Executive Summary

Q4 2024 net revenue was $62.3M, down 17% year-over-year due to U.S. generic competition and CVS moving VASCEPA from exclusive to not covered; sequentially, revenue increased versus Q3’s $42.3M as RoW and Europe grew .
GAAP net loss widened to $(48.6)M (EPS $(0.12)) largely due to a one-time non-cash inventory restructuring charge of $36.5M; non-GAAP adjusted net loss was $(8.7)M (EPS $(0.02)) .
U.S. product revenue fell to $44.2M (vs $64.9M prior year), while Europe rose to $4.0M and RoW to $11.9M, reflecting early launches and partner shipments; gross margin ex-restructuring was 41% .
Company initiated a 1-for-20 ADS ratio change to maintain Nasdaq listing, a near-term stock reaction catalyst; effective on or about April 11, 2025 .
Cash and investments remained robust at $294.2M with no debt; management expects CVS impact to weigh on YoY comps through Q1–Q2 2025 .

What Went Well and What Went Wrong

What Went Well

European momentum: “In all European countries where VAZKEPA has launched, in-market demand grew in the fourth quarter versus the third quarter of 2024,” with national reimbursement secured in Italy and Austria (effective April 1, 2025) .
RoW launches: Partners launched CV risk reduction in China (EddingPharm) and Australia (CSL Seqirus); RoW net product revenue rose to $11.9M vs $4.2M prior year .
Cost discipline and liquidity: SG&A declined YoY to $37.0M; cash and investments totaled $294.2M, and management reaffirmed adequate liquidity to support operations .

Quote: “We generated more than $200 million in revenue and ended the year with nearly $300 million in cash and no debt — all measures exemplifying the strength and resilience of our franchise…” — Aaron Berg, CEO .

What Went Wrong

U.S. pressure: U.S. product revenue fell to $44.2M driven by lower net selling price (generics) and volume impact from CVS Commercial moving from exclusive to not covered; management expects this to impact YoY comps through first two quarters of 2025 .
Gross margin compression: Excluding the restructuring charge, gross margin declined to 41% vs 58% prior year due to U.S. net price erosion .
Large non-cash inventory restructuring: $36.5M charge materially impacted GAAP profitability in Q4 .

Analyst concern: “how to think about U.S. net price in the coming quarters?” Answer: mix shift and continued pricing pressure from exclusives and higher Medicare Part D discounts .

Financial Results

Consolidated P&L Snapshot (Oldest → Newest)

Metric	Q2 2024	Q3 2024	Q4 2024
Total Net Revenue ($MM)	$67.5	$42.3	$62.3
Net Product Revenue ($MM)	$47.5	$41.9	$60.1
Licensing & Royalty Revenue ($MM)	$20.0	$0.45	$2.24
Cost of Goods Sold ($MM)	$24.7	$26.0	$35.4
Inventory Restructuring ($MM)	$0.0	$0.0	$36.47
SG&A ($MM)	$38.5	$36.9	$37.0
R&D ($MM)	$4.7	$4.5	$6.0
GAAP Net Income (Loss) ($MM)	$1.5	$(25.1)	$(48.6)
GAAP Diluted EPS ($)	$0.00	$(0.06)	$(0.12)
Non-GAAP Adjusted Net Income (Loss) ($MM)	$5.9	$(20.4)	$(8.7)
Non-GAAP Diluted EPS ($)	$0.01	$(0.05)	$(0.02)
Gross Margin % (ex-restructuring)	48%	38%	41%

YoY context: Q4 revenue down 17% YoY; Q3 down 36%; Q2 down 16%, reflecting U.S. generic pricing and CVS volume headwinds .

Revenue by Geography (Oldest → Newest)

Region	Q2 2024	Q3 2024	Q4 2024
U.S. Net Product Revenue ($MM)	$43.8	$30.6	$44.2
Europe Net Product Revenue ($MM)	$3.5	$4.3	$4.0
RoW Net Product Revenue ($MM)	$0.2	$6.9	$11.9

KPIs and Balance Sheet (Oldest → Newest)

Metric	Q2 2024	Q3 2024	Q4 2024
Cash & Investments ($MM)	$306.7	$305.7	$294.2
Total Operating Expenses ($MM)	$43.3	$41.4	$43.0
Weighted Avg Diluted Shares (MM)	411.4	411.2	411.3

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue trajectory (U.S.)	Q1–Q2 2025	Not provided	Management anticipates continued impact on YoY comparisons from CVS moving from exclusive to not covered through first two quarters of 2025	Qualitative caution
Operating Expenses	2025	Not provided	Continued focus on cost optimization; disciplined OpEx deployment	Maintain discipline
Gross Margin Drivers	Near term	Not provided	Gross margin pressured by U.S. net price; Q4 impacted by non-cash inventory restructuring	Qualitative caution
Corporate Action (ADS ratio)	Effective ~Apr 11, 2025	N/A	1-for-20 ADS ratio change to maintain Nasdaq listing	New action

Note: No formal quantitative guidance ranges (revenue, margin, OpEx, tax) were provided in Q4 materials .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3)	Current Period (Q4)	Trend
U.S. pricing & CVS impact	Increasing generic pressure; expected net price declines; CVS Commercial moved to not covered in H2 2024	Mix shift drove variability; continued pricing pressure; impact to YoY comps expected in Q1–Q2 2025	Persistent headwind
Europe commercialization	UK/Spain growth; P&R progress Portugal/Greece; targeting ACS patients; Italy dossier progressing	Demand up across launched markets; national reimbursement secured in Italy; Austria reimbursement effective Apr 1, 2025	Improving
RoW launches & revenue	China CVRR approval and $15M milestone; Australia PBS listing; Canada Alberta reimbursement	China and Australia partners launched CVRR; RoW demand grew; shipments variable by timing	Building
R&D and medical advocacy	RESPECT EPA and mechanistic EPA data at ESC/EASD; >25 publications YTD	45 publications in 2024; upcoming ACC’25 mechanistic data (EPA + GLP-1; Lp(a))	Strong drumbeat
Nasdaq compliance & capital actions	Considering mechanisms including reverse split; share repurchase authorized but not initiated	Announced 1-for-20 ADS ratio change to maintain listing; management views stock as undervalued	Action taken
Legal/regulatory	Hikma induced infringement appeal reversed; case returning to district court	No new legal updates in Q4 call	Stable

Management Commentary

“We have a strong foundation financially with 2024 revenues of over $200 million and a cash position of almost $300 million and no debt.” — Aaron Berg, CEO .
“In all European countries where VAZKEPA has launched, in-market demand grew in the fourth quarter versus the third quarter of 2024… In Italy, the Company secured national reimbursement.” .
“European product revenue was $4 million… driven primarily by growing contributions from Spain and the U.K… RoW… $11.9 million… partnerships continue to generate meaningful cash contributions with no direct costs incurred.” — Peter Fishman, CFO .
“We announced our intent to initiate a ratio change to our ADS program… to comply with Nasdaq’s $1.00 minimum bid price… maintain the Company’s listing.” — Peter Fishman, CFO ; details in press release .
“We have secured more than 50 clinical guidelines… post-hoc analysis showed consistent cardiovascular risk reduction irrespective of baseline LDL-C level.” — Steve Ketchum, R&D .

Q&A Highlights

U.S. net price drivers: Mix shift following CVS change led to lower rebates mix and variability; continued pricing pressure expected, with Medicare Part D higher discounts .
BD/pipeline and capital allocation: Opportunistic BD in cardiometabolic areas; focus remains on executing VASCEPA/VAZKEPA; cash to be invested prudently to drive return .
RoW contributions: Early-stage launches; partners in China and Australia ramping; Canada expanded public access; education and payer access critical to uptake .
Net pricing trajectory (prior quarters): Additional generics drove higher rebates; expect continued pressure and higher Medicare mix after CVS change .
China NRDL timing (Q2): Possible inclusion Jan 1, 2025; tiered royalties and no direct costs make economics attractive .

Estimates Context

S&P Global (Capital IQ) consensus estimates for EPS, revenue, EBITDA (Q4 2024 and prior quarters/years) were unavailable during this session due to SPGI request limits. As a result, direct “vs consensus” comparisons cannot be provided at this time [GetEstimates error].
Based on management commentary, analysts should anticipate near-term U.S. estimate pressure (Q1–Q2 2025) due to CVS formulary change and continued pricing pressure, while Europe/RoW trajectories may be revised upward as reimbursement and launches expand .

Key Takeaways for Investors

Q4 showed sequential revenue recovery versus Q3 driven by RoW and Europe, but U.S. remains pressured; monitor mix dynamics and Medicare Part D exposure .
The $36.5M non-cash inventory restructuring depressed GAAP results; non-GAAP loss was modest, highlighting underlying cost discipline and cash resilience .
Europe is a growing pillar: Italy reimbursement and Austria inclusion (Apr 1, 2025) plus UK/Spain momentum should underpin 2025 revenue expansion; watch pace of regional access wins .
RoW catalysts: China CVRR launch progressing toward broader reimbursement (NRDL), Australia PBS launch underway; expect variability tied to partner stocking versus end-market demand .
ADS ratio change is a near-term trading catalyst aimed at maintaining Nasdaq listing; post-effect price mechanics are proportional, with no guarantee of precise 20x move .
Short term: Expect estimate and price sensitivity to U.S. net price and CVS-related volume impacts through Q1–Q2 2025; watch for additional inventory or supply actions that could affect margins .
Medium term: Thesis hinges on expanding European reimbursement, accelerating adoption in UK/Spain/Italy, and unlocking RoW demand; robust cash and no debt provide runway for execution .

AMARIN CORP PLC\UK (AMRN)·Q4 2024 Earnings Summary