Amarin Chairman & CEO Issue Letter to Shareholders

DUBLIN, Ireland and BRIDGEWATER, N.J., Jan. 22, 2024 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ:AMRN) today announced that the Company’s Chairman of the Board, Odysseas Kostas, M.D., and President & CEO, Patrick Holt, issued the following letter to Amarin shareholders:

Dear Fellow Amarin Shareholders,

2023 was an important year for Amarin, marked by necessary transition and change. With a new board focused on shareholders, we undertook significant actions to strengthen the Company. We restructured the management team, redesigned our operations and approach in Europe, improved our financial discipline, streamlined the U.S. business to maximize cash flows and progressed our Rest of World (RoW) rollout.

We believe the company is fundamentally in a much stronger position today. As shareholders ourselves, we remain disappointed in Amarin’s stock performance. However, we believe that Amarin is significantly undervalued and that VASCEPA/VAZKEPA can bring tremendous value to patients globally and its true potential has yet to be realized.

With our increasing confidence in the business, the undervalued stock price and our commitment to creating shareholder value, earlier this month we announced a share repurchase plan of up to $50 million. The repurchase plan follows recent significant stock purchases by both Sarissa and our CEO, and further strengthens the alignment of incentives with our fellow shareholders.

Along with you, we believe Amarin has significant unrealized value not yet reflected in the current stock price. We know from experience that turnarounds take time, but we believe we are on the right path. We are not resting and remain deeply committed and firmly focused on creating shareholder value.

Highlights from 2023:

• Strengthening leadership. Amarin’s Board identified and named a new President and CEO in Pat Holt, who provides global leadership and turnaround operating experience. We also appointed a new Chief Legal and Compliance Officer who brings deep intellectual property, complex litigation and business development experience. And we appointed new commercial leadership in Europe to implement a new strategy and drive revenues.
• Improving operations. We streamlined the U.S. business to maximize cash generation. We also reorganized our strategy in Europe, including pricing and reimbursement efforts, designed to drive favorable results in key markets.
• Enhancing financial discipline. The Company reduced operating expenses $100 million in 2023, and the Company is on-track to deliver an additional $40 million reduction in operating expenses. As a result, we closed 2023 with $321 million in cash and no debt.