Amarin Corp. plc (AMRN) Wednesday announced its preliminary revenue for the fourth quarter and fiscal 2023. The results were better than its view.
Further, the Irish pharmaceutical company said that it will repurchase up to $50 million of its American depository shares or ADS.
The company has entered into a conditional share repurchase agreement with Cantor Fitzgerald & Co. to buy back the ADS. The repurchase will commence shortly after its 2024 annual general meeting to seek shareholder approval of the program, followed by the UK high court process.
Following this news, the shares are trading up around 18 percent on the Nasdaq in pre-market activity.
Preliminary quarterly revenue is reported between $72 million and $74 million and yearly revenue is between $304 million and $306 million.
On average, five analysts polled by Thomson Reuters had expected revenue of $62.03 million for the quarter and $294.16 million for the year. Analysts' estimates typically exclude special items.
In pre-market activity, Amarin shares are trading at $1.15, up 18.45% on the Nasdaq.
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