Strategic Initiatives and Refined Business Model Produced Financial and Operating Efficiencies
Established Long-Term License and Supply Agreement to Commercialize VAZKEPA® Across Europe and Sustained U.S. Market Leadership for VASCEPA® Franchise
Total of 45 Publications (Abstracts, Posters, Manuscripts) Furthering the Expansion of the VASCEPA® /VAZKEPA® (icosapent ethyl) Body of Knowledge
Supported in 2025
“Our performance in the fourth quarter and full year of 2025 confirmed both the initial impact and long-term potential of our strategic initiatives and re-imagined operating model,” said
Q4 2025 Financial Highlights
| ($ in millions) | Q4 2025 | Q4 2024 | % Change | ||
| Total Net Revenue | (21)% | ||||
| Operating Expenses | (31)% | ||||
| Operating Loss Operating Margin % * | (13)% | (84)% | (88)% NM | ||
| Net Loss | (2)% | (78)% | (97)% NM | ||
| Cash | |||||
| * Operating margin is calculated as operating loss divided by total net revenue. NM – Not Meaningful | |||||
Q4 2025 Financial Performance
Comparisons to Q4 2024, unless otherwise stated
Revenues
| ($ in millions) | Q4 2025 | Q4 2024 | % Change | ||
| Product Revenue, net: U.S. Europe Rest-of-World (ROW) | (7)% (42)% (74)% | ||||
| Total Product Revenue, net | (23)% | ||||
| Licensing & Royalties | 20% | ||||
| Total Net Revenue | (21)% | ||||
| NM - Not Meaningful | |||||
Total Net Revenue: Decreased
Operating Expenses
Comparisons to Q4 2024, unless otherwise stated
| ($ in millions) | Q4 2025 | Q4 2024 | % Change | ||
| COGS | |||||
| SG&A | |||||
| R&D | |||||
| Restructuring | -- | NM | |||
| Total Operating Expenses * | |||||
| * Total operating expenses reflect the sum of SG&A, R&D, and Restructuring expenses. NM - Not Meaningful | |||||
Total Operating Expenses: Decreased
COGS: Decreased
SG&A: Decreased
R&D: Consistent with the prior year period.
Restructuring: The Company recognized
Additional Q4 2025 Financial Information
Comparisons to Q4 2024, unless otherwise stated
Operating Loss: Narrowed to
Net Loss: Improved to
Cash: Reported aggregate cash and investments of
Debt: Remained debt free as of
Fourth Quarter and Full Year 2025 Earnings Conference Call and Webcast Information
Amarin will host a conference call on February 25, 2026, at
About Amarin
Amarin is a global pharmaceutical company committed to reducing the cardiovascular disease (CVD) burden for patients and communities and to advancing the science of cardiovascular care around the world. We own and support a global branded product approved by multiple regulatory authorities based on a track record of proven efficacy and safety and backed by robust clinical trial evidence. Our commercialization model includes a direct sales approach in the
About VASCEPA®/VAZKEPA® (icosapent ethyl) Capsules
VASCEPA (icosapent ethyl) capsules are the first prescription treatment approved by the
United States Indications and Limitation of Use
VASCEPA is indicated:
- As an adjunct to maximally tolerated statin therapy to reduce the risk of myocardial infarction, stroke, coronary revascularization and unstable angina requiring hospitalization in adult patients with elevated triglyceride (TG) levels (= 150 mg/dL) and established cardiovascular disease or diabetes mellitus and two or more additional risk factors for cardiovascular disease.
- As an adjunct to diet to reduce TG levels in adult patients with severe (= 500 mg/dL) hypertriglyceridemia.
The effect of VASCEPA on the risk for pancreatitis in patients with severe hypertriglyceridemia has not been determined.
Important Safety Information
- VASCEPA is contraindicated in patients with known hypersensitivity (e.g., anaphylactic reaction) to VASCEPA or any of its components.
- VASCEPA was associated with an increased risk (3% vs 2%) of atrial fibrillation or atrial flutter requiring hospitalization in a double-blind, placebo-controlled trial. The incidence of atrial fibrillation was greater in patients with a previous history of atrial fibrillation or atrial flutter.
- It is not known whether patients with allergies to fish and/or shellfish are at an increased risk of an allergic reaction to VASCEPA. Patients with such allergies should discontinue VASCEPA if any reactions occur.
- VASCEPA was associated with an increased risk (12% vs 10%) of bleeding in a double-blind, placebo-controlled trial. The incidence of bleeding was greater in patients receiving concomitant antithrombotic medications, such as aspirin, clopidogrel or warfarin.
- Common adverse reactions in the cardiovascular outcomes trial (incidence =3% and =1% more frequent than placebo): musculoskeletal pain (4% vs 3%), peripheral edema (7% vs 5%), constipation (5% vs 4%), gout (4% vs 3%), and atrial fibrillation (5% vs 4%).
- Common adverse reactions in the hypertriglyceridemia trials (incidence >1% more frequent than placebo): arthralgia (2% vs 1%) and oropharyngeal pain (1% vs 0.3%).
- Adverse events may be reported by calling 1-855-VASCEPA or the FDA at 1-800-FDA-1088.
- Patients receiving VASCEPA and concomitant anticoagulants and/or anti-platelet agents should be monitored for bleeding.
FULL
For further information about the Summary of Product Characteristics (SmPC) for VAZKEPA® in
Globally, prescribing information varies; refer to the individual country product label for complete information.
Use of Non-GAAP Adjusted Financial Information
Included in this press release are non-GAAP adjusted financial information as defined by
Non-GAAP adjusted net (loss) income was derived by taking GAAP net loss and adjusting it for non-cash stock-based compensation expense, restructuring expense and other one-time expenses. Management uses these non-GAAP adjusted financial measures for internal reporting and forecasting purposes, when publicly providing its business outlook, to evaluate the company’s performance and to evaluate and compensate the company’s executives. The company has provided these non-GAAP financial measures in addition to GAAP financial results because it believes that these non-GAAP adjusted financial measures provide investors with a better understanding of the company’s historical results from its core business operations.
While management believes that these non-GAAP adjusted financial measures provide useful supplemental information to investors regarding the underlying performance of the company’s business operations, investors are reminded to consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. Non-GAAP measures have limitations in that they do not reflect all the amounts associated with the company’s results of operations as determined in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies, and management may utilize other measures to illustrate performance in the future.
Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including beliefs about Amarin’s key achievements in 2025 and the potential impact and outlook for achievements in 2026 and beyond; Amarin’s 2026 financial outlook and cash position; Amarin’s overall efforts to expand access and reimbursement to VAZKEPA across global markets; expectations regarding potential strategic collaboration and licensing agreements with third parties, including our ability to attract additional collaborators, as well as our plans and strategies for entering into potential strategic collaboration and licensing agreements and the overall potential and future success of VASCEPA/VAZKEPA and Amarin that are based on the beliefs and assumptions and information currently available to Amarin.
All statements other than statements of historical fact contained in this press release are forward-looking statements. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. A further 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. Amarin’s annual report on Form 10-K for the fiscal year ended 2025 will also be accessible there later this week. 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. Investors and others should note that Amarin communicates with its investors and the public using the company website (www.amarincorp.com), the investor relations website (www.amarincorp.com/investor-relations), including but not limited to investor presentations and investor FAQs, U.S. Securities and Exchange Commission filings, press releases, public conference calls and webcasts.
Amarin Contact Information
Media Inquiries:
PR@amarincorp.com
Investor Inquiries:
devin.sullivan.ext@amarincorp.com or conor.rodriguez.ext@amarincorp.com
Investor.relations@amarincorp.com
-Tables to Follow-
| CONSOLIDATED BALANCE SHEET DATA | ||||||||||
| ( | ||||||||||
| Unaudited * | ||||||||||
| (in thousands) | ||||||||||
| ASSETS | ||||||||||
| Current Assets: | ||||||||||
| Cash and cash equivalents | $ | 134,660 | $ | 121,038 | ||||||
| Restricted cash | 201 | 300 | ||||||||
| Short-term investments | 167,929 | 173,182 | ||||||||
| Accounts receivable, net | 126,832 | 122,279 | ||||||||
| Inventory | 195,910 | 166,048 | ||||||||
| Prepaid and other current assets | 24,350 | 12,552 | ||||||||
| Total current assets | 649,882 | 595,399 | ||||||||
| Property, plant and equipment, net | 12 | 16 | ||||||||
| Long-term inventory | — | 64,740 | ||||||||
| Operating lease right-of-use asset | 6,461 | 7,592 | ||||||||
| Other long-term assets | 1,055 | 1,213 | ||||||||
| Intangible asset, net | 13,365 | 16,389 | ||||||||
| TOTAL ASSETS | $ | 670,775 | $ | 685,349 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
| Current Liabilities: | ||||||||||
| Accounts payable | $ | 45,355 | $ | 40,366 | ||||||
| Accrued expenses and other current liabilities | 149,104 | 139,583 | ||||||||
| Total current liabilities | 194,459 | 179,949 | ||||||||
| Long-Term Liabilities: | ||||||||||
| Long-term operating lease liability | 6,080 | 7,723 | ||||||||
| Other long-term liabilities | 10,955 | 11,501 | ||||||||
| Total liabilities | 211,494 | 199,173 | ||||||||
| Stockholders’ Equity: | ||||||||||
| Common stock | 310,184 | 305,298 | ||||||||
| Additional paid-in capital | 1,923,801 | 1,914,750 | ||||||||
| (67,360 | ) | (65,326 | ) | |||||||
| Accumulated deficit | (1,707,344 | ) | (1,668,546 | ) | ||||||
| Total stockholders’ equity | 459,281 | 486,176 | ||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 670,775 | $ | 685,349 | ||||||
| * Unaudited as a standalone schedule; copied from consolidated financial statements | ||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS DATA | |||||||||||||||||||
| ( | |||||||||||||||||||
| Unaudited * | |||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| (in thousands, except per share amounts) | (in thousands, except per share amounts) | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Product revenue, net | $ | 46,543 | $ | 60,068 | $ | 182,753 | $ | 204,590 | |||||||||||
| Licensing and royalty revenue | 2,676 | 2,238 | 30,893 | 24,024 | |||||||||||||||
| Total revenue, net | 49,219 | 62,306 | 213,646 | 228,614 | |||||||||||||||
| Less: Cost of goods sold | 26,050 | 35,399 | 92,778 | 110,758 | |||||||||||||||
| Less: Cost of goods sold - restructuring inventory | — | 36,474 | — | 36,474 | |||||||||||||||
| Gross margin | 23,169 | (9,567 | ) | 120,868 | 81,382 | ||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Selling, general and administrative (1) | 20,059 | 36,970 | 115,003 | 152,310 | |||||||||||||||
| Research and development (1) | 5,371 | 5,985 | 19,806 | 20,869 | |||||||||||||||
| Restructuring | 4,064 | — | 36,229 | — | |||||||||||||||
| Total operating expenses | 29,494 | 42,955 | 171,038 | 173,179 | |||||||||||||||
| Operating loss | (6,325 | ) | (52,522 | ) | (50,170 | ) | (91,797 | ) | |||||||||||
| Interest income | 2,570 | 3,371 | 10,853 | 13,403 | |||||||||||||||
| Interest expense | (1 | ) | (3 | ) | (7 | ) | (7 | ) | |||||||||||
| Other income (expense), net | 2,904 | (753 | ) | 3,276 | 1,201 | ||||||||||||||
| Loss from operations before taxes | (852 | ) | (49,907 | ) | (36,048 | ) | (77,200 | ) | |||||||||||
| (Provision for) benefit from income taxes | (372 | ) | 1,289 | (2,750 | ) | (4,983 | ) | ||||||||||||
| Net loss | $ | (1,224 | ) | $ | (48,618 | ) | $ | (38,798 | ) | $ | (82,183 | ) | |||||||
| Loss per share: | |||||||||||||||||||
| Basic | $ | (0.00 | ) | $ | (0.12 | ) | $ | (0.09 | ) | $ | (0.20 | ) | |||||||
| Diluted | $ | (0.00 | ) | $ | (0.12 | ) | $ | (0.09 | ) | $ | (0.20 | ) | |||||||
| Weighted average shares outstanding: | |||||||||||||||||||
| Basic | 416,000 | 411,293 | 414,984 | 410,937 | |||||||||||||||
| Diluted | 416,000 | 411,293 | 414,984 | 410,937 | |||||||||||||||
| * Unaudited as a standalone schedule; copied from consolidated financial statements | |||||||||||||||||||
| (1) Excluding non-cash stock-based compensation, selling, general and administrative expenses were | |||||||||||||||||||
| RECONCILIATION OF NON-GAAP NET (LOSS) INCOME | ||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||
| Three months ended | Year Ended | |||||||||||||||||||||
| (in thousands, except per share amounts) | (in thousands, except per share amounts) | |||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net (loss) income for EPS - GAAP | $ | (1,224 | ) | $ | (48,618 | ) | $ | (38,798 | ) | $ | (82,183 | ) | ||||||||||
| Stock-based compensation expense | 1,559 | 3,400 | 11,705 | 17,705 | ||||||||||||||||||
| Restructuring expense | 4,064 | — | 36,229 | — | ||||||||||||||||||
| Restructuring Inventory | — | 36,474 | — | 36,474 | ||||||||||||||||||
| ADS Ratio Change Fees | — | — | 2,015 | — | ||||||||||||||||||
| Licensing Agreement Fees | — | — | 5,038 | — | ||||||||||||||||||
| Adjusted net (loss) income for EPS - non-GAAP | $ | 4,399 | $ | (8,744 | ) | $ | 16,189 | $ | (28,004 | ) | ||||||||||||
| Basic and diluted | ||||||||||||||||||||||
| (Loss) earnings per share: | ||||||||||||||||||||||
| Basic - non-GAAP | $ | 0.01 | $ | (0.02 | ) | $ | 0.04 | $ | (0.07 | ) | ||||||||||||
| Diluted - non-GAAP | $ | 0.01 | $ | (0.02 | ) | $ | 0.04 | $ | (0.07 | ) | ||||||||||||
| Weighted average shares: | ||||||||||||||||||||||
| Basic | 416,000 | 411,293 | 414,984 | 410,937 | ||||||||||||||||||
| Diluted | 433,019 | 411,293 | 427,104 | 410,937 | ||||||||||||||||||
