Amarin Reports Stable Revenue, Cash Position In Q1 But Lowers FY23 Operating Expense Guidance: What's Next?

• Amarin Corporation plc AMRN reported first-quarter sales of $85.97 million, a decrease of 9.2% Y/Y and beating the consensus of $81.23 million, due to a decline in volume and net selling price due to the impact of generic competition in the U.S.


• Amarin continues actively monitoring key performance indicators in the U.S. market to support its strategy thoughtfully.



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• Amarin's gross margin on net product revenue was 55%, down from 76% a year ago. The company amended a supplier agreement resulting in a charge of $12.3 million. Excluding the impact of this item, the gross margin was 70%. The remaining decrease in gross margin is primarily a result of a decrease in net selling price.


• Amarin posted an adjusted EPS loss of $0.02, a shift from a loss of $(0.06) a year ago and beating the consensus of $(0.03).


• "We continue to make progress on our financial initiatives and our pursuit of operational excellence beyond our initial $100 million cost savings target," said CFO Tom Reilly. 


• "We have been working to renegotiate our supply agreements, including the most recent settlement this quarter. With these efforts, we reduced operating expense guidance for 2023," Reilly added.


• Amarin lowered its FY23 operating expense guidance to $270 million-$285 million from $290 million-$305 million.


• The company reiterates that current cash and investments and other assets are adequate to support continued operations, including European launch activities.


• AMRN Price Action: Amarin Corporation shares are down 1.42% at $1.39 Wednesday at publication.

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