Amarin Chairman & CEO Issue Letter to Shareholders
2024年1月22日 - 9:30PM
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.
Looking ahead, we believe we have established a strong
foundation to drive shareholder value in 2024 and beyond:
- In the U.S., we will focus on
extending IPE market leadership, where we have maintained a 57%
market share, including plans to launch an authorized generic if
required.
- In Europe, we will focus on
accelerating revenues in key markets like Spain and the U.K., and
plans are in place for pricing and reimbursement submissions in
Italy, France and Germany.
- In the RoW, we are focused on
shifting from partnerships to implementing plans to support our
partners advance market access and commercialization for
VASCEPA®/VAZKEPA®.
We thank all our fellow shareholders for your patience and
continued support.
Sincerely,Odysseas Kostas, M.D.Chairman, Amarin Board of
Directors
Patrick HoltPresident & CEO, Amarin
About Amarin
Amarin is an innovative pharmaceutical company leading a new
paradigm in cardiovascular disease management. We are committed to
increasing the scientific understanding of the cardiovascular risk
that persists beyond traditional therapies and advancing the
treatment of that risk for patients worldwide. Amarin has offices
in Bridgewater, New Jersey in the United States, Dublin in Ireland,
Zug in Switzerland, and other countries in Europe as well as
commercial partners and suppliers around the world.
Forward-Looking Statements
This press release contains forward-looking statements which are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, including beliefs about
Amarin’s key achievements in 2023 and the potential impact and
outlook for achievements in 2024 and beyond; Amarin’s 2024
financial outlook and cash position; Amarin’s overall efforts to
expand access and reimbursement to VAZKEPA across global markets;
and the overall potential and future success of VASCEPA/VAZKEPA and
Amarin generally. These forward-looking statements are not promises
or guarantees and involve substantial risks and uncertainties. A
further list and description of these risks, uncertainties and
other risks associated with an investment in Amarin can be found in
Amarin's filings with the U.S. Securities and Exchange Commission,
including Amarin’s annual report on Form 10-K for the full year
ended 2022. Existing and prospective investors are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date they are made. Amarin undertakes no
obligation to update or revise the information contained in its
forward-looking statements, whether as a result of new information,
future events or circumstances or otherwise. Amarin’s
forward-looking statements do not reflect the potential impact of
significant transactions the company may enter into, such as
mergers, acquisitions, dispositions, joint ventures or any material
agreements that Amarin may enter into, amend or terminate.
Implementation of the share repurchase program is subject to
shareholder and UK court approval, which may not be obtained in a
timely manner or at all; Our representatives may be unable to
repurchase some or all of the ADSs within the parameters provided
for in the share repurchase agreement; and the share repurchase may
not have the expected results.
Availability of Other Information About
Amarin
Amarin communicates with its investors and the public using the
company website (www.amarincorp.com) and the investor relations
website (investor.amarincorp.com), including but not limited to
investor presentations and FAQs, Securities and Exchange Commission
filings, press releases, public conference calls and webcasts. The
information that Amarin posts on these channels and websites could
be deemed to be material information. As a result, Amarin
encourages investors, the media and others interested in Amarin to
review the information that is posted on these channels, including
the investor relations website, on a regular basis. This list of
channels may be updated from time to time on Amarin’s investor
relations website and may include social media channels. The
contents of Amarin’s website or these channels, or any other
website that may be accessed from its website or these channels,
shall not be deemed incorporated by reference in any filing under
the Securities Act of 1933.
Amarin Contact Information
Investor Inquiries:Investor RelationsAmarin Corporation
plcIR@amarincorp.com (investor inquiries)
Media Inquiries: CommunicationsAmarin Corporation
plcPR@amarincorp.com (media inquiries)
Amarin (NASDAQ:AMRN)
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