Amarin Corporation plc (NASDAQ: AMRN) today announced that it has
initiated an organizational restructuring program to right-size and
strengthen the Company to enhance shareholder value.
Over the last several months, the new Amarin Board
of Directors and senior management team have conducted a
comprehensive review of the business. VASCEPA®/VAZKEPA® is
supported by a wealth of clinical data and backed by strong science
that can benefit patients around the world. Amarin continues to
generate revenue in the U.S. and maintains a strong cash position.
However, the restructuring announced today reflects the need for a
thoughtful and significant change in strategy given the Company’s
size, resources and challenging operating environment. The Company
expects these actions will reduce operating costs by approximately
$40 million annually.
Amarin’s refocused strategic priorities and
restructuring plan focuses on three core areas:
- Maximizing U.S. Cash Flow Through Streamlined
Model: Amarin will maintain VASCEPA as a cost-effective
option to generics while implementing a reduction in force of all
U.S. sales force positions and approximately 30% of non-sales
roles. Amarin will retain its managed care and trade organization
to support these efforts. The Company will continue to explore
innovative approaches to driving revenue as well as the timing of
an authorized generic version of VASCEPA to maintain its leadership
position in the icosapent ethyl (IPE) market.
- European Redesign: Amarin will redesign its
commercial infrastructure in Europe to better align with pricing
and reimbursement status, commercial potential and progress to
date, as well as streamline certain cross-geographic functions and
better leverage learnings across countries. In addition, Amarin
will continue to advance its pricing and reimbursement activities
to drive access in remaining geographies, including those where
progress has been delayed.
- Expanding Upon International Partnerships:
Amarin will work on generating revenue from its partnerships in key
international markets, including Canada, MENA, China and Australia
/ New Zealand, and will continue to explore additional
partnerships.
“A thorough review confirmed our belief in the
inherent value of Amarin and the need for change when it comes to
managing the business for value creation,” said Odysseas Kostas,
M.D., and Chairman of the Board. “The actions we have taken since
joining the Board reflect our ongoing efforts to turn around the
company. The organizational restructuring and our new CEO hire
announced today will support those strategic efforts. Our focus
continues to be bringing VASCEPA/VAZKEPA to high-risk patients and
generating value for Amarin shareholders as we execute against this
strategy.”
“We are grateful for the efforts and commitments of
our impacted colleagues who have worked tirelessly to advance our
mission in the U.S. and globally,” said Aaron Berg, Amarin’s
Interim President and CEO. “These are difficult, but necessary
decisions to best position Amarin for the future and ensure we can
give millions of patients globally the opportunity to access
VASCEPA/VAZKEPA. We maintain strong conviction around
VASCEPA/VAZKEPA, which is supported by a wealth of clinical data
and backed by strong science, particularly the results of the
REDUCE-IT trial and its impact on cardiovascular outcomes, which
clearly underscore the product’s value in addressing a significant
unmet need to reduce major adverse cardiovascular events in
high-risk patients.”
Preliminary Q2 2023 Earnings
Results
In connection with today’s announcement, Amarin
also announced preliminary unaudited financial results for the
second quarter of 2023, including product revenue of approximately
$65 million compared to $85 million in the first quarter of 2023.
For the quarter, the Company had positive cash flow of $9 million,
which includes a $5 million milestone payment following the recent
VHTG regulatory approval in China. The second quarter end cash
position was $313 million versus $304 million at the end of the
first quarter. Further details will be discussed on today’s
conference call.
“In the second quarter, we maintained our U.S.
prescription volume for VASCEPA and our overall cash position is
positive,” Mr. Berg said. “However, our product revenue was
impacted by increasing net pricing pressure and other inter-quarter
variability in the U.S. and we also saw slower than expected
revenue materialization and pricing and reimbursement access in
Europe. As a result, we are taking decisive and significant actions
to realign our business, which will maximize our strong cash
position while putting us on the right path to enhance shareholder
value.”
Conference Call and Webcast
Information
Amarin will host a conference call on July 18,
2023, at 5:00 p.m. EDT to discuss this announcement and the
Company’s preliminary financial results. The conference call can be
accessed on the investor relations section of the Company's website
at www.amarincorp.com, or via telephone by dialing 888-506-0062
within the United States, 973-528-0011 from outside the United
States, and referencing conference ID 897730. A replay of the call
will be made available for a period of one week following the
conference call. To listen to a replay of the call, dial
877-481-4010 from within the United States and 919-882-2331 from
outside of the United States, and reference conference ID 48709. A
replay of the call will also be available through the Company's
website shortly after the call.
In light of the call scheduled for today, Amarin
will release its full second quarter 2023 financial results on
August 2, 2023, but will not hold a conference call at that
time.
About Amarin
Amarin is an innovative pharmaceutical company
leading a new paradigm in cardiovascular disease management. Amarin
is committed to increasing the scientific understanding of the
cardiovascular risk that persists beyond traditional therapies and
advancing the treatment of that risk for patients worldwide. Amarin
has offices in Bridgewater, New Jersey in the United States, Dublin
in Ireland, Zug in Switzerland, and other countries in Europe as
well as commercial partners and suppliers around the world.
Forward-Looking StatementsThis
press release contains forward-looking statements, within the
meaning of U.S. securities laws, including, but not limited to,
expectations regarding Amarin’s financial performance, metrics, and
initiatives, including its 2023 revenues, operating expenses,
supply purchases, negotiations and settlements, product
prescriptions and managed care coverage, continued savings from
cost-cutting initiatives that is currently exceeding initial
targets, and Amarin’s overall ability to continue to deliver stable
revenues and cash position from its U.S. business; beliefs about
the timing and outcome of international commercial partnerships,
regulatory filings, reviews, recommendations, approvals, and
related reimbursement decisions and commercial launches of
VASCEPA/VAZKEPA outside of the U.S.; beliefs that Amarin’s current
resources are sufficient to fund projected operations; and beliefs
about the overall world-wide market potential and success of
VASCEPA/VAZKEPA generally. These forward-looking statements are not
promises or guarantees and involve substantial risks and
uncertainties. A list and description of these risks, uncertainties
and other risks associated with an investment in Amarin can be
found in Amarin’s filings with the U.S. Securities and Exchange
Commission, including Amarin’s most recent quarterly report on Form
10-Q for the quarter ended March 31, 2023. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date they
are made. Amarin undertakes no obligation to update or revise the
information contained in its forward-looking statements, whether as
a result of new information, future events or circumstances or
otherwise. Amarin’s forward-looking statements do not reflect the
potential impact of significant transactions the company may enter
into, such as mergers, acquisitions, dispositions, joint ventures
or any material agreements that Amarin may enter into, amend or
terminate.
Availability of Other Information About
AmarinInvestors and others should note that Amarin
communicates with its investors and the public using the company
website (www.amarincorp.com), the investor
relations website (amarincorp.gcs-web.com), including but not
limited to investor presentations and investor FAQs, U.S.
Securities and Exchange Commission filings, press releases, public
conference calls and webcasts. The information that Amarin posts on
these channels and websites could be deemed to be material
information. As a result, Amarin encourages investors, the media,
and others interested in Amarin to review the information that is
posted on these channels, including the investor relations website,
on a regular basis. This list of channels may be updated from time
to time on Amarin’s investor relations website and may include
social media channels. The contents of Amarin’s website or these
channels, or any other website that may be accessed from its
website or these channels, shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933.
Amarin Contact Information
Investor Inquiries:Jordan Zwick Amarin Corporation
plcIR@amarincorp.com
Media Inquiries:Mark MarmurAmarin Corporation
plcPR@amarincorp.com
Amarin (NASDAQ:AMRN)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Amarin (NASDAQ:AMRN)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024