Amarin Corporation plc Q3 FY2025 earnings call

• Partnered with Recordati in June 2025 for international ex U.S. markets, with 7 partners covering ~100 markets. Europe transition to Recordati on track for year-end completion, with end-market demand growth. - Organizational restructuring to realize $70M OpEx savings over next year, with savings starting to flow. - U.S. business retains major exclusives, focuses on competitive pricing. - Sustained scientific presence at medical meetings, VASCEPA reaffirmed in ESC guideline. - FDA revised fenofibrate labeling, highlighting lack of cardiovascular benefit, aligning with VASCEPA's proven outcomes.

Total net revenue was $49.7 million, up 17% from prior year. Net product revenue was $48.6 million, up 16%. U.S. business: Net product revenue was $40.9 million, up 34%, driven by change in customer mix and regaining exclusive status. Europe business: Product revenue was $4.1 million, consistent with prior year, with transition to Recordati progressing. Rest of World business: Product revenue was $3.6 million (down from prior year), licensing and royalty revenue was $1.1 million, up $0.7 million.

• Anticipate achieving positive free cash flow in 2026. - Milestones from Recordati tied to sales performance, starting at $100M sales. - U.S. net price expected to be relatively consistent in back half of 2025, with 2026 negotiations ongoing. - Gross margin to decline with partnered model, but offset by lower operating expenses from partnership agreements.

• Variability in product revenue due to quarter-to-quarter changes in partnership agreements, launch timing, and in-market demand. - Evolving science and potential changes in prescribing practices affecting market perception of VASCEPA and competing therapies. - Dependence on partners' ability to drive growth and meet sales milestones for Recordati-related payments.

Q: How should we think about the U.S. net price trajectory for the back half of '25 and into '26?

A: U.S. net price expected to be relatively consistent in back half of 2025; 2026 negotiations with payers ongoing.

Q: Any framework for future milestone payments from Recordati?

A: Milestones tied to sales performance, starting at $100M sales.

Q: How to think about gross margin over time with mix shift to partner supply sales?

A: Gross margin to decline with partnered model, but offset by lower operating expenses.

Q: Could 4Q '25 mark trough of European contribution as transition normalizes?

A: Restructuring costs trended down, with Q4 expected to have lower charges, moving towards normalization.

Q: How does fenofibrate update impact rest of world practices?

A: Fibrates' lack of cardiovascular benefit globally should lead to more patients considering VASCEPA.

Q: Why is Rest of World revenue declining?

A: Variability in rest of world revenue due to supply shipments to partners, with no large launches in current quarter