Amarin Corporation plc (ADR) (NASDAQ:AMRN) announced that Mark W. Salyer has joined Amarin as Chief Commercial Officer. In this newly created position, Mr. Salyer will work to build on the company’s recent revenue growth and lead future global commercial expansion plans and execution, particularly related to the anticipated landmark REDUCE-IT cardiovascular outcomes trial results. Mr. Salyer has broad U.S. and international experience helping to grow commercial operations and revenue at both large and small companies. He has managed highly successful business units and launched multiple industry-leading brands.
“Mark brings a strong track record of success coupled with valuable experience and proven leadership to our management team to help drive our anticipated expansion,” said John F. Thero, President and Chief Executive Officer of Amarin. “We expect Mark’s driven, people-oriented, hands-on approach to work well with our existing commercial organization to help build on our growth. Amarin remains on track to reach record product revenues of $165 to $175 million in 2017. The timing of Mark’s appointment as CCO aligns with our anticipation of results from the important REDUCE-IT cardiovascular outcomes trial expected in Q2 or Q3 of 2018.”
Most recently, Mr. Salyer was at Teva Pharmaceuticals as Executive Vice President and General Manager of Teva Respiratory, LLC. At Teva, he guided the formation of this branded products division. Under Mr. Salyer’s leadership, the division grew consistently for more than 10 years to revenue exceeding $1 billion, propelling Teva to among the leaders of the respiratory market. Prior to Teva, Mr. Salyer held senior level commercial positions at Glaxo SmithKline and Altana Pharma AG, where he successfully led commercial growth at each organization. Mr. Salyer holds a B.S. from Virginia Tech and an M.B.A. from Duke University’s Fuqua School of Business, and is a CPA.
“I am delighted to join Amarin at this exciting time,” said Mr. Salyer. “I am impressed by the opportunity presented by Vascepa® and by the people I’ve met at Amarin. Amarin’s success to date is undisputable and the future holds substantial opportunities for even greater growth, in particular with the potentially game-changing REDUCE-IT cardiovascular trial results forthcoming. The opportunity to lead the commercial team at a company on the cusp of an anticipated new frontier in preventive cardiovascular therapy was too compelling an opportunity to not seize, especially given the staggering mortality, morbidity and costs of care among the affected patient population.”
Shares of Amarin are currently trading at $3.28, up $0.09 or 2.66%. AMRN has a 1-year high of $4.47 and a 1-year low of $2.56. The stock’s 50-day moving average is $3.35 and its 200-day moving average is $3.31.
On the ratings front, Amarin has been the subject of a number of recent research reports. In a report issued on August 31, Cantor Fitzgerald analyst Louise Chen assigned a Buy rating on AMRN, with a price target of $10, which represents a potential upside of 213% from where the stock is currently trading. Separately, on August 3, H.C. Wainwright’s Andrew Fein reiterated a Buy rating on the stock and has a price target of $10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Louise Chen and Andrew Fein have a yearly average loss of -8.8% and a return of 8.8% respectively. Chen has a success rate of 43% and is ranked #4496 out of 4642 analysts, while Fein has a success rate of 54% and is ranked #508.
Amarin is a biopharmaceutical company, which focuses on the commercialization and development of therapeutics for cardiovascular health. The company’s product development program leverages its extensive experience in lipid science and the potential therapeutic benefits of polyunsaturated fatty acids. It has developed and markets Vascepa capsules through wholesale.