Amarin Corporation plc (NASDAQ: AMRN) announced a comprehensive cost and organizational restructuring plan to reduce operating costs by approximately $100 million over the next 12 months.
The restructuring will enable Amarin to maintain a positive contribution margin in the U.S. while investing in its European market launches and global expansion for Vascepa/Vazkepa.
The majority of the cost savings will result from a significant workforce reduction across the Company's U.S. field force and corporate positions.
Amarin will reduce its U.S. commercial team by approximately 65% from current levels and approximately 90% of pre-pandemic and pre-generic competition levels, resulting in a core team able to support branded Vascepa revenues in the U.S.
These actions will result in a reduction of the total company employee base by over 40% from current levels.
Concurrently, Amarin appointed Tom Reilly as Chief Financial Officer, effective June 20, following the resignation of Michael Kalb.
Price Action: AMRN shares are up 3.35% at $1.74 during the market session on the last check Monday.
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