Amarin Corporation plc · NASDAQ:AMRN
Amarin — Q1 2024 Earnings Presentation
20 slides from Amarin's earnings presentation, May 1, 2024
Slide 1: First Quarter 2024 Business Update & Financial Results Conference Call
First Quarter 2024 Business Update & Financial Results Conference Call MAY 1, 2024
Slide 2: Forward Looking Statements & Disclaimer
Forward Looking Statements & Disclaimer This presentation contains forward-looking statements, such as those relating to the commercial potential of VASCEPA® (VAZKEPA® in Europe), clinical and regulatory efforts and timelines, potential regulatory and pricing approvals, generic product launches, res
Slide 3: Today's Agenda
Today’s Agenda 01 First Quarter 2024 Business Update 05 Closing & Q&A Patrick Holt, President & CEO Patrick Holt, President & CEO 02 Intellectual Property & Legal Update Jonathan Provoost, EVP, Chief Legal & Compliance Officer 03 Clinical Data Update Steven Ketchum, PhD, EVP, President R&D, Chief Sc
Slide 4: First Quarter 2024 Business Update
01 FIRST QUARTER 2024 BUSINESS UPDATE Patrick Holt, President & CEO
Slide 5: Q1 2024 Business Highlights
Q1 2024 Business Highlights • European IP Extended to 2039 • Provides Longer Runway to Reach Total Addressable Market & Maximize Commercial Opportunity and Value for VAZKEPA • Europe: Continued Growth Q1 ’24 vs. Q4 ‘23; Pricing & Reimbursement Efforts Advancing • ~35% Revenue Growth; ~65% In-Market
Slide 6: Europe: Delivered ~65% In-Market Sales Growth
EUROPE: DELIVERED ~65% IN-MARKET SALES GROWTH IN Q1 ‘24 VS. Q4 ‘23; CONTINUED FOCUS ON REVENUE ACCELERATION, P&R PROGRESS European IP Extension Provides Longer Runway to Reach Total Addressable Market & Maximize Commercial Opportunity and Value for VAZKEPA A INCREASE IMPACT ON EU5 Accelerating Growt
Slide 7: U.S.: IPE Market Leadership Market Share Stability Continues
U.S.: IPE MARKET LEADERSHIP MARKET SHARE STABILITY CONTINUES DRIVING PROFITABILITY; ADDITIONAL HEADWINDS IMPACT Q1 REVENUES Q1 2024: • U.S. business continues to deliver significant profit Exclusive Accounts • U.S. market share has remained stable for six Represent consecutive quarters 50%+ • Q1 rev
Slide 8: Rest of World: Continued Progress on Advancing Access & Uptake
REST OF WORLD: CONTINUED PROGRESS ON ADVANCING ACCESS & UPTAKE IN KEY MARKETS TO DRIVE PROFITABILITY China Canada VHTG launch progressing; CVRR submission advancing with authorities BC Public Access announced Feb. ‘24 Launched South Korea and ASEAN (Lotus) Regulatory Approval Achieved; P&R App
Slide 9: Intellectual Property & Legal Update
02 INTELLECTUAL PROPERTY & LEGAL UPDATE Jonathan Provoost, EVP, Chief Legal & Compliance Officer
Slide 10: Amarin Strengthens and Extends European IP for Vazkepa Into 2039
AMARIN STRENGTHENS AND EXTENDS EUROPEAN IP FOR VAZKEPA IN EUROPE INTO 2039 • Amarin announced two patent outcomes that, collectively, build upon and strengthen multiple layers of patent and regulatory protection for VAZKEPA within our European market into 2039. • Company received Decision to Grant f
Slide 11: Clinical Data Update
03 CLINICAL DATA UPDATE Steven Ketchum, PhD, EVP, President R&D, Chief Scientific Officer
Slide 12: ACC.24 Features Abstracts Related to REDUCE-IT, EPA Science
ACC.24 FEATURES ABSTRACTS RELATED TO REDUCE-IT, EPA SCIENCE REDUCE-IT Post Hoc Analyses EPA Science 1 Icosapent Ethyl Reduces MACE in Patients with 1 EPA and a High Intensity Statin Enhanced Elevated Triglycerides and High or Low Lipoprotein(a) Expression of Proteins for Detoxification Concentration
Slide 13: First Quarter 2024 Financial Results
04 FIRST QUARTER 2024 FINANCIAL RESULTS Tom Reilly, CFO
Slide 14: Managing Operating Expenses to Partially Offset Revenue Decline
MANAGING OPERATING EXPENSES TO PARTIALLY OFFSET REVENUE DECLINE Revenue of $57M in Q1 impacted Total Net Revenue Total Operating Expense primarily by U.S. pricing due to $86M -$29M generic competition 80 $65M • U.S. revenue of $48M; Decline driven -$20M largely by net selling price impact due to 60
Slide 15: Despite Revenue Shortfall, Team Continues to Deliver on Controlling Costs
DESPITE REVENUE SHORTFALL, TEAM CONTINUES TO DELIVER ON CONTROLLING COSTS AND MAINTAINING CASH POSITION Continued Significant Cash Position 325 $321M $321 320 315 $311M $313M First Quarter 2024 $308 310 $306M $305M • Cash balance at 3/31/24 of 305 approximately $308M; +$3M vs Q1 ’23 300 295 290 • De
Slide 16: Amarin Secures Shareholder Approval for Share Repurchase Program
AMARIN SECURES SHAREHOLDER APPROVAL FOR SHARE REPURCHASE PROGRAM OF UP TO $50 MILLION; UK HIGH COURT APPROVAL NEXT STEP • Company has entered into a conditional share repurchase agreement with Cantor Fitzgerald to purchase up to $50 million of Amarin’s ordinary shares. • Program received Amarin shar
Slide 17: Closing & Q&A
05 CLOSING & Q&A Patrick Holt, President & CEO
Slide 18: Q1 2024 Business Highlights
Q1 2024 Business Highlights European IP Extended to 2039 • Provides Longer Runway to Reach Total Addressable Market & Maximize Commercial Opportunity and Value for VAZKEPA Europe: Continued Growth Q1 ’24 vs. Q4 ‘23; Pricing & Reimbursement Efforts Advancing • ~35% Revenue Growth; ~65% In-Market
Slide 19: Q&A
Q&A
Slide 20: Thank You
Vascepa Vazkepa (icosapent ethyl) (icosapent ethyl) THANK YOU