Earnings Labs

Amarin Corporation plc (AMRN)

Q1 2020 Earnings Call· Mon, Apr 13, 2020

$13.95

-0.07%

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Transcript

Operator

Operator

Greetings. Welcome to Amarin Corporation’s Conference Call to discuss its Preliminary First Quarter Financial Results and Operational Updates. This conference call is being recorded today, April 13th, 2020. I would like to turn the conference over to Elisabeth Schwartz, Senior Director of Investor Relations of Amarin. Thank you, you may begin.

Elisabeth Schwartz

Management

Please be aware that this conference call will contain forward-looking statements that are intended to be covered under the Safe Harbor provided by the Private Securities Litigation Reform Act. Examples of such statements include, but are not limited to, our current expectations regarding our commercial and financial performance, including levels of the VASCEPA prescriptions, VASCEPA product and licensing revenues, costs and other commercial metrics, gross margin, expenditures such as for the purchase of additional supply of VASCEPA, and the adequacy of our financial resources, our current plans and expectations for product revenue growth and product promotion in light of COVID-19 and any potential for added cardiovascular risk attention to VASCEPA as a result of COVID-19, our current plans and expectations regarding appealing the District Court VASCEPA related patent litigation decision to the Federal Court, and our current plans and expectations for a potential launch of a generic version of VASCEPA by generic companies and by ourselves, including expectations regarding and approvals by the FDA, generic cost effective supply availability, timing, potential levels of damages and ability to recover VASCEPA growth if the appeal succeeds. Our current expectations for regulatory reviews outside the United States regarding VASCEPA approval and regulatory reviews inside the United States regarding consumer promotion and related timing thereof; our expectations regarding sales force productivity, our goals regarding the timing, scope, and success of international expansion including expectations regarding our ability to launch VASCEPA in Europe directly or through a potential partner, our current plans for a commercial expansion in the United States, our current plans for spending, and our expectations regarding the use and adequacy of our resources. These statements are based on information available to us today, April 13th, 2020. We may not actually achieve our goals, carry out our plans or intentions or meet the expectations disclosed in our forward-looking statement. Actual results or events could differ materially. So you should not place undue reliance on these statements. We assume no obligation to update these statements as circumstances change. Our forward-looking statements do not reflect the potential impact of significant transactions we may enter into such as mergers, acquisitions, dispositions, joint ventures or any material agreements that we may enter into, amend or terminate. For additional information concerning the factors that could cause actual results to differ materially, please see the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31st, 2019 as well as our Forms 8-K filed subsequent to our Form 10-K. These documents have been filed with the SEC or are available through the Investor Relations section of our website at amarincorp.com. We encourage everyone to read these documents. This call is intended for investors in Amarin and is not intended to promote use of VASCEPA outside its approved indication. An archive of this call will be posted on the Amarin website, also in the Investor Relations section. I will now turn the call over to John Thero, President and Chief Executive Officer of Amarin.

John Thero

Operator

Hello, everybody. Thank you for joining us today. During this call, we intend to cover a variety of topics including an update on the launch of VASCEPA in the United States for its relatively new cardiovascular risk reduction indication, our ANDA situations, and plans to vigorously pursue reversal of the District Court decision and continued VASCEPA sales growth, the impact of COVID-19 on our operations and exploration being considered for potential use of VASCEPA to help COVID-19 patients at high cardiovascular risk. Lastly, we’ll include some updates on the large international opportunities for VASCEPA. First, I want to express my gratitude to our many investors who despite losing money after the District Court’s apprised negative decision on our ANDA litigation reached out to Amarin expressing messages of support and offering constructive suggestions. While we cannot respond directly to all such messages, please know that each are reviewed thoughtfully and how we appreciate all constructive advice. One purpose of this call is to share with you key elements of our current thinking regarding Amarin’s strategy and future. As I’m sure you appreciate, we don’t have all of the answers to the continually changing landscape brought on by COVID-19 and the ANDA litigation decision. In addition, there are of course tactical reasons that prevent us from detailing on this publicly available call our planned appeal arguments and related commercial strategies rather than having them conveyed through court proceedings and in the field. I intend to cover significant details on this call. I expect that my comments will consume more than 30 minutes. To set the tone for this call, Amarin has confidence that we will create significant shareholder value. At this point, our intention is to drive updates on matters which we understand to be the most important to investors. As noted…

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Analyst

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John Thero

Operator

With that, we conclude our prepared remarks. We look forward to updating you on our future progress. Thank you for your interest and support.

Operator

Operator

Ladies and gentlemen, this concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation. And have a wonderful day.