Amarin Corporation-Amarin's Q3 Earnings In Line, Revenues Fall Shy of Estimates

Core Viewpoint - Amarin Corporation plc reported an adjusted loss of 5 cents per share for Q3 2024, aligning with estimates, but total revenues of $42.3 million fell short of expectations and declined 36% year-over-year due to lower product revenues [1][2]. Financial Performance - The net product revenues from Vascepa, Amarin's sole marketed drug, were$ 41.9 million, down 36% year-over-year, with U.S. product revenues at $30.6 million, a nearly 51% decline from the previous year [3]. - Licensing and royalty revenues decreased to$ 0.4 million from $1.2 million in the year-ago period [4]. - Selling, general and administrative expenses were$ 36.9 million, down almost 18.9% year-over-year, attributed to cost optimization efforts [5]. - Research and development expenses totaled $4.5 million, down almost 11.7% year-over-year [5]. Cash Position - Amarin ended Q3 with cash and investments of$ 305.7 million, slightly down from $306.7 million in the previous quarter, indicating sufficient funds for ongoing operations [6]. Organizational Restructuring - In July 2023, Amarin implemented a restructuring plan aimed at strengthening its cash runway and reducing cash burn, which included workforce reductions and projected annual savings of$ 50 million [7]. Stock Performance - Following the earnings announcement, Amarin's shares fell 2.9% in after-hours trading, with a year-to-date decline of 30.8%, contrasting with the industry's decline of 3.2% [2].