Amarin Corporation plc Q2 FY2025 earnings call

• Entered a long-term licensing and supply agreement with Recordati to accelerate VAZKEPA commercialization in Europe and rightsized the global organization to achieve ~$70 million in operating expense savings over 12 months.
• In Europe, in-market demand increased 17% QoQ and 132% YoY in the first 6 months of 2025, with Italy securing reimbursement in most local regions (over 91% of eligible patients).
• In Rest of World markets: China's EddingPharm saw 68% growth in self-pay post-PCI; Australia's CSL Seqirus had 75% QoQ growth; Canada's HLS Therapeutics had 31% MoM growth; Middle East/N Africa's Biologix had 62% QoQ growth; South Korea granted regulatory approval for VAZKEPA.
• In the U.S., sustained the VASCEPA franchise, market share increased to ~50% in July, and volumes rebounded 7% QoQ after Q1 declines.

U.S. Business: Q2 2025 net product revenue was $36.5 million, a 17% decline due to pricing pressure from generics. Europe: Q2 2025 product revenue reached $6.6 million, almost double the prior year period, with Spain and the U.K. as the largest contributors. Rest of World: Q2 2025 product revenue was $3.5 million, significantly higher than the prior year period, driven by partner purchases. Licensing and Royalty: Q2 2025 licensing and royalty revenue was $26.1 million, up 31% from the prior year period, reflecting the upfront payment from Recordati and end-market demand from partners.

• Anticipate continued year-over-year revenue declines in the U.S. but focus on maximizing value via smart execution.
• Expect to complete transitioning the business to Recordati by the end of 2025.
• Project $70 million in operating expense savings over the next 12 months.

• Pricing pressure in the U.S. generics market remains volatile.
• Uncertainty around the timing and outcome of strategic opportunities being evaluated.
• Rest of World revenue is variable due to varying launch timings and partnership structures.

Q: Update on U.S. formulary negotiations, authorized generic, and Recordati metrics.

A: Maintained exclusives in the U.S. in 2025, prepared to launch an authorized generic when optimal; Recordati transition is ongoing with expected full commercialization by the end of 2025, and progress will be reported as end-market demand evolves.

Q: U.S. volume, net price, strategic opportunities, and cost savings timeline.

A: Expect U.S. volume to hold in the second half of the year if exclusives are maintained; net price likely to remain comparable to Q2 unless exclusives are lost; $70 million in cost savings to be seen on a straight-line basis over the next 4 quarters; strategic opportunities under review with no set timeline or assurance of a transaction.

Q: European market penetration and Recordati's approach.

A: Early stages in European market penetration, optimistic about growth with Recordati's cardiovascular expertise and ability to reach primary care and specialty cardiology, which differs from previous direct approach by expanding reach to more physicians treating cardiovascular patients