0001193125-26-188940
SEC filingA transition quarter defined by a strategic pivot to a partnership model in Europe, which drove revenue growth and significant operating expense reductions but compressed margins due to the lower-margin nature of partner sales.
Amarin reported Q1 FY2026 revenue of $45.1M, a 7.4% increase from $42.0M in the prior year period. This growth was primarily driven by higher royalties resulting from the company's strategic move to a partnering model in Europe as of June 2025, alongside an increase in partner sales within their respective territories. The company continues to focus on driving expanded access and increased patient uptake of VASCEPA through ongoing support of commercialization partners and their pricing, reimbursement, and licensure initiatives in non-U.S. markets.
Gross profit for the quarter was $17.8M, a decrease from $25.1M in Q1 FY2025, resulting in a gross margin of 39.4%. The decrease in gross margin is primarily attributed to a change in customer mix, consistent with the strategic shift toward a partnership-based business model. Management noted that the increase in cost of goods sold was due to increased product volumes, and future average supply costs may fluctuate based on factors including volume purchases, manufacturing efficiency improvements, supplier mix, and currency exchange rates.
Operating loss narrowed to -$11.3M, a 32.4% improvement from the -$16.8M loss recorded in the same quarter of the previous year. This reduction in operating loss reflects the company's efforts to align its cost structure with its evolving business model. Net loss improved to -$10.5M, a 33.0% improvement year-over-year, with diluted EPS improving to $-0.03 from $-0.04.