Amarin Corporation plc

Q2 2026 total net revenue was $42.2 million, compared with $72.7 million in Q2 2025, which included a $25 million upfront payment from the Recordati transaction. Product revenue was $39.1 million versus $46.6 million. U.S. product revenue declined to $32.2 million from $36.5 million, Europe product revenue was $5.4 million versus $6.6 million, and Rest of World revenue was $1.4 million versus $3.5 million. Total operating expenses were $27 million, down 59% year over year; SG&A was $22.2 million, down 43%. The operating loss narrowed to $12 million from $16 million. Cash and investments were $314.6 million, up from $303 million at year-end 2025, with no debt. The company generated $7 million of cash from operations and expects positive cash flow for full-year 2026. Management also said U.S. volumes should remain stable through the end of 2026 and that they continue to expect exclusivity with key payers through the end of 2026.

Aaron Berg framed the quarter as an inflection point and said the company’s dual commercial strategy is now showing a scalable path toward sustainable growth and profitability. He emphasized early international traction, especially through Recordati, while noting the U.S. remains a profitable cash-generating base despite generic pressure. His tone was constructive and confident, with repeated references to strong execution, a lower cost base, and “tremendous” long-term opportunity.

Peter Fishman highlighted that the restructuring is now complete and that the business is operating with a significantly lower cost base. He said total operating expenses fell to $27 million, SG&A declined to $22.2 million, and the company incurred no material restructuring charges in Q2 2026; he also pointed to $7 million of positive operating cash flow, $314.6 million of cash and investments, no debt, and $439 million of working capital. On costs, he explained that COGS was higher because of the weighted-average inventory cost and the regained exclusive PBM relationship in the U.S., but said that variance should begin to level off going forward.

Analysts focused on two issues: what still needs to happen for reimbursement and launches across Europe’s key markets, and whether higher COGS is the right run-rate. Berg said Europe remains country-specific and early, but highlighted progress in the U.K., Spain, Portugal, and Italy, while saying France is a future goal and that many other countries are still being explored by Recordati. Fishman said the higher COGS is mainly tied to volume and inventory cost dynamics after regaining PBM exclusivity, and he expects the quarterly variance to level off.