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Amarin Corporation Plc (AMRN)
NASDAQ:AMRN
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Amarin
(NASDAQ:AMRN)
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Rating:55Neutral
Price Target:
$17.00
▲(20.40% Upside)
Action:ReiteratedDate:01/09/26
The score is held back primarily by weak financial performance (ongoing losses and negative operating cash flow) and an unattractive earnings-based valuation (negative P/E). These are partly offset by improving operational execution highlighted on the earnings call (U.S. growth, major cost reductions, positive free cash flow target) and moderately supportive technical positioning with price above key moving averages.
Positive Factors
U.S. Revenue Growth
Sustained 34% U.S. product revenue growth, driven by higher net selling price, volume and regained PBM exclusivity, strengthens Amarin's core market position. Durable domestic expansion improves recurring cash generation and reduces reliance on riskier international markets over the medium term.
Cost Reductions and FCF Target
Large, structural SG&A cuts and a management target for positive free cash flow by 2026 materially lower the company's fixed-cost base. If realized, these permanent expense reductions improve financial sustainability, lengthen runway and reduce reliance on external financing in the coming years.
Partnered Ex-U.S. Commercial Model
Shifting to a fully partnered ex-U.S. model (Recordati) transfers commercialization, regulatory and market risk to experienced local partners. This lowers capital intensity, preserves margins and can accelerate scalable international access without heavy incremental investment.
Negative Factors
Ongoing Net Losses and Negative Cash Flow
Persistent unprofitability and negative operating cash flow weaken financial flexibility, erode equity returns and raise funding risk. Achieving sustainable margins and true self-funding depends on execution of cost cuts and revenue trends, making near-term liquidity and capital structure sensitive to setbacks.
Rest-of-World Revenue Decline
Declining Rest-of-World revenues highlight concentrated dependence on the U.S. market and show inconsistent international traction. Limited diversification increases exposure to U.S.-centric risks and means global growth will rely on partner execution and sustained uptake over multiple quarters.
Material Restructuring Costs and Execution Risk
Elevated and increased restructuring charges create an immediate cash drain and raise execution risk: the company must realize the projected $70M OPEX savings by mid-2026 to justify these costs. Failure to convert cuts into sustained savings would pressure profitability and cash runway.
Amarin (AMRN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$287.02M
Dividend YieldN/A
Average Volume (3M)84.52K
Price to Earnings (P/E)―
Beta (1Y)1.48
Revenue Growth-6.31%
EPS Growth-115.62%
CountryUS
Employees275
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.00
Shares Outstanding20,792,685
10 Day Avg. Volume96,870
30 Day Avg. Volume84,524
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)0.41
Price to Sales (P/S)0.87
P/FCF Ratio-6.43
Enterprise Value/Market Cap0.57
Enterprise Value/Revenue0.72
Enterprise Value/Gross Profit1.85
Enterprise Value/Ebitda-3.50
Forecast
1Y Price Target
$12.00Price Target Upside-15.01% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)0.14
Revenue Forecast (FY)$200.97M
Amarin Business Overview & Revenue Model
Company DescriptionAmarin Corporation plc, a pharmaceutical company, engages in the development and commercialization of therapeutics for the treatment of cardiovascular diseases in the United States, Germany, Canada, Lebanon, and the United Arab Emirates. Its lead product is VASCEPA, a prescription-only omega-3 fatty acid product, used as an adjunct to diet for reducing triglyceride levels in adult patients with severe hypertriglyceridemia. The company sells its products principally to wholesalers and specialty pharmacy providers. It has a collaboration with Mochida Pharmaceutical Co., Ltd. to develop and commercialize drug products and indications based on the active pharmaceutical ingredient in Vascepa, the omega-3 acid, and eicosapentaenoic acid. The company was formerly known as Ethical Holdings plc and changed its name to Amarin Corporation plc in 1999. Amarin Corporation plc was incorporated in 1989 and is headquartered in Dublin, Ireland.
How the Company Makes MoneyAmarin generates revenue primarily through the sale of its flagship product, Vascepa, which is marketed to healthcare providers and patients for the treatment of cardiovascular conditions. The company earns income from prescription sales in various markets, including the United States, where it has established a robust distribution network. Additionally, Amarin may enter into partnerships or collaborations with other pharmaceutical companies to develop or commercialize new products, which can provide additional revenue streams. The company also benefits from patent protections and exclusivity periods for its products, allowing it to capture a significant share of the market before facing generic competition. Overall, its revenue model relies heavily on the successful promotion and sale of its approved therapeutics, alongside potential future product developments and collaborations.
Amarin Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call emphasized meaningful operational progress: sizable cost reductions, a narrowed operating loss, positive operating cash flow, a strong cash position and a strategic Recordati partnership with immediate $25 million upfront consideration and substantial milestone potential. These positives were tempered by a notable year-over-year revenue decline (approx. 21% in Q4), a large drop in rest-of-world revenue driven by prior-year stocking orders, ongoing U.S. pricing pressure in a generic environment, and near-term revenue variability as the company transitions to a partnered international model. Management expects full run-rate savings by mid-2026 and reiterated confidence in defending U.S. exclusivity and expanding internationally through partners, making the net tone constructive but cautious.Q4-2025 Updates
Positive Updates
Significant Operating Expense Reductions
Total operating expenses declined 31% year-over-year in Q4 (a $13.5 million reduction). SG&A fell 46% and represented 41% of total net sales versus 59% in prior-year Q4. Excluding restructuring charges, total OpEx declined 41% year-over-year, reflecting realization of global restructuring savings.
Positive cash flow and strong balance sheet
Generated positive cash flow from operations of $7.0 million for the year. Ended FY2025 with $303 million in cash and investments, no debt, and working capital of $455 million, positioning the company with ample liquidity to support operations.
Recordati partnership delivered immediate value
Exclusive long-term license and supply agreement with Recordati (59 countries, Europe focus) closed in mid-2025, delivering a $25 million upfront cash payment and up to $150 million of future milestone payments (first milestone tied to $100 million of annual net sales). Agreement enables partner-led European commercialization and economies of scale.
Operating loss materially reduced
Q4 operating loss narrowed to $2.3 million versus an operating loss of $16.0 million in prior-year Q4 (comparison excludes restructuring charges in both periods), demonstrating improved operating efficiency and margin progress.
U.S. franchise leadership and evidence base
Vascepa retained market leadership across icosapent ethyl products in the U.S. five years after first generic entry. Company highlighted ~30 million total prescriptions since 2013 and robust clinical evidence (REDUCE-IT shows 25% reduction in major cardiovascular events when added to a statin), supported by 45 abstracts/posters/papers in 2025 and recent publications in AJPC and EJPC.
International regulatory and launch progress
Partners achieved regulatory approvals in South Korea and Singapore with launches being prepared; Recordati advanced commercialization in Italy and secured pricing/reimbursement in Austria and Slovenia. Company expects regulatory reviews to advance in Thailand and the Philippines in 2026 and plans new filings in Vietnam and Malaysia.
Realization of restructuring plan savings on track
As of 12/31/2025, approximately half of the estimated $70 million in total annual operating expense savings were realized, with the company expecting to achieve full savings by 06/30/2026 as planned.
Negative Updates
Q4 Net Revenue Decline
Total net revenue for Q4 2025 was $49.2 million versus $62.3 million in prior-year Q4, a decline of approximately 21.0% year-over-year.
Rest of World Revenue Drop
Rest of world revenues fell to $3.1 million in Q4 2025 from $11.9 million in prior-year Q4, a decrease of ~74%, driven primarily by $7.8 million of stocking orders in 2024 that did not recur.
U.S. pricing pressure and expected Q1 volume headwinds
U.S. sales declined 7% in the quarter due to lower net selling price from proactive pricing actions. Management expects the majority of full-year U.S. volume declines to occur in Q1 (seasonal payer dynamics) and noted ongoing pricing pressure in the generic environment.
Revenue variability from partnered model and supply shipments
Transition to a partnered international commercial model introduces quarter-to-quarter revenue variability driven by launch timing, supply shipment cadence, end-market demand, and the structure of partner agreements—in Q4 Europe product revenue was $2.3 million (including $0.9 million in supply shipments) and is expected to shift to supply-based revenue post-transition.
Significant restructuring charges incurred
Total annual restructuring expense for 2025 totaled $36.2 million, with $4.1 million recorded in Q4; the company expects the last of these charges in early 2026, indicating near-term cash/expense impacts while benefits are realized over time.
Competitive and exclusivity risks in U.S.
The U.S. market remains dynamic with multiple generic competitors and payer dynamics that can change exclusivity status (company lost a PBM mid-2024 and regained it in 2025). Maintaining managed-care exclusives is critical and remains a risk for sustained pricing and volume.
Company Guidance
The company guided that it expects to realize the full ~$70 million of annualized operating expense savings from its global restructuring by 6/30/2026 (having realized roughly half as of 12/31/2025), with total restructuring charges to date of $36.2 million and $4.1 million recorded in Q4 and the last charges expected in early 2026; management reiterated an expectation of positive cash flow for full‑year 2026 after generating $7.0 million of operating cash flow in 2025 and finishing the year with $303 million of cash and investments, no debt, and $455 million of working capital. Q4 financials highlighted metrics that inform the guidance: total net revenue of $49.2 million (vs. $62.3 million prior‑year Q4), U.S. sales down 7% (driven by lower net selling price), Europe product revenue of $2.3 million (including $0.9 million in supply shipments), rest‑of‑world revenue of $3.1 million (vs. $11.9 million prior), total operating expenses down 31% ($13.5 million), COGS down 63% (10% ex one‑time items), SG&A down 46% and representing 41% of net sales (vs. 59% prior), and an operating loss narrowed to $2.3 million (from $16.0 million, excluding restructuring). The company also noted that its Recordati partnership delivered $25 million upfront with up to $150 million of potential future milestones (first payable at $100 million Recordati annual net sales), and cautioned that partnered revenues will produce quarter‑to‑quarter variability and that U.S. volume pressure historically occurs primarily in Q1.Amarin Financial Statement Overview
Summary
Financials remain pressured by consistent net losses, negative EBIT/EBITDA margins, and negative operating cash flow. Offsetting factors include low leverage and some improvement in TTM revenue and free cash flow metrics.Income Statement
Amarin's income statement shows a challenging financial position with declining revenue over the past few years, although there is a slight revenue growth in the TTM period. The gross profit margin has decreased from its peak in 2021, indicating reduced efficiency in generating profit from sales. The company has been consistently operating at a net loss, with negative EBIT and EBITDA margins, highlighting ongoing operational challenges.45
Neutral
Balance Sheet
The balance sheet reflects a relatively stable financial structure with a low debt-to-equity ratio, suggesting limited leverage and potential for financial stability. However, the negative return on equity indicates that the company is not generating positive returns for shareholders. The equity ratio remains strong, indicating a solid capital base relative to total assets.55
Neutral
Cash Flow
Cash flow analysis shows improvement in free cash flow growth in the TTM period, but the company continues to experience negative operating cash flow. The free cash flow to net income ratio is slightly above 1, indicating that free cash flow is covering net losses, but the operating cash flow to net income ratio remains negative, pointing to ongoing cash flow challenges.50
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 226.73M | 228.61M | 306.91M | 369.19M | 583.19M | 614.06M |
| Gross Profit | 88.13M | 81.38M | 165.54M | 242.48M | 461.86M | 482.62M |
| EBITDA | -46.53M | -74.18M | -50.70M | -100.69M | 14.28M | -12.71M |
| Net Income | -86.19M | -82.18M | -59.11M | -105.80M | 7.73M | -18.00M |
Balance Sheet | ||||||
| Total Assets | 659.81M | 685.35M | 831.68M | 886.18M | 1.07B | 966.02M |
| Cash, Cash Equivalents and Short-Term Investments | 286.59M | 294.22M | 320.66M | 309.36M | 454.13M | 500.93M |
| Total Debt | 6.73M | 7.72M | 8.74M | 10.02M | 8.58M | 9.15M |
| Total Liabilities | 200.92M | 199.17M | 279.59M | 290.85M | 400.97M | 338.52M |
| Stockholders Equity | 458.89M | 486.18M | 552.10M | 595.33M | 667.10M | 627.50M |
Cash Flow | ||||||
| Free Cash Flow | -21.86M | -31.02M | 6.88M | -179.98M | -66.53M | -22.00M |
| Operating Cash Flow | -21.86M | -31.03M | 6.91M | -179.98M | -66.53M | -21.75M |
| Investing Cash Flow | -10.58M | -45.98M | -25.62M | 175.18M | 104.09M | -376.96M |
| Financing Cash Flow | -2.00M | -1.44M | 230.89K | -378.77K | -5.07M | -58.91M |
Amarin Technical Analysis
Negative
14.12
Price Trends
14.78
Negative
15.95
Negative
15.23
Negative
Market Momentum
-0.05
Positive
39.73
Neutral
38.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMRN, the sentiment is Negative. The current price of 14.12 is below the 20-day moving average (MA) of 15.02, below the 50-day MA of 14.78, and below the 200-day MA of 15.23, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 39.73 is Neutral, neither overbought nor oversold. The STOCH value of 38.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AMRN.
Amarin Risk Analysis
Amarin disclosed 65 risk factors in its most recent earnings report. Amarin reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Amarin Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $630.58M | 5.63 | 220.06% | ― | 79.13% | 2798.12% | |
59 Neutral | $1.53B | -34.14 | -35.82% | ― | ― | 79.27% | |
55 Neutral | $287.02M | -7.33 | -8.25% | ― | -6.31% | -115.62% | |
52 Neutral | $539.75M | -4.03 | -52.61% | ― | -61.54% | 31.25% | |
52 Neutral | $543.93M | ― | -74.88% | ― | ― | 18.39% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $328.49M | -7.56 | -64.31% | ― | ― | 4.23% |
* Healthcare Sector Average
AMRN
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Amarin Corporate Events
Executive/Board Changes
Amarin Appoints David Keenan as COO
Neutral
Oct 22, 2025
David Keenan, Ph.D., has been appointed as the Executive Vice President and Chief Operating Officer of Amarin Corporation, effective October 17, 2025. Dr. Keenan, who joined Amarin in May 2022, brings over 30 years of leadership experience in the biopharmaceutical and medical device industries, with expertise in operations, quality management, and international M&A.
The most recent analyst rating on (AMRN) stock is a Hold with a $19.00 price target. To see the full list of analyst forecasts on Amarin stock, see the AMRN Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.