Amarin Corporation plc Q1 FY2026 earnings call

• Company continued momentum from late 2025 into Q1 2026, demonstrating progress in new business model and global restructuring. Substantially completed global restructuring and on track to achieve $70 million in total operating expense savings by June 30, 2026.
• U.S. business: Despite revenue declines from generic competition, SEPA remains U.S. market leader. Overall IPE market rose 3% in Q1 2026 vs Q1 2025, and SEPA's market share rose to 48% at March 31, 2026, up from 42% in same period last year; SEPA branded prescriptions rose 17% in Q1 2026 vs Q1 2025.
• European business: Growth engine with exclusive license and supply agreement with Recordati. European revenue in Q1 2026 rose significantly from Q4 2025, with Recordati commencing sales of Vescappa in 10 countries. Focus on liquid management in Europe due to aging populations, unmet need, etc.
• World other regions: Continued growth with additional international partners in China, Australia, Canada, and Middle East. Preparing for early 2027 launches in South Korea and Singapore, monitoring regulatory reviews in other countries, and on track to submit new filing in Malaysia in Q2 2026.
• New guideline updates: American College of Cardiology, American Heart Association, etc., updated guidelines position icospin ethyl as important for reducing cardiovascular event risk in certain patients, reinforcing SEPA's position in treatment flow.

Total net revenue in Q1 2026 was $45.1 million, up from $42 million in Q1 2025. U.S. revenue was consistent with Q1 2025; volume was higher due to regaining exclusive status with a PBM starting in Q3 2025 but offset by payer pricing changes. European product revenue in Q1 2026 was $4.9 million under the new partnered model, down from $5.4 million in Q1 2025 but more than doubling from Q4 2025 ($2.3 million) with significantly lower cost and improved operating margins. Rest of world revenue in Q1 2026 was $2.8 million, whereas there were no supply shipments to other partners in Q1 2025.

• Expect to maintain positive cash flow in 2026.
• U.S. business intends to maintain exclusives with key payers through end of 2026 while retaining coverage in non-exclusive accounts.
• Continue to advance organic growth initiatives in European and rest-of-world markets through partnerships and regulatory progress.

Q: Jessica Fry with JP Morgan asked about the trend in U.S. net price over the remainder of the year and the sustainability of positive cash flow beyond 2026.

A: Pete mentioned that for U.S. NSP, bulk of year-over-year change occurs in Q1, and rest of year MSP and volumes expected to be consistent, with expectation to keep exclusive contracts through 2026; for cash flow beyond 2026, confident it will continue as driven by retaining exclusive contracts.

Q: Paul Choi with Goldman Sachs asked about physician feedback on utilizing SEPA after guideline changes and future return of cash to shareholders.

A: Aaron commented on positive physician feedback due to guidelines and increasing focus on triglycerides, and mentioned working with Barclays to consider strategic opportunities to return value to shareholders like cash buyback.

Q: Michael Ahn with Learing Partners asked about strategy around launching an authorized generic and underlying growth demand in rest of world market.

A: Regarding authorized generic, company believes strategy of focusing on payers and exclusives has paid off and will launch if market dynamics change; on rest of world, pleased with in-market demand growth with partners, at early stages, and milestones based on in-market sales for partners like Recordati but no specific guidance provided yet