--- title: "Amarin | 10-K: FY2025 Revenue Misses Estimate at USD 213.65 M" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/277528253.md" datetime: "2026-03-02T22:34:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277528253.md) - [en](https://longbridge.com/en/news/277528253.md) - [zh-HK](https://longbridge.com/zh-HK/news/277528253.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/277528253.md) | [English](https://longbridge.com/en/news/277528253.md) # Amarin | 10-K: FY2025 Revenue Misses Estimate at USD 213.65 M Revenue: As of FY2025, the actual value is USD 213.65 M, missing the estimate of USD 215.08 M. EPS: As of FY2025, the actual value is USD -0.09. EBIT: As of FY2025, the actual value is USD -61.03 M. Amarin Corporation plc operates in one business segment, and its financial and operational metrics are as follows: #### Net Losses and Accumulated Deficit - 阿玛琳 reported net losses of - $38.8 million for the fiscal year ended December 31, 2025, - $82.2 million for 2024, and - $59.1 million for 2023. - The company had an accumulated deficit of $1.7 billion as of December 31, 2025. #### Total Revenue, Net - Total revenue, net, was $213.6 million for the year ended December 31, 2025, representing a decrease of $15.0 million, or 7%, from $228.6 million in 2024. - This decrease was driven by reductions of - $12.6 million in U.S. net product revenue and - $9.3 million in net product revenue from sales of VASCEPA to partners outside the U.S., partially offset by an increase of $6.9 million in licensing and royalty revenue. #### Product Revenue, Net - Product revenue, net, was $182.8 million for the year ended December 31, 2025, a decrease of $21.8 million, or 11%, from $204.6 million in 2024. - **U.S. Product Revenue, Net**: $154.1 million for 2025, down from $166.7 million for 2024, primarily due to a decline in net selling price from generic competition. - **Europe Product Revenue, Net**: $18.4 million for 2025, up from $13.7 million for 2024, mainly from the UK and Spain. - **Rest of World (RoW) Product Revenue, Net**: $10.2 million for 2025, down from $24.2 million for 2024, reflecting normal variability in early-stage ex-U.S. market development. #### Licensing and Royalty Revenue - Licensing and royalty revenue was $30.9 million for 2025, an increase of $6.9 million, or 29%, from $24.0 million for 2024. - This increase was primarily due to a $25.0 million upfront payment from the Recordati Licensing Agreement and higher royalties from increased partner sales. - In 2024, $15.0 million in milestone payments and a $4.0 million change in estimate were recognized due to the regulatory approval of VASCEPA under the REDUCE-IT indication in China. #### Cost of Goods Sold - Cost of goods sold was $92.8 million for 2025, a decrease of $54.5 million, or 37%, from $147.2 million for 2024. - In 2024, a $36.5 million charge was recorded as cost of goods sold - restructuring inventory related to amending supplier agreements. - In 2025, approximately $0.4 million of inventory was expensed due to product dating, compared to approximately $8.0 million in 2024 due to product dating and non-product dating unsellable inventory. #### Gross Margin - Overall gross margin on product sales was 49% for 2025 and 28% for 2024. - Excluding restructuring inventory and inventory write-off charges, gross margin was 49% for 2025 and 50% for 2024. #### Selling, General and Administrative Expense (SG&A) - SG&A expense was $115.0 million for 2025, a decrease of $37.3 million, or 24%, from $152.3 million for 2024. - **Selling expense**: $40.6 million for 2025, a decrease of $39.0 million, or 49%, from $79.6 million for 2024, mainly due to reductions from the Global Restructuring Plan and other cost optimization initiatives. - **General and administrative expenses**: $65.2 million for 2025, an increase of $6.6 million, or 11%, from $58.6 million for 2024, primarily due to fees related to the ADS Ratio Change and Recordati Licensing Agreement, offset by decreased branded pharma fees and Global Restructuring Plan cost reductions. - **Non-cash stock-based compensation expense (SG&A)**: $9.2 million for 2025, a decrease of $4.9 million, or 35%, from $14.2 million for 2024. #### Research and Development Expense (R&D) - R&D expense was $19.8 million for 2025, a decrease of $1.1 million, or 5%, from $20.9 million for 2024. #### Restructuring Expense - Restructuring expense was $36.2 million for 2025, an increase of $36.2 million from - $0 million for 2024, attributed to the Global Restructuring Plan related to the Recordati Licensing Agreement. #### Interest Income, Net - Interest income, net, was $10.8 million for 2025, a decrease of $2.6 million, or 19%, from $13.4 million for 2024, primarily due to lower interest rates. #### Other Income, Net - Other income, net, was $3.3 million for 2025, up from $1.2 million for 2024, mainly from foreign exchange gains and sublease income. #### Provision for Income Taxes - Provision for income taxes was $2.8 million for 2025, down from $5.0 million for 2024, due to a change in the geographic mix of pre-tax income. #### Cash Flow Summary - **Operating Activities**: Cash provided was $6.7 million in 2025, compared to cash used of - $31.0 million in 2024 and cash provided of $6.9 million in 2023. - **Investing Activities**: Cash provided was $8.8 million in 2025, compared to cash used of - $46.0 million in 2024 and - $25.5 million in 2023. - **Financing Activities**: Cash used was - $2.0 million in 2025, compared to - $1.4 million in 2024 and cash provided of $0.2 million in 2023. - **Increase (decrease) in cash and cash equivalents and restricted cash**: An increase of $13.5 million in 2025, following decreases of - $78.4 million in 2024 and - $18.4 million in 2023. #### Other Key Metrics - **Icosapent Ethyl Market Share (U.S.)**: 阿玛琳’s share decreased to approximately 47% in 2025 from approximately 53% in 2024. - **VASCEPA-branded Prescriptions (U.S.)**: Decreased by 10% in 2025 compared to 2024. - **Inventory**: $195.9 million as of December 31, 2025, with approximately 50% approved for use in North America. - **Net Accounts Receivable**: $126.8 million as of December 31, 2025. - **Cash and Investments**: Totaled $302.6 million as of December 31, 2025, comprising $134.7 million in cash and cash equivalents and $167.9 million in short-term investments. - **Employees**: Approximately 80 full-time employees located in six countries as of December 31, 2025, with 60% in the U.S. and 40% in Europe. #### Outlook / Guidance 阿玛琳 expects its Global Restructuring Plan, announced in June 2025, to reduce annual operating costs by approximately $70 million, primarily from eliminating commercial roles in European operations. The company believes its $302.6 million in cash and investments as of December 31, 2025, will be sufficient to fund projected operations for at least one year. While a share repurchase program for up to $50.0 million was approved in 2024, no repurchases have commenced as of the reporting date. ### 相關股票 - [Amarin (AMRN.US)](https://longbridge.com/zh-HK/quote/AMRN.US.md) ## 相關資訊與研究 - [Amarin’s European Outlook Hinges on Recordati’s VAZKEPA Execution, Raising Commercial and IP Risk](https://longbridge.com/zh-HK/news/277739630.md) - [US Supreme Court to hear 'skinny label' patent fight involving Amarin](https://longbridge.com/zh-HK/news/272872194.md) - [Berenberg Lifts FY26 Estimates for Ferrari on Expected 'Strong' Q1](https://longbridge.com/zh-HK/news/281471058.md) - [KDDI Revises First-Half FY2025 IFRS Results but Confirms Earnings Growth](https://longbridge.com/zh-HK/news/281160478.md) - [Cintas (CTAS) Valuation Check After Q3 Results And Higher Fiscal 2026 Guidance](https://longbridge.com/zh-HK/news/281225115.md)