Amarin Corporation plc (AMRN Quick QuoteAMRN - Free Report) reported an adjusted loss of 5 cents per share for the third quarter of 2024, which was in line with the Zacks Consensus Estimate. The company had reported breakeven earnings in the year-ago quarter.

Total revenues were $42.3 million, which missed the Zacks Consensus Estimate of $44 million. Revenues declined 36% from the year-ago quarter’s levels, owing to lower product revenues.

Amarin’s shares were down 2.9% in after-hours trading on Oct. 30, following the announcement of the results.

Year to date, the stock has plunged 30.8% compared with the industry’s decline of 3.2%.

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More on AMRN's Q3 Earnings

Net product revenues from Vascepa, the company’s sole marketed drug, in the third quarter, were $41.9 million, down 36% year over year.

U.S. product revenues from Vascepa totaled $30.6 million, declining almost 51% from the year-ago quarter’s level as rising generic competition continued to hurt sales volumes. The drug’s U.S. sales missed our model estimate of $34.8 million.

Product revenues from Vazkepa (Vascepa’s brand name in Europe) in the European market totaled $4.3 million compared with $3.5 million reported in the previous quarter. Sales were driven by revenue growth in the United Kingdom and Spain.

Licensing and royalty revenues came in at $0.4 million compared with $1.2 million reported in the year-ago period.

Selling, general and administrative expenses totaled $36.9 million, down almost 18.9% year over year. This downside was due to cost optimization efforts in AMRN’s business.

Research and development expenses totaled $4.5 million, down almost 11.7% year over year.

Amarin ended the third quarter with cash and investments of $305.7 million compared with $306.7 million reported in the quarter ended June 2024. The company believes that its current cash is enough to fund the ongoing operations and support continued operations in the future.

We remind investors that in July 2023, Amarin implemented an organizational restructuring plan to strengthen its existing cash runway and curb cash burn. As part of this restructuring, the company reduced its workforce and made $50 million in annual savings. The company remains focused on reducing operating expenses and managing its cash position.

AMRN's Zacks Rank

Amarin currently carries a Zacks Rank #2 (Buy).

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