Amarin Posts Q3 Profit as Cost Cuts Offset Revenue Decline

Amarin Corp. (Nasdaq: AMRN) reported its first profitable quarter in more than two years as a sharply lower cost base offset declining U.S. VASCEPA revenue in the third quarter of 2026. Net income was $0.2 million, compared with a $7.7 million loss a year earlier, while the company maintained its expectation of positive cash flow for the full year.

Net product revenue fell 24% year over year to $36.9 million, primarily reflecting a 30% decline in U.S. product revenue to $28.5 million amid pricing pressure from generic competition. European product revenue decreased 9% to $3.7 million following Amarin’s transition to a partnered sales model in the second half of 2025. Rest-of-world product revenue rose 29% to $4.7 million, while licensing and royalty revenue increased 139% to $2.7 million.

Gross profit declined 27% to $16.2 million, and product gross margin narrowed by two percentage points to 44%. Cost of goods sold decreased 15%. Amarin said improved supply terms are having a positive effect on gross margin, though quarterly results may vary with sales mix and the timing and volume of shipments to partners.

The principal driver of the improved bottom line was a 44% reduction in operating expenses to $18.5 million. Selling, general and administrative expenses declined 27% to $14.3 million, while research and development spending was unchanged at $4.2 million. The operating loss narrowed to $2.4 million from $11.1 million. Amarin completed its latest restructuring in the second quarter, generating approximately $70 million in annual operating expense savings.

International demand expands under partner-led model

Amarin’s international strategy now relies on seven commercial partnerships covering roughly 100 countries. Combined in-market demand across global partners increased 55% from the prior-year period, although the company noted that patient demand does not translate directly into quarterly revenue because supply shipments depend on inventory levels, launch timing and replenishment activity.

European in-market demand rose 68% from the prior-year period. Recordati, which holds an exclusive long-term license covering 59 European countries, has commercialized VAZKEPA in 12 key markets, including a private-pay launch in Poland in October 2026. Pricing and reimbursement discussions remain underway in additional territories, and European patent protection extends through 2039.

Other partnered markets also posted higher year-to-date volumes. Demand increased 181% in Australia, 92% in Israel, 75% in China, 63% in the Middle East and North Africa, and 13% in Canada. Regulatory approvals have been obtained in Singapore and South Korea, where launches are anticipated in the first quarter of 2027. Additional approvals in the Philippines, Thailand, Vietnam and Malaysia are anticipated through 2030.

U.S. franchise remains cash-generative

VASCEPA retained a leading 47.4% share of the U.S. icosapent ethyl market in the third quarter, compared with 48.0% for full-year 2025 and 54.4% in 2024. Amarin said the U.S. operation remained profitable and generated cash despite generic competition and price pressure. The company expects to retain a significant portion of its exclusive U.S. business through the end of 2026.

Amarin ended September with $324 million in cash, cash equivalents and short-term investments and no debt. Management expects the company to remain cash-flow positive for full-year 2026.

The company cautioned that revenue under its partner-led model may remain variable as it matures. Future product sales depend partly on launch schedules, inventory builds, clinician and patient adoption, and the timing of partner orders. Regulatory and pricing decisions, generic product launches, intellectual-property matters and litigation also remain sources of uncertainty.