Amarin Corp Plc (AMRN)

[lizzy241]

Actually, Holt's experience is mainly in the Asian mkts I think this is a positive for amarin since the China approval is real now that amarin received the $5mill payment from Edding which I never thought would come to fruition.

Amarin's Preliminary Q2 Product Revenue Drops Sequentially; Holt Named CEO; Jobs Cut to Reduce Costs; Shares Slump
MT NEWSWIRES 5:11 PM ET 7/18/2023
Symbol Last Price Change
AMRN 1.43up +0.12 (+9.1603%)
QUOTES AS OF 04:00:00 PM ET 07/18/2023
05:11 PM EDT, 07/18/2023 (MT Newswires) -- Amarin(AMRN) said Tuesday preliminary Q2 product revenue is expected to be about $65 million, compared with $85 million in Q1.

The company had a positive cash flow of $9 million,

including a $5 million milestone payment after VHTG regulatory approval in China.

At the end of Q2, the cash position was $313 million, compared with $304 million at the end of Q1.

Amarin (AMRN) appointed Patrick Holt as chief executive officer effective immediately.

He succeeds interim CEO Aaron Berg, who will remain with the company in a senior leadership role.

The company also announced a restructuring program to reduce operating costs by about $40 million a year.

Amarin (AMRN) said it will keep VASCEPA as a cost-effective option to generics "while implementing a reduction in force of all U.S. sales force positions and approximately 30% of non-sales roles."

Amarin (AMRN) plans to redesign its commercial infrastructure in Europe to better align with pricing and reimbursement status, and commercial potential. It will streamline certain cross-geographic functions.

Amarin (AMRN) said it will work on generating revenue from partnerships in key international markets and explore additional partnerships.

Shares of the company fell 13% in after-hours trading.

Price: 1.25, Change: -0.18, Percent Change: -12.59


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