Amarin Q2 Earnings Call Highlights

Key Points

• International demand strengthened: Global in-market VASCEPA demand rose 59% year over year, while European demand increased 69% in the second quarter. The product was commercially available in 22 countries, with Recordati leading its European rollout.
• U.S. sales faced pricing pressure: VASCEPA’s U.S. market share improved to 48% and branded prescriptions rose 14%, but U.S. product revenue declined to $32.2 million because of generic competition and lower pricing.
• Amarin’s financial position improved: Operating expenses fell 59% to $27 million, cash and investments increased to $314.6 million, and operating cash flow was positive for the third consecutive quarter. Management expects positive cash flow for full-year 2026.

Amarin NASDAQ: AMRN said its second-quarter results reflected progress in its dual commercial strategy, which combines a company-managed U.S. business with partnered commercialization internationally. Management highlighted growing demand for VASCEPA in Europe, cost reductions from a completed restructuring program and a third consecutive quarter of positive operating cash flow.

President and Chief Executive Officer Aaron Berg described the quarter as an “inflection point” occurring one year after the company adopted its current commercial model. He said the restructuring has been completed, lowering the company’s cost base and providing what he called a clearer path toward sustainable growth and profitability.

As of June 30, VASCEPA was commercially available in 22 countries. Amarin’s partner network includes Recordati in 59 European countries, as well as six commercial partnerships covering markets including Canada, China, Israel, the Middle East, Asia, Australia and New Zealand.

International Demand and European Rollout

Amarin reported that cumulative year-over-year in-market VASCEPA demand across its global partner network increased 59% as of June 30. In Europe, where Recordati is leading commercialization, in-market demand rose 69% in the second quarter from the prior-year period.

VASCEPA is commercialized in 11 European countries, including a recent launch in Romania. Berg said Spain and the United Kingdom are leading early adoption, while Italy has also launched with commercial support from Recordati. He said the partner has positioned VAZKEPA as a priority cardiovascular brand and is supporting it with field representatives, medical science liaisons and marketing investment.

During the question-and-answer session, Berg said reimbursement is in place in the United Kingdom, Spain and Portugal, while Italy is beginning its commercial rollout. He said Recordati is continuing to pursue pricing, reimbursement and market-access opportunities in other countries and identified France as a market Amarin would like to enter eventually, though he provided no timing update.

Chief Financial Officer Peter Fishman said European product revenue totaled $5.4 million in the second quarter, consisting entirely of supply shipments to Recordati. That was below $6.6 million in the year-earlier quarter under Amarin’s prior direct-sales model, but was up 11% from the first quarter of 2026 and 140% from the fourth quarter of 2025.

Licensing revenue included $1.4 million in royalty revenue during the quarter, Fishman said, with a portion related to Recordati. He said the company was encouraged by the early commercial momentum but did not provide revenue guidance.

U.S. Business Faces Pricing Pressure

In the United States, Amarin said VASCEPA retained a 48% share of the icosapent ethyl market as of June 30, compared with 43% a year earlier. The overall U.S. icosapent ethyl market grew 3% year over year during the second quarter, according to third-party data cited by management.

Branded VASCEPA prescriptions increased 14% from a year earlier despite generic competition and pricing pressure. Berg said Amarin expects U.S. volumes to remain stable through the end of 2026 and expects to maintain exclusivity arrangements with key payers through year-end.

U.S. product revenue declined to $32.2 million from $36.5 million in the prior-year quarter. Fishman attributed the decline to ongoing pricing pressure in the generic market, partially offset by higher product volume. He said the U.S. business remains profitable and cash-generative.

Costs Decline as Cash Position Improves

Total net revenue was $42.2 million, compared with $72.7 million in the second quarter of 2025. The prior-year figure included a $25 million upfront payment tied to the start of the Recordati transaction. Product revenue declined to $39.1 million from $46.6 million.

Rest-of-world revenue was $1.4 million, down from $3.5 million a year earlier, which Fishman said reflected normal variation across developing markets.

Cost of goods sold increased 22% to $27.2 million, primarily because of increased product volumes associated with regaining an exclusive pharmacy benefit manager relationship in the U.S. beginning in the third quarter of 2025. Fishman said the year-over-year comparison should begin to level off in future periods as the company moves beyond the impact of that volume increase.

Total operating expenses fell 59%, or $39.3 million, to $27 million. Excluding a $22.8 million restructuring charge recorded in the second quarter of 2025, operating expenses declined 38% from the prior-year period. Selling, general and administrative expense declined 43% to $22.2 million.

The company’s operating loss narrowed to $12 million from $16 million a year earlier. Amarin ended the quarter with $314.6 million in cash and investments, up from $303 million at the end of 2025, with no debt and working capital of $439 million. Operating cash flow was positive $7 million, marking the third consecutive quarter of positive cash flow.

Management said it expects positive cash flow for full-year 2026. Inventory declined by $19.5 million from the end of the first quarter and by $31.8 million from year-end 2025, reflecting what Fishman described as disciplined purchasing and inventory management.

Scientific and Regulatory Activities Continue

President of Research and Development and Chief Scientific Officer Steven Ketchum said Amarin continues to support global commercialization through medical affairs, regulatory, technical operations and research activities. The company cited a post-hoc analysis from the REDUCE-IT placebo arm presented at the European Atherosclerosis Society Congress in May, which found that risk-weighted apolipoprotein B more effectively identified statin-treated patients with elevated triglycerides who remained at increased residual cardiovascular risk than traditional lipid biomarkers.

Ketchum also said high-dose icosapent ethyl has been recommended for appropriate high-risk patients in the 2026 ACC/AHA Multi-Society Dyslipidemia Guideline and the ACC/AHA Multi-Society Cardiovascular Kidney Metabolic Syndrome Guideline. Amarin plans to support partner CSL Seqirus at a cardiovascular meeting in Australia and will participate in the European Society of Cardiology Congress in Munich, where it has five scientific abstracts accepted.

Berg said Amarin is also working with financial adviser Barclays to evaluate additional opportunities to enhance shareholder value.

About Amarin (NASDAQ:AMRN)

Amarin Corporation plc is a biopharmaceutical company focused on the commercialization and development of therapeutics for cardiovascular health. Founded in 1993 and headquartered in Dublin, Ireland, the company is publicly traded on the NASDAQ under the ticker AMRN. Amarin's primary mission is to improve cardiovascular outcomes through innovative lipid science and evidence-based therapies.

The company's flagship product is Vascepa® (icosapent ethyl), a high-purity prescription omega-3 fatty acid approved for the treatment of severe hypertriglyceridemia and as an adjunct to statin therapy to reduce the risk of cardiovascular events.

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