Amarin Corporation plc reported fourth‑quarter and full‑year 2025 results on February 25, 2026. Net revenue fell 21% to $49.2 million from $62.3 million in Q4 2024, while the company posted a GAAP net loss per share of $(0.00). Adjusted earnings per share were $0.01, beating the consensus estimate of $0.00 and exceeding the $-1.27 estimate that some analysts had cited.
The revenue decline was driven by a lower net selling price in the United States and the transition of European sales to a partnered model with Recordati. The U.S. segment, which remains the company’s market leader for VASCEPA, experienced volume pressure from generic competition, while the European and rest‑of‑world segments saw reduced revenue as the company shifted to a supply‑and‑royalty structure. The 21% year‑over‑year drop reflects both pricing headwinds and the strategic realignment of its international commercial model.
Amarin’s GAAP loss per share of $(0.00) was offset by strong cost control, with SG&A expenses falling 46% from the prior year. The adjusted EPS of $0.01 beat the $0.00 estimate, a margin that reflects the company’s narrowing operating losses and the impact of the restructuring plan. The adjusted beat demonstrates that, despite revenue contraction, the company’s operating leverage and cost discipline are improving.
Management highlighted the progress of its strategic initiatives. "Our performance in the fourth quarter and full year of 2025 confirmed both the initial impact and long‑term potential of our strategic initiatives and re‑imagined operating model," said President and CEO Aaron Berg. He added, "We have entered 2026 from an improved position of market, operational, and financial strength," and noted that the company has "maintained our U.S. leading market share for VASCEPA and are actively expanding our presence in Europe for VAZKEPA via our long‑term partnership agreement with Recordati S.p.A., strengthening our now fully partnered international commercial strategy."
The earnings release underscores a company in transition. The restructuring plan has reduced operating losses and improved cash flow, while the Recordati partnership is expected to lower operating expenses and shift revenue recognition to a royalty model in Europe. The company remains debt‑free with a strong cash position, providing a cushion as it navigates generic competition in the U.S. and seeks to stabilize revenue growth. The 21% decline signals short‑term headwinds, but the narrowing losses and strategic partnership suggest a path toward sustainable profitability.
Market reaction was mixed. Investors focused on the revenue miss and the 21% year‑over‑year decline, which were the primary drivers of a negative sentiment. At the same time, the improved profitability, significant cost cuts, and the European partnership provided a tailwind that tempered the reaction. The overall market view reflected the tension between short‑term revenue pressure and long‑term operational improvements.
No forward guidance was disclosed in the earnings release, leaving analysts to interpret the company’s trajectory based on the current financial performance and management’s commentary.
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