Amarin Corporation plc Q2 FY2026 earnings call

Strategic & Commercial Overview

• Q2 2026 marks the one-year anniversary of Ameren's dual commercial strategy, which combines a company-managed U.S. business with a fully partnered international commercial platform. Restructuring activities are complete, resulting in a significantly lower cost base and a scalable, sustainable growth model.
• As of Q2 end 2026, VSCEPA is commercially available in 22 countries. Cumulative year-over-year in-market demand for VSCEPA across the global partner network rose 59% as of June 30, 2026.
• Exclusivity with key U.S. payers is expected to be maintained through the end of 2026. Despite ongoing generic pressure, VSCEPA holds a leading 48% share of the U.S. IPE market (up from 43% year-over-year), and branded prescriptions increased 14% year-over-year in Q2 2026. U.S. volumes are expected to remain stable through end-2026.
• Under the exclusive license and supply agreement with Recordati covering 59 European countries, 11 European countries have launched VSCEPA (including a recent launch in Romania), with in-market demand up 69% year-over-year in Q2 2026. Commercial momentum under Recordati exceeds pre-partnership Ameren-led European growth rates.
• Outside the U.S. and Europe, recent regulatory approvals for VSCEPA were secured in Singapore and South Korea, with launches planned for 2027.

R&D, Medical & Regulatory Activities

• Ameren continues to invest in scientific research to expand evidence for high-dose icosapent ethyl, supporting global partners and reinforcing VSCEPA's role in cardiovascular care. A new post-hoc analysis from the landmark REDUCE-IT trial was presented at the 2026 EAS Congress, adding to the body of research on residual cardiovascular risk identification.
• High-dose icosapent ethyl has received formal recommendation from the 2026 ACC AHA Multisociety Dyslipidemia Guideline and the ACC AHA Multisociety Cardiovascular Kidney Metabolic Syndrome Guideline, alongside endorsements from more than 70 global medical societies.
• Upcoming scientific activities include supporting partner educational and abstract presentations at the August 2026 CSANS Annual Scientific Meeting and the 2026 European Society of Cardiology (ESC) Congress, where five Ameren-supported abstracts will be presented and a new European cardiovascular guideline is expected to be released.

Financial & Operational Progress

• Restructuring completed in mid-2025 delivered the targeted ~$70 million in annual cost savings. Q2 2026 total operating expenses declined 59% year-over-year to $27 million, and fell 38% year-over-year when excluding the 2025 Q2 restructuring charge. Selling, general and administrative expenses declined 43% year-over-year to $22.2 million.
• Ameren generated positive operating cash flow for the third consecutive quarter, with cash and investments totaling $314.6 million as of Q2 end 2026 (up $11.6 million from year-end 2025) and zero debt on the balance sheet.
• Disciplined inventory management reduced inventory by $19.5 million quarter-over-quarter and $31.8 million year-to-date, supporting working capital efficiency and cash generation.
• Management is actively evaluating additional shareholder value-enhancement opportunities with exclusive financial advisor Barclays.

Total net revenue for Q2 2026 was $42.2 million, down from $72.7 million in Q2 2025 (which included a $25 million upfront payment from the Recordati transaction). Total product revenue was $39.1 million, down from $46.6 million year-over-year.

• U.S. product segment: Revenue of $32.2 million, accounting for 82.4% of total Q2 2026 product revenue, down from $36.5 million in Q2 2025. The decline is driven by ongoing generic pricing pressure, partially offset by higher volumes. The U.S. business remains profitable and cash-generating.
• Europe product segment: Revenue of $5.4 million, accounting for 13.8% of total Q2 2026 product revenue, down from $6.6 million in Q2 2025 (this reflects the transition to the Recordati partnership model, as all Q2 2026 European revenue consists of supply shipments to Recordati). Revenue increased 11% quarter-over-quarter from Q1 2026 and was up 140% from Q4 2025.
• Rest of world product segment: Revenue of $1.4 million, accounting for 3.6% of total Q2 2026 product revenue, down from $3.5 million in Q2 2025, due to normal variances across developing markets.

• Management expects to generate positive cash flow for full year 2026, maintaining the trend of three consecutive positive cash flow quarters through Q2 2026.
• U.S. VSCEPA volumes are expected to remain stable through the end of 2026, and existing payer exclusivity is expected to be maintained through the end of 2026.
• No formal full-year revenue guidance is provided, but management confirms that growing in-market demand under partner commercialization will drive corresponding revenue growth over time.
• The previously authorized share repurchase program remains approved by the UK High Court through Q2 2029, and management continues to evaluate all capital deployment options to benefit shareholders with no preset timeline for action.

• European country-level pricing, reimbursement and market access processes follow distinct national regulatory requirements even under an overarching EU framework, leading to variable launch timelines and uncertain access outcomes across different markets, with large potential markets like France facing lengthy approval timelines.
• The U.S. business continues to face persistent generic pricing pressure that has driven year-over-year revenue declines, which could pressure profitability and cash generation if volume gains do not offset further price reductions.
• All forward-looking statements related to international growth, revenue, and profitability are subject to material risks and uncertainties that could cause actual results to differ materially from expectations, with key risk factors detailed in Ameren's SEC filings.

Q: What is the current status of reimbursement and launch progress across key European markets, and what is the outlook for expansion into major untapped markets like France? / A: Reimbursement is already in place for launched markets including the UK, Spain, Portugal, and Italy (a large, high-priority omega-3 market where Recordati has deep established infrastructure). Early in-market demand growth is very strong, and Recordati has prioritized VSCEPA as a key cardiovascular brand, with positive growth that Recordati highlighted in its own recent earnings call. Recordati is actively exploring reimbursement and launch opportunities across its 59-country territory, including France, but the process in France is lengthy and no concrete timeline is available at this stage.

Q: Q2 2026 cost of goods sold (COGS) came in higher than consensus analyst forecasts. Is this elevated level sustainable as volume grows going forward? / A: The year-over-year increase in COGS is primarily driven by higher volumes from regaining an exclusive PBM relationship in the U.S. that took effect in Q3 2025, and the weighted average inventory accounting method that Ameren uses. COGS is expected to level off starting in Q3 2026. Renegotiated long-term supply agreements have already reduced inventory to appropriate levels and stabilized underlying purchasing cost structures.

Q: How much of the $3.1 million Q2 2026 licensing revenue comes from Recordati royalties, and what is the revenue growth trajectory from the partnership? / A: Total royalty revenue from all partners, including Recordati, was $1.4 million in Q2 2026, which represents growth from Q1 2026. Royalties and supply revenue from Recordati are growing alongside the 69% year-over-year increase in in-market demand for VSCEPA in Europe, following the early commercialization stage. The current quarter-over-quarter revenue growth of 11% in Europe reflects this accelerating momentum.