Amarin Corporation plc (AMRN): Business Model Canvas [Dec-2025 Updated]

You're trying to map out Amarin Corporation plc's current game plan after navigating that tough U.S. generic squeeze, and frankly, the business model has fundamentally changed. It's now an asset-light, global partnership play, relying on key deals like the one with Recordati and a strong balance sheet holding nearly $300 million in cash as of Q2 2025. We'll break down how the $40.9 million in U.S. net product revenue mixes with ex-U.S. royalty streams-like the $26.1 million in licensing revenue from Q2 2025-to support a structure where Selling, General, and Administrative costs dropped 47% to just $19.7 million in Q3 2025. This is a pivot, not a pause. Dive in below to see the nine blocks defining this new strategy, from the European patent protection extending to 2039 to the direct sales force still managing branded VASCEPA in the States.

Amarin Corporation plc (AMRN) - Canvas Business Model: Key Partnerships

You're looking at Amarin Corporation plc's global strategy, which is heavily reliant on its network of specialized partners to drive ex-U.S. growth. This approach, solidified in 2025, aims to maximize the reach of icosapent ethyl (marketed as VAZKEPA in Europe and internationally) while streamlining Amarin Corporation plc's internal operating footprint.

Recordati for Exclusive Commercialization Across 59 European Countries

The exclusive long-term license and supply agreement with Recordati S.p.A. for VAZKEPA in Europe became effective in June 2025. This deal covers commercialization across 59 European countries, leveraging patent protection that extends up to 2039 in the region. Amarin Corporation plc received an upfront cash payment of $25 million upon signing. There is potential for up to an additional $150 million in milestone payments tied to Recordati achieving predefined annual net sales levels. Honestly, the immediate financial impact was clear: Amarin Corporation plc recognized this upfront payment in Q2 2025 licensing and royalty revenue, which increased by 31% compared to Q2 2024.

This strategic shift is designed to generate efficiency. Amarin Corporation plc anticipates realizing approximately $70 million in cost savings over the 12 months following the June 2025 announcement, primarily from reduced European commercialization expenses. As of Q3 2025, European sales under the new model were $4.1 million, a slight decline of 5% from the prior year, reflecting the initial transition phase. The knowledge transfer was completed during Q3 2025, with Recordati expected to manage all European commercialization by the end of 2025.

Syndicate of Seven Partners Covering Approximately 100 Markets in Rest-of-World (RoW)

Amarin Corporation plc supports its global reach outside the U.S. and Europe through an established network. The company is leveraging a global syndicate comprising 7 reputable and well-established partners. This syndicate covers a total of close to 100 markets worldwide, with some sources noting coverage of over 90 markets. The commercialization pace is gaining momentum across these RoW markets. For the third quarter of 2025, Rest-of-World product revenue was $3.6 million, representing a significant drop of 48% year-over-year, which management attributes to normal quarterly variability in the early stages of market development. In Q2 2025, licensing and royalty revenue from these partners reached $1.1 million.

The structure of these international partnerships is detailed below:

Manufacturing Partners to Ensure High-Quality, Reliable Supply of Icosapent Ethyl

Amarin Corporation plc relies on manufacturing partners to ensure a high-quality, reliable supply of the active pharmaceutical ingredient, icosapent ethyl. Specific financial terms for the primary manufacturing relationship are generally embedded within the supply agreements for commercialization partners. For instance, under the China agreement, Amarin Corporation plc is responsible for supplying the finished bulk product to EddingPharm under negotiated supply terms.

EddingPharm in China for Private Market Uptake and National Reimbursement Efforts

The agreement with EddingPharm covers Mainland China, Hong Kong, Macao Special Administrative Regions, and Taiwan. The partnership structure dictates that EddingPharm handles development, commercialization, and associated expenses, while Amarin Corporation plc provides development assistance and supplies the product. Upon regulatory approval from China's NMPA (received in 2024), Amarin Corporation plc earned a regulatory milestone payment of $15 million. The total potential value of the agreement includes up-front and milestone payments to Amarin Corporation plc reaching up to $169.0 million, which includes the initial $15.0 million non-refundable upfront payment. Furthermore, EddingPharm pays Amarin Corporation plc tiered double-digit percentage royalties on net sales, escalating to the high teens. EddingPharm's commercial efforts are focused on private market uptake, with a submission for National Reimbursement Drug Listing (NRDL) targeted for 2026. The patient pool is substantial, with an estimated 330 million patients suffering from CVD in China.

Biologix for Market Access and Formulary Inclusion in the Middle East

Biologix FZCo manages the commercialization of VASCEPA in the Middle East and North Africa (MENA) territory under a non-exclusive license. Biologix provides end-to-end solutions, from pre-registration to commercial-scale market access. The partnership has resulted in product launches in key markets, with the United Arab Emirates (UAE) approval for the REDUCE-IT indication occurring in July 2018, following Lebanon earlier that year. Biologix has a direct presence across 17+ key strategic locations in the GCC, Egypt, North Africa, and the Levant. Amarin Corporation plc received a non-refundable upfront payment from Biologix, which was fully recognized as of June 30, 2024.

You can see the geographic reach of Biologix:

• 15+ Partners supported.
• 30+ Approved medicines on their portfolio.
• 17+ Territories covered in the MENA region.

The company employs over 180 talented colleagues to support these operations.

Amarin Corporation plc (AMRN) - Canvas Business Model: Key Activities

You're looking at the core engine driving Amarin Corporation plc's operations as of late 2025. It's a model heavily focused on maximizing the value of its single asset through strategic partnerships and disciplined internal management.

Global regulatory and medical affairs support for VAZKEPA/VASCEPA

Amarin maintains key activities to support the regulatory status and scientific understanding of VAZKEPA/VASCEPA (icosapent ethyl) globally. This includes ongoing support for regulatory processes across its approved territories.

• Research and development (R&D) expense for Q3 2025 was reported at $4.2 million, supporting global regulatory support and the underlying science.
• VASCEPA has been prescribed more than twenty-five million times since its launch.

Managing the transition to a fully partnered European commercial model

The company completed a major shift in its European strategy, moving to a fully outsourced commercial model. This was formalized with a significant licensing agreement.

In June 2025, Amarin Corporation plc entered into an exclusive long-term license and supply agreement with Recordati S.p.A. to commercialize VAZKEPA across 59 countries, primarily in Europe.

This transition is reflected in the revenue mix, with licensing and royalty revenue for Q3 2025 increasing 149% compared to Q3 2024, primarily due to royalty revenues from global partners.

Direct sales and account management for branded VASCEPA in the U.S.

The U.S. business remains a core revenue generator, managed directly by Amarin Corporation plc, even amidst generic competition. The focus here is on maintaining market share and optimizing net selling price.

For the third quarter of 2025, Amarin Corporation plc reported U.S. net product revenue of $40.9 million, which was an increase of $10.3 million or 34% year-over-year. This was attributed to an increase in net selling price from a change in customer mix and volume growth from regaining exclusive status with a large pharmacy benefit manager. Still, Q1 2025 U.S. revenue was $35.7 million.

• Market Share (IPE): Maintained a majority share of over 50% of the IPE market as of Q3 2025.
• Q3 2025 Total Net Revenue: $49.7 million.

Ongoing data generation and presentation from the REDUCE-IT trial

Amarin Corporation plc continues to invest in presenting and generating data to reinforce the clinical value of icosapent ethyl, particularly from the foundational REDUCE-IT trial.

New analyses from the REDUCE-IT study were featured at major medical congresses in late 2025. These presentations supported the drug's efficacy in cardiovascular risk reduction and explored its mechanisms of action.

• Presentations occurred at the European Society of Cardiology (ESC) Congress 2025 (August 29th-September 1st) and the American Heart Association (AHA) Scientific Sessions 2025 (November 7-10).
• REDUCE-IT post hoc analyses evaluated clinical benefit stratified by apolipoproteinB (ApoB) and triglyceride-rich lipoprotein-cholesterol (TRL-C) levels.
• Mechanistic studies highlighted effects on inflammation, lipoprotein(a) [Lp(a)] oxidation, and modulation of the nod-like receptor protein-3 (NLRP3) inflammasome.

Prudent financial management and execution of the global restructuring

The company executed a global restructuring in conjunction with the European partnership to right-size its operating footprint and accelerate its path to profitability. Management is targeting positive free cash flow in 2026.

The June 2025 restructuring was projected to yield an estimated $70 million in operating expense savings over the next 12 months.

The company's operating margin for Q3 2025 improved to negative 22%, compared to negative 60% for Q3 2024. Finance: draft 13-week cash view by Friday.

Amarin Corporation plc (AMRN) - Canvas Business Model: Key Resources

You're looking at the core assets Amarin Corporation plc relies on to drive its business as of late 2025. These aren't just line items; they are the foundation supporting the entire value proposition, especially after the strategic shift with the European partnership.

The most tangible resource is the financial cushion Amarin built. As of the end of Q2 2025, the company reported aggregate cash and investments totaling $298.7 million. This is significant because, at that same time, the company was essentially debt free, though one report noted minimal debt of $9.55 million. This cash position is crucial for funding the future growth path and supporting ongoing operations.

The intellectual property surrounding the core product is another massive resource. Specifically, the European patent protection for VAZKEPA (icosapent ethyl) is secured through a new patent granted in 2024, extending exclusivity out to April 2039. This is layered on top of existing protections, creating a robust exclusivity position in Europe.

The branded product franchise itself, VASCEPA/VAZKEPA, is the revenue engine, even with ongoing shifts. For Q2 2025, total net revenue hit $72.7 million, an 8% year-over-year increase. This was supported by licensing and royalty revenue of $26.1 million, which was up 31% year-over-year, largely due to the upfront payment from the Recordati agreement. Net product revenue for the quarter was $46.6 million.

Here's a quick look at the financial and IP strength as of the Q2 2025 reporting period:

The proprietary manufacturing process is tied to maintaining the high quality of the active pharmaceutical ingredient (API). Historical evaluation showed that achieving the necessary consistency required technical skills to produce icosapent ethyl greater than 96% pure eicosapentaenoic acid (EPA). This high-purity standard is a non-negotiable asset for the product.

Finally, the clinical data from the landmark REDUCE-IT cardiovascular outcomes trial remains a critical, non-physical resource, constantly being leveraged to support the product's value proposition globally. New analyses were presented at major medical meetings in 2025, reinforcing the drug's benefit:

• IPE reduced total hospitalizations in the REDUCE-IT population, with a Hazard Ratio (HR) of 0.91 (95% CI 0.84, 0.98), P=0.017.
• Data was presented at the European Society of Cardiology (ESC) Congress 2025 in Madrid, Spain.
• New analyses were also featured at the American Heart Association (AHA) Scientific Sessions 2025 in New Orleans, Louisiana.
• The data supports the recommendation of high-dose icosapent ethyl for high-risk patients despite statin therapy.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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.

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:

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:

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.