Amarin Corporation Reports 26% Revenue Decline to $228.6 Million for Fiscal Year 2024

Amarin Corporation plc reported total net revenue of $228.6 million for the fiscal year ended December 31, 2024, a 26% decrease compared to $306.9 million in 2023. This decline was primarily driven by a $107.2 million decrease in U.S. net product revenue, partially offset by increases in net product revenue from sales outside the U.S. ($26.5 million) and licensing and royalty revenue ($2.4 million). The decrease in U.S. revenue resulted from a lower net selling price due to generic competition, decreased volume stemming from the loss of a major PBM, and a change in the estimate adjustment for Medicaid rebates in 2023. Amarin's share of the U.S. icosapent ethyl market decreased to approximately 53% in 2024 from 57% in 2023, while VASCEPA branded prescriptions fell by 9%.

The company's gross margin on product sales decreased to 28% in 2024 from 50% in 2023. Excluding restructuring inventory and inventory write-off charges, gross margin was 50% and 66%, respectively. Selling, general, and administrative expenses decreased by 24% to $152.3 million in 2024, primarily due to cost reductions from the Organizational Restructuring Program (ORP) implemented in July 2023, which eliminated the U.S. sales force and reduced the overall employee base by approximately 30%. Research and development expenses decreased by 6% to $20.9 million. Restructuring expenses were nil in 2024, compared to $11.0 million in 2023, reflecting the completion of the ORP.

International sales of VASCEPA contributed $37.9 million to net product revenue in 2024, up from $8.1 million in 2023. This increase reflects the ongoing commercialization efforts in Europe, where VAZKEPA has received marketing authorization in several countries, and in other regions such as China and Canada. The company continues to pursue pricing and reimbursement approvals in additional countries and is leveraging a hybrid commercial model combining digital and in-person approaches. Licensing and royalty revenue increased due to milestone payments related to regulatory approvals in China and Australia, as well as royalties from sales in various territories. As of December 31, 2024, Amarin had $294.5 million in cash and short-term investments and no outstanding debt.

Amarin experienced significant leadership changes during 2024, with Patrick Holt resigning as President and Chief Executive Officer and Tom Reilly resigning as Chief Financial Officer. Aaron Berg and Peter Fishman were appointed to succeed them, respectively. The company's outlook remains focused on maximizing VASCEPA sales globally, continuing to pursue regulatory approvals and favorable pricing and reimbursement in key markets, and managing its operations efficiently. The company acknowledges numerous risks, including competition from generic drug companies in the U.S., challenges in securing favorable pricing and reimbursement internationally, and the inherent uncertainties in the pharmaceutical industry. The company also notes ongoing litigation related to antitrust and patent infringement claims.