Amarin Corp. Plc Q3 FY2024 earnings call

• Cardiovascular disease remains the number one killer globally, and VASCEPA/VAZKEPA offer a proven solution. • In Europe, progress includes extending IP for VAZKEPA through 2039, launching in eight countries, and securing pricing/reimbursement in Greece and Portugal. • In the U.S., VASCEPA maintains over 50% share of the IPE market despite generic competition. • Internationally, partnerships in Australia and China are making progress, with VAZKEPA launching in Australia and VASCEPA gaining regulatory approval in China. • R&D teams continue to generate publications and abstracts supporting the value of VASCEPA/VAZKEPA, and regulatory approvals have been achieved in South Africa and China.

In the third quarter of 2024, Amarin reported total net revenue of $42.3 million, including net product revenue of $41.9 million and $400,000 of licensing and royalty revenue. U.S. product revenue was $30.6 million in Q3 2024, down from $62.4 million in Q3 2023, driven by lower net selling price and volume decline. European net product revenue was $4.3 million in Q3 2024, a $3.5 million increase from the prior year period, primarily due to revenue growth from Spain and the UK.

• Continue to focus on expanding access to VAZKEPA globally. • Monitor market dynamics and cash position to manage costs and prioritize investments. • Keep an eye on opportunities to accelerate growth in key markets like Europe and others through execution and strategic partnerships.

• Market competition, particularly generic pressure in the U.S. leading to pricing and volume challenges. • Reimbursement challenges in international markets, including Europe, which can slow down access to VAZKEPA for patients. • Uncertainty around the pace of market adoption and regulatory processes in various regions.

Q: Given the increasing rebating in 2024 for VASCEPA, what are expectations for net pricing pressure going forward in the short-term? And are there additional trials or data points to enable greater reimbursement coverage for VAZKEPA in EU and/or China?

A: Aaron Berg noted rebates will continue due to generic competition in U.S., but the team has maintained 50% share. Steve Ketchum mentioned ongoing subgroup analyses in high-risk patients to support reimbursement in Europe.

Q: Can you give color on momentum in the rest of the world in terms of revenue and growth dynamics in EU? And thoughts on net price going forward in U.S.?

A: Aaron Berg highlighted momentum in rest of the world due to partnerships and early launches. Peter Fishman stated net price pressure continues in U.S. due to generic environment and shift to Medicare Part D.

Q: About prioritization of capital, status of share repurchase program, and business development opportunities?

A: Pete Fishman said share repurchase program is being monitored; no shares repurchased yet. Aaron Berg mentioned focus is on executing with VAZKEPA and VASCEPA currently, with future business development considered if relevant