AMARIN CORP PLC\UK
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 2026
AMRN$11.61+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001193125-26-323845
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001193125-26-435082
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 128 previous paragraphs and 126 current paragraphs.
66 unchanged; 47 reworded; 13 added; 12 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
In August 2026, the Saudi Heart Association released a focused update; Guidelines on Best Practices in the Management of Chronic Coronary Syndromes, or CCS. The update stated the addition of IPE should be considered for statin-treated CCS patients with persistently elevated TGs (135-499 mg / dL) and controlled LDL-C (<100 mg / dL) to reduce the residual CV risk.
Current report
In August 2026, the iCARDIO Alliance released Global Implementation Guidelines on Ischemic Heart Disease, or IHD, stating in the treatment of chronic IHD – lipid management, IPE (2-grams twice daily) may be used in patients with IHD and hypertriglyceridemia (>150 mg/dL).
Current report
In August 2026, the European Society of Cardiology, or ESC, released Guidelines for the Management of CV Disease and Chronic Kidney Disease, in collaboration with the European Renal Association, or ERA. The release stated treatment with IPE as add-on therapy to a statin may be considered in patients with CCS and chronic kidney disease (estimated glomerular filtration rate, or eGFR, ≥30 mL/min/1.73m2) with a fasting TGs level >1.5 mmol/L (>135 mg/dL) and LDL-C > 1.04 mmol/L (>40 mg/dL) to reduce the risk of major adverse CV events (Class IIa recommendation; Level B evidence). Additionally, relative risk reductions were consistent across subgroups divided by eGFR at baseline, with absolute benefits largest in patients with eGFR <60mL/min/1.73m2 by virtue of their higher baseline risk of CV disease.
Current report
In September 2026, the U.S. Department of Veterans Affairs and U.S. Department of Defense published a synopsis of its 2025 Clinical Practice Guideline for Lipid Management for CV Disease Risk Reduction. The synopsis suggests using IPE, as a secondary prevention, in patients on statin therapy with persistently elevated fasting TGs ≥150 mg/dL. Additionally, for primary or secondary prevention, it suggested against the use of omega-3 fatty acids as a dietary supplement or any omega-3 formulation other than IPE.
Current report
In July 2026, at the Schlieren Research meeting, researchers from the University of Zurich in collaboration with Amarin presented data on the effects of IPE on circulating tissue factor from both a mechanistic perspective and insights from within REDUCE-IT.
Current report
In August 2026, at the ESC congress, in Munich, Germany, Amarin and global collaborators supported 5 separate data presentations covering benefits of treatment adherence and legacy effect, long-term CV outcomes, lipoprotein(a) [Lp(a)] biology, coagulation biomarkers, and potential mechanistic pathways associated with eicosapentaenoic acid, or EPA, and IPE. The presentations build upon the significant body of evidence generated from REDUCE-IT and related scientific investigations.
Current report
In August 2026, at the Annual Scientific Meeting of the Cardiac Society of Australia and New Zealand held in Sydney, Australia, our partner CSL, through support from us, and collaborators presented encore data on the benefits of IPE in patients with Prior Peripheral Artery Disease: REDUCE-IT PAD. CSL also presented data on emerging prescribing patterns of VAZKEPA by gender and age in Australia.
Current report
Product revenue, net. We recorded product revenue, net, of $36.9 million and $48.6 million during the three months ended September 30, 2026 and 2025, respectively, a decrease of $11.7 million, or 24%. This decrease was due primarily to a decrease in VASCEPA price within the U.S. offset in part by higher sales to our partners.
Current report
Licensing and royalty revenue. Licensing and royalty revenue during the three months ended September 30, 2026 and 2025 was $2.7 million and $1.1 million, respectively, an increase of $1.5 million, or 139%. This increase was primarily due to increased partner sales within their respective territories.
Current report
Research and development expense. Research and development expense remained consistent for the three months ended September 30, 2026 and 2025 at $4.2 million. Research and development expenses for the three months ended September 30, 2026 and 2025 are summarized in the table below:
Current report
Other income, net. Other income, net, for the three months ended September 30, 2026 and 2025 was $0.3 million and $0.2 million, respectively, an increase of $0.1 million, or 48%. Other income, net, primarily consists of gains and losses on foreign exchange transactions and sublease income related to our Bridgewater, New Jersey facility.
Current report
Comparison of Nine Months Ended September 30, 2026 and September 30, 2025
Current report
Selling expense for the nine months ended September 30, 2026 and 2025 was $9.8 million and $36.9 million, respectively, a decrease of $27.1 million, or 73%. This decrease is primarily due to a reduction in costs associated with the Global Restructuring Plan.
Removed paragraphs (12)
Previous report
In April 2026, the European Federation of Internal Medicine released Assessment and Management of Cardiovascular–Kidney–Liver Metabolic-Syndrome in the Primary Care Setting: A Multidisciplinary Consensus Statement, in the European Journal of Internal Medicine. This stated that treatment of elevated triglycerides, or TG, can be considered in high- or very-high-risk patients, with elevated TG (1.52–5.63 mmol/L or 135–499 mg/dL). High-dose IPE (2 g twice daily) could be added to statin therapy to reduce CV risk.
Previous report
In May 2026, the American Heart Association, or AHA, released a 2026 Scientific Statement update on the Secondary Prevention After Coronary Artery Bypass Graft Surgery, which stated that as a third line therapy if the combination of statin and ezetimibe still fails to achieve the target Low-Density Lipoprotein Cholesterol, or LDL-C, thresholds then consider either PCSK9 inhibitor or IPE if the TG level is between 135 mg/dL (1.5 mmol/L) and 500 mg/dL (5.6 mmol/L).
Previous report
In June 2026, the American College of Cardiology/AHA Joint Committee released a report; the 2026 AHA/American College of Cardiology, or ACC/American Diabetes Association, or ADA/American Society of Nephrology, or ASN, Guideline for the Prevention, Detection, Evaluation, and Management of Cardiovascular-Kidney-Metabolic Syndrome. This report states that for those with persistent HTG on maximally tolerated statins, or with additional CV risk factors, IPE can be considered to lower ASCVD risk. In addition, studies using relative-risk reduction estimates from RCTs and absolute event rates from epidemiologic studies of CAC demonstrate that moderate-to-severe CAC identifies patients at high absolute CVD risk who are most likely to benefit from several preventive therapies indicated for CKM syndrome (statins, GLP-1–based therapy, aggressive BP lowering, and IPE in those with HTG).
Previous report
In May 2026, at the Digestive Disease Week meeting in Chicago, IL, researchers from Harvard working on an Amarin supported investigator-initiated trial presented data at a poster session. The poster presentation included data on the effect of IPE treatment on fecal metabolites and microbiome among patients with a history of adenoma, and results from a secondary analysis of a prospective, single-arm clinical study.
Previous report
In May 2026, at the European Atherosclerosis Society meeting in Athens, Greece, global collaborators presented two Amarin supported oral E-poster presentations. The first presentation reported data on how risk-weighted apolipoprotein B compares to traditional lipid biomarkers in predicting residual CV risk in statin-treated hypertriglyceridemic patients, post hoc analysis of the REDUCE-IT placebo arm. The second presentation reported on residual CV risk from elevated TG in established atherosclerotic CV disease patients from the CPRD database in the UK.
Previous report
In June 2026, at the European Society for Clinical Investigation meeting in Lisbon, Portugal, at an oral poster presentation, global collaborators presented a post-hoc analysis of REDUCE-IT reporting the impact of IPE on coagulation biomarkers and clinical outcomes in high-risk CV patients.
Previous report
In June 2026, at the National Lipid Association meeting in Chicago, IL, researchers from the Geisinger Health System reported on designing and implementation strategies for improving best clinician practices of HTG management in patients post-ACS as a poster presentation.
Previous report
Selling expense for the three months ended June 30, 2026 and 2025 was $2.8 million and $14.6 million, respectively, a decrease of $11.8 million, or 81%. This decrease is primarily due to a reduction in costs associated with the Global Restructuring Plan.
Previous report
Research and development expense. Research and development expense for the three months ended June 30, 2026 and 2025 was $4.8 million and $4.9 million, respectively, a decrease of $0.1 million, or 3%. Research and development expenses for the three months ended June 30, 2026 and 2025 are summarized in the table below:
Previous report
Comparison of Six Months Ended June 30, 2026 and June 30, 2025
Previous report
Product revenue, net. We recorded product revenue, net, of $82.4 million and $87.7 million during the six months ended June 30, 2026 and 2025, respectively, a decrease of $5.2 million, or 6%. This decrease was due primarily to 6% and 13% decreases in VASCEPA sales in the U.S. and Europe.
Previous report
Selling expense for the six months ended June 30, 2026 and 2025 was $6.7 million and $31.5 million, respectively, a decrease of $24.8 million, or 79%. This decrease is primarily due to a reduction in costs associated with the Global Restructuring Plan.
Reworded paragraphs (47)
Previous wording
VASCEPA is sold principally to a limited number of major wholesalers, as well as selected regional wholesalers and retail and mail order pharmacy providers, or collectively, our distributors or our customers, most of whom in turn resell VASCEPA to retail pharmacies for subsequent resale to patients. Since VASCEPA was made commercially available in 2013, approximately 31 million estimated normalized total prescriptions of VASCEPA have been reported by Symphony Health. In 2020, following our unsuccessful appeals of a court ruling in favor of two generic drug companies, Dr. Reddy’s Laboratories, Inc., or Dr. Reddy’s, and Hikma Pharmaceuticals USA Inc., or Hikma, and certain of their affiliates, several of our patents covering the MARINE indication were declared invalid. As a result, the following generic versions of IPE have obtained U.S. FDA approval with labeling consistent with the MARINE indication and have entered the U.S. market:
Current wording
VASCEPA is sold principally to a limited number of major wholesalers, as well as selected regional wholesalers and retail and mail order pharmacy providers, or collectively, our distributors or our customers, most of whom in turn resell VASCEPA to retail pharmacies for subsequent resale to patients. Since VASCEPA was made commercially available in 2013, approximately 32 million estimated normalized total prescriptions of VASCEPA have been reported by Symphony Health. In 2020, following our unsuccessful appeals of a court ruling in favor of two generic drug companies, Dr. Reddy’s Laboratories, Inc., or Dr. Reddy’s, and Hikma Pharmaceuticals USA Inc., or Hikma, and certain of their affiliates, several of our patents covering the MARINE indication were declared invalid. As a result, the following generic versions of IPE have obtained U.S. FDA approval with labeling consistent with the MARINE indication and have entered the U.S. market:
Previous wording
One of our core areas of focus is continuing to work on generating revenue from our partnerships in key international markets. We and our partners have obtained varying levels of indication approvals and initiated or are in the process of initiating commercial launches in various territories where our partners have access. We and our partners continue to seek additional regulatory approvals in the countries in which our partners operate. We have agreements in place with the following partners within the respective territories:
Current wording
Our international partners are important to our growth strategy, and we continue to collaborate with them to support revenue generation across all commercialized markets. We and our partners have obtained varying levels of indication approvals and initiated or are in the process of initiating commercial launches in various territories where our partners have access. We and our partners continue to seek additional regulatory approvals in the countries in which our partners operate. We have agreements in place with the following partners within the respective territories:
Previous wording
Based on REDUCE-IT results, as of the date of the filing of this Quarterly Report, more than 70 clinical treatment guidelines, consensus statements or scientific statements from global medical or scientific societies or within peer reviewed journals have recognized the use of IPE in appropriate at-risk patients for CV risk reductions, including those statements which we were informed of by our global partners as well as guidelines which were newly received during the second quarter of 2026 as listed below:
Current wording
Based on REDUCE-IT results, as of the date of the filing of this Quarterly Report, more than 70 clinical treatment guidelines, consensus statements or scientific statements from global medical or scientific societies or within peer reviewed journals have recognized the use of IPE in appropriate at-risk patients for CV risk reductions, including those statements which we were informed of by our global partners as well as guidelines which were newly received during the third quarter of 2026 as listed below:
Previous wording
During the six months ended June 30, 2026, Amarin and global medical and scientific collaborators supported a total of 12 publications inclusive of accepted abstracts, posters, and manuscripts.
Current wording
During the nine months ended September 30, 2026, Amarin and global medical and scientific collaborators supported a total of 26 publications inclusive of accepted abstracts, posters, and manuscripts.
Previous wording
We manage the manufacturing and supply of VASCEPA and rely on contract manufacturers in each step of our commercial and clinical product supply chain. These steps include active pharmaceutical ingredient, or API, manufacturing, encapsulation of the API, product packaging and supply-related logistics. Our approach to product supply procurement is designed to mitigate risk of supply interruption and maintain an environment of cost competition through diversification of contract manufacturers at each stage of the supply chain and lack of reliance on any single supplier. We have multiple U.S. FDA-approved international API suppliers, encapsulators and packagers to support the VASCEPA commercial franchise in the U.S. We also have multiple international API suppliers, encapsulators and packagers to support the commercialization of VASCEPA in geographies where the drug is approved outside the U.S. Not all of our suppliers approved by the U.S. FDA are approved in every other geography. The regulatory process generally requires extensive details as part of the submission provided to a country or region in connection with a company's request for regulatory approval. Suppliers must be specifically identified as part of the submission for qualification and approval for commercialization in a country or region. As a result, only supply, as approved, may be used in finished goods available for sale in a specific country or region. The amount of supply we seek to purchase in future periods will depend on the level of growth of VASCEPA revenues and minimum purchase commitments with certain suppliers. We continue to negotiate with our contract suppliers to align our supply arrangements with current and future global market demand. As of June 30, 2026, we had inventory of $164.1 million, of which 43% is inventory approved for use in North America.
Current wording
We manage the manufacturing and supply of VASCEPA and rely on contract manufacturers in each step of our commercial and clinical product supply chain. These steps include active pharmaceutical ingredient, or API, manufacturing, encapsulation of the API, product packaging and supply-related logistics. Our approach to product supply procurement is designed to mitigate risk of supply interruption and maintain an environment of cost competition through diversification of contract manufacturers at each stage of the supply chain and lack of reliance on any single supplier. We have multiple U.S. FDA-approved international API suppliers, encapsulators and packagers to support the VASCEPA commercial franchise in the U.S. We also have multiple international API suppliers, encapsulators and packagers to support the commercialization of VASCEPA in geographies where the drug is approved outside the U.S. Not all of our suppliers approved by the U.S. FDA are approved in every other geography. The regulatory process generally requires extensive details as part of the submission provided to a country or region in connection with a company's request for regulatory approval. Suppliers must be specifically identified as part of the submission for qualification and approval for commercialization in a country or region. As a result, only supply, as approved, may be used in finished goods available for sale in a specific country or region. The amount of supply we seek to purchase in future periods will depend on the level of growth of VASCEPA revenues and minimum purchase commitments with certain suppliers. We continue to negotiate with our contract suppliers to align our supply arrangements with current and future global market demand. As of September 30, 2026, we had inventory of $158.9 million.
Previous wording
Interest income, net and other income (expense), net. Interest income, net, consists primarily of interest earned on our cash and cash equivalents, as well as on our short-term investments. Other income (expense), net, consists of foreign exchange losses and gains as well as sublease income.
Current wording
Interest income, net and other income, net. Interest income, net, consists primarily of interest earned on our cash and cash equivalents, as well as on our short-term investments. Other income, net, consists of foreign exchange losses and gains as well as sublease income.
Previous wording
Total revenue, net. We recorded total revenue, net, of $42.2 million and $72.7 million during the three months ended June 30, 2026 and 2025, respectively, a decrease of $30.5 million, or 42%. Total revenue, net, consists primarily of revenue from the sale of VASCEPA in the U.S. In addition to the U.S., during the three months ending June 30, 2026, we also sold VASCEPA by prescription in certain countries outside of the U.S., through collaborations with third-party companies. As further discussed below, the aforementioned decrease is due primarily to a $23.0 million decrease in licensing and royalty revenue, a $4.3 million decrease in U.S. net product revenue and a $3.3 million decrease in net product revenue outside of the U.S.
Current wording
Total revenue, net. We recorded total revenue, net, of $39.6 million and $49.7 million during the three months ended September 30, 2026 and 2025, respectively, a decrease of $10.1 million, or 20%. Total revenue, net, consists primarily of revenue from the sale of VASCEPA in the U.S. In addition to the U.S., during the three months ended September 30, 2026, we also sold VASCEPA by prescription in certain countries outside of the U.S. through collaborations with third-party companies. As further discussed below, the aforementioned decrease was due primarily to a $12.3 million decrease in U.S. net product revenue offset by a $1.5 million increase in licensing and royalty revenue and a $0.7 million increase in net product revenue outside of the U.S.
Previous wording
We recorded U.S. product revenue, net, of $32.2 million and $36.5 million during the three months ended June 30, 2026 and 2025, respectively. This decrease was primarily due to a lower net selling price associated with changes in customer mix.
Current wording
We recorded U.S. product revenue, net, of $28.5 million and $40.9 million during the three months ended September 30, 2026 and 2025, respectively. This decrease was primarily due to a lower net selling price associated with changes in customer mix.
Previous wording
The overall IPE market in the U.S., based on prescription levels reported by Symphony Health, increased by 3% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Our share of the IPE market has increased to approximately 48% in the three months ended June 30, 2026 compared to approximately 43% in the three months ended June 30, 2025. Additionally, based on prescription levels reported by Symphony Health, VASCEPA-branded prescriptions increased by 17% in the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Current wording
The overall IPE market in the U.S., based on prescription levels reported by Symphony Health, increased by 7% for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. Our share of the IPE market has decreased to approximately 47% in the three months ended September 30, 2026 compared to approximately 51% in the three months ended September 30, 2025. Additionally, based on prescription levels reported by Symphony Health, VASCEPA-branded prescriptions decreased by 1% in the three months ended September 30, 2026 compared to the three months ended September 30, 2025.
Previous wording
For the three months ended June 30, 2026, we recorded RoW product revenue, net, of $1.4 million from our six collaboration partners, comprising multiple distinct geographies, compared to $3.5 million during the three months ended June 30, 2025. The decrease reflects normal variability across the multiple geographies encompassing this early stage of a developing ex-U.S. market.
Current wording
For the three months ended September 30, 2026, we recorded RoW product revenue, net, of $4.7 million from our six collaboration partners, comprising multiple distinct geographies, compared to $3.6 million during the three months ended September 30, 2025. For the three months ended September 30, 2026, we recorded Europe product revenue, net, of $3.7 million compared to $4.1 million during the three months ended September 30, 2025. The fluctuations in product revenue, net, from our partners reflects normal variability across the multiple geographies encompassing this early stage of developing ex-U.S. markets.
Previous wording
Despite the generic competition in the U.S., we remain confident that the global patient need for VASCEPA is high. For the remainder of 2026, we will continue to (i) competitively manage our market leadership in the U.S., and (ii) drive expanded access and increased patient uptake of VASCEPA through ongoing support of our commercialization partners and their pricing, reimbursement and licensure initiatives in non-U.S. geographies around the world.
Current wording
Despite the generic competition in the U.S., we remain confident that the global patient need for VASCEPA is high. We continue to (i) competitively manage our market leadership in the U.S., and (ii) drive expanded access and increased patient uptake of VASCEPA through ongoing support of our commercialization partners and their pricing, reimbursement and licensure initiatives in non-U.S. geographies around the world.
Previous wording
Cost of goods sold. Cost of goods sold during the six months ended June 30, 2026 and 2025 was $54.6 million and $39.3 million, respectively, an increase of $15.3 million, or 39%. Cost of goods sold includes the cost of API for VASCEPA on which revenue was recognized during the period, as well as the associated costs for encapsulation, packaging, shipment, supply management, insurance and quality assurance. The cost of the API included in cost of goods sold reflects the average cost of API included in inventory. This average cost reflects the actual purchase price of VASCEPA API.
Current wording
Cost of goods sold. Cost of goods sold during the three months ended September 30, 2026 and 2025 was $23.4 million and $27.5 million, respectively, a decrease of $4.1 million, or 15%. This decrease in cost of goods sold was due to decreased product volumes. Cost of goods sold includes the cost of API for VASCEPA on which revenue was recognized during the period, as well as the associated costs for encapsulation, packaging, shipment, supply management, insurance and quality assurance. The cost of the API included in cost of goods sold reflects the average cost of API included in inventory. This average cost reflects the actual purchase price of VASCEPA API.
Previous wording
The API included in the calculation of the average cost of goods sold during the quarters ended June 30, 2026 and 2025 was sourced from multiple API suppliers. These suppliers compete with each other based on cost, consistent quality, capacity, timely delivery and other factors. In the future, we may see the average cost of supply change based on numerous potential factors including increased volume purchases, continued improvement in manufacturing efficiency, the mix of purchases made among suppliers, currency exchange rates and other factors. The average cost may be variable from period to period depending upon the timing and quantity of API purchased from each supplier.
Current wording
The API included in the calculation of the average cost of goods sold during the quarters ended September 30, 2026 and 2025 was sourced from multiple API suppliers. These suppliers compete based on cost, consistent quality, capacity, timely delivery and other factors. In the future, we may see the average cost of supply change based on numerous potential factors including increased volume purchases, continued improvement in manufacturing efficiency, the mix of purchases made among suppliers, currency exchange rates and other factors. The average cost may be variable from period to period depending upon the timing and quantity of API purchased from each supplier.
Previous wording
Our overall gross margin on product sales for the three months ended June 30, 2026 and 2025 was 30% and 52%, respectively. The decrease in gross margin is primarily as a result of a change in customer mix.
Current wording
Our overall gross margin on product sales for the three months ended September 30, 2026 and 2025 was 37% and 43%, respectively. The decrease in gross margin was primarily as a result of a change in customer mix.
Previous wording
Selling, general and administrative expense. Selling, general and administrative expense for the three months ended June 30, 2026 and 2025 was $22.2 million and $38.7 million, respectively, a decrease of $16.5 million, or 43%. Selling, general and administrative expenses for the three months ended June 30, 2026 and 2025 are summarized in the table below:
Current wording
Selling, general and administrative expense. Selling, general and administrative expense for the three months ended September 30, 2026 and 2025 was $14.3 million and $19.7 million, respectively, a decrease of $5.4 million, or 27%. Selling, general and administrative expenses for the three months ended September 30, 2026 and 2025 are summarized in the table below:
Previous wording
Licensing and royalty revenue. Licensing and royalty revenue during the three months ended June 30, 2026 and 2025 was $3.1 million and $26.1 million, respectively, a decrease of $23.0 million, or 88%. This decrease was primarily due to the recognition of a
Current wording
Selling expense for the three months ended September 30, 2026 and 2025 was $3.1 million and $5.4 million, respectively, a decrease of $2.3 million, or 43%. This decrease was primarily due to a reduction in costs associated with the Global Restructuring Plan.
Previous wording
General and administrative expense for the three months ended June 30, 2026 and 2025 was $17.8 million and $21.2 million, respectively, a decrease of $3.4 million, or 16%. This decrease is primarily due to a decrease in employee-related costs as a result of the reduction in force from the Global Restructuring Plan.
Current wording
General and administrative expense for the three months ended September 30, 2026 and 2025 was $10.2 million and $12.6 million, respectively, a decrease of $2.4 million, or 19%. This decrease was primarily due to a decrease in employee-related costs as a result of the reduction in force from the Global Restructuring Plan.
Previous wording
Non-cash stock-based compensation expense for the three months ended June 30, 2026 and 2025 was $1.6 million and $2.9 million, respectively, a decrease of $1.3 million, or 45%. Non-cash stock-based compensation expense represents the estimated costs associated with equity awards issued to internal personnel supporting our selling, general and administrative functions.
Current wording
Non-cash stock-based compensation expense for the three months ended September 30, 2026 and 2025 was $1.1 million and $1.8 million, respectively, a decrease of $0.7 million, or 39%. Non-cash stock-based compensation expense represents the estimated costs associated with equity awards issued to internal personnel supporting our selling, general and administrative functions.
Previous wording
Restructuring expense. Restructuring expense for the three months ended June 30, 2026 and 2025 was less than $0.1 million and $22.8 million, respectively. The charges in both the current and prior year are due to the implementation of the Global Restructuring Plan associated with the execution of the Recordati Licensing Agreement announced on June 24, 2025, which resulted in the elimination of commercial roles in the Company’s European operations. Refer to Note 2 Significant Accounting Policies for additional information.
Current wording
Restructuring expense. Restructuring expense for the three months ended September 30, 2026 and 2025 was nil and $9.4 million, respectively. The charges in the prior year are due to the implementation of the Global Restructuring Plan associated with the execution of the Recordati Licensing Agreement announced on June 24, 2025, which resulted in the elimination of commercial roles in the Company’s European operations. Refer to Note 2 Significant Accounting Policies for additional information.
Previous wording
Interest income, net. Interest income, net, for the three months ended June 30, 2026 and 2025 was $3.1 million and $2.6 million, respectively, an increase of $0.4 million, or 16%. Interest income, net, represents income earned on cash and investment balances.
Current wording
Interest income, net. Interest income, net, for the three months ended September 30, 2026 and 2025 was $2.4 million and $2.8 million, respectively, a decrease of $0.4 million, or 15%. Interest income, net, represents income earned on cash and investment balances.
Previous wording
Benefit from (provision for) income taxes. Income tax benefit from (provision for) for the three months ended June 30, 2026 and 2025 was a benefit of $0.2 million and a provision of $0.7 million, respectively. The benefit for the three months ended June 30, 2026 is the result of changes in income generated by our U.S. and foreign operations for which tax expense has been recognized based on a full-year estimated U.S. and foreign income tax liability.
Current wording
(Provision for) benefit from income taxes. (Provision for) benefit from income taxes for the three months ended September 30, 2026 and 2025 was a provision of $0.1 million and a benefit of $0.4 million, respectively. The provision for the three months ended September 30, 2026 is the result of changes in income generated by our U.S. and foreign operations for which tax expense has been recognized based on a full-year estimated U.S. and foreign income tax liability.
Previous wording
Total revenue, net. We recorded total revenue, net, of $87.3 million and $114.8 million during the six months ended June 30, 2026 and 2025, respectively, a decrease of $27.4 million, or 24%. Total revenue, net, consists primarily of revenue from the sale of VASCEPA in the U.S. In addition to the U.S., during the six months ended June 30, 2026, we also sold VASCEPA by prescription in certain countries outside of the U.S. through collaborations with third-party companies. As further discussed below, the aforementioned decrease is due primarily to a $22.2 million decrease in licensing and royalty revenue, a $4.3 million decrease in U.S. net product revenue and a $0.9 million decrease in net product revenue outside of the U.S.
Current wording
Total revenue, net. We recorded total revenue, net, of $126.9 million and $164.4 million during the nine months ended September 30, 2026 and 2025, respectively, a decrease of $37.5 million, or 23%. Total revenue, net, consists primarily of revenue from the sale of VASCEPA in the U.S. In addition to the U.S., during the nine months ended September 30, 2026, we also sold VASCEPA by prescription in certain countries outside of the U.S. through collaborations with third-party companies. As further discussed below, the aforementioned decrease was due primarily to a $20.6 million decrease in licensing and royalty revenue, a $16.6 million decrease in U.S. net product revenue and a $0.3 million decrease in net product revenue outside of the U.S.
Previous wording
Product revenue, net. We recorded product revenue, net, of $39.1 million and $46.6 million during the three months ended June 30, 2026 and 2025, respectively, a decrease of $7.5 million, or 16%. This decrease was due primarily to decreases in VASCEPA prices within the U.S., transition of European operations to Recordati and lower sales to our partners outside Europe.
Current wording
Product revenue, net. We recorded product revenue, net, of $119.3 million and $136.2 million during the nine months ended September 30, 2026 and 2025, respectively, a decrease of $16.9 million, or 12%. This decrease was due primarily to a decrease in VASCEPA price within the U.S. and transition of European operations to Recordati offset by higher sales to our RoW partners.
Previous wording
We recorded U.S. product revenue, net, of $67.9 million and $72.2 million during the six months ended June 30, 2026 and 2025, respectively. This decrease was primarily due to a lower net selling price associated with changes in customer mix.
Current wording
We recorded U.S. product revenue, net, of $96.4 million and $113.0 million during the nine months ended September 30, 2026 and 2025, respectively. This decrease was primarily due to a lower net selling price associated with changes in customer mix.
Previous wording
The overall IPE market in the U.S., based on prescription levels reported by Symphony Health, increased for the six months ended June 30, 2026 by 3% as compared to the six months ended June 30, 2025. Our share of the IPE market has increased to approximately 49% in the six months ended June 30, 2026 compared to approximately 42% in the six months ended June 30, 2025. Additionally, based on prescription levels reported by Symphony Health, VASCEPA-branded prescriptions increased by 19% in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Current wording
The overall IPE market in the U.S., based on prescription levels reported by Symphony Health, increased for the nine months ended September 30, 2026 by 3% as compared to the nine months ended September 30, 2025. Our share of the IPE market has increased to approximately 48% in the nine months ended September 30, 2026 compared to approximately 45% in the nine months ended September 30, 2025. Additionally, based on prescription levels reported by Symphony Health, VASCEPA-branded prescriptions increased by 12% in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Previous wording
In June 2025, we entered into a collaboration agreement with Recordati to commercialize VASCEPA in Europe. For the six months ended June 30, 2026, we recorded Europe product revenue, net, of $10.4 million compared to $12.0 million during the six months ended June 30, 2025, primarily due to the change in business structure.
Current wording
In June 2025, we entered into the License Agreement with Recordati to commercialize VASCEPA in Europe. For the nine months ended September 30, 2026, we recorded Europe product revenue, net, of $14.1 million compared to $16.1 million during the nine months ended September 30, 2025. The decrease is primarily due to the change in business structure.
Previous wording
For the six months ended June 30, 2026, we recorded RoW product revenue, net, of $4.2 million from our six collaboration partners, comprising multiple distinct geographies, compared to $3.5 million during the six months ended June 30, 2025.
Current wording
For the nine months ended September 30, 2026, we recorded RoW product revenue, net, of $8.8 million from our six collaboration partners, comprising multiple distinct geographies, compared to $7.1 million during the nine months ended September 30, 2025.
Previous wording
Licensing and royalty revenue. Licensing and royalty revenue during the six months ended June 30, 2026 and 2025 was $4.9 million and $27.1 million, respectively, a decrease of $22.2 million, or 82%. This decrease was primarily due to the recognition of a $25.0 million upfront payment resulting from the execution of the Recordati Licensing Agreement in the prior year offset by higher royalties as a result of an increase in partner sales within their respective territories.
Current wording
Licensing and royalty revenue. Licensing and royalty revenue during the nine months ended September 30, 2026 and 2025 was $7.6 million and $28.2 million, respectively, a decrease of $20.6 million, or 73%. This decrease was primarily due to the recognition of a $25.0 million upfront payment resulting from the execution of the Recordati Licensing Agreement in the prior year offset by higher royalties in the current year period as a result of an increase in partner sales within their respective territories.
Previous wording
Cost of goods sold. Cost of goods sold during the three months ended June 30, 2026 and 2025 was $27.2 million and $22.4 million, respectively, an increase of $4.8 million, or 22%. This increase in cost of goods sold is due to increased product volumes. Cost of goods sold includes the cost of API for VASCEPA on which revenue was recognized during the period, as well as the associated costs for encapsulation, packaging, shipment, supply management, insurance and quality assurance. The cost of the API included in cost of goods sold reflects the average cost of API included in inventory. This average cost reflects the actual purchase price of VASCEPA API.
Current wording
Cost of goods sold. Cost of goods sold during the nine months ended September 30, 2026 and 2025 was $78.0 million and $66.7 million, respectively, an increase of $11.2 million, or 17%. This increase in cost of goods sold is due to increased product volumes. Cost of goods sold includes the cost of API for VASCEPA on which revenue was recognized during the period, as well as the associated costs for encapsulation, packaging, shipment, supply management, insurance and quality assurance. The cost of the API included in cost of goods sold reflects the average cost of API included in inventory. This average cost reflects the actual purchase price of VASCEPA API.
Previous wording
The API included in the calculation of the average cost of goods sold during the six months ended June 30, 2026 and 2025 was sourced from multiple API suppliers.
Current wording
The API included in the calculation of the average cost of goods sold during the nine months ended September 30, 2026 and 2025 was sourced from multiple API suppliers.
Previous wording
Our overall gross margin on product sales for the six months ended June 30, 2026 and 2025 was 34% and 55%, respectively. The decrease in gross margin is primarily as a result of a change in customer mix.
Current wording
Our overall gross margin on product sales for the nine months ended September 30, 2026 and 2025 was 35% and 51%, respectively. The decrease in gross margin is primarily as a result of a change in customer mix.
Previous wording
Selling, general and administrative expense. Selling, general and administrative expense for the six months ended June 30, 2026 and 2025 was $43.3 million and $75.2 million, respectively, a decrease of $31.9 million, or 42%. Selling, general and administrative expenses for the six months ended June 30, 2026 and 2025 are summarized in the table below:
Current wording
Selling, general and administrative expense. Selling, general and administrative expense for the nine months ended September 30, 2026 and 2025 was $57.6 million and $94.9 million, respectively, a decrease of $37.3 million, or 39%. Selling, general and administrative expenses for the nine months ended September 30, 2026 and 2025 are summarized in the table below:
Previous wording
General and administrative expense for the six months ended June 30, 2026 and 2025 was $33.3 million and $37.3 million, respectively, a decrease of $4.1 million, or 11%. This decrease is primarily due to a reduction in costs associated with the Global Restructuring Plan as well as fees associated with the ADS Ratio Change and Recordati EU Licensing Agreement incurred in the prior year. The decreases are offset by costs associated with litigation-related charges in the current year.
Current wording
General and administrative expense for the nine months ended September 30, 2026 and 2025 was $43.5 million and $49.9 million, respectively, a decrease of $6.5 million, or 13%. This decrease is primarily due to a reduction in costs associated with the Global Restructuring Plan as well as fees associated with the ADS Ratio Change and Recordati EU Licensing Agreement incurred in the prior year. The decreases are offset by costs associated with litigation-related charges in the current year.
Previous wording
Non-cash stock-based compensation expense for the six months ended June 30, 2026 and 2025 was $3.3 million and $6.4 million, respectively, a decrease of $3.1 million, or 48%. Non-cash stock-based compensation expense represents the estimated costs associated with equity awards issued to internal personnel supporting our selling, general and administrative functions.
Current wording
Non-cash stock-based compensation expense for the nine months ended September 30, 2026 and 2025 was $4.4 million and $8.2 million, respectively, a decrease of $3.8 million, or 46%. Non-cash stock-based compensation expense represents the estimated costs associated with equity awards issued to internal personnel supporting our selling, general and administrative functions.
Previous wording
Research and development expense. Research and development expense for the six months ended June 30, 2026 and 2025 was $9.4 million and $10.2 million, respectively, a decrease of $0.8 million, or 8%. Research and development expenses for the six months ended June 30, 2026 and 2025 are summarized in the table below:
Current wording
Research and development expense. Research and development expense for the nine months ended September 30, 2026 and 2025 was $13.6 million and $14.4 million, respectively, a decrease of $0.8 million, or 5%. Research and development expenses for the nine months ended September 30, 2026 and 2025 are summarized in the table below:
Previous wording
Restructuring expense. Restructuring expense for the six months ended June 30, 2026 and 2025 was $3.4 million and $22.8 million, respectively. The charge in both the current and prior year are due to the implementation of the Global Restructuring Plan associated with the execution of the Recordati Licensing Agreement announced on June 24, 2025, which resulted in the elimination of commercial roles in the Company’s European operations. Refer to Note 2 Significant Accounting Policies for additional information.
Current wording
Restructuring expense. Restructuring expense for the nine months ended September 30, 2026 and 2025 was $3.4 million and $32.2 million, respectively. The charges in both the current and prior year are due to the implementation of the Global Restructuring Plan associated with the execution of the Recordati Licensing Agreement announced on June 24, 2025, which resulted in the elimination of commercial roles in the Company’s European operations. Refer to Note 2 Significant Accounting Policies for additional information.
Previous wording
Interest income, net. Interest income, net, remained consistent at $5.5 million during the six months ended June 30, 2026, compared to $5.5 million during the six months ended June 30, 2025. Interest income, net, represents income earned on cash and investment balances. Interest income, net, represents income earned on cash and investment balances.
Current wording
Interest income, net. Interest income, net, was $7.8 million for the nine months ended September 30, 2026, compared to $8.3 million for the nine months ended September 30, 2025. Interest income, net, represents income earned on cash and investment balances.
Previous wording
Other income (expense), net. Other income (expense), net, for the three months ended June 30, 2026 and 2025 was income of $1.1 million and expense of $0.1 million, respectively, an increase of $1.2 million, or 1384%. Other income (expense), net, increased primarily due to the recognition of the Employee Retention Credit, or ERC, awarded as part of the Coronavirus Aid, Relief, and Economic Security, or CARES, Act.
Current wording
Other income, net. Other income, net, for the nine months ended September 30, 2026 and 2025 was $1.6 million and $0.4 million, respectively, an increase of $1.2 million, or 326%. Other income, net, increased primarily due to the recognition of the Employee Retention Credit, or ERC, awarded as part of the Coronavirus Aid, Relief, and Economic Security, or CARES, Act.
Previous wording
Benefit from (provision for) income taxes. Income tax benefit from (provision for) for the six months ended June 30, 2026 and 2025 were provisions of $1.6 million and $2.8 million, respectively. The provision for income taxes for the six months ended June 30, 2026 is the result of income generated by our U.S. and foreign operations for which tax expense has been recognized based on a full-year estimated U.S. and foreign income tax liability.
Current wording
(Provision for) benefit from income taxes. (Provision for) benefit from income taxes for the nine months ended September 30, 2026 and 2025 were provisions of $1.6 million and $2.4 million, respectively. The provision for income taxes for the nine months ended September 30, 2026 was the result of income generated by our U.S. and foreign operations for which tax expense has been recognized based on a full-year estimated U.S. and foreign income tax liability.
Previous wording
As of June 30, 2026, our aggregate sources of liquidity include cash and cash equivalents and restricted cash of $143.8 million and short-term investments of $171.1 million, aggregating $314.9 million. We have no indebtedness. Our cash and cash equivalents primarily include checking accounts and money market funds with original maturities of less than 90 days. Our short-term investments consist of securities that will mature in one year or less. We invest cash in excess of our immediate requirements in accordance with our investment policy, which limits the amounts we may invest in any one type of investment and requires all investments held by us to maintain minimum ratings from Nationally Recognized Statistical Rating Organizations so as to primarily achieve our goals of liquidity and capital preservation.
Current wording
As of September 30, 2026, our aggregate sources of liquidity include cash and cash equivalents and restricted cash of $156.7 million and short-term investments of $166.9 million, aggregating $323.6 million. We have no indebtedness. Our cash and cash equivalents primarily include checking accounts and money market funds with original maturities of less than 90 days. Our short-term investments consist of securities that will mature in one year or less. We invest cash in excess of our immediate requirements in accordance with our investment policy, which limits the amounts we may invest in any one type of investment and requires all investments held by us to maintain minimum ratings from Nationally Recognized Statistical Rating Organizations so as to primarily achieve our goals of liquidity and capital preservation.
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Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
In June 2025, we entered into a collaboration agreement with Recordati to commercialize VASCEPA in Europe. For the three months ended June 30, 2026, we recorded Europe product revenue, net, of $5.4 million compared to $6.6 million during the three months ended June 30, 2025, primarily due to the change in business structure within Europe.
Previous report — wording carried elsewhere
$25.0 million upfront payment resulting from the execution of the Recordati Licensing Agreement in prior year offset by higher royalties as a result of increased partner sales within their respective territories.
Previous report — wording carried elsewhere
Other income (expense), net. Other income (expense), net, for the six months ended June 30, 2026 and 2025 was income of $1.3 million and $0.2 million, respectively, an increase of $1.1 million, or 661%. Other income (expense), net, increased primarily due to the recognition of the Employee Retention Credit, or ERC, awarded as part of the Coronavirus Aid, Relief, and Economic Security, or CARES, Act.