Amarin has everything riding on Vascepa, its fish-oil-derived heart drug. With the company’s sales presence in Germany suspended, Amarin finds itself in a tough spot as it wages on with the launch.
As Amarin awaits the outcome of reimbursement negotiations in Germany, the company has suspended its primary care sales force there, the company said Wednesday. Amarin expects the reimbursement talks to wrap up in November.
The standstill in Germany is a big hit for Amarin, which is counting on the European market to generate big sales after early generics ate away at Vascepa's potential in the U.S.
In the second quarter, Amarin's revenues fell 39% year over year to $93.8 million. Its U.S. sales were $90.6 million, meaning its international revenues came in at around $3.1 million for the period.
As for the rest of the European market, Amarin said it's in the process of establishing formulary access in the U.K. and has a formal launch plan set for October. It’s also working on launch plans for Sweden after the recent favorable reimbursement decision there. Amarin has further gained reimbursement in Denmark, and has “made progress” in Spain, CEO Karim Mikhail said.
Looking forward, Amarin believes it’s on track to receive reimbursement decisions in “up to eight countries” and launch its drug in up to six countries in Europe this year. With those launches, Amarin believes 2023 will be a “revenue generation” year, Mikhail said on a conference call.
In the U.S., Amarin has suffered from early Vascepa generics. Back in June, Amarin unveiled a restructuring plan that'll trim its U.S. head count by 65%. The cost-cutting effort is expected to save about $100 million over the span of a year.