Amarin Reports Second Quarter 2024 Financial Results and Provides Business Update

Core Insights - Amarin Corporation reported a total net revenue of $68 million for the second quarter of 2024, reflecting a 16% decrease compared to the same period in 2023, primarily due to U.S. generic competition impacting net selling prices [3][4] - The company completed a leadership transition with Aaron Berg appointed as President and CEO, focusing on operational execution and expanding the impact of VASCEPA/VAZKEPA globally [1][2] - Amarin's cash position stands at $307 million, providing a stable capital foundation for ongoing operations and strategic investments [1][8] Financial Performance - Total net revenue for Q2 2024 was $67.5 million, down from $80.2 million in Q2 2023, marking a 16% decline [3] - Net product revenue decreased by 27% to $47.5 million in Q2 2024 from $65.2 million in Q2 2023, with U.S. net product revenue falling from $64.6 million to $43.8 million [3] - Licensing and royalty revenue increased to $20 million in Q2 2024, including a $15 million milestone payment for regulatory approval in China [4] Cost Management - Operating expenses were reduced by 24% to $43.3 million in Q2 2024 from $56.6 million in Q2 2023, largely due to a restructuring plan implemented in July 2023 [3][4] - The company achieved $50 million in annual savings from workforce reductions announced in July 2023 [2][5] Product Developments - EDDINGPHARM, Amarin's partner, received regulatory approval for VASCEPA in China for cardiovascular risk reduction [2] - A new patent for VAZKEPA was granted by the European Patent Office, extending exclusivity until 2039 [2] Market Position - VASCEPA/VAZKEPA is positioned as a significant treatment for cardiovascular risk, supported by strong scientific evidence and intellectual property [1][2] - The company is focused on maximizing cash generation from U.S. and international markets while preserving cash for strategic opportunities [8]