Amarin Corporation PLC (NASDAQ:AMRN) provided a business update today, revealing its unaudited fourth-quarter 2023 revenue and year-end cash position, along with its 2023 achievements and 2024 priorities. The company reported unaudited total revenues of between $72 million to $74 million for the fourth quarter of 2023, with a cash position of approximately $321 million at the end of the year. Amarin also disclosed its 2024 key priorities, including accelerating revenue in key European launch markets, retaining market leadership in the U.S., and maximizing patient uptake in the rest of the world (ROW) through partnerships.
Patrick Holt, President and CEO of Amarin, expressed confidence in the business and emphasized the company's focus on delivering value for shareholders. Holt stated, "We enter 2024 with a number of positives: we have a solid cash position and no debt; our European business is showing early signs of progress following new leadership and a new strategy; our U.S. business continues to retain market leadership and is in a solid position with exclusive contracts to start 2024; and our partners in the rest of the world (ROW) are advancing commercialization and market access efforts."
In 2023, Amarin achieved several milestones, including securing pricing and reimbursement and launching Vazkepa in additional European markets. The company reported approximately 65% growth in the fourth quarter compared to the third quarter of 2023 in Europe. Looking ahead to 2024, Amarin aims to accelerate revenue in key European markets and advance pricing and reimbursement processes in other key markets.
In the United States, the company retained its market share leadership in 2023 despite additional generic competition. Amarin plans to focus on maintaining market share leadership and profitability while adapting to dynamic market conditions in 2024.
Regarding the rest of the world, Amarin secured regulatory approvals and entered into marketing and commercialization agreements in key markets and regions in 2023. The company intends to continue supporting pricing and reimbursement and commercialization efforts across key markets in 2024.
Additionally, Amarin announced a plan to initiate a share repurchase program of up to $50 million, subject to shareholder and UK high court approval. The company anticipates completing the necessary approvals by the end of the second quarter of 2024, with share repurchases commencing shortly thereafter.
Amarin's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $229,214 | $429,755 | $614,060 | $583,187 | $369,193 | $322,443 |
| Revenue Growth | n/a | 87.49% | 42.89% | -5.03% | -36.69% | -12.66% |
| Operating Margins | -47% | -6% | -3% | 2% | -28% | -22% |
| Net Margins | -51% | -5% | -3% | 1% | -28% | -16% |
| Net Income (k) | -$116,445 | -$22,645 | -$18,000 | $7,729 | -$105,803 | -$52,475 |
| Net Interest Expense (k) | $8,872 | $6,626 | $2,605 | $129 | $15 | $4,342 |
| Depreciation & Amort. (k) | $23 | $679 | $1,441 | $2,270 | $2,545 | $2,740 |
| Earnings Per Share | -$0.39 | -$0.07 | -$0.05 | $0.02 | -$0.26 | -$0.12 |
| EPS Growth | n/a | 82.05% | 28.57% | 140.0% | -1400.0% | 53.85% |
| Diluted Shares (k) | 297,237 | 342,538 | 381,759 | 402,480 | 401,155 | 408,417 |
| Free Cash Flow (k) | -$94,708 | -$9,730 | -$21,998 | -$66,537 | -$180,092 | $9,077 |
| Current Ratio | 2.4 | 3.53 | 2.86 | 2.37 | 2.66 | 2.69 |
