AMRN 10-K & 10-Q changes, risk factors and insider trading

we are substantially dependent upon VASCEPA® (icosapent ethyl), its commercialization in the U.S. and its development, launchdevelopment and commercialization in Europe and other major markets;

in the U.S., we compete with and may face increasing competition from generic drug companiescompanies, non-prescription competition omega-3 fatty acids and consumer substitution, and our revenues and results of operations could continue to be materially and adversely affected;

we are seeking relevant pricing approvals in various countries through our partners; however, wethese efforts may not be successful in obtaining such approvals in a timely manner, or at all and, even if successfully obtained, we and our partners may not be successful in commercializing VAZKEPA in major markets outside the U.S.;

the commercial value of VASCEPA outside the U.S. may be smaller than we anticipate, particularly if we or our partners are unable to secure favorable product pricing and reimbursement levels, which vary from country to country. If we or our partners are unable to realize product reimbursement rates at reasonable price levels, or at all, patient access to VASCEPA may be limited and our revenues and results could be adversely affected;

factors outside of our control may make it more difficult for VASCEPA to achieve a level of market acceptance by physicians, patients, healthcare payors and others in the medical community at levels sufficient to achieve sustained commercial success in the U.S. and major markets outside of the U.S.;

our OrganizationalGlobal Restructuring Program, or ORP,Plan effected in JulyJune 2023,2025, and any similar efforts we may undertake in the future, may not be successful in mitigating risks and challenges associated with our U.S. business and establishing a more significant international footprint;

the manufacture, supply and commercialization, including promotional activities, pricing controls and reimbursement limitations, of VASCEPA and VAZKEPA are subject to regulatory oversight and scrutiny in each of the markets in which we are activeactive. Any changes in reimbursement procedures by governments and other third-party payors may limit our and our partners’ ability to market and sell our products;

we have limited experience commercializing VASCEPA outside the U.S., and we may not be successful in building an infrastructure, including a sales force, that can navigate the regulatory and other dynamics outside of the U.S.. We are currently, and may continue to be, substantially dependent on third parties for our international efforts, and we may not be successful in negotiating or establishing relationships with business partners to support and maintain control over our international activities;

our efforts to return capital to our shareholders and increase shareholder value, including our share repurchase program, may not be implemented in a timely manner or at all, or may not have the expected results; and if we are unable to meet the listing requirements of the NASDAQ Stock Market, or NASDAQ, our stock may be delisted.

We are substantially dependent upon VASCEPA (icosapent ethyl), its commercialization in the United States and its development, launchdevelopment and commercialization in Europe and other major markets.

We currently derive substantiallythe allmajority of our revenue from sales of VASCEPA. We may be substantially dependent on sales of VASCEPA for many years. Our financial condition and the success of our company will be materially adversely affected, we may have to further restructure our current operations, and our business prospects will be limited, if we experience any negative developments relating to VASCEPA. In the first quarter of 2020, the U.S. District Court for the District of Nevada issued a ruling in favor of two generic drug companies, Dr. Reddy's Laboratories, Inc., or Dr. Reddy's, and Hikma Pharmaceuticals USA Inc., or Hikma, and certain of their affiliates, that declared as invalid several patents of ours protecting the first U.S. FDA-approved use of our drug, to reduce severely high triglyceride levels, or the MARINE indication, or the ANDA litigation. We were unsuccessful in our appeals and our stock price was adversely and materially impacted by the ruling, the results of the appeals process and the introduction of generic competition. If other proprietary rights protecting VASCEPA or its use are challenged, our stock price could further decline, particularly if such challenges, which are costly to defend, are successful.

In the United States, we compete with, and may face increasing competition from,from generic drug companiescompanies, and our revenues and results of operations could continue to be materially and adversely affected.

Following the ANDA litigation rulings against the Company, several generic versions of icosapent ethyl beganhave launchingbeen available in the U.S. insince November 2020, and several generic versions are currently available, including for both the 0.5-gram and 1-gram capsules, and we expect that VASCEPA could face more competition from generic companies in the U.S. Increasing sales of generic versions of icosapent ethyl could continue to have a material and adverse impact on our revenues and results of operations in the U.S.

Generally, onceOnce a generic version of a drug is available in the market, the generic version is typically used by pharmacies across the U.S. to fill prescriptions for any use of the drug, subject to state substitution laws. Although, we intend to continue to vigorously defend our intellectual property rights related to VASCEPA, there can be no assurance that we will be successful in preventing use of generic versions of icosapent ethyl in indications for which they have not been approved by the U.S. FDA, even if such use is determined to infringe certain of our patent claims.

We are seeking relevant pricing approvals in various countries through our partners; however, wethese efforts may not be successful in obtaining such approvals in a timely manner or at all and even if successfully obtained, we and our partners may not be successful in commercializing VAZKEPA in major markets outside the United States.

The commercial value of VASCEPA outside the United States may be smaller than we anticipate, particularly if we or our partners are unable to secure favorable product pricing and reimbursement levels, which vary from country to country. If we or our partners are unable to realize product reimbursement rates at reasonable price levels, or at all, patient access to VASCEPA may be limited.

Further, securing adequate reimbursement is critical for commercial success of any therapeutic, and pricing and reimbursement levels of medications in markets outside the U.S. can be unpredictable and vary considerably on a country-by-country basis. In some foreign countries, including major markets in Europe, the pricing of prescription pharmaceuticals is subject to governmental control. In these countries, pricing negotiations with individual governmental authorities can take six to 12 months or longer after the receipt of regulatory marketing approval for a product,product and these negotiations are not always successful.

We, or our partners, may choose to not proceed with marketing VASCEPA in a particular market, even after obtaining all necessary regulatory approval, due to negative commercial dynamics. Further, with regard to any indications for which weVASCEPA may gain approval in territories outside the U.S., the number of actual patients with the condition included in such approved indication may be smaller than we anticipate. In addition, we could face competition from products similar or deemed equivalent to VASCEPA in various jurisdictions through regulatory pathways that are more lenient than in the U.S. or in jurisdictions in which we do not have exclusivity from regulations or intellectual property. If any of these market dynamics exist, the commercial potential in these territories for our product would suffer.

We have limited experience as a company in commercializing VASCEPA outside of the United StatesU.S. and may be unsuccessful in developing sales internationally.

We may be unsuccessful in expanding our global footprint. We are launching VAZKEPA on our own in the most commercially significant markets in Europe, and have redesigned our commercial infrastructure in Europe. The commercial launch of a new pharmaceutical product is a complex and resource heavy undertaking for a company to manage and may be impacted by decisions by and interactions with local regulators. We have limited prior experience as a company operating a commercial-stage pharmaceutical business in Europe. Given the amount of time and resources, including capital, needed to support regulatory and commercial efforts aimed at international expansion, if we are unsuccessful or delayed in generating revenues overseas, our results of operations could be materially and adversely impacted.

our, or our partners', inability to attract and retain adequate numbers of effective sales and marketing personnel and senior management, particularly in light of our recent reductions in force, including our ORP,Global Restructuring Plan, and turnover on the management team;

our, or our partners', inability to adequately train our sales and marketing personnel and our inability to adequately monitor compliance with applicable regulatory and other legal requirements;

complexities and challenges in connection with pricing and reimbursement, including our and our partner's ability to secure adequate reimbursement coverage, which in Europe is almost exclusively covered through public national funding, and not individual private insurance companiescoverage;

the lack of complementary products to be offered may put us at a competitive disadvantage relative to companies with more extensive product lines; and an inability by us or our partners to obtain regulatory and marketing approval or establish marketing channels in foreign jurisdictions.

Government and commercial payor actions outside of the United StatesU.S. have affected and will continue to affect access to and sales of our products.

Factors outside of our control may make it more difficult for VASCEPA to achieve market acceptance by physicians, patients, healthcare payors and others in the medical community at levels sufficient to achieve sustained commercial success.success in the U.S. and major markets outside of the U.S.

If regulatory authorities and medical guideline committees outside of the U.S. and Europe draw conclusions that differ from those of the U.S. FDA or the EC, the U.S. FDA or the EC could reevaluate its conclusions as to the safety and efficacy of VASCEPA. Likewise, if additional data or analyses released from time to time do not meet expectations, the perception of REDUCE-IT results and the perceived and actual value of VASCEPA may suffer. In these instancesinstances, our revenue and business could suffer and our stock price could significantly decline.

Our ORPreduction in force related to our Recordati Licensing Agreement with Recordati, and any similar efforts we may undertake in the future, may not be successful in mitigating risks and challenges associated with our U.S. business and establishing a more significant international footprint.

If we are not successful in our efforts to continue to market and sell VASCEPA in the U.S., including following our ORPGlobal Restructuring Plan announced in JulyJune 20232025, which eliminatedreduced allour remaining sales force positionsheadcount in theEurope, U.S.,primarily Europe's commercial operations, as a result of our exclusive license agreement with the managed care and trade organization remaining to support U.S. commercial efforts, and approximately 30% of non-sales positions,Recordati, our anticipated revenues or our expenses could be materially adversely affected, and we may not maintain profitability in the U.S. or obtain profitability internationally. Further, we may need to cut back on research and development activities or we may need to implement other cost-containment measures, or we may need to raise additional funding that could result in substantial dilution or impose considerable restrictions on our business.

Promotional activities in the biotechnology and pharmaceutical industries generally are subject to considerable regulatory scrutiny. For example, weWe were recently the subject of two civil investigative demands, or CIDs, from the U.S. Federal Trade Commission and a subpoena from the New York Attorney General, or the Investigations. Although we are cooperating with the government and completed document production in mid-2023, we cannot predict when these Investigations will be resolved, the outcome of the Investigations or their potential impact on our business.

Consistent with the competitive landscape in the U.S., our competitors outside of the U.S. include large, well-established and experienced pharmaceutical companies, specialty and generic pharmaceutical companies, marketing companies, and specialized cardiovascular treatment companiescompanies. and weWe have limited experience as a company self-commercializing a productVASCEPA outside of the U.S..U.S. and instead rely on local partners and licensing partners.

We are a pharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular, or CV, health and reduce CV risk. Our commercialized product, VASCEPA® (icosapent ethyl) was first approved by the United States, or U.S., Food and Drug Administration, or U.S. FDA, in July 2012 for use as an adjunct to diet to reduce triglyceride, or TG, levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia, or the MARINE indication and we commercially launched in 2013.indication. On December 13, 2019, the U.S. FDA approved ananother indication and label expansion for VASCEPA based on the landmark results of our long-term cardiovascular outcomes trial, REDUCE-IT®, or Reduction of Cardiovascular Events with EPA – Intervention Trial. VASCEPA is the first and only drug approved by the U.S. FDA as an adjunct to maximally tolerated statin therapy for reducing persistent cardiovascular risk in select high risk-patients, or the REDUCE-IT indication. On March 26, 2021, the European Commission, or EC, granted approval of the marketing authorization application in the European Union, or EU, for VAZKEPA®, hereinafter along with the U.S. brand name VASCEPA, collectively referred to as VASCEPA, which is the first and only EC approved therapy to reduce cardiovascular risk in high-risk statin-treated patients with elevated TG levels. On April 22, 2021, we announced that we received marketing authorization from the Medicines and Healthcare Products Regulatory Agency, or MHRA, for VAZKEPA in England, Wales and Scotland to reduce cardiovascular risk. On June 1, 2023, we announced that regulatory approval from the National Medical Products Administration, or NMPA, for VASCEPA in Mainland China was received by our partner, Eddingpharm (Asia) Macao Commercial Offshore Limited, or Edding, for the MARINE indication and on June 28, 2024 for the REDUCE-IT indication. Through the date of this Annual Report we have received regulatory approval for VASCEPA under the REDUCE-IT indication in 49 countries, including the U.S. and 27 EU Member States.

VASCEPA is currently available by prescription in the U.S. and certain other countries throughout the world, as described below. We are responsible for the supply ofsupplying VASCEPA to all markets in which the branded product is sold, eitherincluding tocountries where the drug is promoted and throughsold ourvia collaborationscollaboration with third-party companiespartners orthat bycompensate us.us for such supply. We are not responsible for providing any generic company with drug product. GeographiesThe outsideCompany the U.S.operates in whichone VASCEPAbusiness is sold and under regulatory review are not subject to the U.S. patent litigation and judgment described below and no similar litigation is pending outside of the U.S..segment.

We obtain data from a third party, Symphony Health, which collects and reports estimates of weekly, monthly, quarterly and annual prescription information. There is a limited amount of information available to determine the actual number of total prescriptions for products like VASCEPA during such periods. The vendor's estimate utilizes a proprietary projection methodology and is based on a combination of data received from pharmacies and other distributors, as well as historical data when actual data is unavailable. Based on data from Symphony Health, the below chart represents the estimated number of normalized total VASCEPA prescriptions.prescriptions in the U.S.

Launch of VAZKEPA in individual countries depends on the timing of achieving product reimbursement on a country-by-country basis. To datedate, we have filed 1920 dossiers to gain market access in European countries, including in all of the largest countries in Europe. In most European countries, securing product reimbursement is a requisite to launching. In certain countries, such as Denmark, individual patient reimbursement is allowed prior to national reimbursement. In countries where individual price reimbursement is allowed prior to national reimbursement, product can be made available on a patient-by-patient basis, while the national reimbursements negotiations are ongoing. In all countries, securing adequate reimbursement is a requisite for commercial success of any therapeutic. The time required to secure reimbursement varies from country to country and cannot be reliably predicted. While we believe that we have strong arguments regarding the cost effectiveness of VAZKEPA, the success of such reimbursement negotiations have a significant impact on the assessment of the commercial opportunity of VAZKEPA in Europe. Through the date of this Annual Report, we received marketing authorization by the MHRA and the European Medicines Agency, or EMA, and subsequently we have made VAZKEPA available under individual reimbursement or received national reimbursement and launched commercial operationsoperations, which has since been licensed to Recordati, in the following countries, respectively.

(1) - Vianex S.A will be the sole and exclusive distributor of VAZKEPA in the Greek territory to import, register, distribute and commercialize VAZKEPA.

Rest of World (RoW)

WeOne completedof our core areas of focus is continuing to work on generating revenue from our partnerships in key international markets, outside the finalRecordati yearTerritory. We and our RoW partners have obtained varying levels of aindication three-year plan to submitapprovals and obtain regulatory approval in 20initiated or more additional countries and regions in order to ensure that patientsare in the topprocess 50of cardiometabolicinitiating marketscommercial worldwidelaunches canin benefitvarious fromterritories VASCEPA.where our partners have access. Through the date of this Annual Report, we have filed for regulatory review in 22 countries and regions and have received approval in 1517 countries and regions outside of the U.S. and EMA regulatory approval authority,authority. includingWe have agreements in Mainlandplace China, Switzerland, Australia, New Zealand and Israel, underwith the REDUCE-ITfollowing indication.partners Inwithin addition,the VAZKEPArespective has been made available under individual pricing reimbursement in Switzerland.territories:

OrganizationalGlobal Restructuring Program

Since its inception in 2011, the REDUCE-IT cardiovascular outcomes study of VASCEPA has been the centerpiece of our research and development. asWe wellalso ascontinue to study the studypotential of the mechanismmechanisms of action of the single active ingredient in VASCEPA, icosapent ethyl, or IPE. Based on the final positive results of REDUCE-IT, we sought additional indicated uses for VASCEPA in the U.S. and continue to pursue approval for VASCEPA around the world. We also anticipate continuing to publish additional details of the REDUCE-IT study to address scientific interest beyond the primary results of this study derived from the over 35,000 patient years of study experience which were accumulated in the REDUCE-IT study.

Based on REDUCE-IT results, as of the date of the filing of this Annual Report, more than 50 clinical treatment guidelines, consensus statements, or scientific statements from70 global medical societies or journals have recognized the use of icosapent ethyl, or IPE,IPE in appropriate at-risk patients for CV risk reductions,reductions in clinical treatment guidelines, consensus statements, or scientific statements, including those statements which we were informed of by our global partners in Canada, China, Southeast Asia, Australia, and the Middle East as well as guidelines which were newly received during the fourth quarter of 20242025 as listed below:

During 2024,2025, we announced and supported the following data which added to our growing body of knowledge on VASCEPA as a result of our continued analysis of the REDUCE-IT trial results:

This Quarterly Report on Form 10-Q, or this Quarterly Report, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements reflect our plans, estimates and beliefs. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “would” and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Because of these risks and uncertainties, the forward-looking events and circumstances discussed in this report may not transpire. We discuss many of these risks in Part I, Item 1A under the heading “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, or our Annual Report, and under Part II, Item IA,1A, “Risk Factors” of this Quarterly Report.

Our commercialized product, VASCEPA® (icosapent ethylethyl, or IPE) was first approved by the United States, or U.S., Food and Drug Administration, or U.S. FDA, in July 2012 for use as an adjunct to diet to reduce triglyceride, or TG, levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia, or HTG, or the MARINE indication. On December 13, 2019, the U.S. FDA approved another indication and label expansion for VASCEPA based on the results of our long-term CV outcomes trial, REDUCE-IT®, or Reduction of CardiovascularCV Events with EPA – Intervention Trial. VASCEPA is approved by the U.S. FDA as an adjunct to maximally tolerated statin therapy for reducing persistent CV risk in select high risk-patients, or the REDUCE-IT indication.

On March 26, 2021, the European Commission, or EC, approved the marketing authorization application for VASCEPA, under the brand name VAZKEPA®, hereinafter along with VASCEPA, collectively referred to as VASCEPA, in the European Union, or EU, to reduce the risk of CV events in high-risk statin-treated adult patients who have elevated TGsTG (>150 mg/dL) and either established CV disease or diabetes and at least one additional CV risk event. On April 22, 2021, we announced that the Medicines and Healthcare Products Regulatory Agency, or MHRA, approved VAZKEPA in England, Scotland and Wales to reduce CV risk. Collectively, Committee for Medicinal Products for Human Use, or CHMP, EMA, EC and MHRA are referred to herein as the European Regulatory Authorities.

(1) - As part of the Recordati partnership, agreements with Vianex S.A "Vianex" (Greece), Magnapharm Marketing & Sales Romania S.R.L. "Magnapharm" (Romania), and Salus, Veletrgovina, d.o.o, "Salus" (Slovenia) hashave been transitioned to Recordati.

VASCEPA is sold principally to a limited number of major wholesalers, as well as selected regional wholesalers and retail and mail order pharmacy providers, or collectively, our distributors or our customers, most of whom in turn resell VASCEPA to retail pharmacies for subsequent resale to patients. Since VASCEPA was made commercially available in 2013, approximately 3031 million estimated normalized total prescriptions of VASCEPA have been reported by Symphony Health. In 2020, following our unsuccessful appeals of a court ruling in favor of two generic drug companies, Dr. Reddy’s Laboratories, Inc., or Dr. Reddy’s, and Hikma Pharmaceuticals USA Inc., or Hikma, and certain of their affiliates, several of our patents covering the MARINE indication were declared invalid. As a result, the following generic versions of icosapent ethylIPE have obtained U.S. FDA approval with labeling consistent with the MARINE indication and have entered the U.S. market:

In 2021, we received marketing authorization and regulatory approval in the EU, England, Wales and Scotland with 10 years of market protection,protection andand, in April 2024, we were issued a patent that extended our exclusivity to 2039.

In June 2025, we entered into an exclusive long-term license and supply agreement with Recordati, or the Recordati Licensing Agreement, related to the development and commercialization of VAZKEPA in 59 countries focused in Europe, or the Recordati Territory. As a result of the Recordati Licensing Agreement, Recordati is solely responsible for commercializing VAZKEPA in the Recordati Territory. Recordati may sell VAZKEPA pursuant to the product reimbursements we have already obtained in Europe, as shown below, and the agreements with existing partners in the Recordati Territory beinghave been transitioned to Recordati. In addition, Recordati will use commercially reasonable efforts to pursue future product reimbursements and approvals in the Recordati Territory.

Since its inception in 2011, the REDUCE-IT CV outcomes study of VASCEPA has been the centerpiece of our research and development. We also continue to study the potential mechanisms of action of the single active ingredient in VASCEPA, icosapent ethyl, or IPE. Based on the final positive results of REDUCE-IT, we sought additional indicated uses for VASCEPA in the U.S. and continue to pursue approval for VASCEPA around the world. We also anticipate continuing to publish additional details of the REDUCE-IT study to address scientific interest beyond the primary results of this study derived from the over 35,000 patient years of study experience which were accumulated in the REDUCE-IT study.

Based on REDUCE-IT results, as of the date of the filing of this Quarterly Report, more than 70 clinical treatment guidelines, consensus statements or scientific statements from global medical or scientific societies or within peer reviewed journals have recognized the use of icosapent ethyl, or IPE,IPE in appropriate at-risk patients for CV risk reductions, including those statements which we were informed of by our global partners as well as guidelines which were newly received during the firstsecond quarter of 2026 as listed below:

During the threesix months ended MarchJune 31,30, 2026, weAmarin and global medical and scientific collaborators supported a total of 612 publications inclusive of accepted abstracts, posters, and manuscripts.

We manage the manufacturing and supply of VASCEPA and rely on contract manufacturers in each step of our commercial and clinical product supply chain. These steps include active pharmaceutical ingredient, or API, manufacturing, encapsulation of the API, product packaging and supply-related logistics. Our approach to product supply procurement is designed to mitigate risk of supply interruption and maintain an environment of cost competition through diversification of contract manufacturers at each stage of the supply chain and lack of reliance on any single supplier. We have multiple U.S. FDA-approved international API suppliers, encapsulators and packagers to support the VASCEPA commercial franchise in the U.S. We also have multiple international API suppliers, encapsulators and packagers to support the commercialization of VASCEPA in geographies where the drug is approved outside the U.S. Not all of our suppliers approved by the U.S. FDA are approved in every other geography. The regulatory process generally requires extensive details as part of the submission provided to a country or region in connection with a company's request for regulatory approval. Suppliers must be specifically identified as part of the submission for qualification and approval for commercialization in a country or region. As a result, only supply, as approved, may be used in finished goods available for sale in a specific country or region. The amount of supply we seek to purchase in future periods will depend on the level of growth of VASCEPA revenues and minimum purchase commitments with certain suppliers. We continue to negotiate with our contract suppliers to align our supply arrangements with current and future global market demand. As of MarchJune 31,30, 2026, we had inventory of $183.6$164.1 million, of which 35%43% is inventory approved for use in North America.

Cost of goods sold. Cost of goods sold includes the cost of API for VASCEPA on which revenue was recognized during the period, as well as the associated costs for encapsulation, packaging, shipment, supply management, quality assurance, insurance, and other indirect manufacturing, logistics and product support costs. The cost of the API included in cost of goods sold reflects the average cost method of inventory valuation and relief. This average cost reflects the actual purchase price of VASCEPA API. Cost of goods sold may vary by region due to regional approval requirements. Our cost of goods sold is not materially impacted by whether we sell VASCEPA directly in a country or we sell VASCEPA to a commercial partner for resale in a country.

Interest income, net and other income (expense), net. Interest income, netnet, consists primarily of interest earned on our cash and cash equivalents, as well as on our short-term investments. Other income (expense), net, consists of foreign exchange losses and gains as well as sublease income.

Benefit from (provision for) income taxes. IncomeBenefit taxfrom provision,(provision for) income taxes, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in both the U.S. and foreign jurisdictions. In applying guidance prescribed under ASC 740 and based on present evidence and conclusions around the realizability of deferred tax assets, we determined that any tax benefit related to the pretax losses generated for 2026 and 2025 are not more likely than not to be realized.

Comparison of Three Months Ended MarchJune 31,30, 2026 and MarchJune 31,30, 2025

Total revenue, net. We recorded total revenue, net, of $45.1$42.2 million and $42.0$72.7 million during the three months ended MarchJune 31,30, 2026 and 2025, respectively, ana increasedecrease of $3.1$30.5 million, or 7%.42%. Total revenue, net, consists primarily of revenue from the sale of VASCEPA in the U.S. In addition to the U.S., during the three months ending MarchJune 31,30, 2026, we also sold VASCEPA by prescription in certain countries outside of the U.S.U.S., through collaborations with third-party companies. As further discussed below, the aforementioned increasedecrease is due primarily to a $2.3$23.0 million increasedecrease in licensing and royalty revenue, a $4.3 million decrease in U.S. net product revenue and a $3.3 million decrease in net product revenue outside of the U.S and a $0.8 million increase in licensing and royalty revenue.U.S.

Product revenue, net. We recorded product revenue, net, of $43.3$39.1 million and $41.0$46.6 million during the three months ended MarchJune 31,30, 2026 and 2025, respectively, ana increasedecrease of $2.3$7.5 million, or 6%.16%. This increasedecrease was due primarily to an increasedecreases in VASCEPA prices within the U.S., transition of European operations to Recordati and lower sales to our partners outside the U.S.Europe.

The overall icosapent ethylIPE market in the U.S., based on prescription levels reported by Symphony Health, increased by 3% for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025. Our share of the icosapent ethylIPE market has increased to approximately 48% in the three months ended MarchJune 31,30, 2026 compared to approximately 42%43% in the three months ended MarchJune 31,30, 2025. Additionally, based on prescription levels reported by Symphony Health, VASCEPA-branded prescriptions increased by 17% in the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025.

In June 2025, we entered into a collaboration agreement with Recordati to commercialize VASCEPA in Europe. For the three months ended MarchJune 31,30, 2026, we recorded Europe product revenue, net, of $4.9$5.4 million compared to $5.4$6.6 million during the three months ended MarchJune 31,30, 2025, primarily due to the change in business structure within Europe.

For the three months ended MarchJune 31,30, 2026, we recorded RoW product revenue, net, of $2.8$1.4 million from our six other collaboration partners, comprising multiple distinct geographies, compared to a$3.5 nominal amountmillion during the three months ended MarchJune 31,30, 2025. The increasedecrease reflects normal variability across the multiple geographies encompassing this early stage of a developing ex-U.S. market.

Licensing and royalty revenue. Licensing and royalty revenue during the three months ended MarchJune 31,30, 2026 and 2025 was $1.8$3.1 million and $1.0$26.1 million, respectively, ana increasedecrease of $0.8$23.0 million, or 84%.88%. This increasedecrease was primarily due to the recognition of a $25.0 million upfront payment resulting from the execution of the Recordati Licensing Agreement in prior year offset by higher royalties as a result of moving to a partnering model in Europe as of June 2025 and an increase inincreased partner sales within their respective territories.

Cost of goods sold. Cost of goods sold during the three months ended MarchJune 31,30, 2026 and 2025 was $27.4$27.2 million and $16.9$22.4 million, respectively, an increase of $10.5$4.8 million, or 62%.22%. This increase in cost of goods sold is due to increased product volumes. Cost of goods sold includes the cost of API for VASCEPA on which revenue was recognized during the period, as well as the associated costs for encapsulation, packaging, shipment, supply management, insurance and quality assurance. The cost of the API included in cost of goods sold reflects the average cost of API included in inventory. This average cost reflects the actual purchase price of VASCEPA API.

The API included in the calculation of the average cost of goods sold during the quarters ended MarchJune 31,30, 2026 and 2025 was sourced from multiple API suppliers. These suppliers compete with each other based on cost, consistent quality, capacity, timely delivery and other factors. In the future, we may see the average cost of supply change based on numerous potential factors including increased volume purchases, continued improvement in manufacturing efficiency, the mix of purchases made among suppliers, currency exchange rates and other factors. The average cost may be variable from period to period depending upon the timing and quantity of API purchased from each supplier.

Our overall gross margin on product sales for the three months ended MarchJune 31,30, 2026 and 2025 was 37%30% and 59%,52%, respectively. The decrease in gross margin is primarily as a result of a change in customer mix.

Selling, general and administrative expense. Selling, general and administrative expense for the three months ended MarchJune 31,30, 2026 and 2025 was $21.1$22.2 million and $36.6$38.7 million, respectively, a decrease of $15.5$16.5 million, or 42%.43%. Selling, general and administrative expenses for the three months ended MarchJune 31,30, 2026 and 2025 are summarized in the table below:

Selling expense for the three months ended MarchJune 31,30, 2026 and 2025 was $3.9$2.8 million and $16.9$14.6 million, respectively, a decrease of $13.0$11.8 million, or 77%.81%. This decrease is primarily due to a reduction in costs associated with the Global Restructuring Plan.

General and administrative expense for the three months ended MarchJune 31,30, 2026 and 2025 was $15.5$17.8 million and $16.1$21.2 million, respectively, a decrease of $0.6$3.4 million, or 4%.16%. This decrease is primarily due to previous fees incurred related to the ADS Ratio Change incurred in the prior year as well as a decrease in employee-related costs dueas toa result of the reduction in force from the Global Restructuring Plan offset by costs associated with a litigation settlement in the current year.Plan.

Non-cash stock-based compensation expense for the three months ended MarchJune 31,30, 2026 and 2025 was $1.7$1.6 million and $3.5$2.9 million, respectively, a decrease of $1.8$1.3 million, or 51%.45%. Non-cash stock-based compensation expense represents the estimated costs associated with equity awards issued to internal personnel supporting our selling, general and administrative functions. The decrease is as a result of the Global Restructuring Plan.

Research and development expense. Research and development expense for the three months ended MarchJune 31,30, 2026 and 2025 was $4.7$4.8 million and $5.3$4.9 million, respectively, a decrease of $0.6$0.1 million, or 12%.3%. Research and development expenses for the three months ended MarchJune 31,30, 2026 and 2025 are summarized in the table below:

Restructuring expense. Restructuring expense for the three months ended MarchJune 31,30, 2026 and 2025 was $3.3less than $0.1 million and nil,$22.8 million, respectively. The chargecharges in both the current and prior year isare due to the implementation of the Global Restructuring Plan associated with the execution of the Recordati Licensing Agreement announced on June 24, 2025, which resulted in the elimination of commercial roles in the Company’s European operations. Refer to Note 2 Significant Accounting Policies for additional information.

Interest income, net. Interest income, net, for the three months ended MarchJune 31,30, 2026 and 2025 was $2.4$3.1 million and $2.9$2.6 million, respectively, aan decreaseincrease of $0.4 million, or 16%. Interest income, net, represents income earned on cash and investment balances. The decrease is primarily due to lower interest rates in the current year period compared to the prior year period.

Other income,income (expense), net. Other income,income (expense), net, for the three months ended MarchJune 31,30, 2026 and 2025 was $0.2income of $1.1 million and $0.3 million, respectively, a decreaseexpense of $0.1 million, respectively, an increase of $1.2 million, or 26%.1384%. Other income,income (expense), net, increased primarily consistsdue to the recognition of gainsthe Employee Retention Credit, or ERC, awarded as part of the Coronavirus Aid, Relief, and lossesEconomic onSecurity, foreignor exchangeCARES, transactions and sublease income related to our Bridgewater, New Jersey facility.Act.

ProvisionBenefit from (provision for) income taxes. Income tax benefit from (provision for) for the three months ended MarchJune 31,30, 2026 and 2025 was $1.8a benefit of $0.2 million and $2.1a provision of $0.7 million, respectively. The provisionbenefit for the three months ended MarchJune 31,30, 2026 is the result of changes in income generated by our U.S. and foreign operations for which tax expense has been recognized based on a full-year estimated U.S. and foreign income tax liability.