Amarin Announces Q1 2024 Business Update and Financial Results

Amarin Corporation plc, a pharmaceutical company listed on NASDAQ under the ticker AMRN, recently announced its financial and business performance for the quarter ending March 31, 2024. The company reported substantial progress, particularly in Europe, where it secured a new patent for VAZKEPA® from the European Patent Office, extending intellectual property protection until 2039. This strategic move is expected to bolster the company’s value in the European market.

In Europe, Amarin experienced a remarkable 65% growth in in-market sales in Q1 2024 compared to Q4 2023, driven primarily by strong performances in Spain and the UK. In Spain, the number of patients on VAZKEPA therapy increased by approximately 91% during this period. Similarly, in the UK, there was a 28% rise in patients on therapy. The company is also making strides in pricing and reimbursement efforts across various European countries, with notable progress in Italy, France, and Germany. Additionally, upcoming pricing and reimbursement outcomes are anticipated in Greece and Portugal.

In the United States, where the market for Amarin's products has been impacted by generic competition, the company maintained its market leadership in the IPE sector. Despite a 41% decline in revenue to $48.1 million in Q1 2024 from $82.3 million in Q1 2023, the U.S. business remains profitable, supporting operations in Europe and maintaining a stable cash position.

Globally, Amarin and its partners continue to advance commercial launches and regulatory processes in key regions. In China, Amarin’s partner Edding achieved a 100% sales growth in Q1 2024 compared to Q4 2023. In Canada, partner HLS secured public access for VASCEPA in British Columbia, and in Australia, partner CSL Seqirus is progressing with the reimbursement submission for VAZKEPA.

The company's financial performance for the first quarter of 2024 showed a total net revenue of $56.5 million, a 34% decrease from $86.0 million in the same period in 2023. The decline is attributed primarily to the reduced net selling price in the U.S. market due to generic competition. Net product revenue was $55.2 million for Q1 2024, down from $84.7 million in Q1 2023. The cost of goods sold decreased to $24.6 million, and overall gross margin remained stable at 55%.

Operating expenses were reduced significantly, with selling, general, and administrative expenses dropping to $39.9 million from $59.6 million in the previous year. Research and development expenses were fairly flat at $5.6 million. The company reported a net loss of $10.0 million for Q1 2024, an improvement from the net loss of $16.5 million in Q1 2023.

Amarin’s current cash and investments total $308.2 million as of March 31, 2024. The company continues to implement cost-saving measures and is on track to achieve annual savings of $40 million based on a reduction in force announced in July 2023. Shareholders have approved a share repurchase program of up to $50 million, which will commence following UK High Court approval in the second quarter of 2024.

Looking ahead, Amarin remains focused on expanding access and reimbursement for VAZKEPA across global markets and is optimistic about its financial outlook. The company's efforts are expected to enhance its value and ensure continued support for its operational and strategic goals.

In conclusion, Amarin Corporation plc is making notable progress across its various markets, with significant sales growth in Europe and ongoing efforts to secure pricing and reimbursement in multiple countries. Despite challenges in the U.S. market, the company remains profitable and is strategically positioned for future growth.