• Total Revenue: $228.6 million for 2024.
• Cash Position: $294 million with no debt at year-end 2024.
• Fourth Quarter Revenue: $62.3 million, including $60.1 million in net product revenue and $2.2 million in licensing and royalty revenue.
• US Product Revenue: $44.2 million in Q4 2024, down from $64.9 million in Q4 2023.
• European Product Revenue: $4 million in Q4 2024, a $2.5 million increase over the prior year period.
• Rest of World Product Revenue: $11.9 million in Q4 2024, a $7.7 million increase over the prior year period.
• Gross Margin: 41% in Q4 2024, down from 58% in the prior year period.
• Operating Expenses: $43 million in Q4 2024, including $37 million in SG&A and $6 million in R&D.
• Net Loss: $48.6 million in Q4 2024, compared to a net loss of $5.8 million in the prior year period.
• Operating Expense Reduction: 26% year-over-year reduction, including a $50 million annual reduction committed in 2023.

• Warning! GuruFocus has detected 4 Warning Signs with AMRN.

Release Date: March 12, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Amarin Corp PLC (NASDAQ:AMRN) reported a strong financial position with 2024 revenues exceeding $200 million and a cash position of nearly $300 million with no debt.
• VASCEPA has secured regulatory approvals in 49 markets globally, with commercial launches in over 20 markets, indicating significant international expansion.
• The company has successfully extended its intellectual property position in Europe, providing exclusivity for VASCEPA through 2039.
• Amarin Corp PLC (NASDAQ:AMRN) has made strategic progress in Europe, securing pricing and reimbursement in 10 markets and seeing increased demand in every launch market in Q4 2024.
• The company has maintained a stable cash position over the last nine quarters, demonstrating effective cash management and cost optimization efforts.

Negative Points

• Amarin Corp PLC (NASDAQ:AMRN) experienced a decline in US product revenue, primarily due to lower net selling prices and decreased volume from CVS commercial moving from exclusive to not covered.
• The gross margin excluding non-cash inventory restructuring decreased to 41% from 58% in the prior year period, reflecting pricing pressures in the US market.
• The company reported a GAAP net loss of $48.6 million in Q4 2024, compared to a GAAP net loss of $5.8 million in the prior year period, largely due to the impact of the US generic market.
• Amarin Corp PLC (NASDAQ:AMRN) anticipates continued impact on year-over-year revenue comparisons in the first two quarters of 2025 due to ongoing pricing pressures and volume changes.
• Despite international expansion, the company acknowledges that it is still in the early stages of commercialization in many regions, requiring further efforts to establish medical advocacy and access.

Q & A Highlights

Q: Can you talk about the factors influencing US net price in the fourth quarter? It came in higher than our estimate. A: Aaron Berg, President and CEO, explained that the variability in business mix, particularly the shift from exclusive to non-covered status with CVS, influenced the net price. Peter Fishman, CFO, added that this shift led to a change from higher rebates to lower rebates, impacting revenue. The impact is expected to continue into the first two quarters of 2025.

Q: With $300 million in cash, what is your outlook on building the pipeline either internally or externally through business development? A: Aaron Berg, President and CEO, stated that while the focus remains on executing with VASCEPA, particularly in Europe, they are open to opportunities in cardiovascular and cardiometabolic areas. However, the primary focus is on the significant untapped potential of VASCEPA globally.

Q: Can you provide more details on what is driving the rest of the world revenue growth and a geographical breakdown of contributions? A: Aaron Berg, President and CEO, noted that they are early in most regions outside the US, with significant work needed to establish medical advocacy and access. Key markets include China and Australia, with ongoing regulatory processes in Asia and growth potential in Canada through HLS.

Q: What are the strategic priorities for Amarin in 2025? A: Aaron Berg, President and CEO, outlined priorities including maintaining NASDAQ listing through ADR ratio change, driving momentum in Europe and globally, maximizing US profitability, supporting research on icosapent ethyl, and maintaining financial discipline.

Q: How does Amarin plan to address the challenges posed by generic competition in the US market? A: Aaron Berg, President and CEO, emphasized the focus on efficient revenue generation and maximizing profitability in the US, while also highlighting the importance of global expansion and the long-term potential of VASCEPA in international markets.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.