Amarin Corp Plc (AMRN)

[JRoon71]

Kiwi, I did an analysis on this a few weeks ago, partially to understand cashflow. But they have been working down their inventory pretty well the past 3 years:
$436,024,000 Q2 2022
415,570,000 Q3 2022
392,352,000 Q4 2022
369,543,000 Q1 2023
349,339,000 Q2 2023
346,253,000 Q3 2023
336,231,000 Q4 2023
329,505,000 Q1 2024
310,702,000 Q2 2024
298,023,000 Q3 2024
230,788,000 Q4 2024
216,894,000 Q1 2025

They will always have a fair amount of API and finished product in inventory. I'm not sure at what point their inventory is turning over pretty regularly, or what their "base" inventory value should be.

Doing a rough calculation, at 40% Cost of Goods Sold, they have around $500-550M of gross product revenue on their inventory shelves. Currently, that's about 3 years of inventory. But it's more likely around 2 years, if you consider possible growth in Europe and China and RoW. But with their required ongoing purchasing agreements, it bumps that back up a bit (to what, I don't know).

Amarin took receipt of a ton of shipments back in January and February (per the Seair website), so that contributes to this inventory number.

This working down of inventory is what has allowed them to only burn down a modest amount of cash the past few years (it has helped them conserve $150-200M of cash the past 3 years).

It would be interesting to know the exact cause behind the flip-flop with some of the insurers/PBM's. Is it pure price, or are they starting to get heat from their legal departments?

N7. Have you looked at AMRN's long term inventory ..it's in their 10Q .
At some point they have to dump that on the market ...or write it off .
They may have used that ( a good idea ) in a special deal , to under cut the generics for the CVS contract