Amarin Corporation plc

What they do

Amarin develops and commercializes VASCEPA/VAZKEPA (icosapent ethyl) for cardiovascular risk reduction and severe hypertriglyceridemia. It sells VASCEPA in the U.S. to major wholesalers, regional wholesalers and pharmacy providers, and supplies the product to partners who promote it in Europe, Canada, Australia/New Zealand, MENA, Southeast Asia, China and Israel. The company operates in one business segment and is responsible for supplying VASCEPA to all markets where the branded product is sold.

Revenue drivers

• U.S. VASCEPA — U.S. sales to a limited number of major wholesalers and selected regional wholesalers, retail and mail order pharmacies; the company reported a 48% share of the U.S. IPE market in Q2 2026 versus 43% in Q2 2025.
• International partner supply — Supply of VASCEPA/VAZKEPA to seven commercial partners (Recordati in Europe, HLS in Canada, CSL Seqirus in Australia/New Zealand, Biologix in MENA, Lotus in Southeast Asia, Eddingpharm in China, Neopharm in Israel) who compensate Amarin for supply.
• Europe (VAZKEPA via Recordati) — June 2025 exclusive long-term license and supply agreement with Recordati covering 59 countries focused in Europe; VAZKEPA in-market demand in Europe rose 69% in Q2 2026 versus Q2 2025 and was commercialized in 11 European countries as of June 30, 2026.

Recent performance

Q2 2026 total net revenue was $42.2 million, down from $72.7 million in Q2 2025, on quarterly revenue of $49.7M (Q3 2025), $49.2M (Q4 2025) and $45.1M (Q1 2026). Full-year 2025 revenue was $213.6 million with a net loss of $38.8 million. Operating expenses fell 59% year over year in Q2 2026, or 38% excluding Q2 2025 restructuring charges, completing a $70 million annual cost savings initiative. Cash was $314.6 million at June 30, 2026 versus $302.6 million at December 31, 2025, and the company reported it was debt free at June 30, 2026.

Strategy

Amarin has moved to a fully partnered international commercial model, anchored by the June 2025 Recordati license and supply agreement for 59 countries in Europe, which reduced operating expenses while expanding VAZKEPA's reach. The company completed a $70 million annual cost savings initiative and reported operating expenses down 38% excluding restructuring charges in Q2 2026 versus Q2 2025. It continues to support partners' regulatory submissions and launch preparations, with Singapore and South Korea progressing toward anticipated near-term commercialization. Amarin also states it is working with Barclays, its exclusive financial advisor, to explore additional potential pathways to enhance shareholder value.

Risks

• U.S. generic competition — After unsuccessful appeals of a court ruling in favor of Dr. Reddy's and Hikma, Amarin sells VASCEPA in a U.S. market that includes generic IPE products, and it does not supply drug product to generic companies.
• Partner-dependent international revenue — International sales depend on seven partners obtaining pricing, reimbursement and market access; Europe commercialization remains early stage and was in 11 countries as of June 30, 2026.
• Revenue concentration in the U.S. — U.S. VASCEPA is sold principally to a limited number of major wholesalers, so volume and purchasing decisions by a small set of distributors affect reported revenue.
• Declining total revenue — Annual revenue fell from $583.2 million in 2021 to $213.6 million in 2025, and quarterly revenue declined from $49.7 million in Q3 2025 to $42.2 million in Q2 2026.

Outlook

For full-year 2026, management expects continued growth in international markets, maintenance of VASCEPA's U.S. market share, an improved operating expense profile and positive cash flow generation. The company expects cash to grow approximately 10% at December 31, 2026 compared to December 31, 2025, and expects U.S. volumes to remain consistent throughout FY 2026. It cites momentum in Europe and Asia, with Singapore and South Korea progressing toward anticipated near-term commercialization.