Total Revenue: Q4 revenue decreased by 17% year-over-year to $75 million.
Net Loss: Reported a net loss of $5.8 million in Q4, a shift from a net income of $0.9 million in the same period last year.
Operating Expenses: Q4 operating expenses were reduced to $50 million from $73.2 million year-over-year.
Gross Margin: Gross margin declined to 58% in Q4 from 70% in the prior year's quarter.
Cash Position: Year-end cash and investments stood at $321 million with a positive cash flow of $10 million for the full year.
Share Repurchase Program: Initiated a process for shareholder approval to execute a share repurchase program of up to $50 million.
Amarin Corp PLC (NASDAQ:AMRN) released its 8-K filing on February 29, 2024, disclosing its fourth quarter and full-year financial results for 2023. The biopharmaceutical company, known for its cardiovascular health product Vascepa, faced a challenging year with a significant decrease in revenue and a shift from net income to net loss in the fourth quarter. Despite these challenges, the company has reaffirmed its strong cash position and has initiated a share repurchase program to build momentum for the future.
Financial Performance and Challenges
Amarin's total net revenue for the fourth quarter of 2023 was $74.7 million, a 17% decrease from the $90.2 million reported in the same period of 2022. This decline was primarily due to a decrease in volume of Vascepa sales in the United States, which has been adversely impacted by the availability of generic alternatives. The company's U.S. net product revenue fell to $64.9 million in Q4 2023 from $88.0 million in the previous year. European and Rest of World (RoW) revenues showed modest contributions, with licensing and royalty revenue increasing from the prior year.
The company's gross margin also saw a decline, dropping to 58% in Q4 2023 from 70% in the corresponding period of 2022, reflecting the increased competitive pressures in the market. Selling, general, and administrative expenses decreased significantly due to cost reduction efforts, including the elimination of the U.S. sales force.
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