Amarin announces $100 million cost reduction plan

Ireland-headquartered fish oil-based heart drug specialist Amarin Corporation (Nasdaq: AMRN) yesterday announced important and critical actions including a comprehensive cost and organizational restructuring plan to address current shifts within the company’s US business.

Amarin expects these actions will reduce operating costs by around $100 million over the next 12 months and enable Amarin to maintain a positive contribution margin in the USA while continuing to invest in its imminent European market launches and global expansion for Vascepa/Vazkepa (icosapent ethyl).

The move comes after Amarin posted $94.6 million in first-quarter sales, a 33% plunge from the same period last year, mainly due to loss of US patent protection for its sole drug Vascepa.