Amarin (AMRN) Stock Down Despite Q2 Earnings & Revenues Beat

Core Viewpoint - Amarin Corporation reported break-even quarterly earnings for Q2 2024, surpassing the Zacks Consensus Estimate of a loss of 5 cents per share, but total revenues declined by 16% year-over-year to $67.5 million, primarily due to lower product revenues [1] Financial Performance - Net product revenues from Vascepa, Amarin's sole marketed drug, were $47.5 million, down 27.1% year-over-year [2] - U.S. product revenues from Vascepa were $43.8 million, a decline of 32.2% from the previous year, although it exceeded the model estimate of $32.1 million [2] - European product revenues from Vazkepa totaled $3.5 million, an increase from $1.9 million in the previous quarter, driven by growth in the UK and Spain [2] - Licensing and royalty revenues reached $20 million, up from $15 million in the year-ago period [2] Cost Management - Selling, general and administrative expenses were $38.5 million, down 24.3% year-over-year due to cost reduction and restructuring efforts [3] - Research and development expenses amounted to $4.7 million, a decrease of 16.1% year-over-year [3] - Amarin implemented an organizational restructuring plan in July 2023, resulting in $50 million in annual savings [3] Cash Position - Amarin ended Q2 with cash and investments of $306.7 million, slightly down from $308.2 million in the previous quarter, which is deemed sufficient to fund ongoing operations [4] Recent Developments - A pharmacy benefit manager has moved Vascepa to a blocked status on its formulary, which is expected to negatively impact revenues in the second half of 2024 [5] - In June 2024, Amarin appointed Aaron Berg as the new president and CEO following the resignation of Patrick Holt [5]