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Amarin's Q3 Earnings Beat Estimates, Revenues Miss Mark
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Key Takeaways
AMRN reported adjusted earnings of 8 cents per ADS, beating estimates despite 57.9% year-over-year decline.
Amarin's U.S. Vascepa sales plunged 30% amid generic competition and pricing pressure.
Amarin held $323.4 million in cash and investments and remained debt-free.
Amarin Corporation (AMRN - Free Report) recorded adjusted earnings of eight cents per American Depositary Share (ADS) for the third quarter of 2026, down 57.9% year over year. The metric surpassed the Zacks Consensus Estimate of a loss of 15 cents. Adjusted earnings per ADS excluded stock-based compensation expense.
Total revenues in the quarter were $39.6 million, missing the Zacks Consensus Estimate of $45 million. Revenues declined 20.4% year over year, primarily due to lower U.S. product sales. However, global in-market demand for Vascepa/Vazkepa increased an estimated 55% year over year.
Year to date, Amarin's shares have lost 8.7% against the industry’s 7.2% growth.
Image Source: Zacks Investment Research
AMRN's Q3 Earnings in Detail
Amarin’s top line comprises product revenues from its sole marketed drug, Vascepa (icosapent ethyl), along with licensing and royalty revenues. The drug is approved as an adjunct to diet for the treatment of severe hypertriglyceridemia and to reduce cardiovascular risk in patients with persistently elevated triglycerides on statin therapy for LDL-C.
Net product revenues from Vascepa in the quarter were $36.9 million, declining 24% year over year. The decrease primarily reflected lower U.S. sales amid continued generic competition and pricing pressure. This metric missed both the Zacks Consensus Estimate and our model estimates of $42.5 million.
U.S. product revenues from Vascepa declined 30% year over year to $28.5 million. The decrease was primarily attributable to lower net selling prices resulting from changes in customer mix amid continued generic competition.
Product revenues from Vazkepa (Vascepa’s brand name in Europe) in the European market totaled $3.7 million, decreasing 9% from the year-ago quarter. This reflected launch-related inventory purchases in the prior-year period associated with the transition to a fully partnered model with Recordati in the European market.
Revenues in the Rest of the World increased 29% year over year to $4.7 million, reflecting continued commercial investment and execution by international partners.
Licensing and royalty revenues increased 139% year over year to $2.7 million, reflecting higher sales by international partners in their respective territories.
AMRN’s Operating Expenses & Cash Balance
Adjusted selling, general and administrative expenses, excluding stock-based compensation, declined 26.1% year over year to $13.3 million, reflecting benefits from the company's completed global restructuring initiatives.
Adjusted research and development expenses, excluding stock-based compensation, totaled $3.9 million, increasing 8.2% from the year-ago quarter.
Amarin ended the quarter with cash and investments of $323.4 million compared with $314.6 million as of June 30, 2026, and remained debt-free.
AMRN's Recent Key Developments
In October, Amarin announced results from the investigator-initiated phase III EPA for metastasis trial 2 (EMT2), evaluating Vascepa as an adjunct to standard treatment in patients undergoing liver surgery for colorectal cancer liver metastases. The study failed to meet its primary endpoint of progression-free survival. However, it demonstrated a statistically significant 32% reduction in the hazard of death on the key secondary endpoint of overall survival.
Amarin continued to execute on its strategic transformation during the third quarter of 2026 following its exclusive long-term licensing and supply agreement with Recordati, signed in June 2025, to commercialize Vazkepa across 59 European-focused markets. The partnership has enabled the company to significantly lower its operating cost base while expanding Vazkepa's commercial footprint in Europe. As of Sept. 30, 2026, Vascepa/Vazkepa was commercially available in 22 countries worldwide, including 11 European markets through Recordati.
In the United States, Amarin strengthened its leadership in the branded icosapent ethyl market, maintaining a 47% market share during the quarter. Management expects U.S. volumes to remain broadly stable through the remainder of 2026.
Management expects improved cost efficiency and sustained positive cash flow in 2026.
Over the past 30 days, earnings per share estimates for TG Therapeutics have risen from 92 cents to 94 cents for 2026. Over the same period, estimates for 2027 earnings per share have increased from $2.65 to $2.66. TGTX’s shares have risen 92.6% year to date.
TG Therapeutics’ earnings missed estimates in three of the trailing four quarters and beat in the remaining one, with an average surprise of 184.65%.
Over the past 30 days, earnings per share estimates for Amneal Pharmaceuticals have increased from $1.03 to $1.04 for 2026. Over the same period, estimates for 2027 earnings per share have risen from $1.16 to $1.19. AMRX’s shares have surged 67.8% year to date.
Amneal Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 32.82%.
Over the past 30 days, loss per share estimates for Iovance Biotherapeutics have narrowed from 49 cents to 45 cents for 2026. Over the same period, estimates for loss per share have also improved from 29 cents to 22 cents for 2027. IOVA shares have skyrocketed 442.5% year to date.
Iovance Biotherapeutics beat estimates in three of the trailing four quarters and met in the remaining one, with the average surprise being 16.82%.
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Amarin's Q3 Earnings Beat Estimates, Revenues Miss Mark
Key Takeaways
Amarin Corporation (AMRN - Free Report) recorded adjusted earnings of eight cents per American Depositary Share (ADS) for the third quarter of 2026, down 57.9% year over year. The metric surpassed the Zacks Consensus Estimate of a loss of 15 cents. Adjusted earnings per ADS excluded stock-based compensation expense.
Total revenues in the quarter were $39.6 million, missing the Zacks Consensus Estimate of $45 million. Revenues declined 20.4% year over year, primarily due to lower U.S. product sales. However, global in-market demand for Vascepa/Vazkepa increased an estimated 55% year over year.
Year to date, Amarin's shares have lost 8.7% against the industry’s 7.2% growth.
Image Source: Zacks Investment Research
AMRN's Q3 Earnings in Detail
Amarin’s top line comprises product revenues from its sole marketed drug, Vascepa (icosapent ethyl), along with licensing and royalty revenues. The drug is approved as an adjunct to diet for the treatment of severe hypertriglyceridemia and to reduce cardiovascular risk in patients with persistently elevated triglycerides on statin therapy for LDL-C.
Net product revenues from Vascepa in the quarter were $36.9 million, declining 24% year over year. The decrease primarily reflected lower U.S. sales amid continued generic competition and pricing pressure. This metric missed both the Zacks Consensus Estimate and our model estimates of $42.5 million.
U.S. product revenues from Vascepa declined 30% year over year to $28.5 million. The decrease was primarily attributable to lower net selling prices resulting from changes in customer mix amid continued generic competition.
Product revenues from Vazkepa (Vascepa’s brand name in Europe) in the European market totaled $3.7 million, decreasing 9% from the year-ago quarter. This reflected launch-related inventory purchases in the prior-year period associated with the transition to a fully partnered model with Recordati in the European market.
Revenues in the Rest of the World increased 29% year over year to $4.7 million, reflecting continued commercial investment and execution by international partners.
Licensing and royalty revenues increased 139% year over year to $2.7 million, reflecting higher sales by international partners in their respective territories.
AMRN’s Operating Expenses & Cash Balance
Adjusted selling, general and administrative expenses, excluding stock-based compensation, declined 26.1% year over year to $13.3 million, reflecting benefits from the company's completed global restructuring initiatives.
Adjusted research and development expenses, excluding stock-based compensation, totaled $3.9 million, increasing 8.2% from the year-ago quarter.
Amarin ended the quarter with cash and investments of $323.4 million compared with $314.6 million as of June 30, 2026, and remained debt-free.
AMRN's Recent Key Developments
In October, Amarin announced results from the investigator-initiated phase III EPA for metastasis trial 2 (EMT2), evaluating Vascepa as an adjunct to standard treatment in patients undergoing liver surgery for colorectal cancer liver metastases. The study failed to meet its primary endpoint of progression-free survival. However, it demonstrated a statistically significant 32% reduction in the hazard of death on the key secondary endpoint of overall survival.
Amarin continued to execute on its strategic transformation during the third quarter of 2026 following its exclusive long-term licensing and supply agreement with Recordati, signed in June 2025, to commercialize Vazkepa across 59 European-focused markets. The partnership has enabled the company to significantly lower its operating cost base while expanding Vazkepa's commercial footprint in Europe. As of Sept. 30, 2026, Vascepa/Vazkepa was commercially available in 22 countries worldwide, including 11 European markets through Recordati.
In the United States, Amarin strengthened its leadership in the branded icosapent ethyl market, maintaining a 47% market share during the quarter. Management expects U.S. volumes to remain broadly stable through the remainder of 2026.
Management expects improved cost efficiency and sustained positive cash flow in 2026.
Amarin Corporation PLC Price and Consensus
Amarin Corporation PLC price-consensus-chart | Amarin Corporation PLC Quote
AMRN's Zacks Rank & Stocks to Consider
Amarin currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are TG Therapeutics (TGTX - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy) and Amneal Pharmaceuticals (AMRX - Free Report) and Iovance Biotherapeutics (IOVA - Free Report) , both of which carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 30 days, earnings per share estimates for TG Therapeutics have risen from 92 cents to 94 cents for 2026. Over the same period, estimates for 2027 earnings per share have increased from $2.65 to $2.66. TGTX’s shares have risen 92.6% year to date.
TG Therapeutics’ earnings missed estimates in three of the trailing four quarters and beat in the remaining one, with an average surprise of 184.65%.
Over the past 30 days, earnings per share estimates for Amneal Pharmaceuticals have increased from $1.03 to $1.04 for 2026. Over the same period, estimates for 2027 earnings per share have risen from $1.16 to $1.19. AMRX’s shares have surged 67.8% year to date.
Amneal Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 32.82%.
Over the past 30 days, loss per share estimates for Iovance Biotherapeutics have narrowed from 49 cents to 45 cents for 2026. Over the same period, estimates for loss per share have also improved from 29 cents to 22 cents for 2027. IOVA shares have skyrocketed 442.5% year to date.
Iovance Biotherapeutics beat estimates in three of the trailing four quarters and met in the remaining one, with the average surprise being 16.82%.