Amarin NASDAQ: AMRN reported its first profitable quarter in two years for the third quarter of 2026, as lower operating expenses, positive operating cash flow and growth in international in-market demand helped offset continued U.S. pricing pressure for its VASCEPA cardiovascular therapy.
The company posted net income of $245,000, or less than $0.01 per share, compared with a net loss of $7.7 million, or $0.02 per share, in the prior-year quarter. Amarin generated $9 million in operating cash flow during the quarter and $22 million through the first nine months of 2026, compared with a $9 million cash outflow in the year-earlier period.
“We reported our first profitable quarter in two years, reflecting the benefits of our completed restructuring as well as our company-managed U.S. and fully partnered international commercial model,” Chief Financial Officer Pete Fishman said.
Revenue Declines as U.S. Pricing Remains Competitive
Total net revenue was $39.6 million, down from $49.7 million in the third quarter of 2025. Product revenue declined to $36.9 million from $48.6 million, while licensing and royalty revenue rose to $2.7 million from $1.1 million.
U.S. product revenue fell to $28.5 million from $40.9 million a year earlier. Fishman attributed the decline to lower net selling prices associated with changes in customer mix, driven largely by generic competition. Chief Executive Officer Aaron Berg said branded VASCEPA prescription volume was stable during the quarter and that the revenue decline reflected pricing pressure rather than a fall in branded volume.
Amarin maintained a 47% share of the U.S. icosapent ethyl, or IPE, market, according to Berg. The company expects to retain exclusivity with key payers through the end of 2026 and expects U.S. volume to remain stable through year-end.
Fishman said pricing should remain relatively consistent through the remainder of 2026 as the company maintains those exclusivities. However, he said Amarin has experienced pricing pressure in prior years and would anticipate that trend to continue into 2027, though the company did not provide guidance for next year.
International Demand Expands Under Partner Model
Amarin’s European product revenue declined to $3.7 million from $4.1 million under its partner model, while Rest of World product revenue increased to $4.7 million from $3.6 million.
The company emphasized that its reported international product revenue may not move in line with in-market demand because partner purchases can be affected by inventory levels and ordering patterns. International in-market demand increased an estimated 59% on a trailing 12-month basis, Amarin said.
In Europe, in-market demand for VAZKEPA rose an estimated 68% year over year in the third quarter. VAZKEPA was commercialized in 11 European countries as of Sept. 30 through Amarin’s exclusive agreement with Recordati. The drug launched in Poland on a private-pay basis in October. Berg said Spain, the United Kingdom and Italy continued to produce strong results.
Rest of World in-market demand rose an estimated 46% from the prior-year quarter. Across Amarin’s combined global partner network, in-market demand for VASCEPA increased an estimated 55% year over year. The company is supporting local partners as they prepare for launches in Singapore and South Korea in early 2027, along with additional regulatory approvals and launches across Southeast Asia.
During the question-and-answer session, Berg said Recordati is pursuing opportunities across its 59-country territory, rather than concentrating only on major Western European markets. He cited activity in France but noted that reimbursement processes can be lengthy.
Cost Reductions and Cash Position
Cost of goods sold declined to $23.4 million from $27.5 million. Fishman said renegotiated supply contracts contributed to a sequential gross-margin improvement of about 2.3 percentage points, excluding write-offs, despite U.S. pricing pressure. He said lower unit costs should flow through gradually and that gross margin may vary based on sales mix and the timing and volume of international partner shipments.
Total operating expense declined 44% year over year. The reduction included a 27% decline in selling, general and administrative expense and the absence of restructuring expenses, compared with $9.4 million of restructuring costs in the prior-year quarter. Excluding restructuring costs, total operating expenses declined 22%.
Inventory declined 31% from the fourth quarter of 2024, which Fishman said reflected working-capital discipline and efforts to align supply with demand. Amarin ended September with $324 million in cash and investments, up $21 million from year-end 2025, and reported no debt.
EMT2 Cancer Trial Shows Overall-Survival Finding
Amarin also discussed results from the investigator-initiated Phase III EPA for Metastasis Trial 2, or EMT2, presented at the European Society for Medical Oncology Congress in Madrid. The randomized, double-blind, placebo-controlled trial enrolled 448 patients undergoing liver resection for colorectal cancer liver metastases.
Patients received VASCEPA or placebo beginning before surgery and continuing for up to four years afterward. The trial’s primary endpoint, progression-free survival, was not met. However, Chief Scientific Officer Steve Ketchum said the study showed a statistically significant 32% lower hazard of death on the key secondary endpoint of overall survival.
Ketchum said the findings warrant continued evaluation and discussion by the research community. He added that the potential mechanisms discussed around IPE in cancer remain investigational and require further analysis and additional research. Amarin said it plans to work with Professor Hull and the University of Leeds research group to further evaluate the EMT2 data and potential paths forward.
Berg said the company will assess any additional therapeutic applications based on commercial opportunity, unmet need, existing data and potential protection, while managing risk and opportunity with discipline.
About Amarin (NASDAQ:AMRN)
Amarin Corporation plc is a biopharmaceutical company focused on developing and commercializing therapies intended to reduce cardiovascular risk. Its principal product is VASCEPA (icosapent ethyl), a prescription omega-3 fatty-acid medicine derived from highly purified eicosapentaenoic acid.
VASCEPA was initially approved in the United States to help lower triglyceride levels in certain patients and later received expanded approval to reduce the risk of cardiovascular events in eligible adults with elevated cardiovascular risk.
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