In This Article:
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Total Net Revenue: $67.5 million in Q2 2024, down from $80.2 million in Q2 2023.
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Net Product Revenue: $47.5 million in Q2 2024.
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US Product Revenue: $43.8 million in Q2 2024, down from $64.6 million in Q2 2023.
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European Net Product Revenue: $3.5 million in Q2 2024, a $2.9 million increase over the prior year.
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Licensing and Royalty Revenue: $20 million in Q2 2024, up from $15 million in Q2 2023.
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Cost of Goods Sold: $24.7 million in Q2 2024, compared to $37.5 million in Q2 2023.
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Gross Margin: 48% in Q2 2024, down from 64% in Q2 2023.
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Operating Expenses: $43.3 million in Q2 2024, a reduction of approximately $14 million from Q2 2023.
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GAAP Net Income: $1.5 million in Q2 2024, compared to a $17.6 million loss in Q2 2023.
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Adjusted Profit: $5.9 million in Q2 2024, compared to $8.6 million in Q2 2023.
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Cash and Investments: $307 million as of June 30, 2024.
Release Date: July 31, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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VASCEPA/VAZKEPA has strong scientific backing with over 300 publications and the landmark REDUCE-IT trial, confirming its efficacy in reducing cardiovascular risk.
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Amarin Corp PLC (NASDAQ:AMRN) is making progress in European markets, with successful launches in Spain and the UK, and securing national pricing and reimbursement in Greece and Portugal.
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The company has achieved significant cost savings, reducing operating expenses by $50 million annually.
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Amarin Corp PLC (NASDAQ:AMRN) maintains a strong cash position with $307 million in cash and investments, providing a stable financial foundation.
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The recent regulatory approval in China for cardiovascular risk reduction presents a significant market opportunity, with potential inclusion in the National Reimbursement Drug List (NRDL) by January 2025.
Negative Points
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US revenues have been impacted by a decline in net selling price due to increased generic competition, leading to a significant revenue drop.
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The loss of a major exclusive commercial account in the US is expected to reduce revenues in the second half of 2024.
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Despite progress, Amarin Corp PLC (NASDAQ:AMRN) faces challenges in securing reimbursement in key European markets due to budget constraints.
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The company has not initiated its share repurchase program due to current business and market conditions.
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Amarin Corp PLC (NASDAQ:AMRN) received a potential delisting notice from NASDAQ due to trading below $1 for 30 consecutive days, posing a risk to its stock listing.
Q & A Highlights
Q: In the US, what is our outlook for continued stabilization in VASCEPA US revenues against additional generic competition? And what's the plan for renewing exclusive contracts for 2025? A: Aaron Berg, Executive Vice President, President - US: Despite the loss of a major commercial exclusive plan, we believe branded VASCEPA will remain the market leader. The majority of our exclusive volume is in Medicare Part D plans, which are not impacted by this loss. We have submitted competitive offers for 2025 and received positive feedback, but it's too early to predict coverage status. We are also prepared to launch an authorized generic if necessary.