Amarin Corporation plc (NASDAQ:AMRN) Q1 2024 Earnings Call Transcript

Patrick Holt: Hi, Nick, thanks very much for your question. So, firstly each of the European markets have different dynamics. So as we previously signaled, we did expect Spain to be a fast uptake market, which is typically the case. And the good news is that we’re proving that for VASCEPA and we’re really encouraged. It’s a great case study for our success in Europe, contrasting that the UK is typically a slower uptake market for a variety of reasons, not least of which the complexity of the national health system in the UK and our uptake is not dissimilar to that. With that said, given the focus we have right now, we are seeing that we’re making great attraction. As I’ve noted in my previous comments. In regard to Portugal and Greece, time will tell.

Greece is via a partner. Portugal obviously is our Spanish team, but we do broadly expect, if you think about that scale between, say UK and Spain, I think we would broadly expect Portugal and Greece to be more toward faster uptake rather than slower uptake, as we think about those markets moving forward. So that’s a great question Nick, thanks very much. There is complexity as we think through all these various markets, as you understand well.

Unidentified Analyst: Well, understood. Thanks.

Operator: Thank you. We have reached the end of our question-and-answer session, so I will now turn the call back over to Mr. Holt for any closing remarks he may have.

Patrick Holt: Well, thank you all for your support this morning. I appreciate your time. As you can hear from our results this morning, we’re encouraged by our results. Particularly, we’re pleased at the Runway we have out to 2039 in Europe. We’re pleased with the growth that we’re demonstrating, albeit from still early stages in Europe, with 35% revenue growth, 65% in market sales growth. To be very clear, the U.S. is declining. It’s not unexpected, given our continued market leadership in IPE, as well as the expense management steps that we have taken. The U.S. continues to drive significant profits for us, which is enabling our investments in Europe and supporting our cash position. And we closed the quarter with $300 million in cash, $308 million in cash, no debt.

As we’ve noted we’re really pleased that we secured shareholder approval for our share repurchase up to $50 million. And we’re on track to a UK High Court approval, which is the next step toward then triggering our share repurchases in Q2, subject to UK and SEC laws. So thank you so much for your support. We look forward to continue to update you as the business progresses. Thank you for your time.

Operator: Thank you. This concludes today’s conference and you may disconnect your lines at this time. We thank you for your participation.