Amarin Corporation Reports 26% Revenue Decline and Increased Net Loss in Q1 2025

Amarin Corporation plc reported a significant decline in its financial performance for the first quarter of 2025, with total revenue decreasing by 26% to $42.0 million compared to $56.5 million in the same period of 2024. The drop was primarily driven by a 26% reduction in product revenue, which fell to $41.0 million from $55.2 million year-over-year. The company attributed this decline to increased competition from generic versions of its flagship product, VASCEPA, and a decrease in sales volume following the loss of a major pharmacy benefit manager's coverage.

The company's net loss for the quarter widened to $15.7 million, or $0.04 per share, compared to a net loss of $10.0 million, or $0.02 per share, in the prior year. This increase in loss was influenced by a combination of reduced revenues and ongoing operational expenses, which totaled $41.9 million, down from $45.5 million in the previous year. The decrease in operating expenses was primarily due to lower selling, general, and administrative costs, which fell to $36.6 million from $39.9 million, reflecting cost optimization efforts.

In terms of operational metrics, Amarin's market share in the icosapent ethyl market has decreased to approximately 42% from 56% a year earlier, as reported by Symphony Health. The company noted that the overall market for icosapent ethyl in the U.S. grew by 3% during the quarter, despite its own branded prescriptions declining by 24%. In Europe, Amarin recorded product revenue of $5.4 million, a notable increase from $1.9 million in the same quarter of 2024, indicating progress in its international markets.

Strategically, Amarin has been focusing on expanding its geographic footprint and enhancing its product offerings. The company has received regulatory approvals for VASCEPA in multiple countries, including recent approvals in China, and is actively pursuing additional partnerships to drive sales in international markets. As of March 31, 2025, Amarin reported total assets of $655.7 million, with cash and cash equivalents amounting to $119.5 million, providing a solid liquidity position to support ongoing operations and strategic initiatives.

Looking ahead, Amarin remains committed to increasing access to VASCEPA and improving its market position despite the challenges posed by generic competition. The company plans to continue its efforts in pricing and reimbursement negotiations, as well as exploring new licensing opportunities to bolster its revenue streams. Amarin's management expressed confidence in the long-term demand for VASCEPA, emphasizing their focus on navigating the competitive landscape while maintaining financial stability.