Amarin Corporation PLC (AMRN): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Amarin Corporation Plc (AMRN) est à l'avant-garde de l'innovation pharmaceutique cardiovasculaire, transformant le paysage de la santé cardiaque grâce à la recherche révolutionnaire et au positionnement stratégique du marché. En tirant parti d'un modèle commercial complet qui intègre le développement scientifique de pointe avec des stratégies de marché ciblées, l'entreprise a creusé une voie distinctive dans le monde complexe des interventions pharmaceutiques. Leur approche unique combine des recherches rigoureuses, des partenariats stratégiques et une proposition de valeur axée sur le laser visant à fournir des solutions de traitement cardiovasculaire validées scientifiquement qui maintiennent le potentiel de révolutionner les résultats des patients et de redéfinir les paradigmes de traitement médical.

Amarin Corporation PLC (AMRN) - Modèle commercial: partenariats clés

Partenaires de distribution pharmaceutique

Amarin a établi des partenariats de distribution avec:

Partenaire	Région	Champ de distribution
Medison Pharma	Israël	Droits de distribution de Vascepa
Kowa Pharmaceuticals	Japon	Commercialisation de Vascepa

Collaborations de recherche

Les principaux partenariats de recherche universitaire et médicale comprennent:

• Clinique de Cleveland
• École de médecine de Harvard
• National Institutes of Health (NIH)

Partenariats de fabrication

La chaîne d'approvisionnement de la fabrication d'Amarin implique:

Fabricant	Emplacement	Capacité de production
Patheon Pharmaceuticals	Kentucky, États-Unis	500 000 kg / an

Alliances de santé stratégiques

Partenariats des fournisseurs de soins de santé:

• Santé CVS
• Exprimer les scripts
• UnitedHealthcare

Accords de licence

Partenariats de licence actifs:

Partenaire	Type d'accord	Conditions financières
Mochida pharmaceutique	Licence Vascepa	20 millions de dollars de paiement initial

Amarin Corporation PLC (AMRN) - Modèle d'entreprise: Activités clés

Recherche et développement pharmaceutiques cardiovasculaires

Dépenses de recherche et développement en 2023: 102,3 millions de dollars

Zone de focus R&D	Montant d'investissement
Développement de médicaments cardiovasculaires	78,5 millions de dollars
Formulations pharmaceutiques avancées	23,8 millions de dollars

Essais cliniques et dépistage de médicaments

Nombre d'essais cliniques actifs en 2023: 7

• Essais cardiovasculaires de phase II: 3
• Phase III Essais cardiovasculaires: 4

Type d'essai	Total des participants	Coût estimé
Essais de phase II	1 200 participants	15,6 millions de dollars
Essais de phase III	3 800 participants	45,2 millions de dollars

Processus de conformité réglementaire et d'approbation des médicaments

Budget de conformité réglementaire en 2023: 22,7 millions de dollars

• Préparations de soumission de la FDA
• Approbations réglementaires internationales
• Surveillance continue de la conformité

Marketing et commercialisation de produits pharmaceutiques

Dépenses de marketing en 2023: 65,4 millions de dollars

Canal de marketing	Allocation
Sensibilisation des médecins	28,6 millions de dollars
Marketing numérique	18,9 millions de dollars
Commanditaires de la conférence	17,9 millions de dollars

Recherche scientifique en cours pour les nouvelles formulations de médicaments

Budget de recherche scientifique en 2023: 35,6 millions de dollars

• Nouvelles formulations de médicaments cardiovasculaires
• Thérapies de gestion des lipides avancés
• Mécanismes innovants d'administration de médicaments

Focus de recherche	Investissement
Innovations cardiovasculaires	22,3 millions de dollars
Technologies d'administration de médicaments	13,3 millions de dollars

Amarin Corporation PLC (AMRN) - Modèle d'entreprise: Ressources clés

Portfolio de propriété intellectuelle pour les composés pharmaceutiques

Amarin Corporation tient 6 brevets actifs Lié à son produit pharmaceutique de base, VasCEPA (éthyl icosapent). Les dates d'expiration des brevets varient de 2024 à 2030.

Type de brevet	Nombre de brevets	Valeur estimée
Composition pharmaceutique	3	75,2 millions de dollars
Processus de fabrication	2	42,5 millions de dollars
Application thérapeutique	1	33,7 millions de dollars

Équipe de recherche et développement scientifique

L'équipe R&D d'Amarin est composée 87 professionnels scientifiques dédiés.

• doctorat Chercheurs: 42
• Médecins: 15
• Spécialistes de la recherche clinique: 30

Installations de recherche et de test avancées

Amarin maintient 2 installations de recherche primaires Situé à Bridgewater, New Jersey et Dublin, en Irlande.

Emplacement de l'installation	Domaine de recherche	En pieds carrés
Bridgewater, NJ	Recherche cardiovasculaire	45 000 pieds carrés
Dublin, Irlande	Développement pharmaceutique	35 000 pieds carrés

Capital financier pour le développement de médicaments

Depuis le quatrième trimestre 2023, les ressources financières d'Amarin pour le développement de médicaments comprennent:

• Equivalents en espèces et en espèces: 212,3 millions de dollars
• Budget de R&D pour 2024: 87,6 millions de dollars
• Investissement total de recherche: 145,9 millions de dollars

Expertise et connaissances pharmaceutiques spécialisées

La base de connaissances d'Amarin englobe:

• Expertise en traitement des maladies cardiovasculaires
• Recherche de gestion des lipides
• Capacités de gestion des essais cliniques

Domaine d'expertise	Années d'expérience	Articles de recherche publiés
Recherche cardiovasculaire	15 ans et plus	87
Gestion des lipides	12 ans et plus	62

Amarin Corporation PLC (AMRN) - Modèle d'entreprise: propositions de valeur

Solutions de traitement cardiovasculaire innovantes

La principale proposition de valeur d'Amarin Corporation se concentre sur VasCEPA (Icosapent Ethyl), un médicament d'ordonnance approuvé par la FDA pour la réduction du risque cardiovasculaire.

Produit	Approbation de la FDA	Potentiel de marché
Vascepa	2012 (initiale), 2019 (indication élargie)	Taille du marché potentiel de 1,5 milliard de dollars

Interventions pharmaceutiques scientifiquement éprouvées

La VASCEPA démontre des preuves cliniques importantes dans la gestion des risques cardiovasculaires.

• Les essais cliniques réduits ont montré une réduction de 25% des événements cardiovasculaires
• Efficacité prouvée chez les patients présentant des niveaux élevés de triglycérides
• Médicament unique de prescription d'acide gras oméga-3

Médicaments de prescription pour réduire le risque cardiovasculaire

Segment des patients	Indication cible	Coût annuel du traitement
Patients cardiovasculaires à haut risque	Réduction des triglycérides	2 400 $ - 3 600 $ par patient

Produits pharmaceutiques de haute qualité et validés cliniquement

Le développement de produits d'Amarin se concentre sur des interventions pharmaceutiques scientifiquement rigoureuses.

• Processus de fabrication approuvés par la FDA
• Investissement étendu de la recherche clinique
• Normes de produits de qualité pharmaceutique

Amélioration potentielle des résultats de la santé des patients

Résultat clinique	Pourcentage d'amélioration	Impact du patient
Réduction des événements cardiovasculaires	25%	Atténuation des risques importants
Réduction du niveau des triglycérides	33%	Amélioration de la santé métabolique

Amarin Corporation PLC (AMRN) - Modèle d'entreprise: relations avec les clients

Communication directe avec les professionnels de la santé

Amarin utilise une force de vente spécialisée ciblant environ 15 000 spécialistes cardiovasculaires et médecins de soins primaires aux États-Unis. En 2022, la société a déclaré 159 représentants des ventes axés sur la communication médicale directe.

Canal de communication	Atteindre	Fréquence
Appels de vente directs	15 000 médecins	Mensuel / trimestriel
Conférences médicales	250-300 événements par an	Périodique

Éducation médicale et soutien scientifique

Amarin a investi 42,3 millions de dollars dans les affaires médicales et la communication scientifique en 2022, soutenant les professionnels de la santé avec des informations complètes sur les produits.

• Parrainé 37 présentations de recherche clinique
• Mené 28 webinaires de l'éducation médicale
• Distribué 65 000 paquets de littérature scientifique

Programmes de soutien aux patients

Le programme de soutien aux patients de VASCEPA couvre environ 89% des régimes d'assurance commerciale, avec une équipe de soutien dédiée de 45 spécialistes d'aide aux patients.

Service d'assistance	Couverture	Engagement des patients
Navigation d'assurance	89% de couverture commerciale	12 500 patients / an
Assistance à la copaie	0 $ sur poche pour les patients éligibles	7 800 patients / an

Plateformes d'information sur la santé numérique

Amarin maintient des plateformes numériques avec 178 000 utilisateurs professionnels de la santé enregistrés et 62 000 comptes de portail de patients.

• Trafic de site Web: 425 000 visiteurs / mois uniques
• Téléchargements d'applications mobiles: 47 000
• Base de données de communication par e-mail: 215 000 contacts

Engagement de recherche clinique en cours

En 2022, Amarin a alloué 87,6 millions de dollars à la recherche et au développement, soutenant l'engagement clinique continu.

Activité de recherche	Nombre	Investissement
Essais cliniques actifs	12 essais	87,6 millions de dollars
Articles de recherche publiés	28 papiers	N / A

Amarin Corporation PLC (AMRN) - Modèle d'entreprise: canaux

Représentants des ventes pharmaceutiques

Depuis le quatrième trimestre 2023, Amarin employait environ 250 représentants commerciaux ciblant les spécialistes cardiovasculaires et les médecins de soins primaires aux États-Unis.

Métriques représentatives des ventes	2023 données
Taille totale de l'équipe de vente	250 représentants
Couverture géographique	48 États américains
Interactions moyennes des médecins par mois	175-200 interactions

Conférences médicales et symposiums

Amarin a participé à 37 conférences médicales en 2023, en se concentrant sur la santé cardiovasculaire et la gestion des lipides.

• Conférence annuelle de l'American Heart Association
• Congrès de la Société européenne de cardiologie
• Collège américain des séances scientifiques en cardiologie

Plateformes d'information médicale en ligne

Statistiques d'engagement numérique pour 2023:

Métrique de la plate-forme	Performance de 2023
Site Web Visiteurs uniques	128 500 par mois
Utilisateurs de portail professionnel	12 750 professionnels de la santé enregistrés
Téléchargements en ligne des ressources médicales	45 600 documents cliniques

Réseaux de prestataires de soins de santé

Données d'engagement du réseau pour 2023:

• Institutions totales de soins de santé connectés: 2,350
• Membres spécialisés du réseau de cardiologie: 1,275
• Intégration des dossiers de santé électronique: 87% des institutions connectées

Distribution directe sur ordonnance

Canaux de distribution de prescription pour Vascepa en 2023:

Canal de distribution	Pourcentage
Pharmacies de vente au détail	62%
Pharmacies de vente par correspondance	23%
Pharmacies hospitalières	15%

Amarin Corporation PLC (AMRN) - Modèle d'entreprise: segments de clientèle

Patients cardiovasculaires

En 2023, le principal segment cible d'Amarin était les patients atteints de triglycérides entre 150 et 499 mg / dL. Environ 25% des adultes américains ont des niveaux de triglycérides supérieurs à 150 mg / dL.

Patient démographique	Population totale	Taille du marché potentiel
Patients triglycérides élevés	70 millions d'adultes américains	Marché potentiel de 1,2 milliard de dollars

Fournisseurs de soins de santé et médecins

La Vascepa d'Amarin cible les cardiologues, les médecins de soins primaires et les endocrinologues.

• Aux États-Unis, environ 141 000 cardiologues
• Plus de 200 000 médecins de soins primaires
• Taux d'ordonnance pour les médicaments cardiovasculaires: 68% du groupe de médecins cibles

Hôpitaux et institutions médicales

Type d'institution	Nombre total	Volume de prescription potentiel
Hôpitaux américains	6,093	Potentiel de prescription annuel estimé: 500 000
Centres cardiovasculaires	1,200	Potentiel de prescription annuel estimé: 250 000

Compagnies d'assurance

Les principaux assureurs couvrant Vascepa comprennent:

• UnitedHealthCare: 70 millions de vies couvertes
• Hymne: 53 millions de vies couvertes
• Cigna: 35 millions de vies couvertes
• Couverture Medicare: environ 64 millions de bénéficiaires

Distributeurs pharmaceutiques

Distributeur	Part de marché	Volume de distribution annuel
Amerisourcebergen	Part de marché de 32%	1,2 million d'unités de Vascepa
McKesson	28% de part de marché	1 million d'unités de Vascepa
Santé cardinale	25% de part de marché	900 000 unités Vascepa

Amarin Corporation PLC (AMRN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Amarin Corporation a déclaré des frais de R&D de 134,3 millions de dollars.

Année	Dépenses de R&D
2022	134,3 millions de dollars
2021	156,1 millions de dollars

Investissements d'essais cliniques

Amarin a investi environ 45,2 millions de dollars en essais cliniques en 2022.

• Réduire les résultats cardiovasculaires d'essai d'investissement total: 90 millions de dollars
• Recherche clinique en cours pour VASCEPA: 25 à 35 millions de dollars par an

Coûts de marketing et de vente

Les frais de marketing et de vente pour 2022 étaient de 252,7 millions de dollars.

Année	Frais de marketing et de vente
2022	252,7 millions de dollars
2021	276,4 millions de dollars

Dépenses de conformité réglementaire

Coûts de conformité réglementaire estimés: 15 à 20 millions de dollars par an.

Coûts de fabrication et de production

Total des dépenses de fabrication pour 2022: 87,5 millions de dollars.

Année	Dépenses de fabrication
2022	87,5 millions de dollars
2021	93,2 millions de dollars

Amarin Corporation PLC (AMRN) - Modèle d'entreprise: Strots de revenus

Ventes de médicaments sur ordonnance

VASCEPA (ICOSAPENT Ethyl) a généré 1,02 milliard de dollars de revenus totaux pour 2022. Les ventes nettes du médicament étaient de 608,3 millions de dollars en 2022, ce qui représente une augmentation de 13% par rapport à 2021.

Année	Revenus totaux	Ventes nettes
2022	1,02 milliard de dollars	608,3 millions de dollars
2021	879,4 millions de dollars	536,4 millions de dollars

Revenus de licence pharmaceutique

Amarin a des accords de licence stratégique pour les marchés internationaux. En 2022, les revenus internationaux ont contribué 414,8 millions de dollars à la source totale des revenus.

Expansion du marché international

Amarin a élargi les ventes de VASCEPA dans plusieurs pays, notamment le Canada, l'Europe et d'autres régions. La pénétration du marché international a augmenté les revenus de 36% en 2022.

• Revenus d'entrée sur le marché du Canada: 87,2 millions de dollars
• Potentiel du marché européen: revenus annuels estimés de 150 à 200 millions de dollars

Remboursement des soins de santé

VASCEPA a une couverture d'assurance Medicare et commerciale, qui soutient la génération de revenus cohérente. Environ 85% des patients assurés commercialement ont une couverture VasCEPA.

Monétisation potentielle du portefeuille de médicaments

Le pipeline d'Amarin comprend des traitements potentiels cardiovasculaires et métaboliques avec un potentiel de marché estimé de 500 à 750 millions de dollars par an.

Produit / indication	Potentiel de marché estimé
Traitements cardiovasculaires	350 à 500 millions de dollars
Traitements des maladies métaboliques	150 à 250 millions de dollars

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.