Amarin (AMRN) 2026年第三季法說會：隨著國際需求成長重返獲利

重點摘要

• Amarin Corporation (NASDAQ: AMRN) 公布 2026 年第三季淨營收為 3,960 萬美元，低於 2025 年第三季的 4,970 萬美元，主因為美國市場的價格壓力抵銷了品牌藥 VASCEPA 穩定的出貨量。
• 該公司當季淨利為 24.5 萬美元，每股盈餘低於 0.01 美元，相較之下，去年同期淨虧損為 770 萬美元，每股虧損 0.02 美元。這是 Amarin 兩年來首次實現單季獲利。
• 第三季營運現金流正成長 900 萬美元。截至 2026 年 9 月 30 日，現金及投資總額達 3.24 億美元，較 2025 年底增加 2,100 萬美元，且無任何債務。
• 國際市場成長動能強勁：歐洲預估的 VAZKEPA 需求量年增 68%，而全球合作夥伴對 VASCEPA 的合計需求量則成長 55%。
• 由研究人員發起的 EMT2 第三期臨床試驗未達無惡化生存期 (PFS) 的主要終點。然而，在關鍵的次要終點總生存期 (OS) 方面，VASCEPA 在統計學上顯著降低了 32% 的死亡風險。
• 管理層繼續預期 2026 全年營運現金流為正，且美國出貨量在年底前保持穩定，同時預計美國市場的價格壓力將持續至 2027 年。

關鍵財務數據

業務與營運表現

VASCEPA 在美國二十碳五烯酸乙酯 (icosapent ethyl) 市場保持了 47% 的市占率。管理層表示，品牌處方藥出貨量相對持平，而淨售價下降是導致營收同比下滑的主因。公司預期至 2026 年底前將繼續保持與美國主要付費機構的獨家合作權。

截至 2026 年 9 月 30 日，VAZKEPA 已透過 Recordati 在 11 個歐洲國家商業化上市。隨後於 10 月在波蘭推出自費市場。西班牙、英國和義大利仍是主要的貢獻來源，而 Recordati 則在其覆蓋的 59 個國家與地區持續推進定價、報銷和商業化推廣工作。

第三季歐洲預估市場需求量年增 68%，世界其他地區需求量則增長 46%。在整個國際業務方面，過去 12 個月的終端市場需求估計較前一個 12 個月期間增長了 59%。

Amarin 提醒，由於庫存水準與下單時程影響，合作夥伴的採購量在任何單一季度內可能無法與終端市場需求完全同步。公司目前正為 2027 年初在新加坡與南韓上市進行準備，同時在東南亞展開額外的法規與商業推廣活動。

供應合約的重新談判使毛利率較上一季提升約 2.3 個百分點（不含註銷金額）。自 2024 年第四季以來，庫存已下降 31%，減少了積壓在業務中的營運資金。

臨床與法規進展

EMT2 研究招募了 448 名接受大腸直腸癌肝轉移切除術的患者。患者在手術前及術後長達四年內，在接受標準治療的同時服用 VASCEPA 或安慰劑。

該試驗雖然未達到無惡化生存期 (PFS) 的主要終點，但在關鍵的次要終點總生存期 (OS) 上，顯示出死亡風險在統計學上顯著降低了 32%。管理層強調，這些發現仍屬於研究性質，在 Amarin 確定潛在的開發路徑或商業機會前，需要與里茲大學 (University of Leeds) 研究團隊進行進一步分析。

此外，二十碳五烯酸乙酯已被納入與歐洲腎臟協會 (European Renal Association) 共同制定的最新歐洲心血管疾病與慢性腎臟病管理指南中。

管理層展望

管理層繼續預估 2026 全年營運現金流為正。預計美國市場的出貨量在年底前將保持穩定，同時隨著付費機構的獨家合作權持續至 2026 年，產品價格預計將保持相對穩定。

該公司尚未發布 2027 年的業績指引。公司正在等待付費機構獨家合作安排的確認，並預計往年在美國市場面臨的價格壓力將持續至 2027 年。

Amarin 還與其獨家財務顧問巴克萊銀行 (Barclays) 合作，推動旨在最大化股東價值的舉措。管理層表示，討論結果將影響潛在資金配置的時間、規模與優先順序，包括可能的股份回購。

風險與關注事項

• 儘管品牌藥出貨量維持穩定，但學名藥競爭持續對美國市場的淨售價構成壓力。
• 2026 年後美國付費機構的獨家合作權仍存在不確定性，管理層預計價格壓力將持續至 2027 年。
• 國際產品營收可能出現波動，因為合作夥伴的採購取決於庫存水準、銷售組合與下單時程。
• 毛利率可能因美國市場價格、產品組合以及國際供應發貨的時間和規模而逐季有所差異。
• EMT2 未能達到其主要終點，將 VASCEPA 擴展至更廣泛的腫瘤學應用需要進一步分析、科學驗證，以及對商業與智慧財產權考量的評估。

分析師問答集錦

在被問及美國處方量與營收之間的走勢分歧時，管理層表示品牌藥 VASCEPA 的出貨量維持穩定，營收下滑歸因於價格壓力。

關於歐洲健保報銷進展，管理層強調 Recordati 在 59 個國家和地區具備廣泛覆蓋能力，並提及最近在波蘭的上市以及在法國持續推進的活動。公司未提供其他報銷決策的時間表。

關於新治療應用的開發，管理層表示將評估未被滿足的醫療需求、現有證據、商業潛力、智慧財產權保護及開發風險。Amarin 尚未確定是否尋找合作夥伴來共同資助 EMT2 衍生出的進一步開發。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.