AMARIN CORP PLCUK (AMRN): restructuring charge — Amarin reports 23% Q/Q revenue drop to $65M; cuts 30% workforce; appoints new CEO Patrick Holt

AMARIN CORP PLCUK

Preliminary Q2 product revenue ~$65M, down from $85M Q1; cash $313M (+$9M cash flow including $5M China milestone).
Workforce reduction of ~30% expected to save ~$40M annually; ~$10M restructuring charges in Q2.
Patrick Holt appointed President & CEO effective July 18; Aaron Berg returns to EVP, President U.S.
Retention awards for Berg, Reilly, Ketchum include cash tranches in Feb 2024/2025 and options vesting Jan 2024/2025.
Restructuring charges substantially all cash for termination benefits; payments expected by Dec 31, 2023.

item 2.02 item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Patrick Holt

President and Chief Executive Officer

AMRN · AMARIN CORP PLCUK

Effective: 2023-07-18
Filed: July 18, 2023, 7:59 PM ET

On July 18, 2023, Amarin appointed Patrick Holt to serve as the Company’s President and Chief Executive Officer (and principal executive officer), and as a member of the Board, effective July 18, 2023.

Role change

Aaron Berg

Executive Vice President, President U.S.

AMRN · AMARIN CORP PLCUK

Effective: 2023-07-18
Filed: July 18, 2023, 7:59 PM ET

Upon Mr. Holt’s start date, Aaron Berg, who has been serving as the Company’s Interim President and Chief Executive Officer, will resume his role as Amarin’s Executive Vice President, President U.S.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AMARIN CORP PLCUK reported the second quarter of 2023 results: revenue approximately $65 million.

Period: the second quarter of 2023
Revenue: approximately $65 million
Result: preliminary results

Exact text from the filing

Amarin also announced preliminary unaudited financial results for the second quarter of 2023, including product revenue of approximately $65 million compared to $85 million in the first quarter of 2023.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Patrick Holt was appointed as President and Chief Executive Officer at AMARIN CORP PLCUK.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

On July 18, 2023, Amarin appointed Patrick Holt to serve as the Company’s President and Chief Executive Officer (and principal executive officer), and as a member of the Board, effective July 18, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Aaron Berg changed role as Executive Vice President, President U.S. at AMARIN CORP PLCUK.

Action: resumed role as
Role: Executive Vice President, President U.S.

Exact text from the filing

Upon Mr. Holt’s start date, Aaron Berg, who has been serving as the Company’s Interim President and Chief Executive Officer, will resume his role as Amarin’s Executive Vice President, President U.S.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

AMARIN CORP PLCUK announced a restructuring with charges of approximately $10 million affecting both in the United States and abroad (reduction of the total Amarin employee base by approximately 30% from current levels).

Type: restructuring
Charge: approximately $10 million
Affected area: both in the United States and abroad
Headcount: reduction of the total Amarin employee base by approximately 30% from current levels

Exact text from the filing

Officer & Head of Global HR (and principal financial and accounting officer), with an increased base salary amount of $560,000. Amarin estimates that it will incur approximately $10 million in charges related to the ORP, substantially all of which are cash expenditures for one-time termination benefits and associated costs. Amarin expects to record the charges in

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13 earnings releases filed in the last 30 days. Browse all earnings releases →

AMARIN CORP PLCUK filing history →

Source: SEC EDGAR

accession 0001193125-23-188876

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