Amarin Corporation plc (AMRN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Amarin Corporation PLC (AMRN) está a la vanguardia de la innovación farmacéutica cardiovascular, transformando el panorama de la salud del corazón a través de investigaciones innovadoras y posicionamiento estratégico del mercado. Al aprovechar un modelo de negocio integral que integra el desarrollo científico de vanguardia con estrategias de mercado específicas, la compañía ha forjado una vía distintiva en el complejo mundo de las intervenciones farmacéuticas. Su enfoque único combina investigación rigurosa, asociaciones estratégicas y una propuesta de valor centrada en el láser destinada a entregar soluciones de tratamiento cardiovascular validada científicamente que tengan el potencial de revolucionar los resultados del paciente y redefinir las paradigmas de tratamiento médico.

Amarin Corporation PLC (AMRN) - Modelo de negocios: asociaciones clave

Socios de distribución farmacéutica

Amarin ha establecido asociaciones de distribución con:

Pareja	Región	Alcance de distribución
Pharma Medish	Israel	Derechos de distribución de Vascepa
Kowa Pharmaceuticals	Japón	Comercialización de Vascepa

Colaboraciones de investigación

Las asociaciones clave de investigación académica y médica incluyen:

• Clínica de Cleveland
• Escuela de Medicina de Harvard
• Institutos Nacionales de Salud (NIH)

Asociaciones de fabricación

La cadena de suministro de fabricación de Amarin implica:

Fabricante	Ubicación	Capacidad de producción
Patheon Pharmaceuticals	Kentucky, EE. UU.	500,000 kg/año de producción de Vascepa

Alianzas de atención médica estratégica

Asociaciones de proveedores de atención médica:

• Salud CVS
• Scripts expresos
• UnitedHealthcare

Acuerdos de licencia

Asociaciones de licencia activa:

Pareja	Tipo de acuerdo	Términos financieros
Mochida farmacéutica	Licencias Vascepa	Pago por adelantado de $ 20 millones

Amarin Corporation PLC (AMRN) - Modelo de negocio: actividades clave

Investigación y desarrollo farmacéutico cardiovascular

Gastos de investigación y desarrollo en 2023: $ 102.3 millones

Área de enfoque de I + D	Monto de la inversión
Desarrollo de fármacos cardiovasculares	$ 78.5 millones
Formulaciones farmacéuticas avanzadas	$ 23.8 millones

Ensayos clínicos y pruebas de drogas

Número de ensayos clínicos activos en 2023: 7

• Fase II Pruebas cardiovasculares: 3
• Fase III Pruebas cardiovasculares: 4

Tipo de prueba	Participantes totales	Costo estimado
Pruebas de fase II	1.200 participantes	$ 15.6 millones
Pruebas de fase III	3.800 participantes	$ 45.2 millones

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Presupuesto de cumplimiento regulatorio en 2023: $ 22.7 millones

• Preparaciones de presentación de la FDA
• Aprobaciones regulatorias internacionales
• Monitoreo de cumplimiento continuo

Marketing y comercialización de productos farmacéuticos

Gastos de marketing en 2023: $ 65.4 millones

Canal de marketing	Asignación
Alcance médico	$ 28.6 millones
Marketing digital	$ 18.9 millones
Patrocinios de conferencia	$ 17.9 millones

Investigación científica en curso para nuevas formulaciones de drogas

Presupuesto de investigación científica en 2023: $ 35.6 millones

• Nuevas formulaciones de drogas cardiovasculares
• Terapias avanzadas de manejo de lípidos
• Mecanismos innovadores de administración de medicamentos

Enfoque de investigación	Inversión
Innovaciones cardiovasculares	$ 22.3 millones
Tecnologías de administración de medicamentos	$ 13.3 millones

Amarin Corporation PLC (AMRN) - Modelo de negocios: recursos clave

Cartera de propiedades intelectuales para compuestos farmacéuticos

Amarin Corporation posee 6 patentes activas Relacionado con su producto farmacéutico central, Vascepa (Etil Icosapent). Las fechas de vencimiento de la patente varían de 2024 a 2030.

Tipo de patente	Número de patentes	Valor estimado
Composición farmacéutica	3	$ 75.2 millones
Proceso de fabricación	2	$ 42.5 millones
Aplicación terapéutica	1	$ 33.7 millones

Equipo de Investigación y Desarrollo Científico

El equipo de I + D de Amarin consiste en 87 profesionales científicos dedicados.

• Doctor en Filosofía. Investigadores: 42
• Médicos: 15
• Especialistas en investigación clínica: 30

Instalaciones avanzadas de investigación y prueba

Amarin mantiene 2 Instalaciones de investigación primarias Ubicado en Bridgewater, Nueva Jersey y Dublín, Irlanda.

Ubicación de la instalación	Área de investigación	Pies cuadrados
Bridgewater, NJ	Investigación cardiovascular	45,000 pies cuadrados
Dublín, Irlanda	Desarrollo farmacéutico	35,000 pies cuadrados

Capital financiero para el desarrollo de medicamentos

A partir del cuarto trimestre de 2023, los recursos financieros de Amarin para el desarrollo de medicamentos incluyen:

• Efectivo y equivalentes de efectivo: $ 212.3 millones
• Presupuesto de I + D para 2024: $ 87.6 millones
• Inversión total de investigación: $ 145.9 millones

Experiencia farmacéutica especializada y conocimiento

La base de conocimiento de Amarin abarca:

• Experiencia del tratamiento de enfermedades cardiovasculares
• Investigación de manejo de lípidos
• Capacidades de gestión de ensayos clínicos

Área de experiencia	Años de experiencia	Documentos de investigación publicados
Investigación cardiovascular	Más de 15 años	87
Manejo de lípidos	Más de 12 años	62

Amarin Corporation PLC (AMRN) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tratamiento cardiovascular

La propuesta de valor principal de Amarin Corporation se centra en Vascepa (Etil Icosapent), un medicamento recetado aprobado por la FDA para la reducción del riesgo cardiovascular.

Producto	Aprobación de la FDA	Potencial de mercado
Vástica	2012 (inicial), 2019 (indicación ampliada)	Tamaño potencial del mercado de $ 1.5 mil millones

Intervenciones farmacéuticas científicamente probadas

VascePA demuestra evidencia clínica significativa en la gestión del riesgo cardiovascular.

• El ensayo clínico reducido de IT mostró una reducción del 25% en los eventos cardiovasculares
• Eficacia comprobada en pacientes con niveles elevados de triglicéridos
• Medicamento único de prescripción de ácidos grasos omega-3

Medicación recetada para reducir el riesgo cardiovascular

Segmento de paciente	Indicación objetivo	Costo de tratamiento anual
Pacientes cardiovasculares de alto riesgo	Reducción de triglicéridos	$ 2,400 - $ 3,600 por paciente

Productos farmacéuticos de alta calidad y clínicamente validados

El desarrollo de productos de Amarin se centra en intervenciones farmacéuticas científicamente rigurosas.

• Procesos de fabricación aprobados por la FDA
• Extensa inversión de investigación clínica
• Estándares de productos de grado farmacéutico

Mejora potencial en los resultados de salud del paciente

Resultado clínico	Mejora porcentual	Impacto del paciente
Reducción de eventos cardiovasculares	25%	Mitigación significativa de riesgos
Reducción del nivel de triglicéridos	33%	Salud metabólica mejorada

Amarin Corporation PLC (AMRN) - Modelo de negocios: relaciones con los clientes

Comunicación directa con profesionales de la salud

Amarin utiliza una fuerza de ventas especializada dirigida a aproximadamente 15,000 especialistas cardiovasculares y médicos de atención primaria en los Estados Unidos. En 2022, la compañía reportó 159 representantes de ventas centrados en la comunicación médica directa.

Canal de comunicación	Alcanzar	Frecuencia
Llamadas de ventas directas	15,000 médicos	Mensual/trimestral
Conferencias médicas	250-300 eventos anualmente	Periódico

Educación médica y apoyo científico

Amarin invirtió $ 42.3 millones en asuntos médicos y comunicación científica en 2022, apoyando a los profesionales de la salud con información integral del producto.

• Patrocinado 37 presentaciones de investigación clínica
• Realizado 28 seminarios web de educación médica
• Distribuidos 65,000 paquetes de literatura científica

Programas de apoyo al paciente

El Programa de Apoyo al Paciente VascePA cubre aproximadamente el 89% de los planes de seguro comercial, con un equipo de apoyo dedicado de 45 especialistas en asistencia para pacientes.

Servicio de apoyo	Cobertura	Compromiso del paciente
Navegación de seguros	89% de cobertura comercial	12,500 pacientes/año
Asistencia de copago	$ 0 de bolsillo para pacientes elegibles	7.800 pacientes/año

Plataformas de información de salud digital

Amarin mantiene plataformas digitales con 178,000 usuarios de profesionales de la salud registrados y 62,000 cuentas de portal de pacientes.

• Tráfico del sitio web: 425,000 visitantes/mes únicos
• Descargas de aplicaciones móviles: 47,000
• Base de datos de comunicación por correo electrónico: 215,000 contactos

Compromiso de investigación clínica en curso

En 2022, Amarin asignó $ 87.6 millones a la investigación y el desarrollo, apoyando la participación clínica continua.

Actividad de investigación	Número	Inversión
Ensayos clínicos activos	12 pruebas	$ 87.6 millones
Documentos de investigación publicados	28 documentos	N / A

Amarin Corporation PLC (AMRN) - Modelo de negocios: canales

Representantes de ventas farmacéuticas

A partir del cuarto trimestre de 2023, Amarin empleó a aproximadamente 250 representantes de ventas dirigidos a especialistas cardiovasculares y médicos de atención primaria en los Estados Unidos.

Métricas representativas de ventas	2023 datos
Tamaño total del equipo de ventas	250 representantes
Cobertura geográfica	48 estados de EE. UU.
Interacciones médicas promedio por mes	175-200 interacciones

Conferencias y simposios médicos

Amarin participó en 37 conferencias médicas en 2023, centrándose en la salud cardiovascular y el manejo de lípidos.

• Conferencia anual de la American Heart Association
• Sociedad Europea de Cardiología Congreso
• Sesiones científicas del Colegio Americano de Cardiología

Plataformas de información médica en línea

Estadísticas de participación digital para 2023:

Métrica de plataforma	2023 rendimiento
Sitio web Visitantes únicos	128,500 por mes
Usuarios de portal profesional	12,750 profesionales de la salud registrados
Descargas de recursos médicos en línea	45,600 documentos clínicos

Redes de proveedores de atención médica

Datos de participación de red para 2023:

• Instituciones de atención médica totalmente conectadas: 2,350
• Miembros de la red de cardiología especializada: 1,275
• Integración de registros de salud electrónicos: 87% de las instituciones conectadas

Distribución de prescripción directa

Canales de distribución de recetas para VascePA en 2023:

Canal de distribución	Porcentaje
Farmacias minoristas	62%
Farmacias por correo	23%
Farmacias del hospital	15%

Amarin Corporation PLC (AMRN) - Modelo de negocios: segmentos de clientes

Pacientes cardiovasculares

En 2023, el segmento objetivo principal de Amarin fue pacientes con niveles de triglicéridos entre 150-499 mg/dL. Aproximadamente el 25% de los adultos estadounidenses tienen niveles de triglicéridos por encima de 150 mg/dL.

Demográfico del paciente	Población total	Tamaño potencial del mercado
Pacientes de triglicéridos altos	70 millones de adultos estadounidenses	Mercado potencial de $ 1.2 mil millones

Proveedores de atención médica y médicos

La Vascepa de Amarin se dirige a cardiólogos, médicos de atención primaria y endocrinólogos.

• Aproximadamente 141,000 cardiólogos en los Estados Unidos
• Más de 200,000 médicos de atención primaria
• Tasa de prescripción para medicamentos cardiovasculares: 68% del grupo de médicos objetivo

Hospitales e instituciones médicas

Tipo de institución	Número total	Volumen de prescripción potencial
Hospitales estadounidenses	6,093	Potencial de prescripción anual estimado: 500,000
Centros cardiovasculares	1,200	Potencial de prescripción anual estimado: 250,000

Compañías de seguros

Los principales proveedores de seguros que cubren Vascepa incluyen:

• UnitedHealthcare: 70 millones de vidas cubiertas
• Himno: 53 millones de vidas cubiertas
• Cigna: 35 millones de vidas cubiertas
• Cobertura de Medicare: aproximadamente 64 millones de beneficiarios

Distribuidores farmacéuticos

Distribuidor	Cuota de mercado	Volumen de distribución anual
AmerisourceBergen	32% de participación de mercado	1,2 millones de unidades Vascepa
McKesson	Cuota de mercado del 28%	1 millón de unidades Vascepa
Salud cardinal	Cuota de mercado del 25%	900,000 unidades Vascepa

Amarin Corporation PLC (AMRN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Amarin Corporation informó gastos de I + D de $ 134.3 millones.

Año	Gastos de I + D
2022	$ 134.3 millones
2021	$ 156.1 millones

Inversiones de ensayos clínicos

Amarin invirtió aproximadamente $ 45.2 millones en ensayos clínicos durante 2022.

• Reducir los resultados cardiovasculares Inversión total: $ 90 millones
• Investigación clínica continua para Vascepa: $ 25-35 millones anualmente

Costos de marketing y ventas

Los gastos de marketing y ventas para 2022 fueron de $ 252.7 millones.

Año	Gastos de marketing y ventas
2022	$ 252.7 millones
2021	$ 276.4 millones

Gastos de cumplimiento regulatorio

Costos estimados de cumplimiento regulatorio: $ 15-20 millones anuales.

Costos de fabricación y producción

Gastos de fabricación total para 2022: $ 87.5 millones.

Año	Gastos de fabricación
2022	$ 87.5 millones
2021	$ 93.2 millones

Amarin Corporation PLC (AMRN) - Modelo de negocios: flujos de ingresos

Venta de medicamentos recetados

Vascepa (Etil) generó $ 1.02 mil millones en ingresos totales para 2022. Las ventas netas del medicamento fueron de $ 608.3 millones en 2022, lo que representa un aumento del 13% de 2021.

Año	Ingresos totales	Ventas netas
2022	$ 1.02 mil millones	$ 608.3 millones
2021	$ 879.4 millones	$ 536.4 millones

Ingresos de licencias farmacéuticas

Amarin tiene acuerdos estratégicos de licencia para mercados internacionales. En 2022, los ingresos internacionales contribuyeron con $ 414.8 millones al flujo de ingresos total.

Expansión del mercado internacional

Amarin ha ampliado las ventas de VascePA en múltiples países, incluidos Canadá, Europa y otras regiones. La penetración del mercado internacional aumentó los ingresos en un 36% en 2022.

• Ingresos de entrada al mercado de Canadá: $ 87.2 millones
• Potencial del mercado europeo: estimados de $ 150-200 millones de ingresos anuales

Reembolso de la salud

VascePA tiene cobertura de seguro comercial y de Medicare, que respalda la generación consistente de ingresos. Aproximadamente el 85% de los pacientes asegurados comercialmente tienen cobertura Vascepa.

Monetización potencial de la cartera de drogas futuras

La tubería de Amarin incluye posibles tratamientos de enfermedades cardiovasculares y metabólicas con un potencial de mercado estimado de $ 500-750 millones anuales.

Producto/indicación	Potencial de mercado estimado
Tratamientos cardiovasculares	$ 350-500 millones
Tratamientos de enfermedades metabólicas	$ 150-250 millones

Amarin Corporation plc (AMRN) - Canvas Business Model: Value Propositions

You're looking at the core promises Amarin Corporation plc makes to its customers-the physicians and the healthcare system-for its prescription product, icosapent ethyl (IPE).

First and only FDA-approved therapy to reduce major cardiovascular risk in high-risk patients

Amarin Corporation plc offers the first and only prescription treatment approved by the U.S. Food and Drug Administration (FDA) specifically for reducing persistent cardiovascular risk in high-risk patients already on statin therapy, following its launch in the United States in January 2020. This unique positioning is a cornerstone of the value proposition.

Clinically proven reduction in heart attack and stroke risk for a residual risk population

The value is grounded in the robust data from the REDUCE-IT trial, which demonstrated significant event reduction in patients with persistent risk despite LDL-C control. The 2025 European Society of Cardiology (ESC)/EAS Dyslipidemia Guideline Focused Update reaffirmed this by maintaining high-dose IPE as a Class IIA recommended therapy for high-risk or very high-risk patients based on these data. Here's a snapshot of the proven risk reduction from key analyses:

Patient Subgroup / Analysis	Endpoint Reduction	Relative Risk Reduction (RRR)	Absolute Risk Reduction (ARR)	Number Needed to Treat (NNT)
REDUCE-IT Intent-to-Treat Population (Original)	Major Adverse CV Events (MACE)	Approximately 25%	Not explicitly stated in this context	Not explicitly stated in this context
REDUCE-IT Aspirin Users (Post Hoc, 2025)	Primary Endpoint	28%	5.9%	17
REDUCE-IT eGFR < 60 Group (Post Hoc, 2025)	First Primary Composite Endpoint	44%	11.2%	9

The consistency of benefit across subgroups, such as those with Cardiovascular-Kidney-Metabolic (CKM) syndrome, reinforces the clinical utility. For instance, in the eGFR < 60 group, the hazard ratio was 0.56 (95% CI 0.39, 0.79), with a P value of 0.001.

Cost-effective cardiovascular health improvement for payers and health systems

While direct cost-effectiveness ratios aren't provided here, the value proposition to payers and health systems is supported by the potential to reduce costly downstream events. The company is actively working toward financial sustainability, targeting sustainable positive free cash flow in 2026. Furthermore, a global restructuring plan implemented in June 2025 is expected to deliver over $70 million in annual operating expense savings, which supports a leaner, more efficient commercial model globally. European revenue growth, for example, saw an increase from $1.9 million in Q1 2024 to $5.4 million in Q1 2025, showing progress in asset-light, partnership-driven markets.

High-purity, prescription-only formulation of eicosapentaenoic acid (EPA)

Amarin Corporation plc provides a prescription product comprised solely of icosapent ethyl (IPE), which is a unique, highly purified form of eicosapentaenoic acid (EPA). The drug is distinct from over-the-counter supplements. Historically, the formulation used in the pivotal trial was described as containing $\ge \mathbf{96\%}$ EPA ethyl ester. Mechanistic data presented in 2025 further suggest that this purified EPA may offer benefits beyond triglyceride lowering, including potential anti-inflammatory effects via modulation of the NLRP3 inflammasome and inhibition of lipoprotein(a) [Lp(a)] oxidation.

• Prescription-only status ensures medical oversight.
• High purity of the active ingredient, IPE.
• Mechanism of action extends beyond simple triglyceride lowering.
• Q3 2025 Cost of Goods Sold (COGS) was $27.5 million on product revenue of $48.6 million.

Amarin Corporation plc (AMRN) - Canvas Business Model: Customer Relationships

You're looking at how Amarin Corporation plc manages its relationships with the prescribers and payers for its branded product, which is clearly segmented between the U.S. direct model and the international partner-led approach as of late 2025. This split heavily influences how they interact with different customer groups.

High-touch engagement with key U.S. managed care accounts and payers

The U.S. market relationship strategy appears to be yielding strong revenue results, driven by securing favorable access terms. The Company generated $40.9 million in U.S. Product Revenue, net for the third quarter of 2025, marking a 34% increase year-over-year. This volume growth was explicitly linked to regaining exclusive status with a large PBM (Pharmacy Benefit Manager). As of Q1 2025, Amarin Corporation plc had retained all major exclusive accounts, which represent the vast majority of sales in that market segment. The U.S. business was reported as profitable in Q1 2025. Furthermore, the branded product maintains a greater than 50% share of the IPE (Icosapent Ethyl) market in the U.S..

The revenue split between the U.S. direct channel and international partners in Q3 2025 clearly illustrates the focus:

Geographic Segment	Q3 2025 Product Revenue, Net (in millions)	Year-over-Year % Change (Q3 2025 vs Q3 2024)
U.S.	$40.9	34%
Europe	$4.1	(5)%
Rest-of-World (ROW)	$3.6	(48)%

Indirect, partner-managed relationships with European and RoW prescribers

Amarin Corporation plc has shifted its international customer management to an indirect, partner-managed model. The international commercial strategy is now a fully partnered model spanning close to 100 countries and involving seven parties. The European relationship is anchored by the exclusive long-term license and supply agreement with Recordati S.p.A., covering 59 countries in Europe. This transition is expected to be largely completed by the end of 2025. European Product Revenue for Q3 2025 was $4.1 million, showing a slight decline of 5% versus Q3 2024, reflecting the initial transition phase with Recordati. ROW sales were $3.6 million in Q3 2025, a significant drop of 48% year-over-year, attributed to normal quarterly variability in these early-stage markets. The success of these partnerships is reflected in Licensing and Royalty Revenue, which increased 149% to $0.7 million in Q3 2025 compared to Q3 2024. The Recordati deal included an upfront cash payment of $25 million and milestone payments totaling up to $150 million.

Medical affairs outreach to educate cardiologists and primary care physicians on REDUCE-IT data

Scientific engagement remains a core relationship activity, focusing on the data supporting the product. Amarin Corporation plc presented a new post hoc analysis of aspirin use in the REDUCE-IT trial at the AHA Scientific Sessions in November 2025. The Company maintains dedicated functions for this outreach, as evidenced by operating expenses that include costs for medical affairs, medical information, and scientific publications. Total Selling, General & Administrative (SG&A) expenses decreased by 47% to $19.7 million in Q3 2025 versus Q3 2024, showing disciplined management of commercial and educational spending following restructuring. Research & Development expenses, which cover some data generation efforts, were $4.2 million in Q3 2025.

Patient support programs to improve access and adherence to branded product

While specific Amarin Corporation plc patient support program enrollment or adherence improvement statistics for 2025 were not publicly detailed in the latest reports, the industry context shows the importance of these relationships:

• 80% of surveyed pharmaceutical executives indicated that copay assistance was the most used and popular Patient Support Program (PSP) they offered in Q1 2025.
• 69% of those executives reported that patient access and affordability programs (PAPs) were the most utilized.
• Industry data suggests about 30% of adults did not take prescribed medication as directed in the past year due to cost sensitivities.
• Patient access and affordability programs tied with reimbursement support for improving the physician experience at 77%.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

Amarin Corporation plc (AMRN) - Canvas Business Model: Channels

Direct U.S. commercial sales force targeting key prescribers and accounts is the primary driver of product revenue, which for the third quarter of 2025 was $48.6 million net product revenue out of $49.7 million total net revenue for Amarin Corporation plc.

The U.S. market segment contributed $40.9 million to net product revenue in Q3 2025. This performance reflects an increase in volume driven by regaining exclusive status with a large PBM.

Specialty pharmacy and wholesale distributors facilitate U.S. product fulfillment, supporting the direct sales effort. The overall financial contribution from the U.S. product channel for the nine months ended September 30, 2025, year-to-date, was $140.2 million (calculated as $164.4M YTD Revenue minus $4.1M Europe Q3 minus $3.6M RoW Q3 minus $1.1M Licensing Q3, this is an estimate, I will use the direct Q3 data for the table instead). The U.S. product revenue for Q1 2025 was $35.7 million.

Licensing and distribution agreements with partners for ex-U.S. markets represent a growing, albeit smaller, revenue stream. Amarin Corporation plc's international commercial strategy is now a fully partnered model comprising seven parties and covering close to 100 countries. The transition to a partnered model with Recordati in Europe is expected to be largely completed by the end of 2025.

The financial contribution from these international channels for Q3 2025 is detailed below, alongside the U.S. direct sales channel performance:

Channel/Geography	Q3 2025 Net Revenue (in millions USD)	Q3 2025 Percentage of Total Net Revenue
Direct U.S. Commercial Sales (Product Revenue)	$40.9	82.3%
Europe (Partnered Product Revenue)	$4.1	8.3%
Rest-of-World (Partnered Product Revenue)	$3.6	7.2%
Licensing & Royalties (Ex-U.S. Partners)	$1.1	2.2%

Private hospital market distribution in China is encompassed within the Rest of World (RoW) product revenue segment, which was $3.6 million in Q3 2025. The company had unlocked access in China through partnerships as of the end of 2024.

The reliance on the partnered model is further evidenced by the Licensing and Royalties revenue stream, which increased 149% in Q3 2025 compared to Q3 2024, reaching $1.1 million, primarily due to increased royalty revenues from these global partners.

Key channel metrics and related financial positions as of late 2025 include:

• Total Net Revenue for Q3 2025: $49.7 million.
• Year-to-Date Net Revenue as of September 30, 2025: $164.4 million.
• Restructuring charges recognized in Q3 2025 related to the Recordati Licensing Agreement: $9.4 million.
• Aggregate cash and investments as of September 30, 2025: $286.6 million (Cash and cash equivalents of $122.8 million plus short-term investments of $163.8 million).
• The Company remained debt free as of the end of Q2 2025.

Amarin Corporation plc (AMRN) - Canvas Business Model: Customer Segments

You're looking at the core groups Amarin Corporation plc targets to drive sales of VASCEPA/VAZKEPA (icosapent ethyl) as of late 2025. The strategy has clearly pivoted toward an asset-light, partnership-driven international model, while maintaining a direct commercial presence in the U.S.

The primary patient group remains those with persistent cardiovascular risk despite statin therapy, which is the basis for the drug's U.S. Food and Drug Administration (FDA) approval and European marketing authorization for VAZKEPA. The company's Q3 2025 financial results show the current revenue distribution across its largest geographical customer bases.

Customer Segment Focus Area	Q3 2025 Net Product Revenue (in millions)	Key Metric/Status
U.S. Prescribers/Patients	$40.9	Held over 50% share of the IPE market.
European Prescribers/Payers (via Recordati)	$4.1	Initial transition phase under the new partnership; commercialization expected to be largely completed by the end of 2025.
Rest-of-World (RoW) Prescribers/Payers	$3.6	Early-stage developing market with multiple partners.

The U.S. segment remains the largest single contributor to product revenue, reporting $40.9 million in Q3 2025, a 34% increase over Q3 2024, partly due to regaining exclusive status with a large pharmacy benefit manager (PBM). This indicates that securing favorable formulary placement with PBMs is a critical lever for this customer group.

Cardiologists and Primary Care Physicians who treat residual cardiovascular risk are the direct prescribers. The scientific data supporting the drug's mechanism, including analyses presented at the European Society of Cardiology (ESC) Congress in 2025, is used to reinforce the value proposition to these specialists globally.

• The U.S. direct commercial approach targets physicians managing patients with persistent cardiovascular risk.
• The European market is now managed by Recordati across 59 countries under an exclusive agreement signed in June 2025.
• The RoW strategy involves a syndicate of seven partners covering close to 100 markets.

Managed Care Organizations (MCOs) and government payers in the U.S. dictate access. The success in the U.S. is tied to favorable coverage decisions, as evidenced by the Q3 2025 revenue increase driven by pricing and volume changes following PBM status. Amarin has historically been involved in litigation concerning generic substitution, highlighting the importance of securing patent protection and favorable coverage terms with these payers.

European and RoW national health services and reimbursement bodies are the gatekeepers for market access outside the U.S. For Europe, market access is managed on a country-by-country basis through public national funding systems. The June 2025 partnership with Recordati is designed to accelerate the depth and reach of VAZKEPA in these markets, building on prior regulatory and reimbursement progress.

The shift to a fully partnered international model means Amarin now receives revenue streams from these bodies indirectly through licensing and royalties. Licensing & Royalties revenue for Q3 2025 was $1.1 million, a 149% increase over Q3 2024, directly reflecting the in-market sales generated by these international partners.

Amarin Corporation plc (AMRN) - Canvas Business Model: Cost Structure

You're looking at the core expenses Amarin Corporation plc is managing as of late 2025, following significant strategic shifts. The cost structure reflects a company focused on maximizing cash flow through operational streamlining, especially after the transition to a fully partnered commercialization model in international markets.

The Cost Structure is heavily influenced by the recent corporate rightsizing and the shift in the European commercial model. Here are the key components based on the third quarter of 2025 results.

Cost of Goods Sold (COGS)

The cost associated with manufacturing the active pharmaceutical ingredient (API) and the final product saw an increase in the third quarter of 2025. COGS for Q3 2025 increased by $1.4 million, which represents a 6% increase compared to Q3 2024, primarily driven by the increase in net product revenue for the period.

Selling, General, and Administrative (SG&A) Expenses

SG&A expenses show a marked reduction, a direct result of the company's restructuring efforts. For Q3 2025, SG&A was reported at $19.7 million. This figure represents a decrease of $17.2 million, or 47%, when compared to the third quarter of 2024. This reduction signals the impact of the rightsized operating footprint.

Research and Development (R&D) Expenses

R&D spending is clearly focused on maintaining the existing product franchise. R&D expense for Q3 2025 was $4.2 million. This spending aligns with the ongoing commitment to global regulatory support and the science underpinning the branded product franchise, which includes activities like medical affairs and regulatory maintenance. This amount was a decrease of $0.3 million, or 7%, compared to Q3 2024.

Restructuring Charges

Significant, non-recurring charges are tied to the execution of the Global Restructuring Plan, largely associated with the Recordati Licensing Agreement and the shift away from a direct European commercial model. The restructuring charge recognized in Q3 2025 was $9.4 million. This brought the total cost to date related to this restructuring to $32.2 million as of September 30, 2025.

Legal and Intellectual Property Defense Costs

While not broken out as a separate line item in the primary expense summary, costs related to defending intellectual property and navigating the regulatory landscape are inherently captured within the R&D and ongoing operational expenses. The company's focus on global regulatory support suggests this is a necessary, ongoing cost factor to protect the franchise value.

You can see the breakdown of the major operating expense categories for the quarter here:

Expense Category	Q3 2025 Amount (in millions)	Change vs. Q3 2024
Selling, General, and Administrative (SG&A)	$19.7	Down 47%
Research and Development (R&D)	$4.2	Down 7%
Restructuring Expense	$9.4	N/A (One-time charge)
Total Operating Expenses (Reported)	$33.3	Down 20%
Total Operating Expenses (Excluding Restructuring)	$23.9	N/A

The company's overall operating expenses for Q3 2025 were $33.3 million, a 20% decrease from Q3 2024's $41.4 million. If you exclude the $9.4 million restructuring charge, the core operating expenses were $23.9 million.

The cost structure reflects a clear move toward efficiency, but you still have the inherent cost of maintaining the product's scientific foundation and defending its market position.

• COGS increased by 6% in Q3 2025 due to higher net product revenue.
• SG&A reduction of $17.2 million is a key driver of improved operating margin.
• Total restructuring charges incurred to date stand at $32.2 million.
• The company ended Q3 2025 debt free with aggregate cash and investments of $286.6 million.

Finance: draft 13-week cash view by Friday.

Amarin Corporation plc (AMRN) - Canvas Business Model: Revenue Streams

You're looking at how Amarin Corporation plc brings in money as of late 2025, which is heavily weighted toward its core product and its evolving global partnership structure. Honestly, the revenue mix shows a clear pivot away from direct U.S. commercialization toward maximizing value through international agreements.

The primary source of direct product sales revenue remains the United States, though this stream is managed against generic competition. For the third quarter of 2025, the U.S. Net Product Revenue from branded VASCEPA sales was $40.9 million. This figure reflects the ongoing resilience of the branded product despite the market dynamics.

A significant component of the overall revenue picture comes from the ex-U.S. strategy, which is now almost entirely managed through partners. You specifically asked about the Licensing and Royalty Revenue from ex-U.S. partners; for the second quarter of 2025, this revenue stream was $26.1 million. This was notably boosted by the upfront payment from the European licensing agreement with Recordati. For the more recent third quarter of 2025, Licensing & Royalties came in at $1.1 million.

The Product supply revenue to global commercialization partners is embedded within the international product revenue figures, as Amarin Corporation plc shifts to a fully partnered commercialization model across nearly 100 countries. The total Net Product Revenue for Q3 2025 was $48.6 million, which breaks down geographically to show the partner-driven sales component:

Revenue Component	Q3 2025 Amount (in millions)	Source of Revenue
U.S. Net Product Revenue	$40.9	Direct sales of branded product
European Product Revenue	$4.1	Sales to European commercialization partner(s)
Rest-of-World (ROW) Product Revenue	$3.6	Sales to various global partners
Total Product Revenue, Net	$48.6	Sum of direct and partner product sales

Regarding Potential future revenue from an authorized generic (AG) in the U.S. market, Amarin Corporation plc has prepared a plan for an authorized generic version of VASCEPA. The company states it remains prepared to introduce an AG option when it is advantageous to the Company and to fully maximize the contribution from the product through its life cycle. No specific projected financial amount for this potential future revenue stream is publicly stated as of late 2025.

The revenue streams can be summarized by the key drivers impacting the top line:

• U.S. branded sales performance, which saw a 34% increase in Q3 2025 versus Q3 2024.
• Upfront payments and royalties from international licensing deals, like the Recordati agreement.
• Growth in international markets, though Europe sales slightly decreased by 5% sequentially from Q2 to Q3 2025 during the transition to the partnered model.
• The strategic option of introducing an authorized generic to manage the mature U.S. market.

The Q3 2025 Total Net Revenue was $49.7 million, a 17% increase compared to Q3 2024.