Amarin Corporation Plc · NASDAQ:AMRN
Amarin — Amarin Corp Plc\uk — Proxy Contest (February 2023)
41 slides from Amarin's proxy contest presentation, Feb 6, 2023
Slide 1: NEW Amarin: Charting a Path to Value Creation as a Global, Diversified Cardiometabolic Player
NEW Amarin: Charting a Path to Value Creation as a Global, Diversified Cardiometabolic Player February 2023
Slide 2: Forward Looking Statements & Disclaimer
Forward Looking Statements & Disclaimer This presentation contains forward-looking statements which are made pursuant to U.S. federal securities law, including beliefs about Amarin’s key achievements in 2022 and the potential impact and outlook for achievements in 2023 and beyond; Amarin’s 2023 fina
Slide 3: Change was Needed – and is Now Well Underway
Change was Needed – and is Now Well Underway • Transformation to New Amarin is Underway – Actively overcoming past challenges with transformation plan; proactively pivoted to focus on global commercialization strategy – Implemented fundamental changes to U.S. cost structure; delivered actual savings
Slide 4: Transformation is Underway
Transformation is Underway Amarin is Overcoming Past Challenges With a Best-in-Class Leadership Team and Strategy to Drive Short- and Long-Term Value
Slide 5: The Amarin Journey: Transformed and Strengthened Core Leadership Team
The Amarin Journey Transformed And Strengthened Core Leadership Team 25+ 45+ 100+ CV & RELATED DIFFERENT YEARS PRODUCTS LAUNCHED MARKETS IN CV Laurent Abuaf Dr. Nabil Abadir Tom Reilly Lisa DeFrancesco David Keenan Jordan Zwick Aaron Berg Caroline Maraval Steven Ketchum, PhD Donna Pasek SVP, Preside
Slide 6: The Amarin Journey: Established Best-in-Class European Commercialization Team
The Amarin Journey Established Best-in-Class European Commercialization Team 30+ 40+ 125+ CV & RELATED DIFFERENT YEARS PRODUCTS LAUNCHED MARKETS IN CV Laurent Abuaf Scott Curley Luca Ruffini Henrik Salvador Lopez Hakima Laurent Josse, PhD Tamara Barghout David Jakouloff, MD Christos SVP, President U
Slide 7: New Management Team Took Rapid Action In Response to Generic Entry
The Amarin Journey Amarin’s New Management Team Took Rapid Action In Response to Generic Entry Exceptional Outcomes Led to Significant Investment by Prior Management Legal Setback 2019 2020 2011 2018 April 2021 Launch of Start of the landmark Publication of REDUCE-IT® Amarin loses patent • FDA appro
Slide 8: New Management Immediately Took Action: Comprehensive Response to Generic Entry
The Amarin Journey New Management Immediately Took Action Comprehensive Response to Generic Entry ✓ Negotiated exclusivity to stabilize revenues post-generic entry ✓ Implemented salesforce reduction from ~825 to ~85 ✓ Phased reduction to evolving generic market backdrop – 50% in Oct’21 followed by 7
Slide 9: Pivoted to Focus on the Global Opportunity
The Amarin Journey Simultaneously, We Have Pivoted to Focus on the Global Opportunity Amarin is Successfully Executing a Global Commercialization 2022 August 2021 2024 Karim Mikhail • National reimbursement • International appointed as new CEO received in UK, Sweden & Finland approvals Current posit
Slide 10: Amarin Leadership Took the Right Actions in 2022
The Amarin Journey Amarin Leadership Took the Right Actions in 2022 Focus on Operational Excellence to Enhance Value SUCCESSFUL SIGNIFICANT TRANSFORMED EXECUTION ON GLOBAL PROGRESS ON CASH LEADERSHIP COMMERCIALIZATION PRESERVATION TEAM AND BOARD INITIATIVES • Attractive reimbursement and • Delivered
Slide 11: Continued Solid Execution Against Ambitious Objectives
Continued Solid Execution Against Ambitious Objectives We Made Progress Against All Three Strategic Pillars 11
Slide 12: The Next Chapter – Becoming A Diversified Cardiometabolic Player
The Amarin Journey The Next Chapter – Becoming A Diversified Cardiometabolic Player 2023 KEY PRIORITIES Maintain Obtain additional Advance the Progress all Continue profitability in US regulatory development reimbursements to to focus on approvals of FDC and focus on launching operational and partne
Slide 13: Rationale for Development of an FDC Portfolio
The Amarin Journey The Next Chapter – Becoming A Diversified Cardiometabolic Player Rationale for Development of an FDC Portfolio Life Cycle Management Greater Patient Enhance The Of VAZKEPA® Convenience And Adherence Value Proposition An FDC launch can potentially Reduced pill burden, meaning If su
Slide 14: Amarin has a Winning Commercial Strategy
Amarin has a Winning Commercial Strategy Foundation in Place for Geographic Expansion with Early Success Accelerating
Slide 15: We Have Made Significant Progress in Europe
Commercial Opportunity We Have Made Significant Progress in Europe 1. Regulatory 2. Submission of Market Access 3. Scientific Evidence Assessm. 4. Reimbursement 5. Country Launch Approval & Reimbursement Dossiers / Recommendation Price Negotiations Pricing announcement & Publication Austria Denmark
Slide 16: Multiple Markets Are Transitioning to Launch
Commercial Opportunity Multiple Markets Are Transitioning to Launch 1. Regulatory 2. Submission of Market Access 3. Scientific Evidence Assessm. 4. Reimbursement 5. Country Launch Approval & Reimbursement Dossiers / Recommendation Price Negotiations Pricing announcement & Publication Launched Austri
Slide 17: The Path to $1BN+ Market Opportunity for Amarin is Within Reach
Commercial Opportunity The Path to $1BN+ Market Opportunity for Amarin is Within Reach KEY Slower Uptake ✓ Launched market Population in M PRICING PRICING NORDICS UK & IRELAND ✓✓ 1 2 ~$175/mo ~$160/mo Estimated eCVD Estimated eCVD ~1.8 prevalence ~4.8 prevalence PRICING 2 ~$223/mo Estimated eCVD Est
Slide 18: U.K. Pricing & Reimbursement and Launch Highlights
Commercial Opportunity U.K. Pricing & Reimbursement and Launch Highlights June 2022 April 8, 2021 Amarin UK Officially Operational MHRA Approves VAZKEPA for reducing the Key Account Managers in the field risk of cardiovascular events in statin treated eCVD with fasting TG > 1.7 mmol/l, LDL-C 1.04 -
Slide 19: Successful Price Negotiation Compared to Other Oral Analogues
Commercial Opportunity Successful Price Negotiation Compared to Other Oral Analogues Daily Treatment Price (DTP) in € 1.44 Jardiance 1.54 Forxiga 2.30 Brilique 2.33 Nilemdo 3.85 Entresto Vazkepa 5.67 FEBRUARY 23 19
Slide 20: Strong Initial Market Access Performance in the U.K.
Commercial Opportunity Strong Initial Market Access Performance in the U.K. Priority Account Eligible Patient Population Availability Index Uptake from NICE TA Slide Cumulative positive formulary inclusion from NICE TA 100 Cheshire & Merseyside ICB (Pan Mersey) 29,000 Formulary Types: AlI/AlI 100 No
Slide 21: COVID Turned Germany Into a Challenging Marketplace
Commercial Opportunity COVID Turned Germany From an Easy, Open Access Marketplace to a Challenging Marketplace March 2022 – The German Government Announced Exceptional Healthcare Austerity measures • Germany has a “discretionary” pricing period where companies are able to set their own price prior t
Slide 22: International Expansion: 20 Markets By 2024
Commercial Opportunity International Expansion A Significant Focus – 20 Markets By 2024 Switzerland NEXT WAVE EXPECTED TO BE UP TO China Bahrain 13 BY YEAR END 2024 Hong Kong (CVRR) Saudi Arabia Puerto Rico Additional markets pending, including China New markets represent 50M+ patients Australia Neg
Slide 23: Proven Ability to Negotiate Attractive International Partnerships
Commercial Opportunity Proven Ability to Negotiate Attractive International Partnerships Approved in Lebanon, UAE (2018), ✓ Qatar (2020), Bahrain (2020), Saudi Canada NDS approved ✓ Arabia (2022) Dec. 2019 35M+ addressable population Approved in Hong Kong (2022) ✓ Launched Feb. ✓ with cardiovascular
Slide 24: Managing The Dynamic U.S. Situation Two Years Into Generic Competition
Commercial Opportunity Managing The Dynamic U.S. Situation Two Years Into Generic Competition Total IPE Norm TRx Trend U.S. Business has Nov-20: Hikma Aug-21: Karim Mikhail Sep-21: AMRN announces Jun-22: $100mm cost maintained ~60% launches icosapent appointed Amarin restructuring and focuses on red
Slide 25: Amarin Delivered Cumulative $1BN Since Generic Launch
Commercial Opportunity Amarin Delivered Cumulative $1BN Since Generic Launched and Has The Ability to Manage Profitability via Multiple Levers Ability to launch an authorized generic Ability to move to branded generic Further operating expense reductions AMARIN HAS THE ABILITY TO LEVERAGE ALL THREE
Slide 26: Significant Efforts Taken To Control Costs And Lower Cash Burn
Commercial Opportunity Significant Efforts Taken To Control Costs And Lower Cash Burn Fourth Quarter 2022 Quarterly Cash Burn Cash Flow Positive 20 Preliminary 4Q Results Cash Flow Positive ~$4M • Cash balance at 12/31 0 approximately $310M • Delivered actual savings of -20 $50M in the second half o
Slide 27: New Board and Leadership are Agents of Change
New Board and Leadership are Agents of Change Refreshed and Fit-for-Purpose Board Driving Amarin’s Transformation; Per Wold-Olsen Brings Key Expertise and Leadership Needed to Guide Amarin’s Next Phase
Slide 28: Proactive Board Refreshment Process is Comprehensive, Independent and Transparent
Governance Proactive Board Refreshment Process is Comprehensive, Independent and Transparent… Timeline Selection Criteria • Per Wold-Olsen appointed Chairman • Considered over 30 candidates against clear selection criteria, and Erin Enright and Alfonso “Chito” including expertise in: Zulueta appoint
Slide 29: Bringing in Broad and Relevant Experience to Support Transformation
Governance …Bringing in Broad and Relevant Experience to Support Amarin’s Transformation ESG Cardiovascular EU / Int’l Blockbuster drug, M&A, BD and Capital markets and related Governance commercial pricing and global pharma and healthcare Years expertise product launch experience execution reimburs
Slide 30: Per Wold-Olsen's Experience and Leadership
Governance Per Wold-Olsen’s Experience and Leadership are Having a Profound Impact on Amarin’s Transformation Wealth of Highly Relevant Experience to Draw Upon Possesses the leadership and Unique and fresh value Best-in-class Governance expertise needed to guide proposition identified by Experience
Slide 31: Commitment to High Standards of Corporate Governance
Governance Commitment to High Standards of Corporate Governance Drives Alignment and Accountability Robust and active board refreshment ✓ 7 directors added in the past 2 years ✓ Median director tenure of less than 1 year Ongoing refreshment to bring diverse perspectives, ✓ 50%+ of the Board is diver
Slide 32: Compensation Structure Strongly Aligns Management and Shareholder Interests
Governance Compensation Structure Strongly Aligns Management and Shareholder Interests Target CEO Compensation 2021 PROVISIONS ALIGN WITH SHAREHOLDER INTEREST Base salary Performance- 15% based RSUs ✓ Pay levels are market aligned 23% Performance- ✓ Predominantly at-risk compensation mix 85% based c
Slide 33: Sarissa's Campaign is Misguided and Risks Value Destruction
Sarissa’s Campaign is Misguided and Risks Value Destruction Sarissa Does Not Understand Our Business and is NOT the Answer: It Has No Plan, No New Ideas and Its Director Slate is Underqualified
Slide 34: Sarissa has Shown No Interest in Constructively Engaging
Sarissa’s Misguided Campaign Sarissa has Shown No Interest in Constructively Engaging or Offering New Ideas June 15, 2022: August 30, 2022: th January 10 , 2023: Sarissa provided 5 nominees, January 2022: May-June 2022: The Board formally recommended 3 Sarissa delivers requisition all Sarissa employ
Slide 35: Sarissa's Director Slate is Underqualified Relative to the Existing Board
Sarissa’s Misguided Campaign Sarissa’s Director Slate is Underqualified Relative to the Existing Board, and Do Not Bring Additive Skills Board overview & relevant experience Sarissa Employees Amarin’s Existing 1 1 Board member Patrice Bonfiglio Paul Cohen Mark DiPaolo Keith L. Horn Odysseas Kostas L
Slide 36: Sarissa's Nominees Will NOT Advance Amarin's Transformation
Sarissa’s Misguided Campaign Sarissa’s Nominees Will NOT Advance Amarin’s Transformation… Patrice Bonfiglio Paul Cohen Mark DiPaolo Current Public Boards: None Current Public Boards: None Current Public Boards: Innoviva Primary Industry Experience: Finance Primary Industry Experience: Cardiometaboli
Slide 37: Lack of Governance and Commercial Experience
Sarissa’s Misguided Campaign …And Have a Lack of Governance and Commercial Experience Keith Horn Odysseas Kostas Louis Sterling III Diane Sullivan Current Public Boards: None Current Public Boards: None Current Public Boards: Innoviva, Armata Current Public Boards: The Green Organic Dutchman Primary
Slide 38: Amarin Has Made Shareholder Engagement a Top Priority
Sarissa’s Misguided Campaign Sarissa has Claimed Amarin Does Not Engage with Shareholders, However Amarin’s New Management Has Made Engagement a Top Priority Karim Mikhail Piper Sandler Jefferies 41st Annual appointed 33rd Annual Healthcare J.P. Morgan Communications and IR team fully new CEO Virtua
Slide 39: New Amarin: Right Plan, Right Team to Drive Shareholder Value
New Amarin: Right Plan, Right Team to Drive Shareholder Value ✓ Transformation to New Amarin is Underway ✓ Winning Commercial Strategy to Drive Short- And Long-Term Value Creation ✓ New Board Members are Agents of Change ✓ Sarissa’s Campaign is Misguided and Risks Value Destruction 39 AMARIN
Slide 40: Leading a new paradigm in preventive cardiovascular care
Leading a new paradigm in preventive cardiovascular care and growing our impact for patients globally AMBITIONS for
Slide 41: Thank You
ascepa Vazkepa (icosapent ethyl) (icosapent ethyl) THANK YOU FEBRUARY 23,