Amarin Corp PLC (AMRN) Reports Q3 2023 Earnings: Net Revenues Down 27% Year-Over-Year
Amarin Corp PLC (NASDAQ:AMRN) reported total net revenues of $66 million in Q3 2023, a decrease of 27% compared to the same period in 2022.
The company delivered a positive cash flow of $8 million in the quarter, marking the fifth consecutive quarter of cash positive operations.
Net product revenue for Q3 2023 was $64.9 million, a decrease of 27% compared to the same period in 2022.
Amarin reported a net loss of $19.3 million for Q3 2023, compared to a net loss of $5.1 million in Q3 2022.
On November 1, 2023, Amarin Corp PLC (NASDAQ:AMRN) announced its financial results for the quarter ended September 30, 2023. The company reported total net revenues of $66 million, a decrease of 27% compared to $89.9 million in the corresponding period of 2022. Despite the decrease in revenues, the company maintained a positive cash flow of $8 million in the quarter, marking the fifth consecutive quarter of cash positive operations.
Financial Performance
Net product revenue for the three months ended September 30, 2023, was $64.9 million, compared to $89.2 million in the corresponding period of 2022, a decrease of 27%. This decrease was driven by generic competition resulting in lower volume, as well as increased net pricing pressure offset primarily by a one-time Medicaid rebate adjustment of $6.5 million, versus the third quarter of 2022. In Europe, revenue was $0.8 million in the third quarter of 2023.
Under U.S. GAAP, Amarin reported a net loss of $19.3 million for the three months ended September 30, 2023, or basic and diluted loss per share of $0.05. For the three months ended September 30, 2022, Amarin reported a net loss of $5.1 million, or basic and diluted loss per share of $0.01.
Company's Outlook
Despite the challenges, Amarin continues to make progress on reducing operating expenses and managing its cash position. The company is on-track to deliver $40 million of annual savings based on the reduction in force announced in July 2023. With the recent cash preservation initiatives, Amarin reiterates its belief that current cash and investments and other assets are adequate to support continued operations, including European launch activities.
Key Highlights
During the third quarter of 2023, Amarin maintained its existing access for VASCEPA in exclusive accounts, representing approximately 43% of all Commercial and Part D lives on a weighted average basis. The U.S. business continues to be profitable and support the company's global operations.
In Europe, Amarin has early launches of VAZKEPA underway in several countries, including the UK, Spain, and the Netherlands, with initial positive progress driven by launch efforts being implemented under new leadership.
In China, Amarins partner Edding Pharm launched VASCEPA in October to treat adult patients with severe hypertriglyceridemia. The company is now awaiting the agencys acceptance of that filing.
Amarin reported aggregate cash and investments of $321 million as of September 30, 2023 compared to $306 million as of September 30, 2022.
Explore the complete 8-K earnings release (here) from Amarin Corp PLC for further details.
This article first appeared on GuruFocus.
