DUBLIN and BRIDGEWATER, N.J. - Amarin (NASDAQ:AMRN) Corporation plc (NASDAQ:AMRN) has announced a significant leadership change with Aaron Berg stepping in as the new President and Chief Executive Officer (CEO), following the resignation of Patrick Holt from the roles. The transition in the pharmaceutical company's top executive position was confirmed today by the Board of Directors.
Aaron Berg, who previously held the position of Executive Vice President and President of the U.S. Business at Amarin, brings over three decades of experience in the biopharmaceutical industry to his new role as CEO. His tenure at Amarin began in November 2012, and since then, he has ascended through various leadership roles, including Vice President, Marketing and Managed Care, and Senior Vice President, Marketing and Sales. In April 2018, Berg was appointed Senior Vice President and Chief Commercial Officer.
Prior to his career at Amarin, Berg served as President and CEO of Essentialis, Inc., focusing on triglyceride management. His notable industry experience also includes his time as Vice President of Marketing and Sales at Kos Pharmaceuticals, which was acquired by Abbott Laboratories (NYSE:ABT) for $3.7 billion in December 2006.
The Chairman of Amarin's Board of Directors, Odysseas Kostas, MD, expressed gratitude to Patrick Holt for his contributions to the company and optimism about Berg's appointment. Berg himself emphasized his commitment to delivering value for investors and maximizing the potential of Amarin's leading product, VASCEPA®/VAZKEPA, for patients.
Amarin is recognized for its innovative approach to managing cardiovascular disease, with a commitment to advancing the treatment of cardiovascular risk beyond traditional therapies. The company operates globally, with offices in the United States, Ireland, Switzerland, and across Europe, along with commercial partners and suppliers worldwide.
This leadership announcement follows the company's forward-looking statements regarding the potential of VASCEPA and its role in cardiovascular disease management. Investors and the public are encouraged to follow Amarin's communications through its website and investor relations channels for updates.
The information provided in this article is based on a press release statement from Amarin Corporation plc.
In other recent news, Amarin Corporation has seen a mix of developments. The company's drug, VAZKEPA, gained reimbursement approval in Greece, marking the seventh such approval in Europe. This decision allows statin-treated adult patients with elevated triglycerides and high-risk factors for cardiovascular events to access the medication as a preventive treatment. The company has partnered with Vianex S.A., a Greek pharmaceutical company, for the distribution and commercialization of VAZKEPA in Greece.
On the financial front, Amarin reported mixed Q1 2024 results with net revenue declining to $56.5 million due to generic competition. However, the company experienced a 65% growth in European in-market sales, particularly in Spain and the UK. The company successfully defended its intellectual property in Europe, extending its exclusivity for Vazkepa until 2039. Despite facing a net loss of $10 million in Q1, Amarin maintains a strong cash position of $308 million and has initiated a shareholder-approved $50 million share repurchase program. These recent developments reflect Amarin's strategic focus on expanding in key European markets and driving profitability.
InvestingPro Insights
As Amarin Corporation plc (NASDAQ:AMRN) welcomes Aaron Berg as its new CEO, the company's financial standing and market performance come into focus. According to InvestingPro, Amarin holds more cash than debt on its balance sheet, which could provide a degree of financial flexibility under the new leadership. Furthermore, with liquid assets surpassing short-term obligations, the company appears to be in a sound liquidity position.
An examination of the company's real-time financial data reveals a market capitalization of approximately $350.35 million, which reflects the market's current valuation of the company. The revenue for the last twelve months as of Q1 2024 stands at $277.45 million, though it indicates a notable decline of 23.04% compared to the previous year. This downward trend is also reflected in the quarterly revenue growth, which has decreased by 34.26% in Q1 2024. Despite these challenges, the company has maintained a strong gross profit margin of 63.61% in the same period.
InvestingPro Tips suggest that analysts are expecting a sales decline in the current year and do not anticipate the company will be profitable this year. This aligns with Amarin's reported P/E ratio, which is negative at -6.64, indicating that the company is not currently generating net earnings as recognized by GAAP. The volatility of Amarin's stock price is also worth noting for potential investors, as it could impact investment decisions.
For those interested in a deeper analysis, InvestingPro offers additional insights, including the fact that Amarin is trading at a low revenue valuation multiple and is not profitable over the last twelve months. Moreover, the company does not pay a dividend, which could influence investor appetite for the stock.
To explore these metrics further and access additional InvestingPro Tips, visit https://www.investing.com/pro/AMRN. For a limited time, use coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes a total of 7 InvestingPro Tips for Amarin Corporation plc, providing a comprehensive guide to the company's financial health and stock performance.
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