Amarin Corporation plc Price & Performance (AMRN)

Good morning, everyone, and thank you for joining us. Turning to Slide two and our forward looking statements. Please be aware that this conference call will contain forward looking statements that are intended to be covered under the Safe Harbor provided under federal securities law. We may not achieve our goals, carry out our plans or intentions or meet the expectations disclosed in our forward looking statements. Actual results or events could differ materially. So you should not place undue reliance on these statements. We assume no obligation to update these statements as circumstances change. Our forward looking statements do not reflect the potential impact of significant transactions we may enter into such as mergers, acquisitions, dispositions, joint ventures or any material agreements that we may enter into amend or terminate. For additional information concerning the risk factors that could cause actual results to differ materially, please see the Risk Factors section of our annual report on Form 10 ks for the year ended 12/31/2024, which has been filed with the SEC is available through the InvestorRelationssectionofourwebsite@www.amarincorp.com. We encourage everyone to read these documents. An archive of this call will be posted on Amarin's website in the Investor Relations section.

Turning to Slide three in today's agenda. Amarin Burr, Amarin President and Chief Executive Officer will provide an update on the state of the Amarin business. Pete Fishman, Amarin's Chief Financial Officer will review our fourth quarter financial results. And Steve Ketchum, Ameren's Executive Vice President President of R and D Chief Scientific Officer provide an update on recent and upcoming Vascepa Vastepa research. And at the end of the presentation, Aaron Burr, will provide closing remarks followed by a question and answer session. I will now turn the call over to Aaron Burr, President and Chief Executive Officer of Amarin. Aaron? Thank you, Mark. Good morning, everyone, and thank you for joining us here today. [indiscernible] Let me begin my comments by focusing on our progress and the opportunity ahead to realize the value of Vascepa globally. As well as the ADS ratio change referenced in the press releases this morning a strategic action we've taken to address a key issue for the company. Since taking on the role of CEO in the middle of last year, I spent a significant part of that time with our leadership team and in coordination with the Board of Directors. To identify and take advantage of opportunities to rapidly accelerate momentum strengthen the foundation for long term growth and drive greater value now and for the future.

We've made progress in this effort and the opportunity that we have ahead with this Vascepa is built on a strong foundation. We have a strong foundation financially with 2024 revenues of over $200,000,000 and a cash position of almost $300,000,000 and no debt. This financial position helps solidify a long runway for Amarin. The science of Vascepa which is underpinned by the REDUCE IT study, and more than 500 additional publications advancing understanding of the icosapin ethyl clinical benefits and mechanism of action and its complementary position to impact the cardiovascular risk burden and unmet need around the world. This extensive science has helped to drive regulatory progress globally. To date, we've secured approvals in 49 markets around the world where we're in the early stages of obtaining pricing and reimbursement agreements commercial launches, or still progressing through the regulatory approval processes all of which set the stage for future growth. Increasingly, have expanded access to commercial penetration with the product launched in more than 20 markets globally. Either directly or through our nine partnerships in place currently. There are also 16 additional countries in various stages of progress toward commercialization. The significant revenue generation led by continued capture of efficient brands and revenue in The U. S. [indiscernible] followed by growth in Europe and rest of the world markets.

This solid and growing foundation positions for the Vascepa franchise to deliver on its tremendous opportunity globally. We know we have much more work to do to capitalize on this opportunity but overall, taking into consideration the considerable untapped potential of the franchise, our continued progress in its global expansion and the financial foundation and long cash runway we have in place, we believe there is a disconnect between the value potential and our current company valuation. Regarding the ADS ratio change, as a publicly traded company, we see considerable value in maintaining our NASDAQ listing. [indiscernible] To that end, today we announced our intent to initiate a ratio change to our ADS program in order to preserve our NASDAQ listing. This step is an expression of our determination and commitment to realizing the full value potential of Amarin. Pete will cover this in greater detail later in the presentation. And I encourage everyone to review today's press release on this matter for additional information. Turning to Slide six. Let me now briefly walk you through the past twelve months plus and provide details on our progress and key accomplishments, including the strategic decisions and steps we've taken that have helped us drive value.

From a strategic standpoint, we successfully extended our intellectual property position in Europe widening our IP horizon for VASCEPA through 02/1939. This is important as it extends the runway for exclusivity and the opportunity for this brand in Europe. We've continued to execute our new commercial and pricing and reimbursement strategy in Europe. Tailored to each country and focused on very high risk patients. These are patients with established cardiovascular disease and there are currently over five million such patients in Europe. A significant opportunity to impact a large patient population. This strategy has accelerated our progress in the region We've secured pricing and reimbursement in 10 markets since adopting this new strategy. And end market demand grew in every launch market in Q4 versus Q3. We've also continued to focus our financial strategy on efficient cash management and operating expense deployment focused only on the most value driving efforts. This has helped us extend our cash runway. Finally, as I mentioned, we announced earlier this morning that we're taking steps to maintain one of our critical corporate assets our NASDAQ listing. Operationally, we made continued progress across the business. In Europe, on the commercialization front, VASCEPA revenues continued to gradually increase throughout 2024, driven by growth in Spain, The UK and Central Eastern Europe markets.

While we've seen early demand in a number of these markets, we must find ways to accelerate growth where VASCEPA has been launched. Pricing reimbursement efforts have also advanced. With pricing reimbursement secured in Italy, Portugal, Greece and most recently last month in Austria. Importantly, in Italy, we've already secured access in nine regions, which represent more than 50% of the total eligible market in that country. Reflecting strong interest in gaining access to the product in the market. In The U. S, throughout 2024, we've continued to efficiently generate cash with Vascepa more than four years after the introduction of generic products. Exclusives business, cover approximately 43,000,000 total lives which represents approximately 40% of the total commercial, and Medicare Part D IPE volume. Additionally, as we previously stated, we have a plan of action and are prepared to launch an authorized generic. When the time is optimal. Across various regions of the rest of the world, 2024 saw continued progress in regulatory efforts expanding access and generating demand for Vascepa through existing partnerships. While early in the launch phase for a number of these markets, all partners saw growth in market demand for the product in Q4 and continue to work to expand access and further accelerate growth.

Two of our partners launched in cardiovascular risk reduction Enning Pharma in China and CSL Secureis in Australia. Enning Pharma received regulatory approval in China mid year for cardiovascular risk reduction and are now focused on promoting for at risk patients with access to private hospitals and high risk patients in public hospital inpatient acute coronary syndrome patients as the priority in this initial stage of the commercial cardiovascular risk reduction launch. Their effort is currently focused on the self pay market in China, as they continue advancing efforts to support inclusion on the national Retail Drug Listing or NRDL. In Australia, our partner CSL Securus secured Australia's Pharmaceutical Benefits Scheme or PBS price listing [indiscernible] unlocking public access to the product for patients with ASCVD elevated triglycerides in that market. CSL officially launched at the Annual Scientific Meeting of Cardiac Society of Australia and New Zealand in August 2024 the largest cardiology meeting in Australia and New Zealand with more than 400 delegates attending. While very early, they're seeing strong in market demand in Australia. HLS received reimbursement in Alberta to round out their full public access across the country adding opportunity for growth beyond their significant private insurance coverage for Canada.

Biologics in the MENA region progressed their commercial efforts and saw increased sales in the region. They worked to continue their growth in Saudi Arabia specifically as they work with the health authorities to further expand access to the patients with public reimbursement there. We continue to progress our regulatory efforts in Southeast Asia where our partner is Lotus, and expect first approvals to be sometime in 2026. Amarin continues to support our partner with our medical team through attendance and international scientific leader involvement at multiple medical conference specific scientific leader programs, launch efforts as well as working to secure publications locally for the commercialized regions. Supporting our efforts to generate worldwide growth are medical affairs, R and D and regulatory teams. Continue to expertly and tirelessly advocate for and advance the science behind Vascepa. More than five years from the approval of Vascepa in The U. S, for cardiovascular risk reduction, we and others are continuing to generate meaningful data the underlying science and the potential added benefit of Vascepa to further reduce the risk of cardiovascular events in patients on standard of care therapy with well controlled LDL levels. This significant and continuously expanding body of evidence helps propel our commercial, medical advocacy and regulatory progress which Steve will review in greater detail later.

And finally, from a financial perspective, we continue to make smart decisions to balance operating expenses and cash preservation with the urgent need to accelerate global revenue growth Specifically, we closed out 2024 having generated $228,600,000 in total revenue and a stable capital structure. For the year, we reduced our year over year operating expenses by 26% including the $50,000,000 annual operating expense reduction we committed to in 2023. We ended the year with a strong cash position of $294,000,000 underscoring our prudent cash management and continued focus on strengthening our financial foundation. These financial accomplishments were accompanied by successful efforts to renegotiate product supply agreements. These successful negotiations allow us to align our short term supply commitments based on current demand in order to conserve important capital while ensuring we can supply the brand across markets. As we build momentum with a growing global customer base. In summary, 2024 was a year of continued progress in numerous aspects of our business driven by the execution of the entire Amarin organization. We take very seriously our obligation to drive shareholder value While we've made progress, we have much more work to do to drive shareholder value. Primarily by urgently getting Vascepa into the hands of as many at risk patients around the world as possible.

We know the unmet need is there. And while the last several years have been challenging, we've remained steadfast in our efforts to drive continued positive progress in realizing this product's global potential. We remain confident we will generate further momentum in 2025 building off 2024. With that, let me turn the call over to Pete Fishman, who will take through the financial results as well as the specifics regarding the ADS ratio change announced earlier this morning. Pete? Thank you, Aaron. Good morning, everyone. Turning to Slide eight, In the fourth quarter of twenty twenty four, Amarin reported total net revenue of $62,300,000 including net product revenue of 60,100,000.0 and $2,200,000 of licensing and royalty revenue. Compared to total net revenue of 74,700,000.0 in the fourth quarter of twenty twenty three. U. S. Product revenue was $44,200,000 compared to $64,900,000 in the fourth quarter of twenty twenty three. This decline was driven by lower net selling price, due to generic competition and a decrease in volume in the second half of the year stemming from CVS commercial moving from exclusive to non cutter. Looking ahead, we anticipate we will continue to see the impact of this on our year over year comparisons through the first two quarters of twenty twenty five.

Despite the revenue decline, The U. S. Business continues to deliver significant cash and as Aaron said earlier, to exhibit resilience with a remarkable track record for branded product this far out from the introduction of generics. European product revenue was $4,000,000 a $2,500,000 increase over the prior year period and driven primarily by growing contributions from Spain and The UK. Fourth quarter twenty twenty four product revenue was consistent with the prior quarter, which included supply shipments to our partner We Span in The UK continue to be the current drivers of revenue growth for this important and evolving region. Product revenue also reflects revenue from our partnerships throughout the rest of the world of $11,900,000 a $7,700,000 increase over the prior year period. These partnerships continue to generate meaningful cash contributions with no direct costs incurred by the company. It is important to note that in the current year product revenue with our partners includes supply shipments in preparation for market launches. Our partnership revenue can be variable quarter to quarter and year to year based on restocking timing relative to in market demand. Cost of goods sold excluding non cash inventory restructuring of $36,500,000 was $35,400,000 in the fourth quarter compared to $29,600,000 in the prior year period.

Gross margin excluding non cash inventory restructuring was 41% compared to 58% in the prior year period as a result of a decline in net selling price in The U. S. Total operating expenses were $43,000,000 including $37,000,000 in SG and A and $6,000,000 in R and D. Which is a reduction of approximately $7,000,000 compared to the prior year period. And reflects the impact of the ongoing cost optimization initiatives. We will continue to focus on deploying our capital on value driven efforts. Turning to the bottom line, fourth quarter twenty twenty four GAAP net loss was $48,600,000 compared to a GAAP net loss of $5,800,000 in the prior year period. Primarily reflecting the impact of The U. S. Generic market and the sizable effect from cost of goods sold as a result of non cash inventory restructuring charges. Turning to Slide nine and our efforts and results in effectively managing our cash. As of 12/31/2024, we reported aggregate cash and investments of $294,000,000 In addition, and equally as important, we ended the year with no debt. Over the last two years, we have made significant progress in rightsizing our operations, while improving our strategic focus and navigating the ongoing challenges to our U. S. Product revenue.

While doing this, we have also made investments to further expand the reach of Vascepa globally. As a result of these efforts, we have successfully maintained a stable cash position over the last nine quarters. To quantify that, our cash has only declined approximately 5%. Or less than $20,000,000 since year end twenty twenty two. Fundamental to that track record of prudence and success has been and will continue to be commitment to balancing a combination of managing costs, and pursuing strategic decisions and channels to urgently expand product revenue. Now let me pivot to this morning's announcement. As referenced by Aaron earlier in the call, we continue to believe that our stock is undervalued given progress we've made and the global opportunity for Vascepa. Amarin NASDAQ listing is important both for investors and for the company. For shareholders, a listing allows individuals and investment entities to participate in the growth of Vascepa through the public equity capital markets. With this in mind and with our commitment to remain listed on the NASDAQ, this morning we announced our intent to affect a ratio change on our ADSs from one ADS representing one ordinary share to the new ratio of one ADS representing 20 ordinary shares.

The objective of the ratio change is intended to increase the per share market price of the company's ADSs to comply with NASDAQ's $1 minimum bid price per share requirement. And maintain the company's listing on the NASDAQ capital market. As a result of the ratio change, each Ameren ADS holder will see the number of ADSs they hold. Divided by 20. For example, if an Amarin ABS holder holds 100 ADSs on the effective date, the holder will hold five ADSs following the ADS ratio change. This ratio change also has the same effect on the company's total outstanding shares. Importantly, the overall value of an holders' ABSs does not change as a direct result of the ADS ratio change. The effective date of the ratio change is expected to be on or about April 11, 2025. For the benefit of shareholders, we have posted to the Investor Relations set of the company's website. A Q and A addressing key questions investors may have about the ratio change. Let me now turn the call over to Steve Ketchum, who will provide a research update on our progress with advancing Vascepa Science building global support from the medical community and furthering our regulatory progress.

Steve? Thank you, Pete. Good morning, everyone. Before I discuss recent and upcoming research, I wanted to take a few moments to speak to critical foundational elements for Vascepa and its therapeutic value for patients around the world. Namely maintaining focused investment in research enables us to shed further light on the science behind our product and publishing results of such research helps to drive medical advocacy for our product. [indiscernible] As Amarin mentioned, the molecule icosapent ethyl the active ingredient in Vascepa is built on tremendous science Since 2011, both Amarin and its partner investigators have supported more than 500 publications to advance our understanding, around the science of IQOSD-four or IPE and to further elucidate the potential mechanisms of action for the omega-three icosapentaenoic acid or EPA component of this ethyl ester molecule. Research insights into both IPE and EPA are fundamental to furthering our primary goal of maximizing the value and impact Looking at twenty twenty four specifically, we supported and delivered significant additional scientific research on IPE and EPA. Amarin and global medical and scientific collaborators supported 45 publications inclusive of accepted abstracts, posters, presentations manuscripts, review articles and book chapters across the past year. The breadth and depth of our ongoing scientific efforts has fueled significant global medical advocacy for IPE.

In total, we have secured more than 50 clinical guidelines consensus or scientific statements on the therapeutic value of Vascepa Vascepa from global medical societies. Strong data from our REDUCE IT cardiovascular outcome study and from our supportive development program have directly driven our regulatory progress. Over the last three years, we have filed for regulatory review in 22 countries and regions and have received approval for the REDUCE IT clinical indication in 15 countries and regions out of The United States and EMA regulatory approval authority. Including in Mainland China, Switzerland, Australia, New Zealand and Israel. And we and our partners are advancing regulatory processes seven additional rest of world markets. Turning to Slide 12 and support of clinical data, a post hoc analysis of REDUCE IT was recently evaluating the impact of icluspend ethyl on patients with various LDL C levels at baseline. [indiscernible] This analysis showed consistent cardiovascular risk reduction benefit irrespective of baseline LDL C level. Even when a patient had a very low baseline LDL level less than 55 milligrams per deciliter or down to 40 milligrams per deciliter patients were still at risk and derived cardiovascular benefit. Taking Vascepa. This data reinforces that Vascepa is a complementary therapy one of the primary advantages of Vascepa is that it can be added to standard of care or SO [indiscernible] LDL C lowering therapies and still further reduce the residual Cardiovascular risk of a major cardiovascular event.

By VOSCEPA being complementary, there is no need to displace LVLC lowering drugs. This is a commercial advantage for our product as it can be a significant challenge for companies with branded LDL C lowering drugs to compete head to head. With other LDL C products. We firmly believe that the value of Vascepa as a complement to lipid lowering therapy should be more strongly considered by clinicians globally to help address and reduce residual cardiovascular risk. It should be noted that we are focusing on secondary prevention patients. As many patients with well controlled LDL C still have major cardiovascular events, including heart attacks and strokes. The groundbreaking results from the REDUCE IT outcomes trial proved that Vascepa lowered the chance of patients experiencing a life threatening cardiovascular event such as a heart attack or a stroke by twenty five percent when added to a statin. This is why medical providers should be aware of the REDUCE IT outcomes data and should add Vascepa on top of the LDL C lowering statin therapy for their at risk patients rather than adding another LDL C lowering drug. Turning to Slide 13, our team will be supporting two abstracts at the upcoming American College of Cardiology meeting in Chicago The data being presented by investigators at ACC25 will further enhance the medical community's understanding regarding the potential mechanistic activities of EPA administered clinically in reducing cardiovascular events in at risk patients.

Specifically, the data will focus on the antioxidant effect of EPA on lipoprotein a LPA enriched plasma and the effects of the GLP expression of antioxidant proteins in the endothelial cells in vitro. High Lp concentrations are associated with increased CV event risk and people with high levels face a two to four times greater risk of having an early event. [indiscernible] With about twenty percent of the global population affected, research is crucial for understanding and addressing elevated LPs a and the medical community has increased its focus on LPa as a key cardiovascular risk factor. [indiscernible] We see potential value and opportunity for Vascepa its potential impact to help address key areas driving residual cardiovascular event risk. Multiple new therapies are in development to treat CB risk beyond LTLC lowering. However, it is our view that clinicians should not wait for new agents when a product like Vascepa is already available. For at risk patients. With the advancement of therapeutic approaches that address other domains of residual CB risk, our ongoing research becomes more important because there could be additional therapeutic benefits whether overlapping protective mechanisms or additive mechanisms and combining EPA with emerging therapies like GLP-one receptor agonists that have been clearly shown to reduce CV risk on top of statin therapy.

With widespread GLP-one use, there are likely an increasing number of patients with lipid abnormalities requiring statin therapy and with other comorbidities and risk factors that are in need of a complementary therapy like Vascepa to further reduce cardiovascular events. At Amarin, it is important for us to continue exploring the science behind IPE and the potential mechanisms by which EPA contributes to reducing CV risk. We intend to further advance this evidence base supporting the Now I'll turn the call back over to Aaron for closing remarks before we begin the Q and A. Aaron? Thanks, Steve. Turning to Slide 15. As you've heard today, we've made operational progress while also maintaining a solid financial foundation with a long cash runway and no debt. We have much more to do to capitalize on the untapped global potential for CECL. This is what drives our priorities, informs the steps we continue to take to maximize shareholder value. Let me reaffirm our priorities for 2025. First, we're focused on maintaining the critical NASDAQ listing by completing the ADR ratio change. Our public listing is important to us as a public company and to our shareholders. Second, we'll continue to focus on driving momentum where we have patent protection out to 02/1939, and the rest of the world through our partnerships.

We remain early in the commercialization stages in these regions outside The U. S. These are the regions that provide the greatest opportunity for long term revenue growth and overall value for shareholders.

Third, we'll continue to drive efficient revenue while taking steps to maximize profitability in The U. S. Fourth, as Steve mentioned, there continues to be much more to learn about this unique molecule icosapine ethyl and we will continue to support research that drives greater understanding and awareness of the therapeutic value and impact of Vascepa for patients and payers. This is critically important as this product has proven to be tremendously valuable as a complementary cost effective therapy to widely use lipid lowering drugs in reducing cardiovascular risk. Finally, we'll continue to exhibit financial and operational discipline While we focus on these critical strategic operational financial priorities in 2025, I want to end on a key point that brings us all back to the single biggest and most impactful opportunity before us. Addressing the number one killer globally, cardiovascular disease. As we sit here today, right now we have a product available to clinicians has been proven to be a valuable tool to address this global challenge. In conjunction with widely used lipid lowering agent focused on LDL lowering, Vascepa can directly address cardiovascular risk and potentially change the curve of incidence of cardiovascular events worldwide. LDL lowering alone is not enough.

Approximately thirty percent of patients have experienced the myocardial infarction and have well controlled LDL C at less than fifty five milligrams per deciliter. And about fifteen percent to twenty percent of those patients will experience another event in one to three years. Providers can and need to do more for patients now to reduce cardiovascular events by addressing this risk head on. Today, millions of providers globally have the power and access to a proven therapy of Vascepa. We remain committed to accelerating the pace that they have access to and use our product in the name of helping pay an essential priority for us here at Amarin. Before we turn to Q and A, I'd like to take a final moment to thank our Amarin colleagues and partners around the world for their continued commitment and dedication. Your efforts are deeply appreciated. Know that you're impacting the lives of at risk patients around the world. So thank you. With that operator, let's begin the Q and A portion of the call.

Certainly. At this time, we will be conducting a question and answer session. Your first question for today is from Jessica Fye with JPMorgan. Great. Good morning, guys. Thanks for taking my question.

You talk about the factors influencing U. S. Net price in the fourth quarter? Came in a little bit higher than our estimate. It looks like higher than net price over the past couple of quarters. So curious kind of what the drivers were there and just how to think about U. S. Net price in the coming quarters? Thank you.

Hi, Jess. First of all, just overall, as you know, it's it's an increasingly generic market and we the bulk of our business is in the exclusive, the branded business. There is a mix of business that changes over time as well and that that can fluctuate quarter to quarter and cause some of that variability. Pete, here with me as well who can provide some further detail. On what happened in Q4. Sure. Hi, Jess. Thanks for the question. As Amarin mentioned, there is some variability in terms of the business mix and that that's really the driver in terms of our Q4 revenue increase compared to prior quarters. As you know, in Q3, we lost CBS going commercial going from exclusive to not covered. That continued into Q4 twenty twenty four from a volume perspective. And ultimately that is driving a shift in the business business mix leading to higher going from higher rebates to lower rebates mix in the current year. You look to the 2025, you're going to continue to see that volume impact and change in the first February related to the CVS So And as Aaron noted, continued pricing pressure from the exclusive contracts.

Thank you.

Thank you. Your next question is from Roanna Ruiz with Leerink.

Hi, this is Maison on for Roanna. Just one from us actually. So as you mentioned you ended the year $300,000,000 in cash. So curious what your outlook is on building the pipeline either internally or externally through BD and what therapeutic areas are you most excited about? Thanks for the questions. So we from a BD perspective, we'll always be opportunistic. Our focus is, of course, on X [indiscernible] with Vascepa and certainly Vascepa in Europe. And that's our focus. And and the cash that we have will be invested wisely to get a return on that. Now that being said, we do have a strong foundation and we'll look to it's always better to have a second product in the bag. If that is presents an opportunity for us. The things that are presented to us, of course, we're a cardiovascular company primarily, but Clunky Metabolic are a number of exciting things out there in development as well as commercial stage. But right now, we would probably focus on what our power alley is. If we get to that. But right now, we're focused on execution. We're focused on significant untapped potential with Vascepa globally And we really are just getting going.

It's kind of the tale of two companies right? The U. S. Is The U. S. And you certainly know where we are with that and we live it every day. But everywhere else, we're just getting going and with the long runway 2039 in Europe. We have a lot of opportunity, but a lot of work to do. Got it. Thank you so much.

Your next question for today is from Paul Choi with Goldman Sachs.

Hi, good morning. We're wondering you could provide more colors on what is driving the rest of the world revenue growth And if there is like better geographical breakdown of the contributions? Thank you very much.

So I didn't catch the last part of that on the contributions. [indiscernible] Could you provide more color on the actual geographical breakdown after Sure. So overall, just like in Europe, we're very early in most of those regions. Just getting going a lot of work to be done to establish medical advocacy, to get access, access not only private but public. Every country is different, every region is different. And we're fortunate that we have some good partners that are experts to those respective regions and they're pretty passionate about the drug and they see that there's a lot of opportunity in their respective regions. But it takes time to get that access and then certainly public access, for example, we've talked about China and now with Australia just coming online, late last year, that's an opportunity for us of those are decent sized markets, particularly, of course, we know how big China can be. We have a number of countries with LOTUS in Asian they have in the Asian region and they have a number of countries where we're progressing through the regulatory processes and look forward to getting those done and launch there. We have HLS in Canada and now that they've expanded to Alberta, as I mentioned, in my prepared comments, Hopefully, they're able to get more growth in the public sector as well.

As that gets going. But I think overall, we're seeing the fundamentals of launching a drug, And this is a drug that responds well once people are educated. As Steve mentioned, we have a lot of science to work with. We're well armed to promote the drug. There's clearly a unique place for this drug. It takes time to educate, but once you get providers educated, payers educated, the uptake is there and that's what we'll look forward to. So hopefully that answers your question.

Yes, very helpful. Thank you.

So that's the end of the questions that we have. So I just want to say thank you very much for your continued commitment and interest in in Amarin and thanks for taking the time today. We appreciate it. Have a good day.

This concludes today's conference and you may disconnect your lines at this time. Thank you for your participation. [indiscernible] [indiscernible] [indiscernible]