Amarin Corporation plc · NASDAQ:AMRN
Amarin — Q1 2023 Earnings Presentation
20 slides from Amarin's earnings presentation, May 3, 2023
Slide 1: First Quarter 2023 Financial Results and Business Update
First Quarter 2023 Financial Results and Business Update Conference Call Aaron Berg Interim CEO & President Tom Reilly CFO May 3, 2023
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 2023 Business Update Aaron Berg, Interim President & CEO 02 First Quarter 2023 Financial Results Tom Reilly, CFO Looking Ahead to the Remainder of 2023 Aaron Berg, Interim President & CEO AMARIN, VASCEPA, VAZKEPA and REDUCE-IT are trademarks of Amarin Pharmaceuticals
Slide 4: First Quarter 2023 Business Update
01 FIRST QUARTER 2023 BUSINESS UPDATE Aaron Berg, Interim President & CEO
Slide 5: New Amarin Board of Directors Focused on Shareholder Value
New Amarin Board of Directors Focused on Shareholder Value Patrice Bonfiglio Paul Cohen, MD Mark DiPaolo Keith Horn Louis Sterling Diane Sullivan Odysseas Kostas, MD Oliver O’Connor
Slide 6: Our Near-Term Strategy is Simple
Our Near-Term Strategy is Simple Maintain Accelerate Maximize Profitability in Activities in Our US EU CASH 6
Slide 7: Maintaining Market Share Through Continued Generic Competition
Maintaining Market Share Through Continued Generic Competition Two-Plus Years Into Generic Competition Total IPE Norm TRx Trend NOVEMBER 2020 JUNE 2021 JANUARY 2022 DECEMBER 2022 Hikma launches icosapent ethyl capsules; DRL launches icosapent Apotex launches icosapent Teva launches icosapent first g
Slide 8: Amarin Plans to Manage US Profitability via Multiple Levers
Amarin Plans to Manage US Profitability via Multiple Levers Maintain branded Further operating Ability to move Ability to launch an VASCEPA® expense reductions to branded generic authorized generic Amarin is focused on retaining leadership position and maximize the profitability of the US business 8
Slide 9: U.K. Formulary Process Began in October 2022
U.K. Formulary Process Began in October 2022 OCT 2022 NOV 2022 JULY 2021 JUNE 2022 NICE funding NICE publishes new Amarin Completes Amarin UK Officially availability National Lipid VAZKEPA NICE Operational , Key Guidelines including Submission Account Managers TG testing in the field & Vazkepa 2021
Slide 10: Strong Initial Market Access Performance in the U.K.
Strong Initial Market Access Performance in the U.K. Uptake from NICE TA Slide Priority Account Eligible Patient Population Availability Index Cumulative positive formulary inclusion from NICE TA Cheshire & Merseyside ICB (Pan Mersey) 29,000 100 North East & North Cumbria ICB (County Durham) 28,597
Slide 11: Early Commercialization in EU Has Been Slow and is a Top Priority for New Leadership
Early Commercialization in EU Has Been Slow and is a Top Priority for New Leadership National and Individual Reimbursement Pricing & Reimbursement Negotiations England and Wales Austria* France Norway * Israel Portugal Finland Denmark Italy Scotland Sweden Switzerland* Netherlands Spain Evaluating o
Slide 12: International Expansion Beyond US and Europe
International Expansion Beyond US and Europe Approved Regulatory Preparations Underway Continue to Negotiate Partnership Opportunities Additional markets underway to Drive Access While New markets represent 50M+ patients Maintaining Flexibility Note: The company is pursuing expansion into these vari
Slide 13: First Quarter 2023 Financial Results and 2023 Guidance
02 FIRST QUARTER 2023 FINANCIAL RESULTS AND 2023 GUIDANCE Tom Reilly, CFO
Slide 14: First Quarter 2023 Total Net Revenue Was Stable due to US Performance
First Quarter 2023 Total Net Revenue Was Stable due to US Performance 120 100 $95M $94M $90M U.S. Revenue Remains Stable $90M $86M 80 in Dynamic Generic Market • 1Q 2023 total net revenues were $86 million,–5% vs Q4 '22 60 • In the US, Teva 1 gm listed in Q1 but little market impact to date 40 • 1Q
Slide 15: Ongoing Effort to Drive Operating Expense Improvements
Ongoing Effort to Drive Operating Expense Improvements Total Operating Expense $M (excluding Stock Comp, Restructuring & Advisory Fees) 105 $95M -44% Key Drivers: 95 • Cost reductions plan to 85 exceed $100 million • Reduced 2023 operating 75 expense guidance to $270M- $67M -21% $285M from $290-$305
Slide 16: Continued Focus on Controlling Costs And Maximizing Cash
Continued Focus on Controlling Costs And Maximizing Cash 2022-2023 Quarterly Changes in Cash 20 0 First Quarter 2023 -20 Cash Stable ~$5M* • Cash balance at 3/31/2023 -40 approximately $305M • Continued progress -60 renegotiating supply purchase -80 agreements - process ongoing • Expense reductions
Slide 17: Looking Ahead to the Remainder of 2023
03 LOOKING AHEAD TO THE REMAINDER OF 2023 Aaron Berg, Interim President & CEO
Slide 18: 2023: Continuing Focus on Key Priorities to Maximize Shareholder Value
2023: Continuing Focus on Key Priorities to Maximize Shareholder Value 2023 KEY PRIORITIES Expand Accelerate internationally Maximize Continue to explore commercialization Focus on operational profitability of US the development through regulatory in Europe efficiencies globally Business of FDC appr
Slide 19: Ambitions
Leading a new paradigm in preventive cardiovascular care and growing our impact for patients globally AMBITIONS for
Slide 20: Thank You
Vascepa Vazkepa (icosapent ethyl) (icosapent ethyl) THANK YOU