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Amarin Corporation plc (AMRN+1.20%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's continued focus on the commercialization and development of VASCEPA, a drug aimed at improving cardiovascular health. VASCEPA is approved in the United States and several other countries, including those in Europe and Asia, for reducing cardiovascular risk in high-risk patients.
Amarin reported total revenue, net, of $228.6 million for the year, a decrease from $306.9 million in the previous year. This decline was primarily due to a decrease in U.S. product revenue, which was impacted by generic competition and changes in market dynamics.
The company has been actively pursuing regulatory approvals and market access for VASCEPA in various international markets. In 2024, Amarin received approval for VASCEPA in Mainland China under the REDUCE-IT indication, marking a significant milestone in its global expansion strategy.
Amarin's organizational restructuring program, implemented in July 2023, resulted in a reduction of its workforce by approximately 30%, aimed at aligning its operations with current market demands and strategic focus.
Research and development expenses for the year were $20.9 million, reflecting ongoing efforts to support the commercialization of VASCEPA and explore new opportunities for its application.
Amarin's cash and cash equivalents, along with short-term investments, totaled $294.2 million as of December 31, 2024. The company believes these resources are sufficient to fund its operations for at least the next 12 months.
The filing also notes that Amarin is not currently paying dividends and does not anticipate doing so in the foreseeable future, as it focuses on reinvesting in its business operations and growth initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Amarin Corporation plc annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.