Amarin (NASDAQ:AMRN) executives told investors that 2025 marked a “substantial achievement” year as the company advanced a strategic pivot toward a more partnered international commercial model and executed a global restructuring aimed at lowering its operating expense base. On the company’s fourth-quarter and full-year 2025 earnings call, management highlighted a new long-term agreement with Recordati to commercialize VAZKEPA in Europe, ongoing efforts to defend U.S. market leadership for VASCEPA in a generic environment, and progress toward an estimated $70 million in annualized operating expense savings.
Recordati deal reshapes European strategy
President and CEO Aaron Berg said the company’s “exclusive long-term partnership” with Recordati, established mid-year and commencing in the third quarter of 2025, was the catalyst for a broader review of operations and the restructuring initiative. The license and supply agreement covers commercialization across 59 countries with a focus on Europe and shifts the company’s European promotional activity to Recordati.
Management also pointed to early commercial indicators, including volume and in-market demand growth in launch markets and progress in Italy, which Berg described as a key market where commercialization efforts were initiated following Amarin’s prior work on pricing and reimbursement. Berg said pricing and reimbursement were secured in two additional countries, Austria and Slovenia, and that Recordati is evaluating additional launch opportunities and timing across the broader territory.
U.S. franchise: market leadership, pricing dynamics, and exclusives
In the U.S., Berg said VASCEPA has retained market leadership among icosapent ethyl products, branded and generic, five years after the first generic launch. He said Amarin maintained all major managed care exclusives through 2025 and “successfully regained exclusive status mid-year with a large national PBM.”
Chief Financial Officer Peter Fishman said fourth-quarter 2025 U.S. sales declined 7%, which he attributed to a decline in net selling price driven by “proactive pricing to align with market dynamics.” In response to an analyst question about volume versus price trends, Fishman said that compared with the third quarter, “volume and price…remained relatively consistent” in the fourth quarter. He added that Amarin typically sees the bulk of its annual U.S. volume decline in the first quarter due to payer changes, with volume pressure tending to level out into the second quarter.
On exclusivity, management said it entered 2026 with exclusives in place. Berg described the situation as dynamic but said the company was “confident” it can maintain exclusives through the year, citing the team’s track record. He also referenced an example from 2024 when the company lost a PBM mid-year and regained it in 2025.
Fourth-quarter and full-year financial results
Fishman reported fourth-quarter 2025 total net revenue of $49.2 million, down from $62.3 million in the prior-year quarter.
- Europe: Product revenue was $2.3 million as Amarin transitioned commercial activities to Recordati in the fourth quarter. Fishman said this figure included $0.9 million in supply shipments to Recordati and was generated at “significantly lower costs” than the $4.0 million of direct European sales in the fourth quarter of 2024. Once the transition is complete, he said Europe revenue will come entirely from supply shipments to Recordati.
- Rest of World: Revenue was $3.1 million versus $11.9 million a year ago, which Fishman attributed to $7.8 million in stocking orders in the fourth quarter of 2024 tied to advanced market launches.
Despite quarter-to-quarter variability, Fishman said the company continues to see in-market demand growth across launched geographies, which he said was evidenced by year-over-year growth in royalty revenue. He cautioned that the partnered model can produce revenue variability based on launch timing, demand, and individual partnership structures.
Restructuring drives expense reductions and improved cash flow
Management emphasized cost reductions tied to a restructuring announced in mid-2025. Berg said that as of Dec. 31, 2025, the company had realized about half of the estimated $70 million in total operating expense savings and expects to achieve the full savings benefit by June 30, 2026. Fishman said the fourth quarter reflected “meaningful cost savings,” with total operating expenses down 31%, or $13.5 million.
Fishman detailed expense movements in the quarter:
- Cost of goods sold: Down 63%, reflecting 2024 one-time inventory write-offs and the impact of supply agreement negotiations. Excluding one-time items, COGS declined 10%.
- SG&A: Down 46% and represented 41% of total net sales versus 59% in the prior-year quarter, reflecting early restructuring benefits.
- R&D: Stable, aligned with regulatory support and scientific efforts underlying global branded products.
- Restructuring expense: $4.1 million in the fourth quarter, down from $9.4 million in the third quarter; total 2025 restructuring expense was $36.2 million. Fishman said the company expects to incur the last of these expenses in early 2026.
Excluding restructuring charges in both periods, Fishman said Amarin’s operating loss narrowed to $2.3 million from $16.0 million in the fourth quarter of 2024.
On the balance sheet, Fishman reported positive 2025 cash flow from operations of $7.0 million. The company ended 2025 with $303 million in cash and investments, no debt, and working capital of $455 million.
Scientific publications and upcoming presentations
Berg highlighted the company’s continued investment in data supporting the VASCEPA/VAZKEPA franchise, noting more than 500 peer-reviewed publications overall and stating Amarin ended 2025 having supported 45 abstracts, posters, and papers during the year. He cited three REDUCE-IT post-hoc analyses published in late 2025 and 2026, including two papers in the American Journal of Preventive Cardiology and one in the European Journal of Preventive Cardiology addressing hospitalizations and time lived without hospitalization.
He also said the company and collaborators plan to present a new REDUCE-IT patient subgroup analysis and mechanistic data at the American College of Cardiology Scientific Sessions in New Orleans from March 28 to 30.
Looking to 2026, management characterized the year as “pivotal,” with priorities including defending the U.S. franchise, executing the partnered international strategy—particularly the first full year of the Europe model—and completing the restructuring savings trajectory by the end of the second quarter. Berg also said the board and management, with the assistance of Barclays as exclusive advisor, will continue exploring “value-enhancing strategic opportunities.”
About Amarin (NASDAQ:AMRN)
Amarin Corporation plc is a biopharmaceutical company focused on the commercialization and development of therapeutics for cardiovascular health. Founded in 1993 and headquartered in Dublin, Ireland, the company is publicly traded on the NASDAQ under the ticker AMRN. Amarin’s primary mission is to improve cardiovascular outcomes through innovative lipid science and evidence-based therapies.
The company’s flagship product is Vascepa® (icosapent ethyl), a high-purity prescription omega-3 fatty acid approved for the treatment of severe hypertriglyceridemia and as an adjunct to statin therapy to reduce the risk of cardiovascular events.
