Full year 2021 total net revenue decreased 5.03% Y/Y to $583.19M. Net product revenue fell 4% Y/Y to $580.32M.
The company said the decrease was driven mainly by volume of heart drug VASCEPA sales to its customers in the U.S., which were adversely impacted by generic availability in the U.S.
The decline was also driven by VASCEPA sales to its partners outside the U.S. of ~$2.4M for 2021, compared to $8.9M in 2020, mainly due to an initial order to ensure availability of adequate product supply for Amarin’s commercial partner’s launch of VASCEPA in Canada.
Licensing and royalty revenue declined to $2.88M, compared to $7.04M in 2020.
Non-GAAP adjusted net income rose 108.81% Y/Y to $58.08M.
Selling, general and administrative expenses decreased to $408.3M, compared to $463.3M in the prior year, primarily due to a decrease in marketing and direct to consumer promotions in 2021, due to impact of COVID-19 and the company’s focus on improving the profitability of operations in the U.S. The decrease also includes a reduction in costs linked with the company’s Go-To-Market strategy resulting in decreased promotional initiatives, reduced travel and a decrease in sales force.
R&D expenses decreased to $29.3M, compared to $39M in 2020.
As of Dec. 31, 2021, Amarin reported cash and investments of $489.1M, consisting of cash and cash equivalents of $219.5M.
"2022 is slated to be a year of execution for Amarin. We are fully dedicated to maximizing our asset, VASCEPA/VAZKEPA, intend to build on our important cardiovascular outcomes data and progress on our diversification strategy including further development of our fixed-dose combination portfolio," said Amarin President and CEO Karim Mikhail.
The company noted that due to the uncertainty mainly related to the impact of COVID-19 and uncertainty resulting from the impact of generic availability in the U.S., it is unable to provide 2022 revenue guidance.
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