아마린(AMRN) 2026년 3분기 실적 발표회: 해외 수요 증가로 수익성 회복

핵심 요약

• 아마린 코퍼레이션(NASDAQ: AMRN)은 미국 내 브랜드 바스세파(VASCEPA)의 판매량이 안정적인 수준을 유지했으나 가격 하락 압력이 이를 상쇄함에 따라, 2026년 3분기 순매출이 전년 동기 4,970만 달러에서 감소한 3,960만 달러를 기록했다고 발표했다.
• 회사 순이익은 24만 5,000달러(주당 0.01달러 미만)를 기록하며 전년 동기의 770만 달러 순손실(주당 0.02달러) 대비 흑자 전환했다. 이는 아마린이 2년 만에 기록한 첫 분기 흑자다.
• 3분기 영업활동 현금흐름은 900만 달러 순유입을 기록했다. 2026년 9월 30일 기준 현금 및 투자자산은 2025년 말 대비 2,100만 달러 증가한 3억 2,400만 달러에 달했으며, 부채는 없다.
• 글로벌 성장 모멘텀이 강화되었다. 유럽 내 추정 바즈케파(VAZKEPA) 수요는 전년 동기 대비 68% 증가했으며, 글로벌 파트너사의 바스세파(VASCEPA) 합산 수요는 55% 증가했다.
• 연구자 주도 EMT2 임상 3상 시험은 1차 평가변수인 무진행 생존기간을 충족하지 못했다. 그러나 바스세파는 주요 2차 평가변수인 전체 생존기간에서 사망 위험을 통계적으로 유의미하게 32% 낮춘 것으로 나타났다.
• 경영진은 2026년 전체에 대해 영업활동 현금흐름 순유입이 지속되고 연말까지 미국 내 판매량이 안정세를 유지할 것으로 계속 전망하는 한편, 미국 내 가격 하락 압력은 2027년까지 이어질 것으로 예상하고 있다.

주요 재무 데이터

사업 및 영업 실적

바스세파는 미국 이코사펜트 에틸 시장에서 47%의 점유율을 유지했다. 경영진은 브랜드 처방량이 비교적 일정하게 유지된 반면 순판매가 하락이 전년 동기 대비 매출 감소를 이끌었다고 밝혔다. 회사는 2026년 말까지 주요 미국 처방약 관리업체들과 독점권을 유지할 것으로 예상하고 있다.

유럽에서는 2026년 9월 30일 기준 레코르다티를 통해 11개국에서 바즈케파가 상용화되었다. 이어 10월에는 폴란드에서 비급여 출시가 이루어졌다. 스페인, 영국, 이탈리아가 가장 큰 매출 기여도를 유지했으며, 레코르다티는 59개 담당 국가 전체에서 약가 산정, 보험 급여 및 상용화 작업을 지속했다.

3분기 유럽 내 실질 시장 수요 추정치는 전년 동기 대비 68% 증가했으며, 기타 글로벌 지역 수요는 46% 증가했다. 해외 사업 전체 기준 최근 12개월간 최종 시장 수요는 직전 12개월 대비 추정치 기준 59% 증가했다.

아마린은 재고 수준과 주문 일정에 따라 특정 분기 파트너사의 물량 구매가 최종 시장 수요와 일치하지 않을 수 있다고 주의를 당부했다. 아울러 동남아시아 지역에서의 추가적인 규제 승인 및 상용화 활동과 함께 2027년 초 싱가포르와 한국 출시를 위한 준비가 진행 중이다.

공급 계약 재협상은 상각액을 제외하고 전분기 대비 약 2.3%포인트의 매출총이익률 개선에 기여했다. 재고는 2024년 4분기 이후 31% 감소하여 사업에 묶여 있던 운전자본을 줄였다.

임상 및 규제 관련 성과

EMT2 연구에는 대장암 간 전이로 간 절제술을 받는 환자 448명이 등록되었다. 환자들은 수술 전 및 수술 후 최대 4년 동안 표준 치료와 함께 바스세파 또는 위약을 투여받았다.

해당 임상은 1차 평가변수인 무진행 생존기간을 충족하지 못했으나, 주요 2차 평가변수인 전체 생존기간에서 사망 위험을 통계적으로 유의미하게 32% 감소시킨 것으로 나타났다. 경영진은 이번 결과가 여전히 연구 단계에 있으며, 아마린이 향후 개발 방향이나 상용화 기회를 결정하기 전에 리즈 대학교 연구팀과 추가 분석이 필요하다고 강조했다.

이와 별도로, 이코사펜트 에틸은 유럽신장학회(European Renal Association)와 함께 수립된 심혈관 질환 및 만성 신장 질환 관리를 위한 신규 유럽 가이드라인에 포함되었다.

경영진 전망

경영진은 2026년 전체에 대해 영업활동 현금흐름 순유입이 유지될 것으로 계속 전망하고 있다. 2026년까지 처방약 관리업체와의 독점 계약이 유지됨에 따라 연말까지 미국 내 판매량은 안정적으로 유지되고 가격도 비교적 일정하게 유지될 것으로 예상된다.

회사는 2027년 실적 전망치를 제시하지 않았다. 회사는 처방약 관리업체와의 독점 계약 확정을 기다리고 있으며, 지난 수년간 관찰된 미국 내 가격 하락 압력이 2027년에도 지속될 것으로 예상하고 있다.

아마린은 주주 가치를 극대화하기 위한 방안에 대해 독점 금융 자문사인 바클레이스(Barclays)와 협력하고 있다. 경영진은 이러한 논의의 결과가 자사주 매입 가능성을 포함한 향후 자본 집행의 시기, 규모 및 우선순위에 영향을 미칠 것이라고 밝혔다.

위험요인 및 주요 관전 포인트

• 브랜드 의약품 판매량이 안정적임에도 불구하고 복제약 경쟁이 미국 내 순판매가에 지속적인 압박을 가하고 있다.
• 2026년 이후 미국 처방약 관리업체와의 독점 계약 유지 여부는 불확실하며, 경영진은 가격 하락 압력이 2027년까지 이어질 것으로 예상하고 있다.
• 해외 제품 매출은 파트너사의 구매가 재고 수준, 매출 구성 및 주문 시점에 따라 달라지기 때문에 변동될 수 있다.
• 매출총이익률은 미국 내 가격, 제품 구성, 해외 공급 물량의 출하 시기 및 규모에 따라 분기별로 다를 수 있다.
• EMT2 연구는 1차 평가변수를 충족하지 못했으며, 바스세파의 암 치료 분야 추가 적응증 확장을 위해서는 추가 분석, 과학적 검증, 상업성 및 지식재산권 고려사항에 대한 평가가 필요하다.

애널리스트 Q&A 주요 내용

미국 내 처방량과 매출 간의 괴리에 대한 질문에 대해, 경영진은 브랜드 바스세파 판매량은 안정적이었으며 매출 감소는 가격 하락 압력 때문이라고 답했다.

유럽 내 보험 급여와 관련해 경영진은 레코르다티의 59개국에 걸친 광범위한 커버리지, 최근 폴란드에서의 출시, 프랑스에서 진행 중인 활동을 강조했다. 회사는 추가적인 보험 급여 결정에 대한 일정은 제공하지 않았다.

신규 치료 적응증과 관련해 경영진은 미충족 의료 수요, 기존 근거, 상업적 잠재력, 지식재산권 보호 및 개발 위험을 평가할 것이라고 밝혔다. 아마린은 EMT2 연구에서 파생되는 추가 개발 자금을 지원받기 위해 파트너를 모색할지 여부를 아직 결정하지 않았다.

실적 발표 전화회의 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Greetings, and welcome to the Amarin Corporation's Third Quarter 2026 Results Conference Call. [Operator Instructions] And please note, this conference is being recorded.

I will now turn the conference over to your host, Mr. Devin Sullivan, Investor Relations. Sir, you may begin.

Unknown Executive

Thank you for your time and attention this morning as we discuss Amarin's 2026 Third Quarter Financial Results. On today's call are Aaron Berg, President and Chief Executive Officer; Pete Fishman, Chief Financial Officer; and Steve Ketchum, President of Research and Development and Chief Scientific Officer. Other members of the senior management team will be available as needed during the Q&A session following the prepared remarks.

Aaron will provide a state of the company update. Pete will discuss the numbers, and Steve will review recent medical and regulatory activities. Before we begin, I'd like to remind everyone that today's press release and related quarterly report on Form 10-Q will be available on the Investor Relations section of the company's website, www.amarincorp.com, as well as a replay of this call shortly after its completion.

Please be aware that during this call, we may make certain statements related to our business that are deemed forward-looking statements under federal securities laws. Statements are not guarantees of future performance, but rather are subject to a variety of risks and uncertainties. Our actual results could differ materially from expectations reflected in any forward-looking statements. Additionally, we assume no obligation to update these statements as circumstances change. For a discussion of the material risks and important factors that could affect our actual results, please refer to our SEC filings, which are available either on our company website or the Securities and Exchange Commission's EDGAR system.

With that said, I'd now like to turn the call over to Amarin's President and CEO, Aaron Berg. Aaron, please go ahead.

Aaron Berg

Thanks, Devin, and thank you all for joining us today. As we approach the end of the year, I want to take the opportunity to highlight all that we've achieved, what lies ahead and most importantly, how we continue to hold ourselves accountable to the standard of delivering value to our shareholders. As you can see in our press release, through the hard work of our team, the support of our commercial partners and the enduring clinically validated efficacy of VASCEPA, the momentum we experienced in the first half of 2026 continued through the third quarter across multiple fronts, including profitable third quarter results, reductions in our expense profile, continued positive operating cash flow, a stronger cash position and 0 debt.

Our outlook for the full year remains positive. Our partners are expanding the global reach of VASCEPA and VAZKEPA and driving double-digit in-market demand growth. We've also maintained our U.S. leadership position in a highly competitive IPE space. We also announced exciting news earlier this week regarding clinical trial results, which may further add to our continued work on broadening our understanding of VASCEPA's potential beyond cardiovascular care, and we'll touch on that shortly.

As of September 30, 2026, through our exclusive agreement with Recordati, VAZKEPA was commercialized in 11 countries in Europe. And in October, VAZKEPA launched in Poland on a private pay basis. In-market demand in Europe for VAZKEPA under the Recordati partnership rose by an estimated 68% in Q3 2026 compared to the same period last year. Spain, U.K. and Italy continue to produce strong results, which are helping to build a foundation for future growth as pricing, reimbursement and commercialization efforts continue across the broader territory.

Recordati has been an outstanding partner. While we're still in the early stages of the partnership, their execution and investment are driving momentum materially above historical European growth rates achieved by Amarin prior to the licensing transaction. With the rights to commercialize VAZKEPA across 59 countries, a deep heritage in cardiovascular disease and extensive commercial capabilities throughout Europe, Recordati is unlocking opportunities beyond our reach in a region with substantial untapped potential. Combined with intellectual property protection through 2039, we have a long runway to create value together.

Across our combined global partner network, in-market demand for VASCEPA rose by an estimated 55% in Q3 compared to the same period last year, reflecting continued in-market demand growth. We're continuing to support our local partners in preparation for launches in Singapore and South Korea in early 2027 and with additional regulatory approvals and market launches across Southeast Asia. We maintained our leading position in the U.S. IPE market with a 47% share while continuing to manage the business profitably.

Pricing remains competitive, but our commercial discipline, focus and efficiency continue to support our position. We continue to expect to maintain our exclusivity with key payers through the end of 2026 and expect U.S. volumes to remain stable through year-end. As background, changes in product exclusivity are part of the normal cadence of our U.S. commercial business. At the same time, our strengthened operating infrastructure gives us greater flexibility to be selective as we evaluate opportunities and elect to move forward only when the economics make sense and support our profitability objectives.

I'll now turn the call over to Pete Fishman, our Chief Financial Officer, who will go over our results. Pete?

Peter Fishman

Thanks, Aaron. We reported our first profitable quarter in 2 years, reflecting the benefits of our completed restructuring as well as our company-managed U.S. and fully partnered international commercial model. Our third quarter performance demonstrated continued progress against our core priorities. supporting international end market growth for our partners, maintaining our leadership position in the U.S. IPE market, establishing a significantly lower go-forward cost base and strengthening our overall financial position.

Total net revenue in the third quarter of 2026 was $39.6 million compared to $49.7 million in the third quarter of 2025. This consisted of total product revenue of $36.9 million compared to $48.6 million and licensing and royalty revenue of $2.7 million, up from $1.1 million. U.S. product revenue was $28.5 million compared to $40.9 million in last year's third quarter. The decrease reflected lower net selling prices associated with changes in customer mix, driven largely by generic competition. While pricing remains competitive, continued volume strength, combined with operating efficiencies supported the U.S. business' ongoing profitability and cash generation.

In Europe, third quarter product revenue declined to $3.7 million from $4.1 million under our partner model. Rest of World product revenue rose to $4.7 million from $3.6 million in the prior year period, reflecting continued commercial investment and execution by our partnership network. End-market demand across Europe rose by an estimated 68% from last year's third quarter, with Rest of World in market demand rising an estimated 46%. I'd like to briefly address the relationship between our international product revenue and end market demand.

We are encouraged by the in-market demand growth of VASCEPA VASKEPA across Europe and the rest of the world. In-market demand provides a more direct view of the underlying growth of our international business, and we expect this growth to contribute to increased partner supply purchases and related revenue over time as our partnered international commercial model matures. The timing and level of these purchases will continue to reflect partner inventory levels and ordering patterns and may not grow at the same rate as in-market demand in any given period.

Because partner purchases can vary quarter-to-quarter, we believe a trailing 12-month view provides helpful context alongside quarterly comparisons. On that basis, international end market demand increased an estimated 59% compared with the preceding 12-month period, reflecting sustained growth beyond any single quarter. Over time, we expect international product revenue to be best evaluated on the same basis. Cost of goods sold in the third quarter declined to $23.4 million from $27.5 million in the prior year period.

We use the weighted average cost of our inventory to calculate cost of goods sold, which is influenced by API purchases, U.S. sales volumes and the size and timing of supply shipments to our international partners. Our Q3 results reflect the early benefits of our renegotiated supply contracts, which contributed to a sequential gross margin improvement excluding write-offs of approximately 2.3 percentage points despite continued U.S. pricing pressure. While we expect our cost per unit to decline over time, the benefit will flow through gradually and gross margin may vary from quarter-to-quarter based on sales mix and the timing and volume of partner shipments.

Inventory management remains a high priority, and our reduced inventory levels reflect our commitment to disciplined working capital management that aligns supply levels with demand. For perspective, inventory has declined by 31% from Q4 2024, underscoring our progress in optimizing inventory and reducing the capital tied up in the business, contributing to our improved operating cash flow. Total operating expense declined by 44% from last year's third quarter, driven largely by a 27% decline in SG&A and no restructuring expenses during the quarter compared to $9.4 million last year, while R&D remained stable.

Excluding restructuring costs, total operating expenses declined by 22%, reflecting the lower go-forward cost structure established through our restructuring, which we intend to maintain through continued spending discipline. Net income for the quarter was $245,000 or less than $0.01 per share compared to a net loss of $7.7 million or $0.02 per share in last year's third quarter. We generated positive operating cash flow for the third quarter of $9 million. Through the first 9 months of 2026, operating cash flow totaled $22 million compared to a cash outflow of $9 million during the prior year period. We continue to expect positive operating cash flow for the full year. We ended September with cash and investments of $324 million, an increase of $21 million from year-end 2025 and remain debt-free.

That said, I'll turn things back to Aaron.

Aaron Berg

Thanks, Pete. As our global footprint continues to expand, the work of our medical affairs, regulatory and R&D teams becomes increasingly important. Their efforts have resulted in a total of 28 publications, inclusive of abstracts, posters and articles this year-to-date. Beyond that, these teams provide expertise that supports our commercialization partners worldwide from navigating local regulatory requirements and expanding the evidence base for icOSpineyl to engaging scientific leaders, supporting reimbursement discussions and preparing for successful launches.

Before turning things over to Steve Ketchum, Amarin's Chief Scientific Officer, I want to provide some background on an exciting recent development related to the exploratory use of VASCEPA as an adjunct to standard of care in treating a defined population of colorectal cancer patients. The top line results from the investigator-initiated EPA for metastasis Trial 2 or EMT2 Phase III trial using VASCEPA were presented at this year's European Society for Medical Oncology in Madrid, Spain this past weekend.

Importantly, the investigational medicinal product used in EMT2 was VASCEPA in the same dosage utilized in the landmark REDUCE-IT cardiovascular outcomes trial that produced a 25% relative risk reduction in major adverse cardiovascular events. While these results provide a foundation for exploring the potential role for cospenethyl in cancer care, our focus now is on working with our team to better understand the opportunity and its potential to benefit patients. To provide additional perspective on this trial and more broadly, scientific, medical and regulatory activities supporting our global growth strategy,

I'll now turn the call over to Steve Ketchum. Steve?

Steven Ketchum

Thank you, Aaron. This quarter was marked by several important scientific and medical affairs accomplishments that continue to reinforce the value of Vascepa while expanding our understanding of the broader biology of highly purified EPA. We maintained a strong presence at the European Society of Cardiology Congress, where 5 investigator-led presentations further strengthened the growing body of evidence supporting icosapapentpeethyl.

These presentations included new analyses from REDUCE-IT, mechanistic research exploring the effects of EPA across multiple cardiovascular risk pathways and data evaluating long-term outcomes, treatment adherence, lipoprotein A, coagulation biomarkers and other biological mechanisms that may contribute to the benefits observed with IPE. Importantly, ESC also featured the inclusion of icosapent ethyl within the newly issued guidelines for the management of cardiovascular disease and chronic kidney disease in collaboration with the European Renal Association, reinforcing the role of icosapent ethyl as an evidence-based treatment option for appropriate high-risk patients and underscoring its continued relevance in contemporary cardiovascular care.

Beyond our own data, and as Aaron mentioned, investigators from the University of Leeds and other institutions in the U.K. presented results from the EPA for metastasis Trial 2, or EMT2, this past weekend at the ESMO Congress in Madrid. EMT2 was a randomized, double-blind, placebo-controlled investigator-initiated Phase III study evaluating Vascepa, a highly purified ethyl ester form of EPA as an adjunct to standard of care treatment in patients undergoing liver resection for colorectal cancer liver metastases. The study was sponsored by the University of Leeds and enrolled 448 patients who were randomized to receive either Vascepa or placebo beginning prior to liver surgery and continuing for up to 4 years after liver surgery.

The prespecified and statistically powered key study endpoints were progression-free survival and overall survival. Importantly, while the primary endpoint of progression-free survival was not met, the study demonstrated an improvement in the key secondary endpoint of overall survival. a statistically significant 32% lower hazard of death, which is a meaningful finding in a patient population where up to 60% of patients may experience disease recurrence within 2 years following surgery. These findings represent an important contribution to the scientific understanding of IPE and warrant continued evaluation and discussion by the research community.

Notably, EMT2 utilized the same VASCEPA clinical formulation and dose of icosapent ethyl or IPE used in REDUCE-IT. While cardiovascular disease remains our approved indication and our primary focus, findings from EMT2 add to a growing body of evidence suggesting that IPE may exert broad biological effects across multiple pathways and disease processes. Over the past several years, research has increasingly suggested that EPA may influence mechanisms associated with inflammation, oxidative stress, thrombosis, cellular signaling and vascular biology.

Publications related to omega-3 fatty acid used for colorectal cancer prevention, treatment and/or mechanisms of action have reported several biologically plausible hypotheses, including incorporation of EPA in colonic or colorectal tissue, direct anti-inflammatory or antineoplastic activity of prescription IPE and potential augmentation of host antitumor immune surveillance through effects on the gut microbiome. These potential mechanisms remain investigational and require further analysis from EMT2 and from new research.

Of note, recently, an investigator-initiated mechanistic study from the Massachusetts General Hospital in Boston, Massachusetts as well as other institutions published in the American Journal of Clinical Nutrition in June 2026, found that treatment with Vascepa cosapinephyl substantially increased incorporation of marine omega-3 fatty acids, particularly EPA into colorectal tissue. While much remains to be understood, findings from studies such as REDUCE-IT, the growing body of mechanistic research, IIT research and now EMT2 continue to reinforce the unique and increasingly differentiated profile of highly purified IPE, supporting continued scientific investigation into the broader biological effects of prescription IPE and its potential role in areas of significant unmet medical need.

Looking ahead, we remain committed to advancing the science of IPE through collaboration with leading academic investigators around the world. We have just seen the EMT2 results, and we will continue to collaborate with Professor Ho and the University of Leeds Research Group to further evaluate the data and a path forward for Amarin. We are also excited about the upcoming 2026 American Heart Association Scientific Sessions. -- where investigators will present new data related to lipoprotein A, an area of increasing interest within cardiovascular medicine. More than a decade after REDUCE-IT was initiated, investigators continue to generate new insights into the effects of highly purified IPE.

While many questions remain, the breadth and consistency of the data continue to strengthen our understanding of IicOSapentthyl and its potential impact on human health. With that overview of our scientific progress,

I'll now turn the call back to Aaron.

Aaron Berg

Thanks, Steve. Our third quarter results demonstrate that the transformation of our business is translating into tangible operational and financial benefits. We have expanded our global footprint and look forward to a greater global presence in 2027. With a significantly lower cost base, improving supply economics and disciplined working capital management, we've generated 4 consecutive quarters of positive operating cash flow and strengthened our debt-free balance sheet.

While U.S. pricing pressure and the timing of partner orders continue to influence revenue, growing international in-market demand reinforces the opportunity ahead and the added potential opportunity for VASCEPA reflected in the EMT2 trial results only adds to our optimism. We entered the final quarter of 2026 from a position of strength, focused on sustaining positive cash generation, supporting our partners' growth and building long-term shareholder value. In parallel, the progress we've made in reshaping Amarin has put us in a stronger position than at any point in our recent history to deliver value to our shareholders.

Building on that and guided by a clear mandate to maximize shareholder value, we continue to work closely with Barclays, our exclusive financial adviser and remain focused on working through these efforts in a timely and disciplined manner. These discussions and their potential outcomes will inform the timing, scale and prioritization of future capital deployment activities such as a share repurchase.

And with that, operator, let's open the call to questions from our analysts.

Operator

[Operator Instructions] Our first question today is coming from Jessica Fye with JPMorgan.

질의응답

Jessica Fye

I didn't catch the branded prescription growth that usually comes in the press release this quarter. Can you comment on that? How do we reconcile U.S. script volume growth with the decline in U.S. revenues year-over-year?

Unknown Executive

Jess, thanks for joining us. I appreciate the question. The volume for the branded Vascepa was stable. It was relatively flat. The downward impact on revenue was due to pricing pressure.

Jessica Fye

Okay. And then can you just give us a little bit of a sense about how to think about the U.S. price trajectory over the coming kind of quarters?

Unknown Executive

Yes, I'll turn it over to Pete to address that.

Peter Fishman

Yes. When we look at the U.S. pricing over the rest of this year, as we've talked about, we do expect to maintain our exclusives. So we expect the pricing to remain relatively consistent through the end of this year. While we haven't given guidance on '27, and we are still waiting for final confirmation on how the exclusives will look like going into 2027. We have seen that continued pricing pressure over previous years and would anticipate that to continue into '27.

Operator

Our next question is coming from Paul Choi with Goldman Sachs.

Kyuwon Choi

I wanted to ask on where you're able to comment on any updates in terms of reimbursement and coverage in major European markets. Any additional color there would be helpful. And my second question is in terms of thinking about the additional therapeutic applications for IPE, sort of what criteria are you considering here? And are you looking for a partner to help co-fund future development?

Aaron Berg

Paul, thanks for joining us. Thanks for the questions. Regarding reimbursement in Europe, we've been very encouraged by the approach that Recordati take. As we mentioned, the partnership is for 59 countries. They -- not just focusing on the major markets in Western Europe, but much broader than we at Amarin could have ever executed on our own. So they're making progress beyond where we've already commercialized.

In fact, as we mentioned, they just launched in Poland. It's public that there's activity going on with France, a very lengthy process. We're certainly optimistic and we believe we have the right partner that certainly can advance VAZKEPA well beyond the markets where we're already commercialized. So there's a lot of activity going on. There's a lot going on to explore the potential in certain markets while at the same time, trying to find a way to enter those markets.

As we get more clarity that we can speak to, we'll certainly do that. But we're very pleased and again, in particular, that they are going well beyond where we would have gone as Aron on our own. Regarding the potential other clinical applications. EMT2 certainly brings that question to the forefront. Regarding that, we just saw the data ourselves. We're very excited about that data as should patients because the second most prevalent cause of cancer death, colorectal cancer globally.

So the unmet need is there, and these are very, very sick patients that were studied. We have a lot to learn about the data, and that's what Steve has mentioned is that we'll be working with Dr. Hall as well as the University of Leeds. We'll continue collaborating with them to see where we go at the same time, from a commercial perspective, assessing what value there is for us. And that's the approach we'll take with any other potential therapeutic application.

And that is what's the commercial opportunity, what's the unmet need, what data already exists, what can we do to protect it? A lot of questions that we ask. We're fortunate that we have a molecule that has such broad application, and there's probably more we don't know still about what this drug can do that we do know. And certainly, EMT2 is a testament to that. So once we identify more about which path we go, we'll also identify whether we share in that, how we approach it.

Certainly, we will be very disciplined managing the risk and the opportunity at the same time. But once we know more, we'll certainly report on that. That's a good question. Thank you.

Operator

Apologies if you cannot hear me. Can you hear me?

Aaron Berg

Now we can.

Operator

Ladies and gentlemen, as we have no further questions in the queue at this time, I would like to turn the call back over to Mr. Berg for any closing remarks.

Unknown Executive

Yes. Once again, thank you all very much for joining us. Thanks for your attention to Amarin, and we look forward to keeping you apprised of our progress as we move forward. Thank you. Have a good day.

Operator

Thank you. Ladies and gentlemen, this does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.