Strategic Partnerships & Financial Restructuring - Amarin has entered into an exclusive license and supply agreement with Recordati to commercialize VAZKEPA in 59 countries, primarily in Europe[13] - The Recordati agreement includes $25 million in upfront cash[9] and up to $150 million in milestone payments based on net sales levels[9] - Global restructuring is expected to generate approximately $70 million in cost savings over the next 12 months[6, 16, 24] VAZKEPA/VAZKEPA Market & Growth - VAZKEPA has CVRR indication regulatory approvals in 49 global markets[7] - Demand for VASCEPA/VAZKEPA has grown by 77% in aggregate, comparing Q1 2025 to Q1 2024[22] - The company maintains over 40% share of the IPE market in the U S [21] US Market & Global Expansion - The refined commercial strategy in the U S focuses on payer coverage post-loss of exclusivity[21] - Partnerships in Rest of World are focused on maximizing patient access to VASCEPA globally, with commercialization across 11 countries and regulatory submissions pending in 8 additional markets[23]

Financial Performance - Total revenue for Q1 2025 was $42.0 million[14, 21] - U S revenue was $35.7 million, a ~26% year-over-year reduction[21] - Europe revenue was $5.4 million, a ~284% year-over-year increase[14, 21] - Operating expenses for Q1 2025 were $41.9 million, an 8% reduction year-over-year[14, 19] - The company maintained a strong cash position with $281.8 million and no debt[14, 24] Business Updates - Achieved sequential growth in in-market demand across all European markets where VAZKEPA was launched, particularly in Spain, the UK, and CEE[13] - Secured pricing and reimbursement in Austria and continued progress in other EU markets[13] - CSL's efforts led to VAZKEPA's inclusion in the National Heart Foundation/Cardiac Society Acute Coronary Syndrome guidelines in Australia[13] - Edding continued CVRR launch in the private pay market in China, working towards National Reimbursement Drug List (NRDL) review for 2026[13] Strategic Priorities - Drive growth in access and revenue in Europe and Rest of World markets[30] - Drive efficient VASCEPA U S revenue generation[30] - Support research that reinforces VASCEPA science and therapeutic value[30] - Maintain fiscal and operational discipline while pursuing all avenues to maximize shareholder value[30]

Financial Data and Key Metrics Changes - In Q4 2024, Amarin reported total net revenue of $62.3 million, a decrease from $74.7 million in Q4 2023, with U.S. product revenue dropping to $44.2 million from $64.9 million due to lower net selling prices and decreased volume [33][34] - The company ended 2024 with a strong cash position of $294 million and no debt, reflecting prudent cash management and a focus on strengthening the financial foundation [28][39] Business Line Data and Key Metrics Changes - U.S. product revenue decline was attributed to the loss of CVS commercial exclusivity, leading to a shift in business mix and higher rebates [34][74] - European product revenue increased to $4 million, driven by growth in Spain and the UK, while partnership revenue from the rest of the world rose to $11.9 million, a $7.7 million increase year-over-year [34][35] Market Data and Key Metrics Changes - VASCEPA revenues in Europe gradually increased throughout 2024, with significant contributions from Spain, the UK, and Central Eastern Europe [19] - The company secured pricing and reimbursement in 10 European markets, with ongoing efforts to expand access in various regions [19][20] Company Strategy and Development Direction - The company aims to maintain its NASDAQ listing through an ADS ratio change, which is intended to increase the per-share market price to comply with NASDAQ's minimum bid price requirement [14][43] - Amarin is focused on driving momentum in Europe and the rest of the world, leveraging patent protection until 2039 and exploring opportunities for additional products in the cardiovascular and cardiometabolic areas [63][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating further momentum in 2025, emphasizing the importance of addressing cardiovascular disease, which remains a leading global health challenge [66][68] - The company acknowledged the challenges posed by the generic market but highlighted the resilience of the U.S. business and the significant untapped potential for VASCEPA globally [30][34] Other Important Information - The company successfully extended its intellectual property position in Europe, enhancing exclusivity for VASCEPA through 2039 [15] - Amarin has supported over 500 publications to advance the understanding of icosapent ethyl's clinical benefits, which has driven regulatory progress globally [11][48] Q&A Session Summary Question: Factors influencing U.S. net price in Q4 - Management noted that the U.S. market is increasingly generic, with a mix of business changing over time, impacting net prices [72] - The shift in business mix due to CVS commercial moving from exclusive to not covered was a significant driver of the revenue changes [74] Question: Outlook on building the pipeline - Management indicated a focus on executing with VASCEPA while remaining opportunistic regarding business development, particularly in cardiovascular and cardiometabolic areas [78][80] Question: Driving rest of the world revenue growth - Management highlighted that they are early in most regions, with ongoing efforts to establish medical advocacy and access, particularly in China and Australia [84][90]