Amarin Shares Slump as Drug Dropped From Formulary, CEO Exit (1)

(Updates with share move)

Amarin shares drop 6.2% in premarket trading after the company said it was informed by an undisclosed large national pharmacy benefit manager that the PBM will no longer cover Vascepa as an exclusive product for its national formularies.

• The PBM will transition Vascepa to “not covered” effective July 1
  • Volume through the PBM’s formularies represents about 25% of aggregate US Vascepa prescription volume: Amarin said in a filing
  • Says decision does not impact Vascepa coverage within Medicare Part D formularies of the PBM
• Separately, Amarin said President and CEO Patrick Holt notified the company of his decision to ...