administrative 1,095 4,904 5,789 12,513
Operating expenses from discontinued business 1,733 1,630 1,733 2,572
Amortisation of intangible fixed assets 441 (410) 1,764 2,273
Share option compensation 542 - 1,580 -
Provision for terminating discontinued business 3,149 (1,070) 3,149 (1,070)
Total Expenses
10,382 12,929 24,976 41,866
OPERATING INCOME before exceptional cost 2,623 4,138 1,224 15,116
Exceptional amortisation of Permax sales rights - 18,123 - 18,123
OPERATING INCOME/(LOSS) after exceptional cost 2,623 (13,985) 1,224 (3,007)
Interest & Investment Income (net) 329 (6) 524 365
Foreign exchange (loss)/gain - (451) - (451)
Exceptional gain/(loss) on disposal of discontinued business 306 (1,299) 1,134 (1,299)
INCOME/(LOSS) BEFORE TAXES 3,258 (15,741) 2,882 (4,392)
Income Taxes Paid 135 402 342 485
Dividends payable 49 46 185 180
NET INCOME/(LOSS) FOR PERIOD 3,074 (16,189) 2,355 (5,057)
NET INCOME FOR PERIOD BEFORE EXCEPTIONAL CHARGES 3,074 3,233 2,355 14,365
WEIGHTED AVERAGE NUMBER OF DILUTED SHARES - Thousands 100,844 117,562 80,834 112,545
INCOME PER ADS (DILUTED) Prior to Exceptional Charges 0.30 0.28 0.29 1.28
INCOME/(LOSS) PER ADS (DILUTED) from Net Income 0.30 (1.39) 0.29 (0.46)
SELECTED BALANCE SHEET DATA $'000
Working capital (inc short term debt) (12,389)
Cash 30,109
Accounts receivable 7,650
Total assets 90,721
Long-term obligations (7,355)
Stockholders' equity 29,670
All figures are in round thousands except 'Income/(Loss) Per ADS'
The company's ratio of ADS's to ordinary shares is 1:10 |
Thread abonnieren
