Amarin Posts Q3 Profit, First in Over Two Years

The Tip Desk · November 9, 2026 · 4 min read

Third-quarter revenue fell 20% to $39.6 million, while net income reached $0.2 million, or $0.00 a share, as operating expenses fell 44% and restructuring charges disappeared.

Amarin Corporation plc (AMRN), the cardiovascular drugmaker behind VASCEPA and VAZKEPA, reported net income of $0.2 million, or $0.00 a share, for the third quarter ended September 30, 2026, versus a $7.7 million net loss a year earlier, while total net revenue fell 20% to $39.6 million. Chief Financial Officer Peter Fishman said the result was the company’s first profitable quarter in over two years, reflecting a lower expense base and the absence of charges after it completed previously announced $70 million cost-savings initiatives.

Total net revenue was $39.6 million, down 20% from $49.7 million a year earlier. Operating expenses fell 44% to $18.5 million, including the absence of a $9.4 million restructuring charge recorded in the year-ago quarter. The operating loss narrowed 79% to $2.4 million, and operating margin improved 16 points to (6)%.

U.S. product revenue, the largest line, declined 30% to $28.5 million. The company said the drop was due largely to lower net pricing associated with changes in customer mix, driven largely by continued generic competition. VASCEPA’s share of the U.S. icosapent ethyl market was 47% in the third quarter, down from 48% in the second quarter. Amarin said it expects U.S. volumes to remain broadly stable for the remainder of fiscal 2026.

Europe product revenue decreased 9% to $3.7 million, which the company said reflected launch inventory purchases in last year’s third quarter associated with the start of its partnered strategy with Recordati. Rest-of-World product revenue rose 29% to $4.7 million on partner execution. Licensing and royalty revenue rose 139% to $2.7 million, which the company said reflected increased partner sales within their respective territories.

In-market demand across the global partner network increased by an estimated 55% in the third quarter versus a year earlier, after a 59% year-over-year increase in the second quarter. Europe in-market demand for VAZKEPA increased by an estimated 68% versus the year-ago quarter, after a 69% year-over-year increase in the second quarter. The company said growth in Europe significantly exceeded historical European growth rates achieved before the partnership began in the second quarter of 2025, and that momentum was driven by strong performance in Spain, the UK and Italy.

As of September 30, VASCEPA/VAZKEPA was commercially available in 22 countries, including 11 European countries through Recordati. The Recordati agreement covers 59 countries, with patent protection extending through 2039 in those markets. VAZKEPA was launched into the private-pay market in Poland in October. Amarin said it expects combined in-market demand across all global partner markets to continue to grow on a sequential quarterly basis, and that the timing and level of product revenue will continue to reflect partner inventory levels, ordering patterns, market access and pricing.

Cost of goods sold decreased 15% to $23.4 million, reflecting lower product volumes and more favorable API purchasing terms. Selling, general and administrative expenses decreased 27% to $14.3 million, reflecting Global Restructuring activities completed in the second quarter of 2026 in connection with the Recordati agreement. Research and development expense was $4.2 million. Operating expenses excluding restructuring charges fell 22% from the prior-year period.

Cash, cash equivalents and short-term investments rose to $323.4 million from $314.6 million at the end of the second quarter. Net cash provided by operating activities was $9.2 million. Fishman said the company generated positive free cash flow for a fourth consecutive quarter. Inventory declined to $158.9 million. The company remains debt-free and expects cash of about $330 million by year-end.

President and Chief Executive Officer Aaron Berg said the company continues to work closely with Barclays, its exclusive financial advisor, to explore additional pathways to enhance shareholder value. On October 25, Amarin announced findings from the EPA for Metastasis Trial 2, an investigator-initiated Phase 3 study presented at the European Society for Medical Oncology congress, which the company said added to the scientific understanding of VASCEPA’s potential role as an add-on therapy to improve outcomes for patients undergoing liver resection and standard-of-care treatment for colorectal cancer liver metastases.