AMRNMEDIUM SIGNALFINANCIAL10-K

AMRN showed meaningful revenue growth and substantially reduced losses while cutting operational expenses and debt levels.

The company appears to be executing a successful turnaround with revenue growing nearly 40% while simultaneously reducing SG&A expenses by nearly 25%, indicating improved operational efficiency. The substantial reduction in net losses combined with debt reduction and maintained cash levels suggests improving financial health and reduced financial risk.

Comparing 2026-03-02 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

AMRN demonstrated strong operational improvement with revenue growing 39% to $181M while gross profit expanded meaningfully to $121M. The company significantly reduced its net losses and cut SG&A expenses by 25%, indicating better cost discipline. Balance sheet strength improved with total debt declining 38% to $50M while cash levels grew modestly, and the dramatic 90% reduction in capital expenditures suggests a focus on cash preservation.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-89.8%
$2.5M→$252K

Capex reduced 89.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Income
P&L
+52.8%
-$82.2M→-$38.8M

Net income grew 52.8% — bottom-line growth signals improving overall business health.

Gross Profit
P&L
+48.5%
$81.4M→$120.9M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Operating Income
P&L
+45.3%
-$91.8M→-$50.2M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Revenue
P&L
+39.2%
$130.1M→$181.1M

Strong top-line growth of 39.2% — accelerating demand or successful expansion into new markets.

Total Debt
Balance Sheet
-37.6%
$79.7M→$49.7M

Debt reduced 37.6% — deleveraging strengthens balance sheet and reduces financial risk.

SG&A Expense
P&L
-24.5%
$152.3M→$115.0M

SG&A reduced 24.5% — improved cost efficiency or headcount reduction improving operating margins.

Inventory
Balance Sheet
+18%
$166.0M→$195.9M

Inventory built 18% — monitor whether demand supports this build or if write-downs may follow.

Cash & Equivalents
Balance Sheet
+11.3%
$121.0M→$134.7M

Cash grew 11.3% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-12
ADDED
416,079,145 Ordinary Shares, 50 pence par value per share, were outstanding as of February 20, 2026, including 20,364,324 Ordinary Shares held as American Depositary Shares (ADSs), each representing 20 Ordinary Share.
Market For Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 62 Item 6.
FDA, in July 2012 for use as an adjunct to diet to reduce triglyceride, or TG, levels in adult patients with severe ( 500 mg/dL) hypertriglyceridemia, or the MARINE indication.
On March 26, 2021, the European Commission, or EC, approved the marketing authorization application for VASCEPA, under the brand name VAZKEPA , hereinafter along with VASCEPA, collectively referred to as VASCEPA, in the European Union, or EU, to reduce the risk of cardiovascular events in high-risk statin-treated adult patients who have elevated triglycerides ( 150 mg/dL) and either established cardiovascular disease or diabetes and at least one additional cardiovascular risk event.
On April 22, 2021, we announced that the Medicines and Healthcare Products Regulatory Agency, or MHRA, approved VAZKEPA in England, Scotland and Wales to reduce cardiovascular risk.
Collectively, Committee for Medicinal Products for Human Use, or CHMP, EMA, EC and MHRA are referred to herein as the European Regulatory Authorities.
We and our seven commercial partners are in various stages: seeking or maintaining regulatory approval, obtaining government or private pricing and reimbursement, and/or commercialization.
VASCEPA and VAZKEPA approvals and applications for approval globally reference either the U.S.
New Drug Application, or NDA, core dossier or the EMA core dossier.
NDA Core Dossier) VAZKEPA (EMA Core Dossier) Amarin (US) Recordati Industria Chimica e Farmaceutica S.p.A "Recordati" (Europe) (1) HLS Therapeutics Inc.
REMOVED
414,186,296 shares were outstanding as of February 28, 2025, including 405,383,488 shares held as American Depositary Shares (ADSs), each representing one Ordinary Share, 50 pence par value per share, and 8,802,808 Ordinary Shares.
Market For Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 60 Item 7.
Our primary office for our European market access team is located at berbauung Metalli, Gotthardstrasse 2, Zug CH-6300, Switzerland.
For purposes of this Annual Report, our ordinary shares may also be referred to as common shares or common stock.
FDA, for use as an adjunct to diet to reduce triglyceride, or TG, levels in adult patients with severe ( 500 mg/dL) hypertriglyceridemia, or the MARINE indication and we commercially launched in 2013.
On March 26, 2021, the European Commission, or EC, granted approval of the marketing authorization application in the European Union, or EU, for VAZKEPA , hereinafter along with the U.S.
brand name VASCEPA, collectively referred to as VASCEPA, which is the first and only EC approved therapy to reduce cardiovascular risk in high-risk statin-treated patients with elevated TG levels.
On April 22, 2021, we announced that we received marketing authorization from the Medicines and Healthcare Products Regulatory Agency, or MHRA, for VAZKEPA in England, Wales and Scotland to reduce cardiovascular risk.
On June 1, 2023, we announced that regulatory approval from the National Medical Products Administration, or NMPA, for VASCEPA in Mainland China was received by our partner, Eddingpharm (Asia) Macao Commercial Offshore Limited, or Edding, for the MARINE indication and on June 28, 2024 for the REDUCE-IT indication.
Through the date of this Annual Report we have received regulatory approval for VASCEPA under the REDUCE-IT indication in 49 countries, including the U.S.
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