Q2 2024 Amarin Corporation PLC Earnings Call Transcript
Key Points
- VASCEPA/VAZKEPA has strong scientific backing with over 300 publications and the landmark REDUCE-IT trial, confirming its efficacy in reducing cardiovascular risk.
- Amarin Corp PLC (AMRN) is making progress in European markets, with successful launches in Spain and the UK, and securing national pricing and reimbursement in Greece and Portugal.
- The company has achieved significant cost savings, reducing operating expenses by $50 million annually.
- Amarin Corp PLC (AMRN) maintains a strong cash position with $307 million in cash and investments, providing a stable financial foundation.
- The recent regulatory approval in China for cardiovascular risk reduction presents a significant market opportunity, with potential inclusion in the National Reimbursement Drug List (NRDL) by January 2025.
- US revenues have been impacted by a decline in net selling price due to increased generic competition, leading to a significant revenue drop.
- The loss of a major exclusive commercial account in the US is expected to reduce revenues in the second half of 2024.
- Despite progress, Amarin Corp PLC (AMRN) faces challenges in securing reimbursement in key European markets due to budget constraints.
- The company has not initiated its share repurchase program due to current business and market conditions.
- Amarin Corp PLC (AMRN) received a potential delisting notice from NASDAQ due to trading below $1 for 30 consecutive days, posing a risk to its stock listing.
Welcome to Amarin Corporation's conference call to discuss its second quarter 2024 business update and financial results. I would now like to turn the conference call over to Mark Marmur, Vice President, Corporate Communications and Investor Relations at Amarin.
Good morning, everyone, and thank you for joining us. Turning to our forward-looking statements. Please be aware that this conference call will contain forward-looking statements that are intended to be covered under the Safe Harbor provided under federal securities law. We may not achieve our goals, carry out our plans or intentions, or meet the expectations disclosed in our forward-looking statements.
Actual results or events could differ materially, so you should not place undue reliance on these statements. We assume no obligation to update these statements as circumstances change. Our forward-looking statements do not reflect the potential impact of significant transactions
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
