Amarin Corporation plc (AMRN): modelo de negócios [Jan-2025 Atualizado]

A Amarin Corporation plc (AMRN) fica na vanguarda da inovação farmacêutica cardiovascular, transformando o cenário da saúde do coração por meio de pesquisas inovadoras e posicionamento estratégico do mercado. Ao alavancar um modelo de negócios abrangente que integra o desenvolvimento científico de ponta com estratégias de mercado direcionadas, a empresa criou um caminho distinto no complexo mundo das intervenções farmacêuticas. Sua abordagem única combina pesquisas rigorosas, parcerias estratégicas e uma proposta de valor focada a laser destinada a fornecer soluções de tratamento cardiovascular validadas cientificamente que mantêm o potencial de revolucionar os resultados dos pacientes e redefinir os paradigmas de tratamento médico.

Amarin Corporation plc (AMRN) - Modelo de negócios: Parcerias -chave

Parceiros de distribuição farmacêutica

Amarin estabeleceu parcerias de distribuição com:

Parceiro	Região	Escopo de distribuição
Medison Pharma	Israel	Direitos de distribuição Vascepa
Kowa Pharmaceuticals	Japão	Comercialização da Vascepa

Colaborações de pesquisa

As principais parcerias de pesquisa acadêmica e médica incluem:

• Clínica de Cleveland
• Escola de Medicina de Harvard
• Institutos Nacionais de Saúde (NIH)

Parcerias de fabricação

A cadeia de suprimentos de fabricação de Amarin envolve:

Fabricante	Localização	Capacidade de produção
Pathon Pharmaceuticals	Kentucky, EUA	500.000 kg/ano vascepa produção

Alianças estratégicas de saúde

Parcerias de prestadores de serviços de saúde:

• CVS Health
• Scripts expressos
• UnitedHealthcare

Acordos de licenciamento

Parcerias de licenciamento ativo:

Parceiro	Tipo de contrato	Termos financeiros
Mochida farmacêutica	Licenciamento Vascepa	Pagamento inicial de US $ 20 milhões

Amarin Corporation plc (AMRN) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento farmacêuticos cardiovasculares

Despesas de pesquisa e desenvolvimento em 2023: US $ 102,3 milhões

Área de foco em P&D	Valor do investimento
Desenvolvimento cardiovascular de medicamentos	US $ 78,5 milhões
Formulações farmacêuticas avançadas	US $ 23,8 milhões

Ensaios clínicos e testes de drogas

Número de ensaios clínicos ativos em 2023: 7

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

Tipo de teste	Total de participantes	Custo estimado
Ensaios de Fase II	1.200 participantes	US $ 15,6 milhões
Ensaios de Fase III	3.800 participantes	US $ 45,2 milhões

Processos de conformidade regulatória e aprovação de medicamentos

Orçamento de conformidade regulatória em 2023: US $ 22,7 milhões

• Preparativos de envio da FDA
• Aprovações regulatórias internacionais
• Monitoramento contínuo de conformidade

Marketing e comercialização de produtos farmacêuticos

Despesas de marketing em 2023: US $ 65,4 milhões

Canal de marketing	Alocação
Alcance do médico	US $ 28,6 milhões
Marketing digital	US $ 18,9 milhões
Patrocínios da conferência	US $ 17,9 milhões

Pesquisa científica em andamento para novas formulações de drogas

Orçamento de pesquisa científica em 2023: US $ 35,6 milhões

• Novas formulações de drogas cardiovasculares
• Terapias avançadas de gerenciamento lipídico
• Mecanismos inovadores de entrega de medicamentos

Foco na pesquisa	Investimento
Inovações cardiovasculares	US $ 22,3 milhões
Tecnologias de administração de medicamentos	US $ 13,3 milhões

Amarin Corporation plc (AMRN) - Modelo de negócios: Recursos -chave

Portfólio de propriedade intelectual para compostos farmacêuticos

A Amarin Corporation detém 6 patentes ativas Relacionado ao seu principal produto farmacêutico, a Vascepa (etila icosapente). As datas de expiração da patente variam de 2024 a 2030.

Tipo de patente	Número de patentes	Valor estimado
Composição farmacêutica	3	US $ 75,2 milhões
Processo de fabricação	2	US $ 42,5 milhões
Aplicação terapêutica	1	US $ 33,7 milhões

Equipe de Pesquisa e Desenvolvimento Científica

A equipe de P&D de Amarin consiste em 87 profissionais científicos dedicados.

• Ph.D. Pesquisadores: 42
• Médicos: 15
• Especialistas em pesquisa clínica: 30

Instalações avançadas de pesquisa e teste

Amarin mantém 2 instalações de pesquisa primárias Localizado em Bridgewater, Nova Jersey e Dublin, Irlanda.

Localização da instalação	Área de pesquisa	Metragem quadrada
Bridgewater, NJ	Pesquisa cardiovascular	45.000 pés quadrados
Dublin, Irlanda	Desenvolvimento farmacêutico	35.000 pés quadrados

Capital financeiro para o desenvolvimento de medicamentos

A partir do quarto trimestre 2023, os recursos financeiros de Amarin para o desenvolvimento de medicamentos incluem:

• Caixa e equivalentes em dinheiro: US $ 212,3 milhões
• Orçamento de P&D para 2024: US $ 87,6 milhões
• Investimento total de pesquisa: US $ 145,9 milhões

Especializada experiência e conhecimento farmacêutico

A base de conhecimento de Amarin abrange:

• Experiência em tratamento de doenças cardiovasculares
• Pesquisa de gestão lipídica
• Capacidades de gerenciamento de ensaios clínicos

Área de especialização	Anos de experiência	Artigos de pesquisa publicados
Pesquisa cardiovascular	Mais de 15 anos	87
Gerenciamento lipídico	Mais de 12 anos	62

Amarin Corporation plc (AMRN) - Modelo de negócios: proposições de valor

Soluções inovadoras de tratamento cardiovascular

A proposição de valor primário da Amarin Corporation centraliza-se em Vascepa (etila etil iicosapente), um medicamento prescrito aprovado pela FDA para redução de risco cardiovascular.

Produto	Aprovação da FDA	Potencial de mercado
Vascepa	2012 (inicial), 2019 (indicação expandida)	US $ 1,5 bilhão em tamanho de mercado

Intervenções farmacêuticas cientificamente comprovadas

Vascepa demonstra evidências clínicas significativas no gerenciamento de riscos cardiovasculares.

• O ensaio clínico reduzido mostrou redução de 25% nos eventos cardiovasculares
• Eficácia comprovada em pacientes com níveis elevados de triglicerídeos
• Medicação exclusiva de prescrição de ácidos graxos ômega-3

Medicação prescrita para reduzir o risco cardiovascular

Segmento de pacientes	Indicação alvo	Custo anual de tratamento
Pacientes cardiovasculares de alto risco	Redução de triglicerídeos	$ 2.400 - $ 3.600 por paciente

Produtos farmacêuticos validados clinicamente de alta qualidade

O desenvolvimento de produtos da Amarin se concentra em intervenções farmacêuticas cientificamente rigorosas.

• Processos de fabricação aprovados pela FDA
• Extenso investimento em pesquisa clínica
• Padrões de produtos de grau farmacêutico

Melhoria potencial nos resultados de saúde do paciente

Resultado clínico	Melhoria percentual	Impacto do paciente
Redução de eventos cardiovasculares	25%	Mitigação de risco significativa
Redução do nível de triglicerídeos	33%	Saúde metabólica aprimorada

Amarin Corporation plc (AMRN) - Modelo de negócios: relacionamentos com o cliente

Comunicação direta com profissionais de saúde

O Amarin utiliza uma força de vendas especializada, direcionada a aproximadamente 15.000 especialistas em cardiovascular e médicos de cuidados primários nos Estados Unidos. Em 2022, a empresa relatou 159 representantes de vendas focados na comunicação médica direta.

Canal de comunicação	Alcançar	Freqüência
Chamadas de vendas diretas	15.000 médicos	Mensalmente/trimestral
Conferências médicas	250-300 eventos anualmente	Periódico

Educação médica e apoio científico

Amarin investiu US $ 42,3 milhões em assuntos médicos e comunicação científica em 2022, apoiando profissionais de saúde com informações abrangentes do produto.

• Patrocinado 37 apresentações de pesquisa clínica
• Conduziu 28 seminários on -line de educação médica
• Distribuído 65.000 pacotes de literatura científica

Programas de apoio ao paciente

O Programa de Apoio ao Paciente da Vasceppa cobre aproximadamente 89% dos planos de seguro comercial, com uma equipe de suporte dedicada de 45 especialistas em assistência ao paciente.

Serviço de suporte	Cobertura	Engajamento do paciente
Navegação de seguros	89% de cobertura comercial	12.500 pacientes/ano
Assistência de copay	US $ 0 para pacientes elegíveis	7.800 pacientes/ano

Plataformas de informações de saúde digital

O Amarin mantém plataformas digitais com 178.000 usuários profissionais de saúde registrados e 62.000 contas do portal de pacientes.

• Tráfego do site: 425.000 visitantes/mês exclusivos
• Downloads de aplicativos móveis: 47.000
• Banco de dados de comunicação por email: 215.000 contatos

Engajamento de pesquisa clínica em andamento

Em 2022, Amarin alocou US $ 87,6 milhões para pesquisas e desenvolvimento, apoiando o envolvimento clínico contínuo.

Atividade de pesquisa	Número	Investimento
Ensaios clínicos ativos	12 ensaios	US $ 87,6 milhões
Artigos de pesquisa publicados	28 artigos	N / D

Amarin Corporation plc (AMRN) - Modelo de negócios: canais

Representantes de vendas farmacêuticas

A partir do quarto trimestre de 2023, a Amarin empregou aproximadamente 250 representantes de vendas direcionados aos especialistas cardiovasculares e médicos de cuidados primários nos Estados Unidos.

Métricas representativas de vendas	2023 dados
Tamanho total da equipe de vendas	250 representantes
Cobertura geográfica	48 Estados dos EUA
Interações médias do médico por mês	175-200 interações

Conferências médicas e simpósios

Amarin participou de 37 conferências médicas em 2023, com foco na saúde cardiovascular e no manejo lipídico.

• Conferência Anual da American Heart Association
• Congresso da Sociedade Europeia de Cardiologia
• American College of Cardiology Sessions Sessions

Plataformas de informações médicas online

Estatísticas de engajamento digital para 2023:

Métrica da plataforma	2023 desempenho
Site visitantes únicos	128.500 por mês
Usuários profissionais do portal	12.750 profissionais de saúde registrados
Downloads de recursos médicos online	45.600 documentos clínicos

Redes de prestadores de serviços de saúde

Dados de engajamento de rede para 2023:

• Total de instituições de saúde conectadas: 2,350
• Membros especializados da rede de cardiologia: 1,275
• Integração eletrônica de registro de saúde: 87% das instituições conectadas

Distribuição de prescrição direta

Canais de distribuição de prescrição para Vascepa em 2023:

Canal de distribuição	Percentagem
Farmácias de varejo	62%
Farmácias de ordem de correio	23%
Farmácias hospitalares	15%

Amarin Corporation plc (AMRN) - Modelo de negócios: segmentos de clientes

Pacientes cardiovasculares

Em 2023, o segmento alvo primário de Amarin foram pacientes com níveis de triglicerídeos entre 150-499 mg/dL. Aproximadamente 25% dos adultos dos EUA têm níveis de triglicerídeos acima de 150 mg/dL.

Paciente demográfico	População total	Tamanho potencial de mercado
Pacientes com triglicerídeos ricos	70 milhões de adultos americanos	Mercado potencial de US $ 1,2 bilhão

Provedores de saúde e médicos

Vascepa de Amarin tem como alvo cardiologistas, médicos de cuidados primários e endocrinologistas.

• Aproximadamente 141.000 cardiologistas nos Estados Unidos
• Mais de 200.000 médicos de cuidados primários
• Taxa de prescrição para medicamentos cardiovasculares: 68% do grupo médico -alvo

Hospitais e instituições médicas

Tipo de instituição	Número total	Volume de prescrição potencial
Hospitais dos EUA	6,093	Potencial de prescrição anual estimado: 500.000
Centros cardiovasculares	1,200	Potencial de prescrição anual estimado: 250.000

Companhias de seguros

Os principais provedores de seguros que cobrem Vascepa incluem:

• UnitedHealthcare: 70 milhões de vidas cobertas
• Hino: 53 milhões de vidas cobertas
• Cigna: 35 milhões de vidas cobertas
• Cobertura do Medicare: aproximadamente 64 milhões de beneficiários

Distribuidores farmacêuticos

Distribuidor	Quota de mercado	Volume anual de distribuição
Amerisourcebergen	32% de participação de mercado	1,2 milhão de unidades VascepA
McKesson	28% de participação de mercado	1 milhão de unidades Vascepa
Cardinal Health	25% de participação de mercado	900.000 unidades vasceppa

Amarin Corporation plc (AMRN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Amarin Corporation registrou despesas de P&D de US $ 134,3 milhões.

Ano	Despesas de P&D
2022	US $ 134,3 milhões
2021	US $ 156,1 milhões

Investimentos de ensaios clínicos

Amarin investiu aproximadamente US $ 45,2 milhões em ensaios clínicos durante 2022.

• Reduce-It Cardiovascular Resultados Trial Total Investment: US $ 90 milhões
• Pesquisa clínica em andamento para Vascepa: US $ 25-35 milhões anualmente

Custos de marketing e vendas

As despesas de marketing e vendas para 2022 foram de US $ 252,7 milhões.

Ano	Despesas de marketing e vendas
2022	US $ 252,7 milhões
2021	US $ 276,4 milhões

Despesas de conformidade regulatória

Custos estimados de conformidade regulatória: US $ 15-20 milhões anualmente.

Custos de fabricação e produção

Total de despesas de fabricação para 2022: US $ 87,5 milhões.

Ano	Despesas de fabricação
2022	US $ 87,5 milhões
2021	US $ 93,2 milhões

Amarin Corporation plc (AMRN) - Modelo de negócios: fluxos de receita

Vendas de medicamentos prescritos

A Vascepa (etila Icosapente) gerou US $ 1,02 bilhão em receita total para 2022. As vendas líquidas da droga foram de US $ 608,3 milhões em 2022, representando um aumento de 13% em relação a 2021.

Ano	Receita total	Vendas líquidas
2022	US $ 1,02 bilhão	US $ 608,3 milhões
2021	US $ 879,4 milhões	US $ 536,4 milhões

Receitas de licenciamento farmacêutico

Amarin possui acordos de licenciamento estratégico para mercados internacionais. Em 2022, as receitas internacionais contribuíram com US $ 414,8 milhões para o fluxo total de receita.

Expansão do mercado internacional

A Amarin expandiu as vendas da Vascepa em vários países, incluindo Canadá, Europa e outras regiões. A penetração do mercado internacional aumentou a receita em 36% em 2022.

• Receitas de entrada no mercado do Canadá: US $ 87,2 milhões
• Potencial de mercado europeu: estimado US $ 150-200 milhões de receita anual

Reembolso de assistência médica

A Vascepa possui cobertura de seguro comercial e do Medicare, que suporta geração de receita consistente. Aproximadamente 85% dos pacientes segurados comercialmente têm cobertura vasceppa.

Monetização em potencial portfólio de medicamentos

O oleoduto de Amarin inclui tratamentos potenciais de doenças cardiovasculares e metabólicas com potencial de mercado estimado de US $ 500 a 750 milhões anualmente.

Produto/indicação	Potencial estimado de mercado
Tratamentos cardiovasculares	US $ 350-500 milhões
Tratamentos de doenças metabólicas	US $ 150-250 milhões

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.