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What were the key takeaways from Amarin's earnings call?

- **U.S. Market Dominance**: >50% IPE share sustained with 34% YoY revenue growth, driven by pricing and exclusive PBM regain.
- **Partnership Payoff**: Europe transition on track, with $70M OpEx savings flowing through to -22% operating margin (vs. -60% prior year).
- **FDA Label Win**: Fenofibrate's cardiovascular benefit removed, creating tailwind for VASCEPA in fibrate-heavy markets.
- **2026 Outlook**: Free cash flow target achievable via reduced OpEx offsetting gross margin decline from partner model.

**【CEO Summary Section】**
- **Strategic Partnerships**: Announced a fully partnered commercial model with Recordati in Europe, transitioning to 7 global partners covering 100 markets. Europe transition is on track for full handover by end-2025, with demand growth across all launch geographies.
- **Cost Efficiency**: Achieved $70 million OpEx savings through restructuring, with $17.2 million paid as of Q3. Operating loss reduced 56% YoY to $11.1 million, improving margin to -22% (vs. -60% prior year).
- **U.S. Market Resilience**: Maintained >50% share of IPE market, regaining exclusive status with a large PBM, driving $10.3 million U.S. revenue growth (34% YoY). Net selling price increased due to customer mix shift.
- **Scientific Validation**: VASCEPA included in 2025 ESC/EAS guidelines as Class IIa for high-risk patients, supported by REDUCE-IT data. FDA updated fenofibrate labeling to reflect lack of cardiovascular benefit, aligning with VASCEPA's proven outcomes.

**【CFO Financial Commentary】**
- **Revenue Performance**: Q3 2025 total revenue $49.7 million (+17% YoY), driven by U.S. sales ($40.9 million, +34% YoY). Europe product revenue $4.1 million (flat YoY), reflecting transition to partner model. Rest of World revenue $3.6 million (-50% YoY) due to launch timing variability.
- **Expense Management**: SG&A reduced 47% YoY to $19.7 million. R&D $4.2 million, supporting global regulatory efforts. Restructuring costs $9.4 million (total $32.2 million to date), with $17.2 million paid.
- **Cash Position**: $286.6 million in cash, no debt, supporting 2026 free cash flow target.

**【Q&A Key Highlights】**
- **U.S. Pricing Outlook**: Net price expected stable for remainder of 2025, with 2026 rebate negotiations ongoing. Historical trend shows 10%+ decline in early 2026 based on contracts.
- **Recordati Milestones**: Triggered at $100 million+ sales, with payments tied to sales growth. Europe sales momentum expected to accelerate post-transition.
- **Gross Margin Trajectory**: U.S. sales (higher margin) will decline as partner model (lower margin) scales. Operating margin improvement will offset gross margin contraction via reduced OpEx.
- **Fenofibrate Impact**: FDA label change may shift prescribing to VASCEPA, particularly in markets with high fibrate use. Europe and Rest of World partners may benefit from reduced competition.
- **Rest of World Volatility**: Supply shipments to partners vary by launch timing, with Q3 2025 Rest of World revenue down 50% YoY due to lack of new launches.

Amarin Corporation plc (AMRN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AMRN

AMRN fundamentals

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