Amarin Reports First Profitable Quarter Since Restructuring Amidst International Growth
Amarin Corporation (AMRN) reported its first profitable quarter in two years, posting a net income of $245,000. While total net revenue fell 20% to $39.6 million due to lower U.S. net selling prices and generic competition, the company's restructuring efforts successfully reduced operating expenses by 44%. The decline in U.S. product revenue was offset by significant momentum in international markets. Global in-market demand grew 55% year-over-year, with European demand specifically surging 68%, driven largely by the Recordati partnership in countries like Spain, the U.K., and Italy. The company maintains a strong liquidity position with $323.4 million in cash and investments and has achieved four consecutive quarters of positive operating cash flow.