Amarin chairman, CEO issues letter to shareholders

Amarin Corporation announced that the Company’s Chairman of the Board, Odysseas Kostas, M.D., and President & CEO, Patrick Holt, issued the following letter to Amarin shareholders: “2023 was an important year for Amarin, marked by necessary transition and change. With a new board focused on shareholders, we undertook significant actions to strengthen the Company. We restructured the management team, redesigned our operations and approach in Europe, improved our financial discipline, streamlined the U.S. business to maximize cash flows and progressed our Rest of World rollout. We believe the company is fundamentally in a much stronger position today. As shareholders ourselves, we remain disappointed in Amarin’s stock performance. However, we believe that Amarin is significantly undervalued and that VASCEPA/VAZKEPA can bring tremendous value to patients globally and its true potential has yet to be realized…. Highlights from 2023: Strengthening leadership. Amarin’s Board identified and named a new President and CEO in Pat Holt… Improving operations. We streamlined the U.S. business to maximize cash generation… Enhancing financial discipline. The Company reduced operating expenses $100 million in 2023, and the Company is on-track to deliver an additional $40 million reduction in operating expenses. As a result, we closed 2023 with $321 million in cash and no debt. Looking ahead, we believe we have established a strong foundation to drive shareholder value in 2024 and beyond: In the U.S., we will focus on extending IPE market leadership, where we have maintained a 57% market share, including plans to launch an authorized generic if required. In Europe, we will focus on accelerating revenues in key markets like Spain and the U.K., and plans are in place for pricing and reimbursement submissions in Italy, France and Germany. In the RoW, we are focused on shifting from partnerships to implementing plans to support our partners advance market access and commercialization for VASCEPA/VAZKEPA.