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


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Msg  9253 of 9284  at  11/1/2023 1:53:02 PM  by

ex_hacker202


 In response to msg 9252 by  leighlogan
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Re: Amarin Reports Third Quarter 2023 Financial Results

You left out the damning part - new management is no better than old management - no surprise there - what this "new path in Italy" thing is I have no clue:
 
Although Italy's AIFA issued a negative reimbursement decision for VAZKEPA in that country, Amarin has finalized a new path forward to seek access to VAZKEPA for Italian patients by the end of 2024. In France, Amarin continues to progress its access strategy for VAZKEPA with the national health authorities. The Company does not expect this process to conclude in 2024. In Germany, Amarin is exploring new options to re-enter the market, and the Company will update investors in the coming quarters.
 It's going to take >5 yrs since the EMA approved V to get France into the fold? WTF?!? Goddamn socialist politicians and nationalized health care seem to put up every roadblock they can to NOT allow new drugs into their systems.
 
Reading further, their margins continue to shrink - 44% is downright horrible:
Cost of goods sold for the three months ended September 30, 2023, was $36.2 million, compared to $27.0 million in the corresponding period of 2022. Amarin’s overall gross margin on net product revenue for the three months ended September 30, 2023 was 44%, compared with 70% for the corresponding period of 2022. As a result of amended supplier agreements Amarin recognized a charge of $12.7 million during the three months ended September 30, 2023. During the three months ended September 30, 2022, Amarin also amended a supplier agreement resulting in a charge of $3.1 million. Excluding the impact of these one-time items, gross margin was 64% and 73% for the three months ended September 30, 2023 and 2022, respectively.
 
 How does cash go from $306M to to $321M while AMRN has a net loss of $19M? Something to do with GAAP accounting?
 
Under U.S. GAAP, Amarin reported a net loss of $19.3 million for the three months ended September 30, 2023, or basic and diluted loss per share of $0.05. For the three months ended September 30, 2022, Amarin reported a net loss of $5.1 million, or basic and diluted loss per share of $0.01. Amarin reported aggregate cash and investments of $321 million as of September 30, 2023 compared to $306 million as of September 30, 2022.


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