AMRN - Earnings call 4 2023 | Amarin Corporation plc

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to Amarin Corporation's Conference Call to discuss its Fourth Quarter and Full Year 2023 financial results and business updates.

I would now like to turn the conference call over to Mark Marmur, Vice President, Corporate Communications at Amarin.

Mark Marmur

Good morning, everyone, and thank you for joining us.

statements. forward-looking our to Turning Please be statements the will forward-looking conference harbor that are intended this law. that securities under under call to provided contain federal aware be safe covered the carry not may plans or our achieve statements. goals, expectations We on in disclosed our or our intentions forward-looking meet Actual should place results differ reliance undue you events so could on or materially, not these statements. to update change. circumstances these as obligation statements no assume We

potential acquisitions, impact into, forward-looking joint of transactions Our reflect statements material enter mergers, not we may amend any such or the as we enter dispositions, do ventures may that or significant agreements into, terminate.

information read year www.amarincorp.com. please that documents. the could see encourage ended our which has December additional Form with our cause materially, Factors the of website Risk at on differ of XX, SEC, through section XXXX, to For these available risk filed and is the annual Investor to been concerning the actual the section for factors Relations We report results XX-K everyone

this of posted in Investor call be archive An website Relations on the section. Amarin's will

Executive today's Chief Amarin's Amarin's XXXX XXXX and Financial of review Reilly, agenda. Holt, provide provide results. our of will will highlights a President Officer, Patrick full priorities; Tom brief and quarter fourth and and Chief to XXXX financial a Turning overview Officer, year

we open remarks, questions. the will prepared Following call to your

Patrick and Chief President Amarin. over Executive Holt, I to will call turn now of Pat? the Officer

Patrick Holt

for and you everyone, Good joining today. you, Thank morning, thank us Mark.

momentum our momentum patient out must leadership. as X Rest and value, VASCEPA/VAZKEPA. into XXXX, markets. is focused moment we the XXXX across regions. as Everyday, runway team at reflect reimbursement in driving we're market IP well in strategy revenue I we Europe, IP Before growth focusing prescription have a extending the operator operational value as to forward secure on deliver World, of Amarin. and those our position In our and investment the path we to want key the believe Amarin and to drive to and as To we enhance for where patients our are U.S., review And on partners the and In efforts to is and accelerate the potential will future to take enabling uptake momentum key pricing this firmly hands we're shareholder us operational of product a highlights our priorities, focus XXXX the maintaining best more our our options. of get maximize on Amarin many potential possible. or of strongly We our

X. Turning to Slide

believe we against best is way While this way to gain confidence deliver strategy value is to only the it. shareholder the shareholder deliver today, to

we have and made meaningful priorities clear We XXXX, have XXXX. progress for place in in

strategy progress new a our is our launch in made have focused Europe, teams reimbursement of focusing and advanced in more care and health XXXX, For adopters products. who with cardiovascular are In Spain, team practitioners on early and pricing leadership place, goals.

have progress We patients have patients accounts. a in therapy. driving United therapy. uptake have more that on the now continuing on strong we X,XXX strategy X,XXX approximately deliver least including In launch Kingdom, we to are at place, focused in such Currently, we key

Europe. pricing countries to We've reimbursement and X pricing reimbursement. Turning across secured in

these in are conclude and do France to end expect dossier Germany, EUX scientific these to Italy, process submissions for and advance authorities strategies processes VASCEPA In of We by not the this resubmitted shared strengthened in have we to we markets. our XXXX. have have arguments place to I'm our I now VASCEPA advance achieve and and market opportunities in in plans sharpening focus key the access advance As to will previously, in our we pleased markets. have our potentially XXXX. share with for

as Germany and France on progress communicate are additional to achieved. steps continue will We

Importantly, we least forward Europe. remain successfully additional in markets reimbursement XXXX. We conclude in our pricing at confident aiming also in are X in path to decision

have and We that patents our extend XXXX. to applications have to IP up the potential

we this XXXX of patent defended testament successfully opposition. from progress, our a As

share months. coming on to more topic this in expect We the

we capabilities Turning We to the in to this sales our IP and XX% continue life investment elimination reduced of a despite year focused VASCEPA's marketing July. care, spend through closing United trade extend managed the extend leadership, market States. and In XXXX, with share. the cycle market achieved in force medical to

turn compared currently accounts, the we we know least improved exclusive market have a position XXXX, these of begun slightly to our represent the at IP year volume. with Based last we what XX% As to on in year. total

market we to results start payer managed continue solid remains do encouraged highly this to we impacted expect care XXXX year to dynamics. are the position, and dynamic, monitor a by QX closely. the While typical We quarter in first be

bolstered market stand retain to market. We strong to an the by continue generic approaches, the position ready potential aggressive leadership of supply to authorized including future IP our launch execute within

In the partner, In as progress market partnerships. as China, globally, launched VASCEPA the Edding, in in made very XXXX, Rest we new regulatory commercial second access indication. the market World, fronts well high Amarin's triglycerides and October of cardiovascular for on largest

for the potential that up listing. drug opens regulatory indication, national risk Additionally, the and accepted reduction cardiovascular has for NMPA future the reimbursement filing which

focus new enabling commercial and X markets. XX In In uptake across Rest partnerships to for market countries. shifts partners into our XXXX, our access entered World key XXXX, also of obtain Amarin toward across

science. we confidence momentum, our progress build additional on the publications in April. and Finally, on data to In important teams this Indeed, in meeting brand College our Medical, We'll medical our continue in and abstracts supported of EPA. be data this more This have has and with upcoming in we and showing no progress million including on debt. Development operational Cardiology financial with weeks. to REDUCE-IT education in $XXX American supporting will position, Research delivered cash at and XXXX, X coming our important globally build

financial position, U.K. track up in the we shareholder due aware, of a share necessary you're Court As announced for approvals. plans High that program complete recent to pleased I'm $XX repurchase and to million. to we our to are progress our share on

anticipate to continue commence and on momentum, meaningful the steps would summary, operational we in thereafter. shortly well completing positioned this was quarter year in In We for are XXXX, that continue XXXX. build and a share repurchases XXXX second of to to these

the and fourth Now, Tom? I'd call Tom financial over our performance. year-end hand like to to Reilly review quarter to XXXX

Thomas Reilly

million, morning, everyone. revenue. $XX.X Amarin pleased of of reported versus licensing of Thank the net million revenue product XXXX report details XXXX, financial on fourth and in performance quarter $XX.X million you, revenue net the $XX.X third $X.X quarter to Good quarter Pat. In royalty total the fourth for our I'm in and XXXX. of including of million

Europe. revenue supporting to product U.S. into stable our with in expansion business provide was generics on U.S. U.S. the multiple despite million, The profit performance the continues $XX.X competing market.

revenue milestones. $X.X and of sales to the of quarter including revenue revenue commercial product royalty of achievement resulting XXXX, The World of $X.X partners China PM We from early [ of related United European results markets, versus million, from licensing including Europe recognized to and revenues the Canada, primarily the our Middle Rest in revenue include third revenue and million, quarter Spain $X.X of in Edding fourth of East, million ] CVRR in increase a the the reflecting and million product the XXXX, XX% the $X.X Kingdom.

the quarter Cost partner, restructuring in gross sold to net in This were quarter revenue our of excluding XX% fourth product with on goods primarily XX% fourth XXXX. in XXXX. the to of quarter compared supply increase was overall sales XXXX third $XX.X the due in to an Edding. $XX.X X compared was of margin the million in third million, in Amarin's quarter

expenses. expenses. in in in quarter, the $XX.X million a expenses reduction $XX.X selling versus XXXX. $XXX.X million and million Amarin Moving first were $X.X on expenses, reported of expenses Operating and fourth General XXXX, comprised million. Research and half In This the million to half expenses the operating operating of second represents $XX of and Administrative in of Development operating

by of diluted reduction per of track reported XXXX. of million or in to operating fourth and are expenses $X.XX. XXXX loss We announced previously loss net $XX $X.X deliver share the for Amarin the quarter million basic July on a

turn and our efforts in cash. results costs controlling effectively Let managing and me our to now

As of of cash reported investments $XXX XX, aggregate and XXXX, December million. Amarin

Amarin, Importantly, for cash this million higher flow XX, is the XXXX. is sixth $XX now cash and consecutive quarter generation our of or positive to compared neutral December balance when

shareholder our programs In and our in program. cash and and based renegotiating right invest focus High In preservation and our XXXX, on agreements. will will continue approvals in reimbursement U.K. XXXX, we shareholder decisions reduction cost controlling to our Europe, Court made opportunities, particularly pricing supply position progress cash costs initiate managing in on pending we prudently through repurchase

Pat? to remarks With the portion I back and to the that, our turn closing call now over call. for begin will Q&A Pat of

Patrick Holt

financial for results. Thank our the you, overview Tom, of

Our operational we value team momentum of plan, drive shareholder to is all We momentum the focused to maximize on believe value. on X have focus across operational business. our areas right shareholder

balance best-in-class supporting results, team a VASCEPA/VAZKEPA, a We to of a a our global cardiovascular to delivering science dedicated strong opportunity is sheet. have strong that because and future fundamentals, large impact patients,

Finally, value look thank to I you forward dedication. our and shareholder commitment colleagues to their driving together. for

with portion call. let's of Q&A the that, Mark, begin the And

Mark Marmur

Pat. you, Thank

to company's during connections investors, shareholder Amarin partnering As year, and facilitate we Say Amarin with last will institutional by Technologies answered questions, its is engagement which call. retail allow of be selection today's earnings and announced a the with submit to shareholders upvote enhance base with and Management

Let's begin the Q&A.

questions on investors? shareholder maximize we to would received So that a to company's plan in say number Pat, long-term value. ways strategy we of What the these you

Patrick Holt

the a us question increase believe, Thanks the us both future be this Europe, the of we momentum, and today current for path strategic a question. operational or is get whether focus around our best best the put U.S. that place question. value world. efforts forward in I an really for in And possible That's for on important rest in to our lot. options to in the

really optionality in greater X shared which provides are fronts, the for future. and the us on we we earlier As progress all making call, optimism

Mark Marmur

Great.

our China of on efforts partners? regulatory What more around tell risk focuses the And Asia with China? launch the and progress of can on status cardiovascular you broadly any Also, China? Our Asia in reduction Pacific. share following commercial questions what Pacific, us in second you on the updates can set is

Patrick Holt

of a And some well. region Well, as pretty in there's lot I know you know, this that.

me in some let down break parts. So that

launch. Firstly, to the China

opinion is cities largest X of of majority you a key important flavor, the second-largest have really So the triglycerides Amarin's partner, in XXXX. give progress for very Edding, I'll high QX covering remind To Edding includes Shanghai which in everybody, which which Beijing, sales Edding XXX around in Guangzhou. making the cardiologists hospitals, the is cardiovascular leaders, globally. VASCEPA market force China, is XXX are launched and

summary, in launch profitability provides So and immediate the agreement structure well, to progressing of the is Amarin. the

So trial a the now China separate clinical listing. from be let's also was reimbursement will has in review NMPA required regulatory risk The cardiovascular which to accepted teams and risk a The for in The waiver, expect process XXXX. filing to focused move together the reduction, for drug be with potential on cardiovascular we regulatory order reviewed as advancing conclude with the are today meaning trial authorities, in and we indication. accepted opens approval. upon for the the clinical not submission about future the submission up think national reduction reflect that

Asia some other within the let on touch so Pacific region, large me region. a areas just is

Zealand, pricing partnerships advancing into various including with As authorities filings is partner, to Asian know, entered with you across and I'm markets, we and in CSL our Lotus pleased other is CSL with New in Pharmaceuticals. Seqirus, Korea XX with And the Australia markets, and authorities. region. that share Australia the Lotus, year, South reimbursement and advancing the also processes regulatory discussions in last

Mark Marmur

Great. on Asia that information and Thanks, China Pat, Pacific. for

toward U.S. market? path the in potentially growth from the Is Now we share Could turning take to or there market classes? other products a

Patrick Holt

it's we U.S. highly important and a market naturally, question. the it the our is Great the our where think business. take U.S. genericized back step revenues And at to we and market in stands remember flows are point. IP to that cash and about U.S. When this today, incredibly important

that, our focus post X to really continues Our growing be of the highly market. market years focused to LOA exclusive We leadership. atypical able with share leadership not result continue payer, XX%. led has managed achieved on a success areas. market secure and by to a maintain to have medical and through and IP And XXXX our been end been performance market-leading our We've a in of contracts, as capabilities care

remind our we everybody, it and terms other in we've exclusive for very to as our that beyond But optionality contracts. position assess strong market, dynamic watch started in we the Again, branded product should a alternatives. strategic we do of mentioned, continue XXXX and closely to our consider and

given view taking In other generic share strategy. those of this we terms or an as classes, dynamics, from products optimal do not

Mark Marmur

we Europe demands? supply. to or you increase of see can Rest that we Turning World confident are those If demand supply from partners, meet

Patrick Holt

very important And partners. a do our It's strong have with supply question. relationships we key

made Over as both we to well confident can renegotiating progress, key can really the our years, ensure forward. moving that important supply last supply that demands demands we several we've feel as supply commitments. We really agreements meet meet those reduce our

Mark Marmur

any question last the from X on on the Is VASCEPA/VAZKEPA? working side indications Say Now, questions. Amarin advancing R&D Technologies additional for

Patrick Holt

of day strength the X, opportunities question investors R&D this and really leadership. the team based terms REDUCE-IT molecule Amarin and team see With came And developed new a advance I the will potential important indications it's and that do in for This we we global that deliver and capabilities in team up. is progress work. that has has on and from that IP our look we core really at to about our future when data was continue such of our update has today. an question think place, you that the pleased impact

I'd via thank those Technologies who So take submitted platform. questions, before questions to like the additional we shareholders Say

dialogue continuing way platform We engagement all and shareholders, with well hear answering open the are dialogue to X-way your look our continuing of you to Say committed we you. transparent opportunities this are We forward to increase and platform as with is other questions and trying to on Technologies one from that and moving forward. as

Mark Marmur

updates, now additional those Q&A Pat. up for the for We'll you open Thank questions.

Operator

[Operator with Instructions] question today first from Leerink Roanna Partners. Your for Ruiz is

Roanna Clarissa Ruiz

seeing generic possible pressure the what about competition And Like talk on field? trends ongoing VASCEPA in do price of net in the U.S.? So years? the could you you a expect you what the next of couple bit more in in are terms

Patrick Holt

Roanna.

are far, As you have market that terms have And they more that generics probably got have market said, the generics followed, see we so there of in approval, stable. what remained dynamics more in there the are that got prices. regulatory with also fairly

IP mentioned, we than year strong closed and started with a exclusive as represents greater with XX% So position that of year the we our the the we contracts volume.

that feeling as start in there end and But noted, are year more I'm we sure the entrants the we as So and dynamics is you've year, there really about more good position. are the market.

to continue closely. very it So we monitor

any we term as But I in seen obviously, U.S. would to dynamic say it historically. economics seen know, optionality we so changes the track the in you from long short And us well have as what we the have far, the term closely. and for But haven't maximize we as

Roanna Clarissa Ruiz

gaining quick a of Rest And on noticed some I sense. makes Yes, follow-up the it's World. traction.

beyond? might you contribute to you in could expect and regions revenues XXXX what about the in growth future momentum So talk most

Patrick Holt

question. a great It's Yes.

it's -- really to in we're XXXX. pleasing progress mentioned, I As see the

countries we XXXX. think, up we signed new you always some in -- As

take revenue XXXX, East, Canada until coming in of main sources, Africa. back then Middle on from a China really came board, step North If was the and you parts

what certainly partnerships So mentioned. see in value those we'll continued from as I've such XXXX coming existing is just

from as So signing is outputs. Seqirus such those starting entering and in Lotus, of a go more these as access, opportunity, to XXXX. I process driving reimbursement more really to such New pre-commercial there think from through and do Zealand, CSL the I progress market partnerships pricing, see shift to China you're start that partnerships commercial Australia, in And will expect as regulatory some have then through

of and group. And up I for that that. business that's our and of the partnership market key to we're that that revenue -- -- It's is capabilities strategy, would and see and in access and profitability World say, beefing leadership immediate that goals revenue Rest means that a more of progressing us. that it to business, pleased shift cycle our life support provides we're we add part through So management, our internally, it and -- generation. towards alliance really we're And

Operator

with from Fye is question JPMorgan. Jessica next for Your today

Unknown Analyst

Sun accelerate plan up there. a in come then Jessica well? I just reenter Na is your Can you little for question about for how This Germany, growth in the have market talk have to on progress VASCEPA to the And with U.K. launching then a on bit as Fye. And you Italy there? a for

Patrick Holt

organization and Thanks It's we Na our of focus obviously is whole investments Sun. of focus a key forward. the Look, Europe us. critical for move a as key

So as is uptake U.K. mentioned, about is market, previously the individual solo. an in And we've those markets. U.K. we key we that typically and launch the as break quite down, the think

progress And patients believe earlier, we focused more on strategy as making least now therapy. at X,XXX we I -- estimate a accounts. are key have with on We those we signaled

on we from be to market, a that of we that Building did launch say that, Spain that true. faster did and moment proving last is uptake September expect

we're And the we're a is we on seeing we progress which for in patients see today, with So XX,XXX uptake estimate national the basis. we on important around Spain us. progress pleased and -- therapy, have

they're for So key X launch markets us.

we As move markets, question, we've of to pricing some we in Italy, then previous reimbursement Germany, our resubmited if strong on you know to conclude the And in we assessment, in expect building your history into next XXXX. think our do Germany. Italy about scientific and reimbursement

as But don't the conclude German authorities enter plans, that a mentioned, we're continue are market, patient back will and I processes can in to We're we topic with to authority with XXXX. those through consider ways on advance those for the the relevant new the we've expect that market. XXXX. working be to different and I that populations potential where we redeveloping that's assess step taken a a and So working strategy to

Operator

with from Chen today Louise Your next Fitzgerald. for question Cantor is

Suowei Wu

This Louise. is Wayne for on

So that have first, to track you're savings. the you million annual deliver on reiterated $XX

XXXX we said should second the third So quarter number quarter, about about you a forward? how similar expect we so think $X compared And operating and expense for quarter? going million to in this should the $X the because million

dropped margin to has gross the XX%. then And

So how should forward? we think this about going

Thomas Reilly

Great. and expenses. Yes. we're the -- we deliver track Related expense to which This to on expecting expectations and million, for is what the $XX are operating Tom.

from As first 'XX the of we million. the expenses reduced half second mentioned half by $XX before, to

Our cost million basis $XX approximately is quarter. per

decisions. range, reimbursement that to is on pricing expectation within stay Our depending

will We we'll reduce other ways costs. invest those to in opportunities, but find

within overall on primarily $XX your very operating gross due million margin, to in expectation that you've is stay Thanks expense supply margin, in to launch that's QX but particular to question. partners, So up. that versus picking our basis. Related good deterioration What our seen provided of is a question China. gross we it for for

as previous there. for It's the we're China X-point forward, X.X products about is market the impact quarter. a margin So in providing revenue quarter to versus this reduction moving

you And on then the margins question expect how forward. do moving for

uptake it depends [indiscernible] China we'll give progress on the think updates how the of on market. all I and the be we'll product providing. in China But much

Operator

is Your Sachs. Goldman next from question with Choi Paul

Khalil Fenina

my in guess calling is Paul. you've about Khalil past. is for question This mentioned contracts in I the exclusive that the

for deterioration you to renegotiated, those additional pushback any seen pivot of As And you which on or you threshold would sort those will your generic? generics market? more enter company those set the own have the at are point a have as

Patrick Holt

sort range do I do annual that's impact to that those that's but sort an been double-digit significant changes range track on that typically. pricings to something contract, to we exclusive would the are we of that, We see obviously, very necessarily our We see the don't consistently. seeing Look, we see, basis, of annual see. we those And carefully. in low Khalil. contracts say, renegotiate

strong year strong to pleasing is a we're had What's negotiations. the a and we end the terms really in start year how landing our of to have

and capabilities volume. XXXX, pull great we So and retained through that XX% are market to us in greater medical we trade enabled share close a as the net-net That our market of in XX% than that means participating managed the of with has market leadership. care IP

closely. we track your your of overall and To the of part the question, course, economics profitability second incredibly

react scenarios specific marginal, they our dynamics and change. place to on as in to when how based should we those think mind when those have We plans attractive and to in become more start we they are change, have

is But as to can. long as now, focus cycle right extend as it our life stands our branded we

from important perspective, LOA, my delivered since Our performance business, incredibly profits organization, Europe. for has X over years for which highly our U.S. growth a our atypical team, particularly for provides the in

in happier very But be how it's it We know, closely. finished we started terms well couldn't year we highly how we monitor of dynamic. as year. the and you So the

Operator

We Patrick have the session. question-and-answer end reached for call the remarks. And to I now the of over will closing turn

Patrick Holt

forward all thank the you attention, having we thanks all Well, in ahead. appreciate We days conversations important results on and interest, your additional coming for to for these the the really Q&A. look and

and Thank So thank for ahead. again you time, you. wish you a your great day

Operator

today's This for and this you conference, concludes you may participation. lines disconnect time. at your your Thank

Amarin (AMRN) 29 Feb 242023 Q4 Earnings call transcript