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2024-06-04 23:10
Shares of Amarin Corporation (NASDAQ:AMRN) sold off in the morning hours Tuesday after the company announced the resignation of its CEO, Patrick Holt, and a major commercial update regarding commercial coverage for its heart disease therapy, Vascepa.
While Holt's departure has led to the appointment of Aaron Berg, Amarin's (AMRN) President of the U.S. Business, as his successor, Vascepa's commercial update concerns a major national pharmacy benefit manager that has dropped its coverage.
In a regulatory filing on Tuesday, the Dublin, Ireland-based company said that the PBM would no longer cover Vascepa as its exclusive icosapent ethyl product in its commercial national formularies beginning July 1.
Amarin (AMRN) added that this unnamed PBM accounted for almost 25% of the U.S. Vascepa prescription volumes generated from this channel. However, the decision will not impact PBM's Medicare Part D coverage for the fish oil-derived drug.
Vascepa, approved in the U.S. to reduce triglycerides in blood and harmful cardiovascular events, helped Amarin (AMRN) generate $285.3M in net product revenue in 2023, a ~22% YoY decline from a year ago.