Amarin Corporation plc (NASDAQ:AMRN) reported a net profit of $0.2 million for the third quarter of 2026, marking its first profitable quarter in more than two years, as lower operating expenses helped offset declining revenue and continued pricing pressure in the United States.
The pharmaceutical company reported revenue of $39.6 million for the quarter ended September 30, down 20% from $49.7 million a year earlier. However, operating expenses declined 44% to $18.5 million following restructuring measures and the expansion of its international partnership strategy.
Amarin also reported continued growth in demand for its cardiovascular treatment VASCEPA/VAZKEPA across international markets, while maintaining a 47% share of the US icosapent ethyl (IPE) market.
Operating Expenses Fall 44% as Amarin Returns to Profit
Amarin recorded quarterly net income of $0.2 million, compared with a net loss of $7.7 million in the third quarter of 2025.
The operating loss narrowed to $2.4 million from $11.1 million, while the operating margin improved to negative 6% from negative 22%.
Total operating expenses fell to $18.5 million from $33.3 million, reflecting the impact of restructuring initiatives completed during the second quarter of 2026.
Selling, general and administrative expenses declined 27% to $14.3 million, while research and development spending remained unchanged at $4.2 million.
The company incurred no restructuring charges during the quarter, compared with $9.4 million a year earlier.
Chief Financial Officer Peter Fishman said the results reflected the company’s reduced cost base.
“We reported our first profitable quarter in over two years, reflecting our lower expense base and the absence of charges following the completion of our previously announced $70 million cost savings initiatives. We generated positive free cash flow for the fourth consecutive quarter. Our cash balance now exceeds $323 million and our balance sheet remains debt-free.”
US VASCEPA Revenue Declines Amid Generic Competition
Amarin’s US product revenue fell 30% to $28.5 million from $40.9 million in the prior-year quarter.
The decline was primarily attributed to lower net selling prices and changes in customer mix, reflecting continued competition from generic IPE products.
Despite these pressures, Amarin maintained a 47% share of the US IPE market during the quarter.
The company expects US sales volumes to remain broadly stable for the remainder of 2026.
European product revenue declined 9% to $3.7 million, compared with $4.1 million a year earlier, partly reflecting launch-related inventory purchases made during the corresponding quarter of 2025.
Revenue from markets outside the United States and Europe increased 29% to $4.7 million from $3.6 million.
Licensing and royalty revenue rose 139% to $2.7 million, supported by higher sales through international partners.
European VAZKEPA Demand Increases 68%
Although reported European product revenue declined, Amarin said estimated in-market demand for VAZKEPA increased 68% year over year during the third quarter.
The growth was supported by commercial activities undertaken by Recordati, Amarin’s exclusive European licensing and supply partner, particularly in Spain, the United Kingdom and Italy.
Across the company’s international partner network, estimated demand for VASCEPA/VAZKEPA increased 55% compared with the third quarter of 2025.
As of September 30, the treatment was commercially available in 22 countries, including 11 European markets served through Recordati.
The Recordati agreement covers 59 countries, with patent protection extending through 2039 in those markets.
VAZKEPA was also launched in Poland’s private-pay market in October, without reimbursement, while Recordati continues pricing and market-access discussions in additional territories.
Chief Executive Officer Aaron Berg said international demand growth reflected the company’s shift towards a partner-led commercial model.
“Our results in the third quarter demonstrate the continued positive trajectory in our operational, financial and strategic transformation, underscoring the progress we are making to strengthen our business, expand the value of our VASCEPA®/VAZKEPA® (icosapent ethyl, or IPE) franchise and deliver long-term shareholder value,” Berg said.
Cash Balance Rises to $323.4 Million With No Outstanding Debt
Amarin reported cash, cash equivalents and short-term investments of $323.4 million at the end of September, compared with $314.6 million at the end of June.
The company generated $9.2 million in operating cash flow during the third quarter, following $6.6 million in the preceding quarter.
Inventory declined to $158.9 million from $164.1 million at the end of June, continuing the company’s efforts to align stock levels with demand.
Amarin remained debt-free at the end of the reporting period.
For the first nine months of 2026, revenue totalled $126.9 million, down 23% from $164.4 million a year earlier.
However, the nine-month net loss narrowed to $17.9 million from $37.6 million, while operating expenses declined 47% to $74.6 million.
Amarin Reviews Additional Applications for Icosapent Ethyl
Amarin also highlighted recent clinical research examining potential additional therapeutic applications for icosapent ethyl.
On October 25, the company announced findings from the investigator-initiated Phase 3 EPA for Metastasis Trial 2 (EMT2), conducted by the University of Leeds and funded by Yorkshire Cancer Research.
The study investigated the use of VASCEPA as an additional treatment for patients undergoing liver resection and standard care for colorectal cancer liver metastases.
The findings were presented at the European Society for Medical Oncology’s 2026 Congress in Madrid.
Amarin said the research contributed to its understanding of potential applications for IPE beyond its established cardiovascular use.
The company has not announced a new regulatory approval or commercial indication arising from the study.
Amarin Maintains Cash Outlook and Continues Strategic Review
Amarin expects further reductions in operating expenses during the fourth quarter and anticipates positive operating cash flow.
The company forecasts approximately $330 million in cash, cash equivalents and short-term investments at the end of 2026, while maintaining a debt-free balance sheet.
Management also expects continued growth in international in-market demand, although the timing of revenue recognition will depend on partner inventory requirements, purchasing patterns, pricing and market access.
Separately, Amarin continues to work with Barclays, its exclusive financial adviser, on strategic initiatives intended to maximise shareholder value.
No specific transaction or timetable was announced.