Amarin Corp. PLC Files 2023 Annual Report on Form 10-K

TL;DR

<b>Amarin Corp. PLC has submitted its 2023 10-K filing, detailing financial performance, customer relationships, and licensing activities.</b>

AI Summary

AMARIN CORP PLC\UK (AMRN) filed a Annual Report (10-K) with the SEC on February 29, 2024. Amarin Corp. PLC filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes data related to sales revenue, customer concentration risk, and fair value measurements. Specific segments like 'Customer B' and 'Customer C' are mentioned in relation to sales revenue and accounts receivable. The report details out-licensing agreements, including those with Edding and HLS Therapeutics. Financial data points such as common stock, accrued liabilities, and other non-operating income/expense are referenced.

Why It Matters

For investors and stakeholders tracking AMARIN CORP PLC\UK, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Amarin's financial health and operational activities for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of revenue, customer concentration, and licensing agreements offers insights into Amarin's market position and strategic partnerships, particularly concerning its product Vascepa.

Risk Assessment

Risk Level: — AMARIN CORP PLC\UK shows moderate risk based on this filing. The company's reliance on specific customers for revenue and the complexities of its licensing agreements present a medium-level risk, as indicated by the detailed reporting on customer concentration and various out-licensing agreements.

Analyst Insight

Investors should closely examine the revenue breakdown by customer and the terms of the out-licensing agreements to understand potential revenue streams and dependencies.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-29 — Filing Date (As of Date)
• 2023-01-01 — Reporting Period Start (Sales Revenue Net)
• 2023-12-31 — Reporting Period End (Sales Revenue Net)

Key Players & Entities

• AMARIN CORP PLC\UK (company) — Filer
• 0000897448 (company) — Central Index Key
• 2834 (company) — Standard Industrial Classification
• Vascepa (company) — Product Mentioned
• Edding (company) — Out-Licensing Agreement Partner
• HLS Therapeutics Incorporation (company) — Out-Licensing Agreement Partner
• Biologix (company) — Partner in Licensing Agreements
• Customer B (company) — Customer Concentration Risk

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risks related to customer concentration, particularly with 'Customer B' for accounts receivable and 'Customer C' for sales revenue.
• Fair Value Measurements [low — financial]: The filing references recurring fair value measurements for various assets and liabilities as of December 31, 2022, and December 31, 2023.
• Product Approval and Market Access [high — regulatory]: While not explicitly detailed in this header data, pharmaceutical companies like Amarin inherently face regulatory risks related to drug approval and market access for products like Vascepa.

Key Dates

• 2023-12-31: Fiscal Year End — Primary period for financial reporting in the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the core financial and operational data for Amarin Corp. PLC for the fiscal year 2023.)

Key Financial Figures

• $40.0 million — reduce operating costs by approximately $40.0 million annually. Our refocused strategic prior

Filing Documents

• amrn-20231231.htm (10-K) — 3396KB
• amrn-ex10_43.htm (EX-10.43) — 48KB
• amrn-ex21_1.htm (EX-21.1) — 17KB
• amrn-ex23_1.htm (EX-23.1) — 7KB
• amrn-ex31_1.htm (EX-31.1) — 14KB
• amrn-ex31_2.htm (EX-31.2) — 14KB
• amrn-ex32_1.htm (EX-32.1) — 11KB
• amrn-ex97_1.htm (EX-97.1) — 37KB
• img152338051_0.jpg (GRAPHIC) — 47KB
• img152338051_1.jpg (GRAPHIC) — 108KB
• 0000950170-24-022636.txt (&nbsp;) — 14396KB
• amrn-20231231.xsd (EX-101.SCH) — 1801KB
• amrn-20231231_htm.xml (XML) — 2772KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 58 Item 2.

Properties

Properties 59 Item 3.

Legal Proceedings

Legal Proceedings 59 Item 4. Mine Safety Disclosures 59 PART II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 60 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 69 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 81 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 82 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 82 Item 9A.

Controls and Procedures

Controls and Procedures 82 Item 9B. Other Information 84 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 PART III Item 10. Directors, Executive Officers and Corporate Governance 85 Item 11.

Executive Compensation

Executive Compensation 85 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85 Item 13. Certain Relationships and Related Transactions, and Director Independence 85 Item 14. Principal Accountant Fees and Services 85 PART IV Item 15. Exhibits and Financial Statement Schedules 86 Item 16. Form 10-K Summary 90

SIGNATURES

SIGNATURES 91 PART I SPECIAL NOTE REGARDING

FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA

FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This Annual Report on Form 10-K contains forward-looking statements. All statements other than statements of historical fact contained in this Annual Report on Form 10-K are forward-looking statements, including statements regarding the progress and timing of our clinical programs, regulatory filings and commercialization activities, and the potential clinical benefits, safety and market potential of our product candidates, as well as more general statements regarding our expectations for future financial and operational performance, regulatory environment, and market trends. In some cases, you can identify forward-looking statements by terminology such as "may," "would," "should," "could," "expects," "aims," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "potential," or "continue"; the negative of these terms; or other comparable terminology. These statements include but are not limited to statements regarding the commercial success of and benefits and market opportunity for VASCEPA (brand name VAZKEPA in Europe but predominately referenced in this document by its brand name in the United States and other countries where it is approved, VASCEPA or icosapent ethyl) and factors that can affect such success; plans to obtain regulatory approvals and favorable market access and pricing in several jurisdictions, to expand promotion of VASCEPA and statements regarding cost and pricing of VASCEPA and other treatments; interpretation of court decisions; plans with respect to litigation; expectation on determinations and policy positions of the United States Food and Drug Administration, or U.S. FDA; the safety and efficacy of our product and product candidates; expectation regarding the potential for VASCEPA to be partnered, developed and commercialized outside of the United States; expectation on the scope and strength of our intellectual property protection and the likelihood of securing additional p

B usiness

Item 1. B usiness References in this Annual Report on Form 10-K to "Amarin," the "Company," "we," "our" and "us" refer to Amarin Corporation plc and its subsidiaries, on a consolidated basis, unless otherwise indicated. This Annual Report on Form 10-K, or Annual Report, includes the registered and unregistered trademarks and service marks of other parties. Amarin Corporation plc is a public limited company incorporated under the laws of England and Wales. Amarin Corporation plc was originally incorporated in England as a private limited company on March 1, 1989 under the Companies Act 1985, and re-registered in England as a public limited company on March 19, 1993. Our principal office is located at Iconic Offices, The Greenway, Block C Ardilaun Court, 112-114 St Stephens Green, Dublin 2 Ireland. Our registered office is located at One New Change, London EC4M 9AF, England. Our primary office for our European market access team is located at berbauung Metalli, Gotthardstrasse 2, Zug CH-6300, Switzerland. Our primary office in the United States is located at 440 Route 22, Bridgewater, NJ 08807, USA. Our telephone number at that location is (908) 719-1315. For purposes of this Annual Report, our ordinary shares may also be referred to as "common shares" or "common stock." Overview We are a pharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular, or CV, health and reduce CV risk. Our commercialized product, VASCEPA (icosapent ethyl) was first approved by the United States, or U.S., Food and Drug Administration, or U.S. FDA, for use as an adjunct to diet to reduce triglyceride, or TG, levels in adult patients with severe (500 mg/dL) hypertriglyceridemia, or the MARINE indication and we commercially launched in 2013. On December 13, 2019, the U.S. FDA approved an indication and label expansion for VASCEPA based on the landmark results of our cardiovascular outcomes trial, REDUCE-IT , or Reduction of C

View Full Filing

View this 10-K filing on SEC EDGAR