Amarin Corporation plc (Nasdaq:AMRN), a late stage
biopharmaceutical company focused on the commercialization and
development of therapeutics to improve cardiovascular health, today
announced financial results for the quarter and year ended December
31, 2013, and provided an update on company operations.
Key Amarin milestones since September 30, 2013 include:
- Recognized $26.4 million in product revenue from Vascepa® sales
in 2013, the first year of Vascepa sales, including revenue growth
to $10.1 million in Q4 despite an October reduction in sales force
size
- Normalized prescriptions (estimated) for the year ending
December 31, 2013, based upon data from Symphony Health Solutions
and IMS Health, totaled approximately 225,000 and 195,000,
respectively
- Improved formulary access by increasing number of lives covered
with Tier 2 status to over 100 million, with over 200 million lives
covered on formulary overall
- Increased the number of physicians prescribing Vascepa to over
16,000
- Surpassed 6,500 patients enrolled in the REDUCE-IT
cardiovascular outcomes trial
- Increased patents issued or allowed in the United States to 40,
all but two of the 40 have patent terms extending into 2030, with
more than 30 additional patent applications being prosecuted in the
United States alone
- Reduced worldwide staffing by half in October to reduce costs
and better match the operational size of Amarin for
commercialization of the current indication for Vascepa following a
negative recommendation from an FDA advisory committee related to
the pending ANCHOR sNDA
- Began appeal process following the decision of the Division of
Metabolism and Endocrinology Products (DMEP) within the U.S. Food
and Drug Administration (FDA) to rescind the Special Protocol
Assessment (SPA) agreement for the ANCHOR study
"Just over one year ago, the culmination of many years of hard
work came to fruition as Vascepa was first made available to
physicians and patients in the United States," said John F. Thero,
President and Chief Executive Officer of Amarin. "2013 was a year
of significant achievement for Amarin as a commercial organization
was established and Vascepa helped to improve patient care options
in the treatment of severe hypertriglyceridemia. As we embark on
our second year as a commercial organization we stand by our
commitment to work toward label expansion for Vascepa to improve
treatment options for patients with mixed dyslipidemia."
Operational update
Commercialization update
Vascepa is marketed as an adjunct to diet to reduce triglyceride
levels in adult patients with severe ( ≥ 500 mg/dL)
hypertriglyceridemia, the MARINE indication. We began marketing
Vascepa in late January 2013. Vascepa labeling reflects a spectrum
of favorable effects on lipid and lipoprotein parameters at 4
g/day, including statistically significant reductions in TG, Apo B,
VLDL-C, and non-HDL-C, with no increase in LDL-C, also known as bad
cholesterol, and a safety profile that is comparable to placebo.
The most common reported adverse reaction (incidence > 2% and
greater than placebo) was arthralgia (2.3% for Vascepa, 1.0% for
placebo). With the benefit of this clinical profile, Amarin made
significant progress throughout 2013 in multiple areas of the
Vascepa commercialization plan. Vascepa is now available on
formulary to over 200 million lives in the United States, including
over 100 million in Tier 2 coverage. The conversion of these lives
to Tier 2 status has helped enable Amarin to grow the Vascepa
prescriber base to over 16,000 physicians since launch.
Amarin believes that Vascepa sales will continue to grow with
the promotion of the MARINE indication. In late 2013, Amarin
shifted its main focus to the approximately 7,000 targeted
physicians who are responsible for a significant portion of the
prescriptions generated for the leading prescription omega-3
therapy indicated for the treatment of severe hypertriglyceridemia.
In addition to Amarin's direct sales outreach, focus on this
important customer segment throughout 2014 will be achieved through
multichannel awareness campaigns, including medical education and
promotional educational programs; disease state and other direct
personal campaigns; managed care education and presence at key
medical association and scientific meetings.
Vascepa additional indication
In parallel with marketing Vascepa for the MARINE indication,
Amarin is vigorously pursuing FDA approval of Vascepa for the
ANCHOR indication, a second indication as an adjunct to diet and
exercise for adult patients with mixed dyslipidemia who despite
optimized statin therapy have TG levels between 200 and 499 mg/dL.
As previously announced, FDA rescinded the ANCHOR SPA agreement and
has not yet made a determination on Amarin's supplemental NDA for
the ANCHOR indication. Amarin continues to seek approval of the
ANCHOR indication and has taken steps to appeal the FDA's
rescission of the SPA. Based on planned discussions with the FDA,
Amarin will assess its options with respect to the ANCHOR sNDA and
the extent to which Amarin should continue its other clinical
trials, including the ongoing REDUCE-IT outcomes trial.
REDUCE-IT and other Vascepa-related clinical
development
Enrollment for the REDUCE-IT outcomes trial of Vascepa continues
at over 400 sites spanning 11 countries. Earlier this year
enrollment for the REDUCE-IT trial surpassed 6,500 patients. As
previously reported, the mean and median baseline triglyceride
levels for patients participating to date in the REDUCE-IT
cardiovascular outcomes study is > 200 mg/dL. Results of the
REDUCE-IT study will not be available until a specified number of
cardiovascular events have been observed. Based on current
expectations, unless feedback from pending discussion with the FDA
regarding the ANCHOR sNDA results in modification or termination of
the REDUCE-IT study, completion of this blinded study is
anticipated in or about 2017. Amarin estimates that over $100
million is required to complete this study. While Amarin remains
scientifically committed to continuing the REDUCE-IT study, Amarin
anticipates that the trial may be difficult to complete in its
current form without the expected revenues from the previously
anticipated ANCHOR indication, as communicated to the FDA.
Financial update
Amarin reported cash and cash equivalents on-hand of $191.5
million at December 31, 2013.
Net product revenues for the three and twelve months ended
December 31, 2013 were $10.1 million and $26.4 million, as compared
to no revenues in the corresponding periods of 2012. In accordance
with accounting principles generally accepted in the U.S. (US
GAAP), and consistent with previously reported revenue results,
until the company has more operating history with the
commercialization of Vascepa, it is recognizing revenue based not
on its sales to wholesalers but based on the resale of Vascepa for
the purpose of filling prescriptions. For the year ended December
31, 2013, the net value of Vascepa sold to wholesalers was $28.1
million, and, as a result, in addition to $26.4 million in
recognized revenue, Amarin recorded deferred revenue of $1.7
million at December 31, 2013. Cash collections from the sale of
Vascepa in the quarter ended December 31, 2013 were approximately
$13.2 million for a total of $31.7 million collected from
wholesalers since the launch of Vascepa.
Consistent with industry practice, the net price of Vascepa for
the three and twelve months ended December 31, 2013 reflects
deductions for costs of Amarin's co-payment rebate card program and
customary payor rebates and allowances. The net price also includes
adjustments for other customary amounts as well as the deduction of
one-time discounts paid to wholesalers to stock Vascepa in advance
of Vascepa's launch in January 2013, which discounted stock was
principally sold during the first half of 2013.
Cost of goods sold for the three and twelve months ended
December 31, 2013 was $4.1 million and $11.9 million, respectively.
Gross margin improved to 59% in Q4 2013 from 56% in Q3, 48% in Q2
and 45% in Q1, which was primarily driven by lower unit cost API
purchases. Average gross margin was 55% for the year ended December
31, 2013. The majority of Vascepa capsules included in cost of
goods sold for the year ended December 31, 2013 included API
sourced from a single API supplier. Amarin's purchases of API from
this supplier in 2012 and 2013 are at higher cost per kilogram than
expected future purchases from this supplier and from Amarin's
other API suppliers due to more favorable economic terms under such
supply agreements.
Under U.S. GAAP, Amarin reported a net loss of $15.4 million in
the fourth quarter of 2013, or basic and diluted loss per share of
$0.09 and $0.27, respectively. This net loss included $0.5 million
in non-cash, share-based compensation expense, $2.5 million in
non-cash warrant compensation income, and a $26.7 million non-cash
gain on the change in the fair value of derivatives. For the year
ended December 31, 2013, Amarin reported a net loss of $166.2
million, or basic and diluted loss per share of $1.03 and $1.28,
respectively. This net loss included $14.7 million in non-cash
share-based compensation expense, $3.7 million in non-cash warrant
compensation income, and a $47.7 million gain on the change in the
fair value of derivatives.
Excluding non-cash gains or losses for share-based compensation,
warrant compensation and the change in fair value of derivatives,
non-GAAP adjusted net loss was $44.1 million for the fourth quarter
of 2013, or non-GAAP adjusted basic and diluted loss per share of
$0.26, as compared to non-GAAP adjusted net loss of $42.0 million,
or non-GAAP adjusted basic and diluted loss per share of $0.28 for
the same period in 2012. Adjusted net loss was $203.0 million for
the twelve months ended December 31, 2013, or non-GAAP adjusted
basic and diluted loss per share of $1.26, as compared to non-GAAP
adjusted net loss of $125.5 million, or non-GAAP adjusted basic and
diluted loss per share of $0.87 for the same period in 2012.
Amarin reported cash and cash equivalents decreased in aggregate
by $68.7 million from December 31, 2012 as compared to December 31,
2013. Net cash outflows from operations were $190.3 million for the
year ended December 31, 2013. Net cash outflows from operations for
the three months ended December 31, 2013 were $33.1 million as
compared to $44.9 million in net cash outflows from operations for
the three months ended September 30, 2013, representing a net
decrease of $11.8 million. The net cash outflows for the three
months ended December 31, 2013 included approximately $2.7 million
in payments for severance and employee benefits associated with a
company-wide reduction in force in October 2013. As a result of the
headcount reductions and additional anticipated reductions in
spend, Amarin expects that it will experience continued reductions
in quarterly net cash outflows from operations with future
quarterly cash outflows below the results of the fourth quarter.
Amarin estimates that during 2014 operating activities will result
in a net use of cash of less than $80 million.
During the year ended December 31, 2013, net cash outflows
included approximately $90.4 million in sales and marketing related
expenses in conjunction with the initial commercial launch of
Vascepa, approximately $47.0 million of expenses in support of the
REDUCE-IT cardiovascular outcomes study inclusive of clinical trial
materials and approximately $25.7 million for Vascepa API,
purchased in conjunction with the buildup of commercial supply.
Amarin's estimate of cash flows assumes lower purchases of
commercial supply in 2014 based on relatively high inventory
balances on hand at the end of 2013.
Amarin's liabilities as of December 31, 2013, excluding the fair
value of the non-cash warrant derivative liability, totaled
approximately $279.4 million, which includes $149.3 million for the
carrying value of exchangeable debt and $87.7 million for the
carrying value of the hybrid debt financing that we entered into in
December 2012.
As of December 31, 2013, Amarin had approximately 172.7 million
American Depository Shares (ADSs) and ordinary shares outstanding
as well as approximately 9.8 million and 9.3 million equivalent
shares underlying warrants and stock options, respectively, at
average exercise prices of $1.44 and $6.64, respectively, and 0.2
million equivalent shares underlying restricted or deferred stock
units.
Amarin's operational priorities
Amarin's current operational priorities are:
- Increasing revenues from sales of Vascepa
- Continuing managed care migration coverage from Tier 3 to Tier
2
- Continuing discussions with the FDA and vigorously pursuing the
approval of Vascepa for the ANCHOR indication
- Continuing to identify and implement cost saving
opportunities
Conference call and webcast information
Amarin will host a conference call at 4:30 p.m.
ET (9:30 p.m. UTC/GMT) today, February 27, 2014. The
conference call can be heard live via the investor relations
section of the company's website at www.amarincorp.com, or via
telephone by dialing 877-407-8033 within the United States or
201-689-8033 from outside the United States. A replay of the call
will be made available for a period of two weeks following the
conference call. To hear a replay of the call, dial 877-660-6853
(inside the United States) or 201-612-7415 (outside the United
States). A replay of the call will also be available through the
company's website shortly after the call. For both dial-in numbers
please use conference ID 13576006.
Use of non-GAAP adjusted financial
information
Included in this press release and the conference call
referenced above 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, are
included in this press release after the condensed consolidated
financial statements.
Non-GAAP adjusted net loss was derived by taking GAAP net loss
and adjusting it for non-cash gains or losses for share-based
compensation, warrant compensation, and change in value of
derivatives. Management believes that these non-GAAP adjusted
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.
About Amarin
Amarin Corporation plc is a biopharmaceutical company focused on
the commercialization and development of therapeutics to improve
cardiovascular health. Amarin's product development program
leverages its extensive experience in lipid science and the
potential therapeutic benefits of polyunsaturated fatty acids.
Vascepa® (icosapent ethyl), Amarin's first FDA approved product, is
a patented, ultra pure omega-3 fatty acid product comprising not
less than 96% EPA. For more information about Vascepa visit
www.vascepa.com. For more information about Amarin visit
www.amarincorp.com.
About Vascepa® (icosapent ethyl)
capsules
Vascepa® (icosapent ethyl) capsules, known in scientific
literature as AMR101, is a highly pure-EPA omega-3 prescription
product in a 1 gram capsule.
Indications and Usage
- Vascepa (icosapent ethyl) is indicated as an adjunct to diet to
reduce triglyceride (TG) levels in adult patients with severe ( ≥
500 mg/dL) hypertriglyceridemia.
- The effect of Vascepa on the risk for pancreatitis and
cardiovascular mortality and morbidity in patients with severe
hypertriglyceridemia has not been determined.
Important Safety Information for Vascepa
- Vascepa is contraindicated in patients with known
hypersensitivity (e.g., anaphylactic reaction) to Vascepa or any of
its components and should be used with caution in patients with
known hypersensitivity to fish and/or shellfish.
- The most common reported adverse reaction (incidence > 2%
and greater than placebo) was arthralgia (2.3% for Vascepa, 1.0%
for placebo).
FULL VASCEPA PRESCRIBING INFORMATION CAN BE FOUND AT
WWW.VASCEPA.COM.
Vascepa has been approved for use by the FDA as an adjunct to
diet to reduce triglyceride levels in adult patients with severe (
≥ 500 mg/dL) hypertriglyceridemia. Vascepa is under various stages
of development for potential use in other indications that have not
been approved by the FDA. Nothing in this press release should be
construed as marketing the use of Vascepa in any indication that
has not been approved by the FDA.
Forward-looking statements
This press release contains forward-looking statements,
including statements about the commercial launch of Vascepa,
including the number of total prescriptions to date and the
potential for future growth, expectations for revenue growth,
product awareness, receptivity of clinicians to and patient
experience with Vascepa; expectations regarding managed care
coverage migration from Tier 3 to Tier 2 and continued growth in
Tier 2 coverage; the pricing terms of commercial supply for
Vascepa; expectations regarding gross margins and cost of goods
sold (COGS); the timing and outcome of FDA decisions regarding
Amarin's sNDA for the ANCHOR indication; the efficacy, safety and
therapeutic benefits of Vascepa; the ability of Amarin to continue
the REDUCE-IT study in light of company resources and other
factors; Amarin's ability to obtain sufficient patent protection
for its product and product candidates; and continued enrollment of
patients in Amarin's REDUCE-IT cardiovascular outcomes study. These
forward-looking statements are not promises or guarantees and
involve substantial risks and uncertainties. In particular, as
disclosed in its previous filings with the U.S. Securities and
Exchange Commission, Amarin's ability to effectively commercialize
Vascepa will depend in part on its ability to create market demand
for Vascepa through education, marketing and sales activities, to
achieve market acceptance of Vascepa, to receive adequate levels of
reimbursement from third-party payers, to develop and maintain a
consistent source of commercial supply at a competitive price, and
to maintain patent protection. Among the factors that could cause
actual results to differ materially from those described or
projected herein include the following: uncertainties associated
generally with research and development, clinical trials and
related regulatory approvals; the risk associated with the FDA's
recent rescinding of the ANCHOR SPA; the risk that FDA will follow
the negative recommendation of the advisory committee; the risk
that the recent reductions in expenses will not be sufficient or
will hurt sales; the risk that historical REDUCE-IT clinical trial
enrollment and randomization rates may not be predictive of future
results and related cost may increase beyond expectations; and the
risk that patent applications may not result in issued patents. 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 its most recent Annual Report on Form 10-K. Existing and
prospective investors are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. Amarin undertakes no obligation to update or revise the
information contained in this press release, whether as a result of
new information, future events or circumstances or otherwise.
Important information regarding prescriptions data and
product revenue
The historical prescription data provided in this press release
is based on data published by third parties as of February 13,
2014. Although Amarin believes these data are prepared on a period
to period basis in a manner that is generally consistent and that
such results are indicative of current prescription trends, these
data are based on estimates and should not be relied upon as
definitive. These data may overstate or understate actual
prescriptions. Based on other data available to Amarin and the
history of such third-party prescription estimates in the early
stages of launch of other new pharmaceutical products, Amarin
believes that the trends provided by this information can be useful
to gauge current prescription levels. Amarin commenced its
commercial launch of Vascepa on January 28, 2013. Accordingly,
there is a limited amount of information available at this time to
determine the actual number of total prescriptions for Vascepa.
Amarin believes that investors should view these data with caution,
as data for this single and limited period may not be
representative of a trend consistent with the results presented or
otherwise predictive of future results. Seasonal fluctuations in
pharmaceutical sales, for example, may affect future prescription
trends of Vascepa as could change in prescriber sentiment and other
factors. Amarin believes investors should consider its results
during this quarter together with its results over several future
quarters, or longer, before making an assessment about potential
future performance. The commercial launch of a new pharmaceutical
product is a complex undertaking, and Amarin's ability to
effectively and profitably launch Vascepa will depend in part on
its ability to generate market demand for Vascepa through
education, marketing and sales activities, its ability to achieve
market acceptance of Vascepa, its ability to generate product
revenue and its ability to receive adequate levels of reimbursement
from third-party payers. See "Risk Factors—Risks Related to the
Commercialization and Development of Vascepa" included in Part II,
Item 1A. Risk Factors in Amarin's most recent Annual Report on Form
10-K.
Availability of other information about
Amarin
Investors and others should note that we communicate with our
investors and the public using our company website
(www.amarincorp.com), our investor relations website
(http://www.amarincorp.com/investor-splash.html), including but not
limited to investor presentations and investor FAQs, Securities and
Exchange Commission filings, press releases, public conference
calls and webcasts. The information that we post on these channels
and websites could be deemed to be material information. As a
result, we encourage investors, the media, and others interested in
Amarin to review the information that we post on these channels,
including our investor relations website, on a regular basis. This
list of channels may be updated from time to time on our investor
relations website and may include social media channels. The
contents of our website or these channels, or any other website
that may be accessed from our website or these channels, shall not
be deemed incorporated by reference in any filing under the
Securities Act of 1933.
|
|
|
CONSOLIDATED BALANCE
SHEET DATA |
(U.S.
GAAP) |
(Unaudited) |
|
|
|
|
December 31,
2013 |
December 31,
2012 |
|
(in
thousands) |
ASSETS |
Current Assets: |
|
|
Cash and cash equivalents |
$ 191,514 |
$ 260,242 |
Restricted cash |
1,000 |
----- |
Accounts receivable |
3,645 |
----- |
Inventory, current |
21,209 |
21,262 |
Deferred tax assets |
471 |
937 |
Other current assets |
1,563 |
3,253 |
Total current assets |
$ 219,402 |
$ 285,694 |
|
|
|
Property, plant and equipment, net |
579 |
811 |
Inventory, long-term |
5,482 |
----- |
Deferred tax assets |
11,944 |
8,044 |
Other non-current assets |
4,360 |
4,951 |
Intangible asset, net |
10,709 |
11,355 |
|
|
|
Total Assets |
$ 252,476 |
$ 310,855 |
|
|
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT |
Current Liabilities: |
|
|
Accounts payable |
$ 6,375 |
$ 17,458 |
Accrued interest payable |
12,974 |
2,520 |
Warrant derivative liability,
current |
6,894 |
----- |
Deferred revenue |
1,703 |
----- |
Accrued expenses and other current
liabilities |
9,594 |
5,224 |
Total current
liabilities |
$ 37,540 |
$ 25,202 |
|
|
|
Long-Term Liabilities: |
|
|
Warrant derivative liability,
long-term |
----- |
54,854 |
Exchangeable senior notes |
149,317 |
134,250 |
Long-term debt |
87,717 |
85,153 |
Long-term debt redemption feature |
11,100 |
14,577 |
Other long-term liabilities |
658 |
816 |
Total liabilities |
$ 286,332 |
$ 314,852 |
|
|
|
Stockholders' Deficit: |
|
|
Common stock |
141,477 |
124,597 |
Additional paid-in capital |
738,754 |
619,266 |
Treasury stock |
(217) |
(217) |
Accumulated deficit |
(913,870) |
(747,643) |
Total stockholders'
deficit |
$ (33,856) |
$ (3,997) |
|
|
|
Total Liabilities and Stockholders'
Deficit |
$ 252,476 |
$ 310,855 |
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS
OF OPERATIONS DATA |
(U.S.
GAAP) |
(Unaudited) |
|
|
|
|
|
|
Three Months Ended
December 31 |
Twelve Months Ended
December 31 |
|
(in thousands,
except |
(in thousands,
except |
|
per share
amounts) |
per share
amounts) |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Revenues |
$ 10,106 |
$ ----- |
$ 26,351 |
$ ----- |
Operating expenses: |
|
|
|
|
Cost of goods sold |
4,099 |
----- |
11,912 |
----- |
Research and development (1) |
16,602 |
19,221 |
72,750 |
58,956 |
Selling, general and administrative
(1) |
22,293 |
16,735 |
123,795 |
57,794 |
Total operating
expenses |
42,994 |
35,956 |
208,457 |
116,750 |
Operating loss |
(32,888) |
(35,956) |
(182,106) |
(116,750) |
Gain (loss) on change in fair value of
derivative liabilities (2) |
26,651 |
33,342 |
47,710 |
(35,344) |
Interest expense, net |
(7,190) |
(4,709) |
(33,836) |
(17,547) |
Other (expense) income, net |
(351) |
(17) |
(1,189) |
(427) |
Loss from operations before taxes |
(13,778) |
(7,340) |
(169,421) |
(170,068) |
(Provision for) benefit from income
taxes |
(1,633) |
(3,229) |
3,194 |
(9,116) |
Net loss |
$ (15,411) |
$ (10,569) |
$ (166,227) |
$ (179,184) |
Loss per share: |
|
|
|
|
Basic |
$ (0.09) |
$ (0.07) |
$ (1.03) |
$ (1.24) |
Diluted |
$ (0.27) |
$ (0.30) |
$ (1.28) |
$ (1.24) |
|
|
|
|
|
Weighted average shares: |
|
|
|
|
Basic |
172,647 |
150,184 |
161,022 |
144,017 |
Diluted |
176,122 |
157,170 |
167,070 |
144,017 |
|
|
|
|
|
(1) Excluding non-cash stock
and warrant based compensation, research and development expenses
were $69,913 and $55,256 for 2013 and 2012, respectively, and
selling, general and administrative expenses were $115,650 and
$43,172, respectively, for the same periods. |
(2) Non-cash gains and
losses result from changes in the fair value of a warrant
derivative liability and a long-term debt redemption feature. |
|
|
|
|
|
|
|
|
|
|
The following is a reconciliation
of the non-GAAP financial measures used by Amarin to describe its
financial results determined in accordance with United States
generally accepted accounting principles (GAAP). An
explanation of these measures is also included under the heading
"Use of non-GAAP adjusted financial information" above. |
|
|
|
|
|
RECONCILIATION OF
NON-GAAP LIABILITIES |
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
(in thousands) |
December 31,
2013 |
December 31,
2012 |
|
|
Current Liabilities: |
|
|
|
|
Accounts payable |
$ 6,375 |
$ 17,458 |
|
|
Accrued interest payable |
12,974 |
2,520 |
|
|
Warrant derivative liability,
current |
6,894 |
----- |
|
|
Deferred revenue |
1,703 |
----- |
|
|
Accrued expenses and other current
liabilities |
9,594 |
5,224 |
|
|
Total current
liabilities |
$ 37,540 |
$ 25,202 |
|
|
|
|
|
|
|
Long-Term Liabilities: |
|
|
|
|
Warrant derivative liability,
long-term |
----- |
54,854 |
|
|
Exchangeable senior notes |
149,317 |
134,250 |
|
|
Long-term debt |
87,717 |
85,153 |
|
|
Long-term debt redemption feature |
11,100 |
14,577 |
|
|
Other long-term liabilities |
658 |
816 |
|
|
Total liabilities –
GAAP |
$ 286,332 |
$ 314,852 |
|
|
Warrant derivative liability |
(6,894) |
(54,854) |
|
|
Total liabilities – non
GAAP |
$ 279,438 |
$ 259,998 |
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
NON-GAAP NET LOSS |
Unaudited |
|
|
|
|
|
|
Three Months Ended
December 31 |
Twelve Months Ended
December 31 |
|
(in thousands,
except |
(in thousands,
except |
|
per share
amounts) |
per share
amounts) |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Net loss for EPS1 – GAAP |
$ (15,411) |
$ (10,569) |
$ (166,227) |
$ (179,184) |
Share based compensation expense |
467 |
4,731 |
14,685 |
18,075 |
Warrant compensation (income)
expense |
(2,524) |
(2,790) |
(3,703) |
247 |
(Gain) loss on change in fair value of
derivatives |
(26,651) |
(33,342) |
(47,710) |
35,344 |
Adjusted net loss for EPS1 – non GAAP |
(44,119) |
(41,970) |
(202,955) |
(125,518) |
|
|
|
|
|
1 basic and diluted |
|
|
|
|
Loss per share: |
|
|
|
|
Basic and diluted – non GAAP |
$ (0.26) |
$ (0.28) |
$ (1.26) |
$ (0.87) |
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
Basic and diluted |
172,647 |
150,184 |
161,022 |
144,017 |
CONTACT: Amarin contact information:
Joseph Bruno
Investor Relations and Corporate Communications
Amarin Corporation
In U.S.: +1 (908) 719-1315
investor.relations@amarincorp.com
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