Amarin Corporation (AMRN) investor relations material

Executive summary

• Entered a long-term licensing and supply agreement with Recordati to accelerate Veskepa/VAZKEPA commercialization in Europe, shifting the core franchise to a partner with strong cardiovascular expertise and covering 59 countries.

• Implemented a global restructuring plan following the Recordati deal, targeting $70M in annualized operating expense savings, primarily from European commercial role reductions, with a $22.8M restructuring charge recognized in Q2 2025.

• Achieved solid product sales growth in Europe and other key markets year-over-year and sequentially, while maintaining tight expense control and a strong cash position of $298.7M with no debt.

• U.S. business remains a significant cash generator with stable market share and exclusive accounts, despite ongoing generic competition and a 17% year-over-year sales decline.

• Actively evaluating further strategic opportunities with Barclays as exclusive financial advisor to enhance shareholder value.

Financial highlights

• Q2 2025 total net revenue was $72.7M, up 8% year-over-year, primarily due to the Recordati upfront payment.

• Q2 2025 net product revenue was $46.6M, down 2% year-over-year, with U.S. revenue declining 17% and European revenue rising 85%–86%.

• Q2 2025 licensing and royalty revenue was $26.1M, up 31% year-over-year, reflecting the Recordati payment and partner-driven demand.

• Gross margin improved to 52% in Q2 2025 from 48% in Q2 2024, due to a favorable customer mix.

• Ended the quarter with $298.7M in cash and investments, no debt, and sufficient inventory to meet global demand.

Outlook and guidance

• Expect continued year-over-year revenue declines in the U.S. due to pricing pressure and PBM coverage loss, but focus remains on maximizing value through targeted execution and international growth.

• Anticipate maintaining exclusive payer positions in the U.S. through 2025, with further clarity on 2026 expected later in the year.

• Net price in the U.S. expected to remain stable as long as exclusives are maintained.

• $70M in annualized cost savings from restructuring to be realized on a straight-line basis over the next four quarters.

• Cash reserves projected to be sufficient to fund operations and the share repurchase program for at least one year.