Amarin Corp. (AMRN) Prelim. Q4 Revenue Tops Consensus

Company Delivers Fourth Consecutive Quarter of U.S. Revenue Stabilization, Positive Fourth Quarter Cash Flow and Continued Progress on European Reimbursements --

-- Amarin to Present at 41st Annual J.P. Morgan Healthcare Conference on January 10, 2023 --

Amarin Corporation plc (NASDAQ: AMRN) today provided a business update, including preliminary fourth quarter and full-year 2022 revenue and its year end cash position, in addition to its 2023 priorities to investors at the 41st Annual J.P. Morgan Healthcare Conference in San Francisco.

Amarin Announces Preliminary (Unaudited) Fourth-Quarter and Full-Year 2022 Revenues and Cash Position

Revenues: For the fourth quarter and full year 2022, Amarin estimates total net revenue, subject to audit, to be between $88 to $90 million and $367 to $369 million, respectively. These results continue to reflect ongoing stabilization of the U.S. business for VASCEPA® (icosapent ethyl).

(Consensus sees Q4 revenue of $86.9 million)

Cash Position: Amarin ended 2022 with approximately $310 million in cash and investments, with positive cash flow of approximately $4 million in the fourth quarter of 2022.

Management Commentary

“As we enter 2023, and continuing into the next chapter for Amarin, we will advance on our vision of becoming a global, diversified cardiometabolic player. We will do this with a clear focus on geographic expansion, operational excellence and portfolio diversification,” said Karim Mikhail, president and chief executive officer, Amarin. “We are well-equipped and well-positioned to face head-on the headwinds from the global macroeconomic environment and the challenges for governments and payers. We have the right team in Europe with the expertise to continue to drive reimbursement efforts and launches matched with a molecule in VASCEPA®/VAZKEPA® with demonstrated evidence across multiple studies, including the recent results from RESPECT-EPA. With these elements in place, we are confident that 2023 will be a year of important execution as we continue to advance our strategy.”

2022 Key Achievements & 2023 Priorities

Europe

• In 2022, Amarin secured positive pricing and reimbursement decisions in five European markets: England & Wales, Sweden, Austria, Denmark and Finland.
• Reimbursement negotiations continue to progress in all remaining markets including Spain, Italy, France, Norway and the Netherlands.
• In 2023, we will focus on opportunities to accelerate revenues in Europe in key launched markets including England & Wales, Northern Ireland, Finland and Sweden and further price negotiations in all markets.

United States

• The Amarin team achieved four consecutive quarters of revenue stabilization in the U.S. business despite additional generic competition.
• In 2023, we will maintain our focus on profitability while evaluating and adapting to market conditions.

International

• Secured six International regulatory approvals, including Hong Kong, Bahrain, Puerto Rico, Saudi Arabia, Australia and Switzerland.
• In 2023, we will continue to progress international regulatory filings and support approval processes in up to 9 countries, including China and New Zealand.

Data Evidence & Pipeline Advancement

• Amarin made progress with our fixed-dose combination (FDC) program for icosapent ethyl, including initiating the process to seek scientific advice from the European Medicines Agency and we look forward to sharing additional updates in 2023.

J.P. Morgan Presentation Details

Amarin’s president and chief executive officer Karim Mikhail is scheduled to participate at the 41st Annual J.P. Morgan Healthcare Conference on January 10, 2023.

41st Annual J.P. Morgan Healthcare Conference (January 9th-12th, 2023; San Francisco, California)

Date/Time: January 10, 2023, 5:15 p.m. PST / 8:15 p.m. ET

Webcast: https://jpmorgan.metameetings.net/events/healthcare23/sessions/43879-amarin-corporation-plc/webcast?gpu_only=true&kiosk=true

The conference presentation will be webcast live and archived on the Company’s website in the Investor Relations section under Upcoming Events and Latest Presentations.

2023 Financial Outlook

Amarin reiterates its belief that current cash and investments and other assets are adequate to support continued operations, including European launch activities.

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