Icosapent Ethyl

2024 Adjusted EBITDA, excluding royalty revenue, grew 42% driven by growth in promoted products and reduction in operating expenses Vascepa revenue in C$ grew 29% in Q4 2024 and generated its first profitable quarter since launch Paid down $21 million in debt in 2024, increasing capital allocation flexibility Launching normal course issuer bid in March 2025 TORONTO, March 13, 2025 /CNW/ - HLS Therapeutics Inc. ("HLS" or the "Company") (TSX: HLS), a pharmaceutical company focused on addressing unmet needs in the treatment of psychiatric disorders and cardiovascular disease, announces its financial results for the three and twelve months ended December 31, 2024. All amounts are in thousands of United States ("U.S.") dollars unless otherwise stated. Q4 & FISCAL 2024 FINANCIAL HIGHLIGHTS Fiscal 2024 revenue was $56.6 million and Adjusted EBITDA1 was $16.6 million, compared to $63.1 million and $21.1 million, respectively, in fiscal 2023. Q4 2024 revenue was $15.5 million and Adjusted EBITDA was $5.6 million, compared to $15.9 million and $5.3 million, respectively, in Q4 2023. Q4 2024 and fiscal 2024 revenue for Vascepa increased 29% and 27%, respectively, in constant currency compared to the same periods last year. Q4 2024 and fiscal 2024 revenue for Clozaril Canada increased 6% and 2%, respectively, in constant currency compared to the same periods last year. Q4 2024 and fiscal 2024 operating expenses decreased 9% and 10%, respectively, compared to the same periods in 2023. Vascepa made a positive contribution to Adjusted EBITDA in Q4 2024 of $0.2 million compared to a negative contribution to Adjusted EBITDA of $2.2 million in Q4 2023. HLS paid down $21 million of its term loan in fiscal 2024, ending the year with net debt of $50.0 million compared to net debt of $66.5 million at the end of fiscal 2023. OTHER CORPORATE AND PRODUCT HIGHLIGHTS Christine Elliott, ex-Minister of Health in Ontario, joined the Board of Directors, effective March 12, 2025. Completed the transition of Pfizer sales responsibilities for Vascepa back to HLS. Vascepa unit demand for Q4 2024 and fiscal 2024 increased by 37% and 44%, respectively, compared to the same periods last year. Full year Clozaril patient growth in Canada was 2%. "2024 was a year of significant transition for HLS, marked by bold decisions to strengthen our leadership team, optimize our operating model, and drive improved business performance," said Craig Millian, CEO at HLS. "We successfully grew our core products in Canada, streamlined our operations, and strengthened our balance sheet—all while maintaining a commitment to long-term growth. As we enter 2025, we do so with momentum, a growing and profitable business, and greater financial flexibility to pursue share buybacks and portfolio expansion. With a strong leadership team in place and a clear focus, we are well-positioned to build on this foundation." 2025 OUTLOOKWith the release of its fiscal 2024 results, HLS is issuing fiscal 2025 revenue and Adjusted EBITDA guidance. Revenue estimates for the products in the Company's Canadian business are provided in local currency given the ongoing fluctuations in exchange ("FX") rates. For 2025, HLS expects net sales for Vascepa of $26.5-28.5 million in Canadian dollars, reflecting growth of 18-26%. For Clozaril in Canada, HLS expects net sales in Canadian dollars of $35.5-36 million, relatively flat to 2024. Combined, this represents expected growth of 6-11% in local currency for the Company's Canadian business. The outlook for the U.S. Clozaril business is $12-12.3 million in net sales, which represents a 2-4% decline compared to fiscal 2024. This represents a slight improvement over the average 6% rate of annual decline over the past several years. The Company continues to invest in opportunities to further stabilize this business. Finally, HLS has one remaining royalty interest which it expects to generate $0.6-0.75 million in 2025. Regarding Adjusted EBITDA, on a consolidated basis, in U.S. dollars, the Company's outlook for 2025 is for a range of $19.5-20.5 million, representing growth of 17-23%. The Canada/U.S. FX rate has worsened considerably since the Company provided its initial 2025 outlook in the Fall of 2024. The variance in the Company's current guidance from its preliminary 2025 outlook is due to changes in FX rate assumptions. Future results could be impacted by continued rate volatility. BOARD OF DIRECTORS UPDATEHLS is pleased to announce that, effective March 12, 2025, Christine Elliott has joined the HLS Board of Directors. Ms. Elliott served as Ontario's Deputy Premier and Minister of Health from 2018 to 2022, where she gained significant knowledge of, and experience with, the operation of Ontario's health system. From 2015 to 2018, she was appointed as Ontario's first Patient Ombudsman, advocating for patient rights and healthcare transparency. Prior to that, she was a member of the Ontario legislature from 2006-2015. In addition to her public service, Ms. Elliott currently serves as Counsel in the health group at Fasken Martineau DuMoulin LLP in Toronto. NORMAL COURSE ISSUER BIDThe Company announced today that it has filed with the Toronto Stock Exchange (the "TSX"), and the TSX has accepted, the Company's notice of intention regarding a Normal Course Issuer Bid (the "NCIB") for its issued and outstanding common shares (each a "Common Share"). Pursuant to the NCIB, HLS may, if considered advisable, purchase for cancellation through the facilities of the TSX and/or alternative Canadian trading systems, from time to time over the next 12 months, up to an aggregate of 1,100,000 Common Shares, representing approximately 6.87% of the public float as of March 3, 2025. HLS may commence purchases of Common Shares under the NCIB on March 17, 2025, and the NCIB will remain in effect until the earliest of: (i) the close of trading on March 16, 2026, (ii) the date upon which HLS acquires the maximum number of Common Shares permitted under the NCIB, and (iii) the date upon which HLS provides written notice of termination of the NCIB to the TSX. Daily purchases pursuant to the NCIB will be limited to 7,969 Common Shares, other than purchases made pursuant to the block purchase exception, based on the applicable average daily trading volume on the TSX for six months ending February 28, 2025 of 31,876 Common Shares. Purchases of Common Shares under the NCIB will be made by Raymond James Ltd. ("Raymond James") based on the parameters prescribed by the TSX, the provisions of the Company's credit agreement and applicable Canadian securities laws at a price per Common Share equal to the market price at the time of acquisition. All Common Shares acquired by the Company under the NCIB will be cancelled. The Company also intends to enter into an automatic share purchase plan (the "ASPP") with Raymond James to allow for the purchase of Common Shares under the NCIB at times when the Company would ordinarily not be permitted to purchase shares due to regulatory restrictions or self-imposed blackout periods. HLS believes that any purchases pursuant to the NCIB, if considered advisable, will be in the best interests of the Company and will be a desirable use of corporate funds. HLS previously sought and received approval of the TSX to purchase up to 1,607,892 Common Shares in a normal course issuer bid (the "Previous Bid") that commenced on November 14, 2023, and expired on November 13, 2024. HLS purchased 276,207 Common Shares on the open market at an average purchase price of C$4.20 per Common Share under the Previous Bid. Q4 & FISCAL 2024 FINANCIAL REVIEW The Company's Management's Discussion and Analysis and Consolidated Financial Statements for the three and twelve months ended December 31, 2024, are available at the Company's website and at its profile at SEDAR+. Revenue Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 Product sales Canada 11,694 10,464 42,572 39,219 United States 3,661 3,835 12,568 13,515 15,355 14,299 55,140 52,734 Royalty revenue 187 1,564 1,479 10,340 15,542 15,863 56,619 63,074 Revenue for the three and twelve months ended December 31, 2024, decreased 2% and 10%, respectively, due to lower royalty revenues and was offset, in part, by growth of the Company's marketed products. Excluding royalties, revenue for the Company's marketed products (Vascepa, and Clozaril) for the three and twelve months ended December 31, 2024, increased 7% and 4.5%, respectively, from the prior year periods. Product sales – Canada 000's of CAD Three months ended December 31, Year ended December 31, 2024 2023 % change 2024 2023 % change Clozaril 9,712 9,131 6.4 % 35,721 35,160 1.6 % Vascepa 6,595 5,118 28.9 % 22,550 17,779 26.8 % Other 6 11 60 27 16,313 14,260 14.4 % 58,331 52,966 10.1 % Canadian product sales of Vascepa and Clozaril in Q4 2024 increased 14% in local currency, compared to Q4 2023, driven primarily by the 29% growth of Vascepa. For the twelve months ended December 31, 2024, Canadian product sales of Vascepa and Clozaril increased 10% in local currency, compared to 2023. Product Sales – United StatesIn the U.S. market, Clozaril revenue for the three and twelve months ended December 31, 2024, decreased 4.5% and 7%, respectively, compared to the same periods in 2023. Results have been impacted by wholesaler purchasing patterns including a high level of wholesaler inventory at the start of the year and a key customer wholesaler transition that took place during Q3 2024. Royalty revenuesAs expected, royalty revenues for the three and twelve months ended December 31, 2024, were down 88% and 86%, respectively, compared to the prior year periods as the term for Emblem, the largest royalty in the portfolio, came to an end midway through Q4 2023. Following the sale of the Xenpozyme royalty interest in Q2 2024, HLS has one remaining royalty interest which generated $0.2 million in revenue in Q4 2024. Operating Expenses Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 Cost of product sales 2,685 2,533 8,997 7,624 Selling and marketing 3,438 4,716 16,733 19,896 Medical, regulatory and patient support 1,539 1,386 5,663 5,574 General and administrative 2,323 1,888 8,578 8,928 9,985 10,523 39,971 42,022 Cost of product sales was up for the three and twelve months ended December 31, 2024, due primarily to higher Vascepa sales volumes. Excluding cost of product sales, operational expenses for the three and twelve months ended December 31, 2024, decreased 9% and 10%, respectively, compared to the prior year periods. This was due to the Company's focus on cost management while continuing to support the growth potential of its marketed products. Adjusted EBITDA1 Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 Net loss for the period (3,023) (5,401) (19,655) (27,531) Stock-based compensation 423 (601) 1,617 (538) Amortization and depreciation 5,434 7,047 22,717 31,939 Finance and related costs, net 2,295 2,109 10,293 11,237 Other costs (income) 343 2,111 (2,397) 6,217 Income tax expense (recovery) 85 75 4,073 (272) Adjusted EBITDA 5,557 5,340 16,648 21,052 Adjusted EBITDA for the three months ended December 31, 2024, increased due to growth in the Company's marketed products combined with the Company's ongoing focus on cost management, which resulted in lower expenses in Q4 2024. This was offset, in part, by lower royalty revenue in Q4 2024 compared to Q4 2023. Adjusted EBITDA for the twelve months ended December 31, 2024, decreased due to the decline in royalty revenue and was offset in part by revenue growth from the Company's marketed products as well as lower operating expenses. Excluding royalty revenue, Adjusted EBITDA for the three and twelve months ended December 31, 2024, would have increased 42% over the respective periods in 2023. The Company recorded Other Costs in Q4 2024 of approximately $0.3 million related to exiting its co-promotional agreement. For Q4 2024, the direct brand contribution from Clozaril to Adjusted EBITDA was $7.7 million, while the direct brand contribution from Vascepa to Adjusted EBITDA was $0.2 million. This was the first quarter of a positive contribution from Vascepa to Adjusted EBITDA. For fiscal 2024, the direct brand contribution from Clozaril to Adjusted EBITDA was $28.1 million, while the direct brand contribution from Vascepa to Adjusted EBITDA was a loss of $3.6 million. Net LossNet loss for the three months ended December 31, 2024, was ($3.0) million, or ($0.10) per share, compared to a net loss of ($5.4) million, or ($0.17) per share, in Q4 2023. Net loss for the twelve months ended December 31, 2024, was ($19.7) million, or ($0.62) per share, compared to a net loss of ($27.5) million, or ($0.85) per share, in fiscal 2023. Net loss improved in the 2024 periods due primarily to lower operating expenses and lower amortization and depreciation expenses, which were offset, in part, by lower royalty revenue. Cash from Operations and Financial PositionCash generated from operations for the three and twelve months ended December 31, 2024, was $3.2 million and $8.0 million, respectively, compared to $3.7 million and $15.8 million in the 2023 periods. Cash was $17.5 million at December 31, 2024 compared to $22.0 million at December 31, 2023. Total borrowings under the credit agreement at December 31, 2024, were $67.4 million compared to $88.5 million at December 31, 2023. During 2024, HLS made principal payments on its term loan totaling $21 million, which, assuming no change in the interest rate, will save the Company approximately $2 million in annual interest payments. Q4 & FISCAL 2024 CONFERENCE CALL HLS will hold a conference call today at 8:30 am Eastern Time to discuss its Q4 & fiscal 2024 financial results. The call will be hosted by Mr. Craig Millian, CEO, Mr. John Hanna, CFO and Mr. Brian Walsh, CCO. To view the slides that accompany management's discussion, please use the webcast link. CONFERENCE ID: 29035 DATE: Thursday, March 13, 2025 TIME: 8:30 a.m. ET WEBCAST LINK: https://app.webinar.net/rZxdqA40KDB TRADITIONAL DIAL-IN NUMBER: 1-888-699-1199 or 1-416-945-7677 RAPIDCONNECT: To instantly join the conference call by phone, please use the following URL to easily register and be connected into the conference call automatically: https://emportal.ink/4fZYDLM TAPED REPLAY: 1-888-660-6345 or 1-646-517-4150 REPLAY CODE: 29035# The taped replay will be available for 14 days and the archived webcast will be available for 365 days. A link to the live audio webcast of the conference call will also be available on the events page of the investors section of HLS Therapeutics' website at www.hlstherapeutics.com. Please connect at least 15 minutes before the conference call to ensure enough time for any software download required to hear the webcast. ABOUT HLS THERAPEUTICS INC.Formed in 2015, HLS is a pharmaceutical company focused on the acquisition and commercialization of late-stage development, commercial stage promoted and established branded pharmaceutical products in the North American markets. HLS's focus is on products targeting the central nervous system and cardiovascular therapeutic areas. HLS's management team is composed of seasoned pharmaceutical executives with a strong track record of success in these therapeutic areas and at managing products in each of these lifecycle stages. For more information visit: www.hlstherapeutics.com 1CAUTIONARY NOTE REGARDING NON-IFRS MEASURESThis press release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of HLS's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of HLS's financial information reported under IFRS. HLS uses non-IFRS measures to provide investors with supplemental measures of its operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. HLS also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. HLS's management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess HLS's ability to meet its future debt service, capital expenditure and working capital requirements. In particular, management uses Adjusted EBITDA as a measure of HLS's performance. To reconcile net income (loss) for the period with Adjusted EBITDA, each of (i) "stock-based compensation", (ii) "amortization and depreciation", (iii) "finance and related costs, net", (iv) "other costs (income)", and (v) "income tax expense (recovery)" appearing in the Consolidated Statement of Net Income (Loss) are added to net income (loss) for the period to determine Adjusted EBITDA. Adjusted EBITDA does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other companies. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with IFRS as issued by the IASB. FORWARD LOOKING INFORMATIONThis release includes forward-looking statements regarding HLS and its business. Such statements are based on the current expectations and views of future events of HLS's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements with respect to HLS's pursuit of additional product and pipeline opportunities in certain therapeutic markets, statements regarding growth opportunities, expectations regarding financial performance, and the NCIB and ASPP. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting HLS, including risks relating to the specialty pharmaceutical industry, risks related to the regulatory approval process, economic factors and many other factors beyond the control of HLS. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause HLS's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with this release can be found in the Company's Annual Information Form dated March 12, 2025, and Management's Discussion and Analysis dated March 12, 2025, both of which have been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and HLS undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. HLS THERAPEUTICS INC. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Unaudited [in thousands of U.S. dollars] As at As at December 31, 2024 December 31, 2023 ASSETS Current Cash 17,456 21,952 Accounts receivable 7,454 10,608 Inventories 9,058 9,534 Income taxes recoverable 71 86 Other current assets 1,361 1,915 Total current assets 35,400 44,095 Property, plant and equipment 997 965 Intangible assets 122,122 162,344 Deferred tax asset 857 1,037 Other non-current assets 528 619 Total assets 159,904 209,060 LIABILITIES AND SHAREHOLDERS' EQUITY Current Accounts payable and accrued liabilities 8,709 14,107 Provisions 8,367 5,424 Debt and other liabilities 5,317 6,876 Income taxes payable 152 281 Total current liabilities 22,545 26,688 Debt and other liabilities 61,944 84,233 Deferred tax liability 4,074 442 Total liabilities 88,563 111,363 Shareholders' equity Share capital 260,595 262,127 Contributed surplus 15,136 13,865 Accumulated other comprehensive loss (10,210) (2,838) Deficit (194,180) (175,457) Total shareholders' equity 71,341 97,697 Total liabilities and shareholders' equity 159,904 209,060 HLS THERAPEUTICS INC. CONSOLIDATED STATEMENTS OF LOSS Unaudited [in thousands of U.S. dollars, except per share amounts] Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 Revenue 15,542 15,863 56,619 63,074 Expenses Cost of product sales 2,685 2,533 8,997 7,624 Selling and marketing 3,438 4,716 16,733 19,896 Medical, regulatory and patient support 1,539 1,386 5,663 5,574 General and administrative 2,323 1,888 8,578 8,928 Stock-based compensation 423 (601) 1,617 (538) Amortization and depreciation 5,434 7,047 22,717 31,939 Finance and related costs, net 2,295 2,109 10,293 11,237 Other costs (income) 343 2,111 (2,397) 6,217 Loss before income taxes (2,938) (5,326) (15,582) (27,803) Income tax expense (recovery) 85 75 4,073 (272) Net loss for the period (3,023) (5,401) (19,655) (27,531) Net loss per share: Basic and diluted $(0.10) $(0.17) $(0.62) $(0.85) HLS THERAPEUTICS INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Unaudited [in thousands of U.S. dollars] Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 Net loss for the period (3,023) (5,401) (19,655) (27,531) Item that may be reclassified subsequently to net loss Unrealized foreign currency translation adjustment (5,194) 2,186 (7,372) 2,422 Comprehensive loss for the period (8,217) (3,215) (27,027) (25,109) HLS THERAPEUTICS INC. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY Unaudited [in thousands of U.S. dollars] Share capital Contributed surplus Accumulated other comprehensive loss Deficit Total Balance, December 31, 2022 265,206 13,821 (5,260) (148,449) 125,318 Stock options exercised 178 (44) — — 134 Shares repurchased (3,257) — — 1,705 (1,552) Share purchase obligation — (115) — — (115) Stock option expense — 203 — — 203 Net loss for the year — — — (27,531) (27,531) Dividends declared — — — (1,182) (1,182) Unrealized foreign currency translation adjustment — — 2,422 — 2,422 Balance, December 31, 2023 262,127 13,865 (2,838) (175,457) 97,697 Shares repurchased (1,532) — — 932 (600) Share purchase obligation — 300 — — 300 Stock option expense — 971 — — 971 Net loss for the year — — — (19,655) (19,655) Unrealized foreign currency translation adjustment — — (7,372) — (7,372) Balance, December 31, 2024 260,595 15,136 (10,210) (194,180) 71,341 HLS THERAPEUTICS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited [in thousands of U.S. dollars] Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 OPERATING ACTIVITIES Net loss for the period (3,023) (5,401) (19,655) (27,531) Adjustments to reconcile net loss to cash provided by operating activities Stock-based compensation 423 (601) 1,617 (538) Amortization and depreciation 5,434 7,047 22,717 31,939 Gain on royalty sale — — (3,381) — Impairment charges — 1,541 — 3,893 Accreted interest 314 217 1,226 797 Fair value adjustment on financial assets and liabilities 3 (263) 526 2,888 Deferred income taxes 59 107 3,812 (696) Net change in non-cash working capital balances related to operations (5) 1,087 1,141 5,037 Cash provided by operating activities 3,205 3,734 8,003 15,789 INVESTING ACTIVITIES Proceeds from royalty sale — — 13,250 — Payment of purchase consideration — — (1,500) — Additions to property, plant and equipment (13) (14) (15) (41) Other additions to intangible assets — — — (148) Cash provided by (used in) investing activities (13) (14) 11,735 (189) FINANCING ACTIVITIES Stock options exercised — — — 134 Shares repurchased — (580) (600) (1,552) Dividends paid — — — (2,398) Repayment of borrowing under credit agreement (2,510) (3,172) (21,043) (8,855) Debt costs — — (1,191) (1,360) Lease payments (144) (134) (530) (608) Cash used in financing activities (2,654) (3,886) (23,364) (14,639) Net increase (decrease) in cash during the period 538 (166) (3,626) 961 Effect of foreign exchange on cash (622) 310 (870) 268 Cash, beginning of period 17,540 21,808 21,952 20,723 Cash, end of period 17,456 21,952 17,456 21,952 SOURCE HLS Therapeutics Inc.

-- Company Reports Fourth Quarter 2024 Total Revenues of $62.3 Million, Operating Expenses of $43.0 Million and Year End 2024 Cash Position of $294.2 Million -- -- Fourth Quarter and Full-Year 2024 Performance Reflects Benefits of Commitment to Strategic Focus, Operational Streamlining, Prudent Cash Management, and Growing Global Momentum of VASCEPA®/VAZKEPA® (icosapent ethyl) Franchise -- -- Announces 1-For-20 ADS Ratio Change to Maintain Nasdaq Listing -- -- Company to Host Conference Call Today at 8:00 a.m. EDT -- DUBLIN and BRIDGEWATER, N.J., March 12, 2025 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ: AMRN), today announced financial results for the fourth quarter of 2024 and provided a review of fourth quarter and recent operational highlights. “Since taking on the role of CEO of Amarin last year, I have worked with our leadership team and the Board of Directors to identify opportunities to leverage our unique assets, skills and resources to drive value,” said Aaron Berg, President & CEO, Amarin. “In 2024, while still progressing with the early launch in markets outside the U.S. and despite a dynamic generic market in the U.S., we generated more than $200 million in revenue and ended the year with nearly $300 million in cash and no debt -- all measures exemplifying the strength and resilience of our franchise and the impact of our disciplined approach to capital deployment. Specifically, we continued to capture efficient branded revenue in the U.S. market for VASCEPA, unlocked access to VASCEPA/VAZKEPA in six additional global markets -- including Italy, China and Australia -- both on our own and through partnerships, and progressed in an additional 16 countries at various stages towards commercialization. The global VASCEPA franchise remains poised to continue expanding its impact on cardiovascular disease for at-risk patients worldwide.” In addition, Aaron Berg commented, “Building on our efforts and results in 2024, we continue to identify steps to advance the company. As a publicly traded company, there is considerable value in maintaining our Nasdaq listing. To this effect, today we announced our intent to initiate a ratio change to our ADS program.” 1-For-20 ADS Ratio Change In a separate press release issued today, the Company announced its intent to effect a Ratio Change on its American Depositary Shares (“ADS”) from one (1) ADS representing one (1) ordinary share, to the new ratio of one (1) ADS representing twenty (20) ordinary shares (the "Ratio Change"). The effective date of the Ratio Change is expected to be on or about April 11, 2025. The objective of the Ratio Change is to maintain the Company’s listing on the Nasdaq Capital Market and to preserve the Company’s long-term access to the equity capital markets. For further information, please refer to the press release issued on March 12, 2025. Additional questions and answers regarding the Ratio Change can be found under the Investor Relations section of Amarin’s corporate web site here: https://cms.amarincorp.com/sites/default/files/2025-03/e6713d4c-9083-4623-a9e9-6b13d8a4201b.pdf Fourth Quarter 2024 & Recent Operational Highlights The Company continued to advance commercialization and pricing and reimbursement efforts across European markets: In all European countries where VAZKEPA has launched, in-market demand grew in the fourth quarter versus the third quarter of 2024.In Italy, the Company secured national reimbursement. Access has already been unlocked in 9 (of 21) regions of this EU5 market, representing more than 50% of the total VAZKEPA eligible population. Based on recent scientific leader feedback, the appetite for the product is very strong across all regions in Italy.In Austria, national reimbursement for VAZKEPA was secured in late February; as of April 1, 2025, VAZKEPA will be included in Austria’s Code of Reimbursement (EKO). Through partnerships, the Company continues to make progress towards regulatory approvals, access and commercialization in Rest of World (RoW) markets: Two of our partners launched in cardiovascular risk reduction, EddingPharm in China and CSL Seqirus in Australia.While early in the launch phase for a number of RoW markets, all partners saw growth in demand for VASCEPA/VAZKEPA in the fourth quarter.Amarin and its partners are continuing to advance regulatory processes in seven additional RoW markets. The Company’s R&D Team and other investigators have continued to generate, present and publish important new data which add to the significant body of evidence demonstrating the unique benefits of VASCEPA/VAZKEPA. In 2024, a total of 45 additional publications including abstracts, posters, and manuscripts were presented or published that, both individually and in aggregate, helped to advance an ever-broadening understanding of the science and value of icosapent ethyl and EPA. In 2024, investigators presented additional subgroup analyses from the landmark REDUCE-IT® cardiovascular outcomes trial in patients with and without coronary artery disease (CAD) history and data on the mechanistic effects of eicosapentaenoic acid (EPA), including its antioxidant effects in endothelial cells and the ability of EPA to impact the oxidation of Lp(a) particles made of protein and fats (lipids) that carry cholesterol through the bloodstream, at the American Heart Association (AHA) Scientific Sessions. The medical community has increased its focus on Lp(a) as a key cardiovascular risk factor.A recent post hoc analysis of REDUCE-IT published in the Journal of the American Heart Association evaluated the impact of icosapent ethyl on patients with various LDL-C levels at baseline, including those with very well-controlled LDL-C (<55 mg/dL). The analysis showed consistent cardiovascular risk reduction benefit irrespective of baseline LDL-C level. This data reinforces the need to go beyond LDL lowering for greater cardiovascular risk reduction and supports that VASCEPA/VAZKEPA is a “complementary” therapy to current LDL-C lowering therapies.In March 2025, the Company will support the presentation of additional data at ACC.25, providing further evidence of the potential mechanistic activity of EPA, administered clinically in the form of VASCEPA/VAZKEPA (icosapent ethyl), to reduce cardiovascular (CV) events in at-risk patients -- specifically, the antioxidant effects of EPA on lipoprotein(a) [Lp(a)]-enriched human plasma and the effects of a GLP-1 receptor agonist in combination with EPA on the changes in antioxidant protein expression in human endothelial cells during inflammation in vitro. With widespread GLP-1 use, there are likely an increasing number of patients with lipid abnormalities requiring LDL-C lowering therapy and with other co-morbidities and risk characteristics that are in need of a complementary therapy like VASCEPA/VAZKEPA to further reduce cardiovascular events. Fourth Quarter 2024 Financial Highlights ($ in millions) Three months ended December 31, 2024Three months ended December 31, 2023% ChangeTotal Net Revenue$62.3$74.7-17%Operating Expenses$43.0$49.7-18%Cash$294.2$320.7-8% Total net revenue for the three months ended December 31, 2024 was $62.3 million, compared to $74.7 million in the corresponding period of 2023, a decrease of 17%. Net product revenue for the three months ended December 31, 2024 was $60.1 million, compared to $70.6 million in the corresponding period of 2023, a decrease of 15%. This decrease was driven primarily by a lower net selling price due to US generic competition as well as a reduction in volume primarily related to an exclusive account no longer covering VASCEPA. U.S. net product revenue was $44.2 million for the three months ended December 31, 2024 compared to $64.9 million in the corresponding period of 2023.European net product revenue was $4.0 million for the three months ended December 31, 2024 compared to $1.5 million in the corresponding period of 2023.Rest of World (RoW) net product revenue was $11.9 million for the three months ended December 31, 2024 compared to $4.2 million in the corresponding period of 2023. Cost of goods sold, excluding non-cash inventory restructuring of $36.5 million, for the three months ended December 31, 2024 was $35.4 million, compared to $29.6 million in the corresponding period of 2023. Excluding the non-cash inventory restructuring charge in the three months ended December 31, 2024, gross margin was 41% and 58%, respectively. Selling, general and administrative expenses for the three months ended December 31, 2024 were $37.0 million, compared to $43.9 million in the corresponding period of 2023. This decrease primarily reflects the impact of ongoing cost optimization efforts across the business, first initiated by the Company in 2023. Research and development expenses for the three months ended December 31, 2024 were $6.0 million, compared to $5.8 million in the corresponding period of 2023. Under U.S. GAAP, the Company reported net loss of $48.6 million for the three months ended December 31, 2024, or basic and diluted loss per share of $0.12. For the three months ended December 31, 2023, the Company reported net loss of $5.8 million, or basic and diluted loss per share of $0.01. On a non-GAAP basis, excluding non-cash stock-based compensation expense and restructuring charges, adjusted net loss for the three months ended December 31, 2024 was $8.7 million or adjusted basic and diluted loss per share of $0.02, compared with an adjusted net loss of $0.9 million or adjusted basic and diluted loss per share of $0.00 for the three months ended December 31, 2023. As of December 31, 2024, the Company reported aggregate cash and investments of $294.2 million, compared to aggregate cash and investment of $320.7 million as of December 31, 2023. 2025 Strategic Outlook The Company is committed to capitalizing on the significant opportunity in Europe, while continuing to explore all strategies to accelerate growth in the region where there remains significant untapped potential, including more than 5 million high-risk patients with established cardiovascular disease in Europe, efficiently generating revenue and maximizing cash generation in the U.S., and from the RoW income stream. The Company continues to tightly manage its operating expenses and its cash position. The Company reaffirms its belief that current cash and investments and other assets are adequate to support continuing operations for the foreseeable future. The Company continues to explore and be open to all opportunities to get VASCEPA/VAZKEPA into the hands of as many at-risk patients as possible around the world. Fourth Quarter & Full-Year 2024 Earnings Conference Call and Webcast Information Amarin will host a conference call on March 12, 2025, at 8:00 a.m. ET to discuss this information. The conference call can be accessed on the investor relations section of the company's website at www.amarincorp.com, or via telephone by dialing 888-506-0062 within the United States, 973-528-0011 from outside the United States, and referencing conference ID 575561. A replay of the call will be made available for a period of two weeks following the conference call. To listen to a replay of the call, dial 877-481-4010 from within the United States and 919-882-2331 from outside of the United States, and reference conference ID 51859. A replay of the call will also be available through the company's website shortly after the call. 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. About VASCEPA®/VAZKEPA® (icosapent ethyl) Capsules VASCEPA (icosapent ethyl) capsules are the first prescription treatment approved by the U.S. Food and Drug Administration (FDA) comprised solely of the active ingredient, icosapent ethyl (IPE), a unique form of eicosapentaenoic acid. VASCEPA was launched in the United States in January 2020 as the first drug approved by the U.S. FDA for treatment of the studied high-risk patients with persistent cardiovascular risk despite being on statin therapy. VASCEPA was initially launched in the United States in 2013 based on the drug’s initial FDA approved indication for use as an adjunct therapy to diet to reduce triglyceride levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia. Since launch, VASCEPA has been prescribed more than twenty-five million times. VASCEPA is covered by most major medical insurance plans. In addition to the United States, VASCEPA is approved and sold in Canada, China, Australia, Lebanon, the United Arab Emirates, Saudi Arabia, Qatar, Bahrain, and Kuwait. In Europe, in March 2021 marketing authorization was granted to icosapent ethyl in the European Union for the reduction of risk of cardiovascular events in patients at high cardiovascular risk, under the brand name VAZKEPA. In April 2021 marketing authorization for VAZKEPA (icosapent ethyl) was granted in Great Britain (applying to England, Scotland and Wales). VAZKEPA (icosapent ethyl) is currently approved and sold in Europe in Sweden, Finland, England/Wales, Spain, Netherlands, Scotland, Greece, Portugal, Italy and Denmark. United States Indications and Limitation of Use VASCEPA is indicated: As an adjunct to maximally tolerated statin therapy to reduce the risk of myocardial infarction, stroke, coronary revascularization and unstable angina requiring hospitalization in adult patients with elevated triglyceride (TG) levels (≥ 150 mg/dL) and established cardiovascular disease or diabetes mellitus and two or more additional risk factors for cardiovascular disease. As an adjunct to diet to reduce TG levels in adult patients with severe (≥ 500 mg/dL) hypertriglyceridemia. The effect of VASCEPA on the risk for pancreatitis in patients with severe hypertriglyceridemia has not been determined. Important Safety Information VASCEPA is contraindicated in patients with known hypersensitivity (e.g., anaphylactic reaction) to VASCEPA or any of its components. VASCEPA was associated with an increased risk (3% vs 2%) of atrial fibrillation or atrial flutter requiring hospitalization in a double-blind, placebo-controlled trial. The incidence of atrial fibrillation was greater in patients with a previous history of atrial fibrillation or atrial flutter. It is not known whether patients with allergies to fish and/or shellfish are at an increased risk of an allergic reaction to VASCEPA. Patients with such allergies should discontinue VASCEPA if any reactions occur. VASCEPA was associated with an increased risk (12% vs 10%) of bleeding in a double-blind, placebo-controlled trial. The incidence of bleeding was greater in patients receiving concomitant antithrombotic medications, such as aspirin, clopidogrel or warfarin. Common adverse reactions in the cardiovascular outcomes trial (incidence ≥3% and ≥1% more frequent than placebo): musculoskeletal pain (4% vs 3%), peripheral edema (7% vs 5%), constipation (5% vs 4%), gout (4% vs 3%), and atrial fibrillation (5% vs 4%). Common adverse reactions in the hypertriglyceridemia trials (incidence >1% more frequent than placebo): arthralgia (2% vs 1%) and oropharyngeal pain (1% vs 0.3%). Adverse events may be reported by calling 1-855-VASCEPA or the FDA at 1-800-FDA-1088. Patients receiving VASCEPA and concomitant anticoagulants and/or anti-platelet agents should be monitored for bleeding. FULL U.S. FDA-APPROVED VASCEPA PRESCRIBING INFORMATION CAN BE FOUND AT WWW.VASCEPA.COM Europe For further information about the Summary of Product Characteristics (SmPC) for VAZKEPA® in Europe, please visit: https://www.medicines.org.uk/emc/product/12964/smpc. Globally, prescribing information varies; refer to the individual country product label for complete information. Use of Non-GAAP Adjusted Financial Information Included in this press release are non-GAAP adjusted financial information as defined by U.S. Securities and Exchange Commission Regulation G. The GAAP financial measure most directly comparable to each non-GAAP adjusted financial measure used or discussed, and a reconciliation of the differences between each non-GAAP adjusted financial measure and the comparable GAAP financial measure, is included in this press release after the condensed consolidated financial statements. Non-GAAP adjusted net (loss) income was derived by taking GAAP net loss and adjusting it for non-cash stock-based compensation expense, restructuring expense and other one-time expenses. Management uses these non-GAAP adjusted financial measures for internal reporting and forecasting purposes, when publicly providing its business outlook, to evaluate the company’s performance and to evaluate and compensate the company’s executives. The company has provided these non-GAAP financial measures in addition to GAAP financial results because it believes that these non-GAAP adjusted financial measures provide investors with a better understanding of the company’s historical results from its core business operations. While management believes that these non-GAAP adjusted financial measures provide useful supplemental information to investors regarding the underlying performance of the company’s business operations, investors are reminded to consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the company’s results of operations as determined in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies, and management may utilize other measures to illustrate performance in the future. 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 2024 and the potential impact and outlook for achievements in 2025 and beyond; Amarin’s 2025 financial outlook and cash position; Amarin’s overall efforts to expand access and reimbursement to VAZKEPA across global markets; expectations regarding potential strategic collaboration and licensing agreements with third parties, including our ability to attract additional collaborators, as well as our plans and strategies for entering into potential strategic collaboration and licensing agreements and the overall potential and future success of VASCEPA/VAZKEPA and Amarin that are based on the beliefs and assumptions and information currently available to Amarin. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding Amarin’s planned ratio adjustment and its potential impact on the ADS trading price and on liquidity of the ADSs, as well as Amarin’s ability to regain compliance with Nasdaq's minimum bid price requirement and other continued listing requirements. 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 fiscal year ended 2024. 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. Availability of Other Information About Amarin Investors and others should note that Amarin communicates with its investors and the public using the company website (www.amarincorp.com), the investor relations website (www.amarincorp.com/investor-relations), including but not limited to investor presentations and investor FAQs, U.S. 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, as amended or the Securities and Exchange Act of 1934, as amended. Amarin Contact Information Investor & Media Inquiries: Mark Marmur Amarin Corporation plc PR@amarincorp.com -Tables to Follow- CONSOLIDATED BALANCE SHEET DATA(U.S. GAAP)Unaudited * December 31, 2024 December 31, 2023 (in thousands)ASSETS Current Assets: Cash and cash equivalents$121,038 $199,252 Restricted cash 300 525 Short-term investments 173,182 121,407 Accounts receivable, net 122,279 133,563 Inventory 166,048 258,616 Prepaid and other current assets 12,552 11,618 Total current assets 595,399 724,981 Property, plant and equipment, net 16 114 Long-term inventory 64,740 77,615 Operating lease right-of-use asset 7,592 8,310 Other long-term assets 1,213 1,360 Intangible asset, net 16,389 19,304 TOTAL ASSETS$685,349 $831,684 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable$40,366 $52,762 Accrued expenses and other current liabilities 139,583 204,174 Current deferred revenue — 2,341 Total current liabilities 179,949 259,277 Long-Term Liabilities: Long-term deferred revenue — 2,509 Long-term operating lease liability 7,723 8,737 Other long-term liabilities 11,501 9,064 Total liabilities 199,173 279,587 Stockholders’ Equity: Common stock 305,298 302,756 Additional paid-in capital 1,914,750 1,899,456 Treasury stock (65,326) (63,752)Accumulated deficit (1,668,546) (1,586,363)Total stockholders’ equity 486,609 552,097 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$685,349 $831,684 * Unaudited as a standalone schedule; copied from consolidated financial statements CONSOLIDATED STATEMENTS OF OPERATIONS DATA(U.S. GAAP)Unaudited * Three Months Ended December 31, Year Ended December 31, (in thousands, except per share amounts) (in thousands, except per share amounts) 2024 2023 2024 2023 Product revenue, net$60,068 $70,555 $204,590 $285,299 Licensing and royalty revenue 2,238 4,158 24,024 21,612 Total revenue, net 62,306 74,713 228,614 306,911 Less: Cost of goods sold 35,399 29,589 110,758 102,142 Less: Cost of goods sold - restructuring inventory 36,474 — 36,474 39,228 Gross margin (9,567) 45,124 81,382 165,541 Operating expenses: Selling, general and administrative (1) 36,970 43,941 152,310 199,938 Research and development (1) 5,985 5,791 20,869 22,219 Restructuring — 229 — 10,972 Total operating expenses 42,955 49,961 173,179 233,129 Operating loss (52,522) (4,837) (91,797) (67,588)Interest income 3,371 3,419 13,403 11,863 Interest expense (3) (2) (7) (8)Other (expense) income, net (753) (1,029) 1,201 2,063 Loss from operations before taxes (49,907) (2,449) (77,200) (53,670)Benefit from (provision for) income taxes 1,289 (3,332) (4,983) (5,442)Net loss$(48,618) $(5,781) $(82,183) $(59,112)Loss per share: Basic$(0.12) $(0.01) $(0.20) $(0.15)Diluted$(0.12) $(0.01) $(0.20) $(0.15)Weighted average shares outstanding: Basic 411,293 408,485 410,937 407,655 Diluted 411,293 408,485 410,937 407,655 * Unaudited as a standalone schedule; copied from consolidated financial statements(1)Excluding non-cash stock-based compensation, selling, general and administrative expenses were $138,144 and $187,445 for the years ended December 31, 2024 and 2023, respectively, and research and development expenses were $17,330 and $18,032, respectively, for the same periods. RECONCILIATION OF NON-GAAP NET (LOSS) INCOMEUnaudited Three months ended December 31, Year Ended December 31, (in thousands, except per share amounts) (in thousands, except per share amounts) 2024 2023 2024 2023 Net (loss) income for EPS - GAAP$(48,618) $(5,781) $(82,183) $(59,112)Stock-based compensation expense 3,400 4,646 17,703 16,680 Restructuring Inventory 36,474 — 36,474 39,228 Restructuring expense — 229 — 10,972 Advisor Fees — — — 6,270 Adjusted net (loss) income for EPS - non-GAAP$(8,744) $(906) $(28,004) $14,038 Basic and diluted (Loss) earnings per share: Basic - non-GAAP$(0.02) $(0.00) $(0.07) $0.03 Diluted - non-GAAP$(0.02) $(0.00) $(0.07) $0.03 Weighted average shares: Basic 411,293 408,485 410,937 407,655 Diluted 411,293 408,485 410,937 422,966