Amarin Corporation Plc (AMRN) reported break-even quarterly earnings in fourth-quarter 2023 against the Zacks Consensus Estimate of a loss of 4 cents per share. The company recorded adjusted earnings of 2 cents in the year-ago quarter.Adjusted earnings exclude non-cash stock-based compensation, restructuring inventory and other restructuring expenses.Total revenues were $74.7 million, beating the Zacks Consensus Estimate of $72.5 million. However, revenues were down 17% from the year-ago quarter’s levels, o ...

Financial Data and Key Metrics Changes - In Q4 2023, Amarin reported total net revenue of $74.7 million, including net product revenue of $70.6 million, compared to $66.1 million in Q3 2023 [14] - The US product revenue was $64.9 million, showing stable performance despite competition from generics [14] - The overall gross margin on net product revenue in Q4 was 58%, down from 64% in Q3 2023, primarily due to increased supply sales to partners [15][16] - Amarin reported a net loss of $5.8 million for Q4 2023, with a basic and diluted loss per share of $0.01 [16] Business Line Data and Key Metrics Changes - European product revenue reached $1.5 million in Q4 2023, a 65% increase from Q3 2023, reflecting early revenues from Spain and the UK [14] - The Rest of World revenue was $8.4 million in Q4 2023, including $4.2 million from commercial sales to partners in Canada, China, and the Middle East [15] Market Data and Key Metrics Changes - In the US, Amarin maintained a 57% market share in the IP market by the end of 2023 [9] - In Europe, Amarin secured pricing reimbursement across nine countries and aims to conclude pricing decisions in at least five additional markets in 2024 [9] Company Strategy and Development Direction - Amarin's strategy focuses on driving operational momentum to maximize patient uptake of VASCEPA/VAZKEPA across three key regions: Europe, the US, and the Rest of World [6][7] - The company is enhancing its value by accelerating prescription growth and securing pricing and reimbursement in Europe, with a potential IP runway extending to 2039 [6][9] - In the Rest of World, Amarin is enabling partners to gain market access and commercial uptake, particularly in China, where VASCEPA was launched in Q4 2023 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational momentum achieved in 2023 and outlined clear priorities for 2024, including continued focus on Europe and the Rest of World [12][18] - The company anticipates Q1 2024 results to be impacted by typical first-quarter payor dynamics but remains ready to execute aggressive strategies to retain market leadership [10][12] Other Important Information - Amarin reported $321 million in cash and no debt as of December 31, 2023, marking the sixth consecutive quarter of positive or neutral cash flow generation [16] - The company announced plans for a share repurchase program of up to $50 million, expected to commence in Q2 2024 [12] Q&A Session Summary Question: Long-term strategy and maximizing shareholder value - Management emphasized the importance of operational momentum across all regions to enhance shareholder value and provide future strategic options [20] Question: Progress in China and Asia Pacific - The launch of VASCEPA in China is progressing well, with Edding covering 200 hospitals and a regulatory filing for cardiovascular risk reduction accepted by NMPA [22][23] Question: Growth potential in the US market - Management noted that while the US market is highly genericized, they aim to maintain market leadership rather than focus on market growth [25] Question: Supply capabilities to meet demand - Management expressed confidence in meeting supply demands due to strong relationships with key supply partners and renegotiated agreements [27] Question: Operating expenses and gross margin outlook - Management expects to maintain operating expenses around $50 million per quarter while monitoring gross margin impacts from supply dynamics, particularly in China [41]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 0-21392 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------------- ...

DUBLIN, Ireland and BRIDGEWATER, N.J., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ:AMRN) today announced that it will host a conference call with Patrick Holt, President & CEO, and members of Amarin's senior management team to discuss its fourth quarter and year end 2023 results on Thursday, February 29th, 2024, at 8:00 a.m. ET. The call will include brief remarks on 2023 highlights followed by Q&A. The conference call with management will follow the release of the Company's fourth quar ...

It has been a rather lukewarm earnings season for the drug and biotech sector. Majority of large drug/biotech companies reported mixed results and issued fresh guidance for 2024, which was largely optimistic. Several smaller biotechs are scheduled to report earnings results this month.Per the Zacks classification, the pharma/biotech industry comes under the broader Medical sector, which comprises pharma/biotech as well as medical device companies.Per the Earnings Trends report, as of Feb 14, 80.0% of the Me ...

DUBLIN, Ireland and BRIDGEWATER, N.J., Jan. 22, 2024 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ:AMRN) today announced that the Company's Chairman of the Board, Odysseas Kostas, M.D., and President & CEO, Patrick Holt, issued the following letter to Amarin shareholders: Dear Fellow Amarin Shareholders, 2023 was an important year for Amarin, marked by necessary transition and change. With a new board focused on shareholders, we undertook significant actions to strengthen the Company. We restructured t ...

sasirin pamai/iStock via Getty Images Amarin (NASDAQ:AMRN) isn't dead, after all. Sarissa seems to be doing what they promised to do - turning it around and giving it new life. I wasn't a believer before, but I could well become one soon. Things are looking that good. The Amarin story, very briefly, is this: fish oil has been used for ages as a health supplement. Fish oil contains omega-3 fatty acids, which has been assumed to be responsible for those health benefits. Omega-3 fatty acids are essential p ...

Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Amarin (AMRN) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.Amarin is one of 1077 companies in the Medical group. The Medical group currently sits at #4 within the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of ...

Shares of Amarin Corporation plc (AMRN) surged 32.8% on Jan 10 after the company announced robust preliminary results for the fourth quarter and full-year 2023. The company also plans to initiate a share repurchase program of up to $50 million.Amarin’s top line currently comprises product revenues from Vascepa/Vazkepa (Vascepa’s brand name in Europe), as well as licensing and royalty revenues.Vascepa (icosapent ethyl) is approved as an adjunct to diet for treating severe hypertriglyceridemia or elevated tri ...

Core Insights - Amarin's shares surged by 32.9% following the announcement of strong preliminary fiscal fourth-quarter results, a new share-repurchase authorization, and positive guidance for 2024 [1] Financial Performance - For the fourth quarter of 2023, Amarin expects revenue between $72 million and $74 million, significantly exceeding analysts' consensus estimates of approximately $62 million [2] - Full-year 2023 revenue is projected to be between $304 million and $306 million, compared to estimates of $294 million [2] - The company ended the year with approximately $321 million in cash and investments, achieving a positive cash flow of $10 million for the year, marking the sixth consecutive quarter of cash-positive or cash-neutral operations [2] Future Plans - Amarin announced a new conditional share repurchase agreement with Cantor Fitzgerald for up to $50 million in shares, pending shareholder and U.K. High Court approvals, with expected completion around mid-2024 [3] - The company aims to reduce operating expenses further in 2024, targeting $40 million in annual savings from a restructuring plan initiated in July 2023, in response to increasing competition for its cholesterol drug Vascepa [3] - Amarin plans to focus on preserving cash to invest in value-adding opportunities, particularly in the European market, where further efforts are needed [3]