Amarin Corporation(AMRN) - 2024 Q2 - Quarterly Results

Financial Performance - Total net revenue for Q2 2024 was $67.5 million, a decrease of 16% compared to $80.2 million in Q2 2023[4] - Net product revenue for Q2 2024 was $47.5 million, down 27% from $65.2 million in Q2 2023, primarily due to U.S. generic competition[4] - Total revenue for the three months ended June 30, 2024, was $67.491 million, a decrease of 16% compared to $80.167 million for the same period in 2023[27] - Product revenue for the same period was $47.514 million, down from $65.187 million year-over-year, reflecting a decline of 27%[27] - Licensing and royalty revenue for Q2 2024 was $20.0 million, including a $15.0 million milestone payment for CVRR approval in China[5] - Licensing and royalty revenue increased to $19.977 million, up 33% from $14.980 million in the prior year[27] - Net income for the three months ended June 30, 2024, was $1.522 million, compared to a net loss of $17.560 million in the same period of 2023[27] - Adjusted net income for EPS (non-GAAP) for the three months ended June 30, 2024, was $5.909 million, down from $8.607 million in the prior year[28] - Basic earnings per share (non-GAAP) for the three months ended June 30, 2024, was $0.01, compared to $0.02 in the same period last year[28] Expenses and Cost Management - Operating expenses for Q2 2024 were $43.3 million, a reduction of 24% from $56.6 million in Q2 2023, attributed to organizational restructuring[4] - Operating expenses decreased to $43.293 million from $66.627 million year-over-year, a reduction of 35%[27] - The company achieved $50 million in annual savings from the workforce reduction announced in July 2023[6] Cash and Assets - Cash position as of June 30, 2024, was $306.7 million, reflecting a 2% decrease from $313.0 million in the same period last year[4] - Total assets as of June 30, 2024, were $799.855 million, a decrease from $831.684 million as of December 31, 2023[26] Strategic Initiatives - The company is focused on cash preservation and plans to invest prudently to accelerate revenues in Europe and maximize cash generation from the U.S. and RoW markets[9] - A share repurchase program of up to $50 million was approved, although no repurchases have been initiated yet[8] - Amarin has entered into a conditional share repurchase agreement to purchase up to $50 million of its ordinary shares in the form of ADSs[22] Product Development - Gross margin on net product revenue improved to 48% in Q2 2024, compared to 42% in Q2 2023[5] - A new patent for VAZKEPA was granted, extending exclusivity until 2039, enhancing the product's market position[3]