Welcome to our dedicated page for Amarin Plc news (Ticker: AMRN), a resource for investors and traders seeking the latest updates and insights on Amarin Plc stock.
Amarin Corporation Plc (NASDAQ: AMRN) is a pioneering biopharmaceutical company dedicated to improving cardiovascular health through the development and commercialization of innovative therapeutic products. The company's flagship product, VASCEPA® (icosapent ethyl), is designed to address cardiovascular risks and has received FDA approval in the United States as well as marketing authorization in Europe under the brand name VAZKEPA®.
Amarin's mission is to advance scientific understanding and provide effective treatments for high-risk cardiovascular patients who have not adequately responded to traditional therapies. VASCEPA, a unique form of eicosapentaenoic acid (EPA), has been shown in clinical trials to significantly reduce cardiovascular events, offering a new therapeutic option for patients with elevated triglyceride levels.
In recent years, Amarin has undertaken strategic initiatives to bolster its market presence and financial stability. Notable accomplishments include:
- Leadership Restructure: In 2023, Amarin appointed new executives, including President & CEO Patrick Holt, to drive the company's global strategy and operational improvements.
- Revenue Growth in Europe: Amarin reported approximately 65% growth in in-market sales in Europe for Q1 2024 compared to Q4 2023, with significant progress in Spain and the UK.
- Financial Discipline: The company has implemented measures to reduce operating expenses and preserve cash, closing 2023 with $321 million in cash and no debt.
- Share Repurchase Plan: In early 2024, Amarin announced a share repurchase plan of up to $50 million to enhance shareholder value, pending necessary approvals.
Amarin's commitment to cardiovascular health extends globally, with operations in the United States, Europe, and partnerships in Canada, China, and other regions. The company continues to explore new market opportunities and strengthen its intellectual property portfolio, as evidenced by the recent extension of VAZKEPA's patent protection in Europe until 2039.
For more information, visit www.amarincorp.com and the dedicated VASCEPA site at www.vascepa.com.
Sarissa Capital Management, Amarin Corporation's largest shareholder, plans to vote 'ABSTAIN' at the upcoming annual meeting, highlighting dissatisfaction with the company's performance and management. Sarissa seeks to add shareholder representatives to Amarin's board, emphasizing its capability in enhancing shareholder value, particularly in the cardiovascular sector. Despite a board refreshment process since last October, Sarissa feels neglected as the independent directors have not reached out. The firm retains the option to call a special meeting post-annual meeting to potentially replace directors under UK law.
The UK’s National Institute for Health and Care Excellence (NICE) has recommended VAZKEPA® (icosapent ethyl) for reimbursement in England and Wales, aimed at reducing cardiovascular events in high-risk patients. This follows a similar approval in Sweden, marking a critical progression in Amarin Corporation's European growth strategy. VAZKEPA is priced at £144.21 for a 30-day supply. NICE's final guidance is expected on July 13, 2022. The recommendation is part of NICE's appraisal process to ensure clinical and cost-effectiveness in NHS allocations.
Amarin Corporation plc (NASDAQ: AMRN) has announced a cost and organizational restructuring plan aimed at reducing operational expenditures by approximately $100 million over the next 12 months. The company will reduce its U.S. commercial team by about 90% compared to pre-pandemic levels to streamline operations while continuing to invest in international market launches, specifically the European market for VASCEPA/VAZKEPA. The strategic move is designed to maintain a positive contribution margin in the U.S. despite a challenging operating landscape.
Amarin Corporation plc (NASDAQ:AMRN) announced Tom Reilly as the new Chief Financial Officer, effective June 20, 2022, following Michael W. Kalb's resignation to pursue other interests. Reilly, with over 20 years of experience in global financial leadership, previously served as CFO for Cara Therapeutics and held senior positions at Allergan and Novartis. This leadership change aims to enhance Amarin's financial management as the company expands internationally. CEO Karim Mikhail expressed confidence in Reilly's ability to support Amarin's vision to combat cardiovascular disease.
Amarin Corporation plc (NASDAQ:AMRN) announced significant Board of Directors changes, effective May 19, 2022. Erin Enright and Alfonso "Chito" Zulueta have been appointed as new board members, bringing extensive expertise in healthcare and global marketing. Per Wold-Olsen has been elevated to Chairman of the Board. Retirements of long-serving board members David Stack and Joe Zakrzewski are planned for after the upcoming Annual Meeting. These actions aim to enhance the Board’s capabilities to support Amarin’s strategic growth initiatives, reinforcing a commitment to sustainable development.
Amarin Corporation (NASDAQ:AMRN) presented important research on VASCEPA® (icosapent ethyl) at the American Heart Association’s Quality of Care and Outcomes Research sessions. The studies indicate that treating 3.6 million eligible patients could prevent up to 97,000 cardiovascular events annually, potentially saving $3.4 billion in associated costs. Cost-effectiveness analyses show that VASCEPA offers better outcomes at a daily cost of $4.16, affirming its role in cardiovascular disease management. The company emphasizes that VASCEPA can significantly reduce healthcare costs linked to cardiovascular disease.
Amarin Corporation plc (NASDAQ:AMRN) announced that its CEO, Karim Mikhail, will present at two upcoming investor conferences. The H.C. Wainwright Global Investment Conference will be held from May 23-26, 2022, with Mikhail's presentation scheduled for May 25 at 12:00 p.m. ET. The Jefferies Healthcare Conference is set for June 8-10, 2022, where he will present on June 8 at 1:00 p.m. ET. Both events will be webcast live and available for later viewing on the company’s investor relations website, emphasizing Amarin's commitment to cardiovascular disease management and investor communication.
Amarin Corporation announced its financial results for Q1 2022, reporting total net revenue of $94.6 million, a 33% decline year-over-year. The U.S. market faced challenges from three generic entrants, resulting in a 34% decrease in net product revenue. However, the company made progress in its European expansion strategy, securing national reimbursement for VAZKEPA in Sweden and initiating reimbursement discussions in several European markets. Despite the revenue drop, Amarin aims to maximize VASCEPA's value and is committed to operational excellence.
The latest REDUCE-IT study analysis published in JACC highlights the significant cardiovascular benefits of VASCEPA (icosapent ethyl) for patients with a history of myocardial infarction (MI). The study found a 35% reduction in total ischemic events, including 34% in non-fatal MI and 30% in cardiovascular deaths. Conducted on 3,693 patients, this sub-analysis reinforces icosapent ethyl as an essential treatment for mitigating severe cardiovascular risks in high-risk patients. The safety profile showed consistent results, with some increased risks of atrial fibrillation and minor bleeding.
Amarin Corporation (NASDAQ:AMRN) announced that its partner HLS Therapeutics has finalized negotiations with Canada's pan-Canadian Pharmaceutical Alliance for the public reimbursement of VASCEPA® (icosapent ethyl). A Letter of Intent was signed, allowing HLS to pursue coverage across Canadian provinces. This milestone aims to enhance access for statin-treated patients with cardiovascular disease and elevated triglycerides. The exclusive commercialization agreement includes payments up to $65 million to Amarin, along with tiered royalties on VASCEPA sales in Canada.
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