Market share dropped from 63% in Q4/22 to 57% in Q1/23 - that's bad, really bad - they had been maintaining +60% market share until now:
U.S. product net revenue was $82.3 million in the first quarter of 2023, compared to $88.0 million in the fourth quarter of 2022, a decrease of seven percent. The Company maintains approximately 57% market share of the IPE molecule despite generic competition as the U.S. commercial organization continues an efficient support of branded VASCEPA.
UK sales STILL haven't started and they probably won't before EOY:
Amarin has early launches underway of VAZKEPA in the U.K. (England & Wales), Sweden and Finland. To date in the U.K., Amarin is working to secure VAZKEPA patient access through local formulary negotiations, and we expect those negotiations will continue to progress throughout 2023.
Don't know which country is actually selling V in the EU, but they made a paltry $0.4M in royalties there - and HLS/Canada is still not giving them any significant income either, just $0.6M in royalties after being available for well over a year:
Total net revenue for the three months ended March 31, 2023, was $86.0 million, compared to $94.6 million in the corresponding period of 2022, a decrease of 9%. Net product revenue for the three months ended March 31, 2023, was $84.7 million, compared to $94.0 million in the corresponding period of 2022, a decrease of 10%. This decrease was driven by a decline in volume and net selling price due to the impact of generic competition in the U.S. In Europe revenue was $0.4 million in the first quarter of 2023.
Amarin recognized licensing and royalty revenue of approximately $1.3 million and $0.6 million during the three months ended March 31, 2023, and 2022, respectively, from VASCEPA-related commercial sales from our partners in Canada, the China region and the Middle East, as well as an upfront licensing fee from our partner in Australia and New Zealand.
Margins continue to get worse, COGS skyrocketed - margins used to be close to 80%, now down to 70%, and I believe Q4/22 margins were better if you don't include the impact of the $12.3M hit in Q1 to redo supplier agreements - worsening margins over time is a recipe for failure - what's Denner going to do to reverse that?
Cost of goods sold for the three months ended March 31, 2023, was $38.0 million, compared to $22.2 million in the corresponding period of 2022. Amarin’s overall gross margin on net product revenue for the three months ended March 31, 2023 was 55%, compared with 76% for the corresponding period of 2022. During the three months ended March 31, 2023, Amarin amended a supplier agreement resulting in a charge of $12.3 million. Excluding the impact of this item, gross margin was 70% for the three months ended March 31, 2023. The remaining decrease in gross margin is primarily a result of a decrease in net selling price.