Amarin Corporation plc — Q3 2026 Earnings Summary

Financial Performance:

• Total Net Revenue for Q3 2026 was $39.6 million, a 20% decrease from $49.7 million in Q3 2025; for the nine months ended September 30, 2026, revenue was $126.9 million, down 23% from $164.4 million in the prior period.
• U.S. product revenue declined 30% year-over-year to $28.5 million in Q3 2026, while Rest-of-World (ROW) product revenue increased 29% to $4.7 million; European product revenue decreased 9% to $3.7 million.
• Licensing and Royalty revenue increased 139% year-over-year to $2.7 million in Q3 2026, driven by increased partner sales.
• Operating Expenses decreased 44% to $18.5 million in Q3 2026 from $33.3 million in Q3 2025; for the nine-month period, operating expenses fell 47% to $74.6 million from $141.5 million.
• The company reported a Net Income of $0.2 million (GAAP) for Q3 2026, compared to a Net Loss of $7.7 million in Q3 2025; for the nine months ended September 30, 2026, the Net Loss was $17.9 million, improved from $37.6 million in the prior period.
• Operating Margin improved 16 percentage points to (6)% in Q3 2026 from (22)% in Q3 2025; Net Margin improved 16 percentage points to 1% in Q3 2026 from (16)% in Q3 2025.
• Net Cash Provided by Operating Activities was $9.2 million in Q3 2026, compared to $7.0 million in Q4 2025 and $6.6 million in Q2 2026.
• Cash, Cash Equivalents, and Short-Term Investments totaled $323.4 million as of September 30, 2026, up from $302.6 million at the end of Q4 2025.
• Inventory decreased to $158.9 million in Q3 2026 from $195.9 million in Q4 2025.
• The company remains debt-free with $0 debt outstanding as of September 30, 2026.
• Cost of Goods Sold (COGS) decreased 15% to $23.4 million in Q3 2026, while SG&A decreased 27% to $14.3 million and R&D remained flat at $4.2 million.

Guidance and Future Outlook:

• The company expects U.S. volumes to remain broadly stable for the remainder of FY 2026.
• Combined in-market demand across all global partner markets is expected to continue growing on a sequential quarterly basis.
• Operating expense reductions from the prior year period were 22% in Q3 2026, with further reductions expected in Q4.
• Net Cash Provided by Operating Activities is expected to be positive for Q4 2026.
• Cash, Cash Equivalents, and Short-Term Investments are projected to reach approximately $330 million by year-end 2026.
• The company intends to maintain a disciplined inventory approach aligned with demand and improved contracting.
• The company aims to remain debt-free.
• Product revenue timing and levels will continue to reflect factors outside direct control, including partner inventory levels, ordering patterns, and market access and pricing.

Business Segments and Product Lines:

• VASCEPA/VAZKEPA is commercially available in 22 countries worldwide, including 11 European countries through partner Recordati S.p.A.
• The exclusive license and supply agreement with Recordati covers 59 countries, with patent protection extending through 2039 in these markets.
• In-market demand for VAZKEPA in Europe increased by an estimated 68% in Q3 2026 compared to Q3 2025, driven by strong performance in Spain, the UK, and Italy.
• VAZKEPA was launched into the private pay market in Poland in October 2026, with Recordati advancing pricing and reimbursement activities for additional licensed markets.
• Across the global partner network, in-market demand for VASCEPA/VAZKEPA increased by an estimated 55% in Q3 2026 compared to Q3 2025.
• The company maintains a leading U.S. market share of 47% in the IPE market for Q3 2026.
• The Recordati agreement is noted as a key driver of the partner-led sales model maturity.

Market and Competitive Landscape:

• The U.S. IPE market faces pricing pressure from generic competition, which contributed to the decline in U.S. net pricing and sales volume.
• European growth significantly exceeded historical European growth rates achieved by Amarin prior to the partnership with Recordati in Q2 2025.
• The company emphasizes its clinical differentiation, prescriber trust, and reliable supply capabilities as factors reinforcing its U.S. market leadership.

Risks and Challenges:

• Revenue timing and levels are subject to factors outside the company's direct control, including partner inventory levels, ordering patterns, market access, and pricing.
• The U.S. market continues to face pricing pressure from generic competition.
• Forward-looking statements regarding market dynamics, payer behavior, and competitive landscape involve substantial risks and uncertainties.
• Specific product safety risks include an increased risk of atrial fibrillation, bleeding, and allergic reactions in patients with fish/shellfish allergies.

Management Commentary and Tone:

• CEO Aaron Berg stated results demonstrate a continued positive trajectory in operational, financial, and strategic transformation, highlighting the first profitable quarter in over two years.
• CFO Peter Fishman noted the results reflect a lower expense base and the absence of charges following the completion of $70 million cost savings initiatives.
• Management expressed confidence in the expanding market presence of VASCEPA/VAZKEPA and the strengthening financial foundation.
• The company is working with Barclays, its exclusive financial advisor, to maximize shareholder value.
• Management highlighted the potential of new therapeutic applications for IPE, specifically regarding colorectal cancer liver metastases.

Other Key Points:

• The company reported its first profitable quarter in over two years, generating positive free cash flow for the fourth consecutive quarter.
• Findings from the EPA for Metastasis Trial 2 (EMT2), a Phase 3 trial sponsored by the University of Leeds, were presented at the ESMO 2026 Congress, suggesting VASCEPA as a potential add-on therapy for colorectal cancer liver metastases.
• The company completed a $70 million cost savings initiative in Q2 2026 in connection with the Recordati agreement.
• The company has no debt and maintains a cash balance exceeding $323 million.
• A conference call was held on October 28, 2026, to discuss the results.
• The company is exploring additional therapeutic applications for IPE with patent protection in Europe through 2039.