Amarin Corp. Plc Q4 FY2025 earnings call

• 2025 was a year of substantial achievement with a strategy to transform the business model and expand the Vascepa/Vazkepa franchise. Established exclusive long - term partnership with Recordati in mid - year to commercialize Vazkepa across Europe. - Achieved significant reduction in operating expenses, positive cash flow earlier than anticipated, and maintained debt - free balance sheet and ample cash balance. - As of 12/31/2025, realized about half of the estimated $70 million in total operating expense savings from global restructuring plan and expect full savings by 06/30/2026. - In the U.S., Vascepa retained market leadership, maintained major managed care exclusives and regained exclusive status with a large national PBM. - Recordati's agreement with Amarin includes commercializing Vazkepa across 59 countries, delivered immediate financial value, had commercial momentum with growing volume and end - market demand, advanced commercialization in Italy, expanded patient access in Austria and Slovenia. - Outside Europe, partners secured regulatory approvals in South Korea and Singapore, preparing to launch, and expect regulatory reviews in Thailand and Philippines to be advanced in 2026 with new filings in Vietnam and Malaysia. - Supported 45 abstracts, posters, and papers, with recent publications in AJPC and EJPC, and preparing to present at American College of Cardiology scientific sessions.

For 2025 fourth quarter, total net revenue was $49.2 million. U.S. sales declined 7% due to net selling price decline. Europe product revenue was $2.3 million (including $0.9 million supply shipments to Recordati) compared to $4.0 million in 2024. Rest of world revenues were $3.1 million compared to $11.9 million in last year's fourth quarter. Total operating expenses declined by 31% ($13.5 million), with cost of goods sold down 63% (excluding one - time items, down 10%), SG&A down 46% (41% of total net sales), R&D expenses stable, restructuring expense $4.1 million (down from $9.4 million in 2025). Operating loss narrowed to $2.3 million from $16.0 million in last year's fourth quarter (excluding restructuring charges). Cash flow from operations was $7.0 million in 2025, ending with $303 million in cash and investments, no debt, and working capital of $455 million.

• 2026 will be a pivotal year, a period of transition and recalibration, defined largely by the first full year of a partnered model in Europe. - Expect to generate positive cash flow for the full year in 2026 through cost - efficient revenue generation with U.S. franchise and new international business model, with OpEx profile significantly improved reflecting approximately $70 million in annualized savings to be achieved by 2026. - Anticipate normal first - quarter seasonality in the U.S. and quarterly fluctuations in revenue from supply shipments inherent in partnership agreements.

Q: Could you provide more color on the volume versus price dynamics in 4Q? And given that there seems to be net pricing pressure, has the calculus on launching an authorized generic changed at all, and what would the trigger look like?

A: In Q4, volume and price compared to Q3 remained relatively consistent. When looking into 2026, typically the majority of the full - year U.S. decline in volumes is seen in the first quarter based on annual changes for payers. Pricing has some pressure due to market dynamics in the generic environment. The normalized trend tends to flatten with more volume pressure in Q1 but leveling out in Q2, and pricing should be relatively consistent as long as exclusives are maintained.

Q: How confident are you you are able to sustain exclusivity with your existing exclusive formulary?

A: We are five years into the introduction of a generic. Our team has done an exceptional job, started the year maintaining exclusives, and are confident we can maintain them through the year, although it can be dynamic as seen in 2024 where a PBM was lost but regained in 2025, but we are starting the year in a confident position with exclusives in place and expect a good year.