Amarin Reports Third Quarter 2023 Financial Results | AMRN Message Board Posts


Amarin Corporation plc

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Msg  9252 of 9284  at  11/1/2023 7:44:46 AM  by

leighlogan


Amarin Reports Third Quarter 2023 Financial Results

-- Company Reported Total Net Revenues of $66 Million in the Third Quarter 2023 --

-- Delivered Positive Cash Flow of $8 Million in the Quarter, Marking Fifth Consecutive Quarter of Cash Positive Operations1; Quarter-Ending Cash Position of $321 Million --

-- Company Continues to Deliver Significant U.S. Profit Through Extended Lifecycle and Market Leadership of Branded VASCEPA® --

-- Early Launch Progress in European Countries Driven by New Leadership --

-- Company to Host Conference Call Today at 8:00 a.m. ET --

DUBLIN, Ireland and BRIDGEWATER, N.J., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ:AMRN) today announced financial results for the quarter ended September 30, 2023 and provided an update on company operations.

“As we focus on demonstrating results that will drive shareholder value, there are reasons to be optimistic about the future of Amarin,” said Patrick Holt, President & CEO of Amarin. “We have a strong balance sheet, with $321 million in cash, including five consecutive quarters of positive cash flow and no debt, proving that we can manage our cash effectively. In the US, we continue to extend the lifecycle and retain market leadership with branded VASCEPA® which provides meaningful profit and cash flow for the overall business. We have more work to do to accelerate revenues in Europe, but I am encouraged by the impact of new leadership and our team, delivering early results in recently launched countries. We have also seen early progress made by partners in the rest of the world, particularly our opportunity in China.”

“For our team moving forward, our path forward is simple -- to maximize the number of patients on our product, which will accelerate operational momentum and drive shareholder value,” said Holt.

Europe

Amarin has continued to make progress with both commercial and pricing and reimbursement efforts in Europe.

Amarin has early launches of VAZKEPA underway in several European countries, including the UK (England, Wales & Scotland), Spain and the Netherlands, with initial positive progress driven by launch efforts being implemented under new leadership.

In addition to these launch activities, the team in Europe is continuing to advance various Health Technology Assessment (HTA) processes and pricing & reimbursement discussions in all markets where Amarin has submitted market access dossiers. In July and August 2023, Amarin announced the following positive pricing and reimbursement milestones:

The Spanish Drug Pricing Committee recommended the national reimbursement of VAZKEPA® (icosapent ethyl) to reduce the risk of cardiovascular (CV) events in patients with high cardiovascular risk.

The Dutch Ministry of Health approved VAZKEPA for national reimbursement in the Netherlands.

The Scottish Medicines Consortium (SMC) accepted VAZKEPA for reimbursement.


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