Welcome to Amarin board and management webcast. At this time, all participants are in a listen-only mode. A question and answer session will follow brief opening remarks. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Lisa DeFrancesco, SVP of corporate affairs at Amarin. Lisa. Thank you and good morning, everyone. Before we begin today's session, we would like to remind everyone that today's session will contain forward-looking statements that are intended to be covered under the safe harbor provided under Federal Securities law. Actual results or events could differ materially, so you should not place undue reliance on these statements. We assume no obligation except as legally required to update these statements as circumstances change. For additional information concerning the risk factors that could cause actual results to differ materially, please see the Risk Factors section of our filings with the SEC, including our most recent Form 10-Q for the quarter ended September 30th, 2022, which are available through the Investor Relations section of our website. We encourage everyone to read these documents. With that, I would like to turn the session over to Karim Mikhail, President and CEO, Amarin for introductions. Karim. Thank you, Lisa. Thank you to everyone for joining us at this session this morning. Joining us for today's call are three independent members of Amarin's board of directors: Per Wold-Olsen, Chairman of the Board and Chair of the Remuneration Committee, Adam Berger, who chairs the Board Nominating and Governance Committee, and Erin Enright, who chairs the Board's Audit Committee. Today's call will be a question-and-answer session, including some of the most frequently asked questions that have been submitted to us by our shareholders. Before we begin with the questions, I will turn the call over to fellow directors for brief introduction. Per, you may want to start. Thank you, Karim, and thank you, shareholders, for taking the time to join us today. Many of you have submitted questions, and we're looking forward to engaging with you directly. We know there is a lot on your mind, and we want to try to address some of your concerns head-on. As directors of Amarin, it is our responsibility to all of you to make sure that we have good dialogue and good communication. I just wanted to remind you upfront, we have a new leadership team. We have a new board, we have a new strategy, and we're saying, "This is new Amarin." Some of you might have seen that Glass Lewis, a leading independent proxy advisor that provides analysis and voting recommendations in situations like this. Their support is an important endorsement of our new strategy and our new team. Glass Lewis issued yesterday recommendations that shareholders vote against all of Sarissa's nominees, and they recommended in support of my continued role as Chairman of the Board. Now, who's Per? Who's Per Wold-Olsen? Well, I am a pharma guy. I spent 30 years with Merck, 15 years in Europe, and 15 years at World Headquarters in New Jersey. When I moved to the U.S. in 1991, I was responsible for the marketing commercialization function at Merck, where we developed launch strategies, price reimbursement, health economics, outcomes data. I was subsequently, when I was responsible for Europe, responsible for executing on these strategies. That is securing price and reimbursement and successful commercialization across Europe. Since Merck, I've been an active board member in numerous companies, most notably Gilead Sciences, the Lundbeck Company, the Great Nordic Company. I wanted to say that I'm continuing to stay very close to the space. I know the space. I'm actually also chairman of a Stockholm-based oncology company that is exactly at the same juncture as Amarin in terms of trying to obtain price and reimbursement across Europe. With that said, over to Adam. Thanks, Per. Again, thank you to everyone for your engagement and commitment to the company. Hopefully today you find today's session helpful. As Per mentioned, I'm Adam Berger, and I joined the board in October of 2022. My professional background is I've spent over 30 years as a M&A banker, focused on the healthcare industry since 2001. I was the head of healthcare M&A at Citigroup in Wells Fargo and headed M&A at Lyric. I've advised on over 180 announced M&A transactions, totaling over $400 billion in value in my career, of which over 90 of those transactions were sell-side transactions. I was recruited to Amarin because the company wanted to have a healthcare M&A banker on the board, given the expectation and desire that M&A will be a critical part of Amarin's success going forward. For me, you know, I was excited to join Amarin because of the compelling clinical data for VASCEPA in a very important therapeutic area. The great upside I saw in the company and its stock going forward, and how impressed I was with Karim, Per, and all the board members I met in my interviews. In my first few months here at the company, my enthusiasm and commitment to the company is as great as ever, and very excited by all the things that we can do going forward. Again, thank you for your time again today, and I'll turn it over to Erin. Thanks, Adam. I'm Erin Enright. I joined the Amarin board in May of 2022. I'm currently the Chair of the Audit Committee. My career has been at the intersection of healthcare and finance. After more than a decade at Citibank in investment banking and equity capital markets, I held executive operating roles as the CFO of a public company and the president of a private med tech company. I currently co-head a family office investing primarily in private med tech companies. I was invited to interview with the Amarin board because of both this experience and my background as a board member at five med tech companies with both public and privately traded. I've been the member or the chair of over five audit committees, including five publicly traded ones, as well as chairing non-gov committees and comp committees in public companies. Thank you, as everyone said, for giving us this chance to meet you in person and for you to get to know us. Let me turn it back to you, Karim. Thank you, Erin. Also for those who don't know me, Karim Mikhail, President and CEO of Amarin. I joined Amarin two and a half years ago to basically start the journey to go international, to Europe and beyond Europe. Prior to joining Amarin, I had 22 years at Merck & Co.. A third of my work experience in the U.S., a third in Europe, and a third in emerging markets. My last roles at Merck were Chief Marketing Officer in Europe, CEO of Emerging Markets, and head of Global Cardiovascular Business. I did launch personally Zetia, Vytorin in Europe, where I, you know, launched it in France, Germany, and other, and other countries, but also launched all the other Merck cardiometabolic portfolio. I wanna say that, you know, we know that there is so much work. From the day I took over in August 2021, we knew very clearly that change was needed. We started from day one to execute a new strategy. We have a new team behind this to see it through to success. We have instilled during this period, financial and operational discipline across the business, dramatically cut expenses to reshift the company while preserving revenue as much as the market offers. Our focus in Europe and international markets is critical on pricing, reimbursement, negotiation, which is happening at daily basis. We are at an important inflection point that will chart the course for Amarin future. With that, I think, you know, we can start with the Q&A session. I'm gonna start with the first question that we received from our shareholders, and the first question is: can you explain why the stock price has continued to decline in the last 18 months? What is the board and management plan to return the share price to double digit and when? If I start, Karim, I will not claim to be an expert on equity markets, but I want to say that we're going through a period of transition. As you heard, Karim has been here for 18 months as CEO. I've been here for a short 12 months. My fellow new board members have been here even shorter. We embarked on a turnaround journey because, as you know, we lost patent in the U.S. We don't have a future opportunity to commercialize in the U.S., but the future of Amarin is ex-U.S. It is in Europe, and it is in other international markets. You will have seen and heard from before that we believe that there is significant revenue opportunities outside of the U.S. To do that, Karim needed a new leadership team, and he's been recruiting a new leadership team. To the credit of the old chairman and the old board, they decided we're not the right board for the new Amarin. The new Amarin needs expertise and knowledge outside of the U.S. You know, if you look at what we've been able to achieve, it's quite significant. It takes time. Ex-U.S., if you want to get price and reimbursement, you need to go from one country to the other. You just don't go in and sit and negotiate for a day, and then you have a deal. It is a process of back and forth, back and forth, and it does take time. We're trying to signal to you, as shareholder, that we have made significant progress. We have obtained price at a very acceptable level in the U.K. and in Sweden. Keep in mind, that sets a benchmark for our opportunities in other markets. If Karim and the team had accepted a significantly lower price, be that in the U.K. or Germany, or elsewhere, that sets the entry stage for price negotiations in countries like Spain, France, and Sweden. Under Karim's leadership, we're off to a very good start in terms of relative price levels for our product. Let me also remind you that when we get price approved in a country like the U.K., you need to go to the different health authorities across the U.K. to get appropriate listing in each and every health authority. Then, and only then can you start to drive for revenue. My point is, it is not an overnight fix. It takes time. We fundamentally believe right now that we are at a critical juncture, a critical inflection point for the company. If we don't get price, if we don't get reimbursement, if we cannot co-commercialize, well, then how do we create shareholder value? That's where we are, and that is what we are focused on right now as executive management and as a board. Price, reimbursement, and commercialization, market by market across Europe. That is the future of a successful Amarin. Karim, back to you. Thank you, Per. you, Per. Thank you. Second question is, why is the board and company only now soliciting questions from shareholders? I will start this one and then also leave the floor to Per to add. You know, from day one, it was very clear that shareholder engagement was a top priority for us. You know, definitely there are, you know, shareholders that are easier accessible than others. We did our best with our, you know, IR department to connect with everyone. We've been present in multiple congresses. We did try to reach out to as many, you know, shareholders, you know, as possible. We continue to be committed for that open dialogue, because shareholder voices are important for us, and we continue to have open dialogue with everyone. You know, the new board, I can tell you, had a very clear vision that we need to engage further. Hence you see this meeting today, which is the first time we have based on the guidance of the board to say that this is necessary for us to talk further with our shareholders. Per. Yeah, no. What I wanted to add in was, as Karim said, I fully understand my responsibility to you fellow shareholders. Shareholders are important to us. In all my other board engagements after my Merck time, I've always been flexible, engaged, and involved with direct dialogue with shareholders. I have offered to Sarissa to meet with Sarissa on a quarterly basis to compare notes and take their input and their feedback. As I said, we are in a transition time period, and as a board, we have decided to prioritize shareholder outreach. Keep in mind, I haven't been chairman for a full calendar year, and most of the board have less than six months tenure. We are in this process of change, but I just want to build off on what Karim said. It is our commitment to you, the shareholders, that you will see more outreach and more dialogue than what you historically have seen with the board and management of Amarin. Thank you, Per. The next question is, why should we vote for the current board and not the Sarissa slate? Can I just go back to what I said earlier? The future of this company is totally dependent on our ability to get price and reimbursement across European markets at acceptable prices. Karim has a history, Karim has experience. His leadership has experience and history. I have been in this game for my entire career. I'm living in Europe right now. I'm close to it. I think I want to signal to you we know what we're doing. I have to tell you again, Sarissa is accusing us of A, B, and C, but they haven't brought forward a single valid proposal in terms of what we should do differently. I specifically asked them at more than one occasion, "What is it that I should have done as chairman that I haven't done? What is it that you would have wanted me to do differently?" No comment from Sarissa. I think, you know, upsetting this company at this point in time with changing the board and all the insecurity and uncertainty that would be created by Sarissa's initiative is just very concerning news to me at this time point. I think as well, Per, I mean, just to address more specifically the one idea that Sarissa has mentioned. They mentioned it to me in the interviews I did last summer and fall with their three proposed candidates, is this population health approach in Europe. I think Karim has been very clear in describing why that is a value-destructive idea in Europe at this point, particularly in the U.K., where he and his team had already secured a very attractive reimbursement price. A population health approach would have just resulted in much lower price that would have, in addition to, severely constraining the U.K. revenue opportunities, set a ceiling for much of the rest of Europe. We struggle to understand why that would be a good idea. I think it's not a good idea, in our opinion. Glass Lewis yesterday, I think, affirmed our view. As Per said, we're very open to ideas that are different than what we have right now. We're just not hearing any from Sarissa that are going to do anything about it. Are we okay on audio because I'm getting background noise? Okay. Yes. Yeah. I just also want to add from my side on the skill set of the board. As we are expanding internationally, we currently have board members who have exceptional skill set in the industry. You know, as we are expanding internationally and we are now having, you know, regulatory approval in Australia and New Zealand and getting more Asian markets, you see people on our current board, like Alfonso Zulueta, who, you know, travel to Asia for one full week to basically look at what are the opportunities for partnership support with our Chinese partners. We do have a board that has a very strong and unique skill set to support Amarin in its future journey. The next- On that point. Per. Excuse me, Karim. I would like to add something to that. When I first met Karim in my own interview, he and Chito had just gotten back from that trip to Asia. I was so impressed with the commitment by the board to engage at that level. As an M&A banker, I presented to boards for over 30 years on M&A transactions, major events in companies' lives, and that type of engagement is just not typical and not the norm. You know, it's not just showing up to a meeting, you know, having a nice dinner and voting. It's actually working hard at adding value. Chito has extensive experience in Asia, and he brought that to bear to help the company. Erin, as she described, you know, has extensive experience as chairing Audit Committees. It's a significant, complicated responsibility. She's worked closely with our CFO to transform, you know, the financial reporting and business lines there. Throughout that, Per, I can see this every single discussion we ever have, is this tough person on the board and engaging with management and fellow board members in pushing the agenda forward. It's that very engagement that I was so excited to see as part of my own interview process, and it's been more than amply demonstrated in the actual discussions that I've been a part of the last four months. Thank you. The next question: Why are you pursuing such an expensive contest to keep Sarissa out of the boardroom? Well, we recognize as a board, and I as the chairman, that we do have a fiduciary responsibility to shareholders, but that is all shareholders, and we must do what is right for all shareholders. We do have an open mind, but as I've tried to signal at this juncture with what Amarin needs to do at this time across Europe, from the interviews, from the input that we have been able to obtain from Sarissa, they have no idea, no new ideas. They have no new contributions. We fundamentally believe that the new board and the new leadership has to stay the course right now. In many ways, we feel that the Sarissa campaign is ill-timed, if you will. I think specifically to the expense point, I think, you know, the great news about having a retail shareholder base is, you know, there's many people to listen to the story. I think the cost side of that is it's expensive to reach everyone. You know, we have to use our resources to communicate with the shareholder base that we have. We don't have a highly concentrated institutional base. We rather have you all, which is a very, you know, diffuse and, you know, diverse investment base. You know, and as Per said, we did not choose this engagement. We are doing, you know, what we need to do in our fiduciary duty, to represent all of the shareholders here. We recognize that that is, you know, going to incur some cost to the company. We believe that the benefit to you of not having this disruption and allowing Karim and his team to pursue what to us is the value-creating strategy here is important, is critical, and therefore we're going to have to have some short-term costs to get there. Thank you, Erin. Next question is: Is this new Amarin just a response to shareholder pressure? Adam, could I propose that you address that? Sure. The, the answer is absolutely not. It, it is the entire transformation of the company from the new management team to the new board, the new strategy. I mean, this is, you know, what is the fundamental element of what's gone from a company with a U.S. focus, with an IP protected position and all the things that that implies, to now obviously the U.S. market's been transformed into a, you know, a generic competition. That the growth and upside has to come from Europe and rest of the world. That's new people, new skills, European-based executives such as Karim, with his long history there, Per with his long history, and adding people like Chito with his Asian experience, and other board members with experience in medical affairs, scientific elements, and some of the M&A and finance skills that Erin and I bring to bear, for example. It's really been a transformation at every level, management, board, strategy, personnel, to really take the company to the next level because it is a completely different situation than what the company experienced before it lost its IP. Yeah. I mean, to put it in a nutshell, I think that's it. Once it became clear that, you know, the U.S. court cases were not going to go Amarin's way, the necessity for this company was to take a new path, and that entailed new people, new ideas, new management, et cetera. You know, I think we all wish that hadn't happened, but that was not in anyone's control, certainly not in the control of the people on this call or this board. I'll remind many of our shareholders who've been owners of the stock for a number of years that the company went through a major transformation also after the negative AdCom FDA vote, where the company faced a significant challenge to where, you know, the indication was not gonna be provided, and Amarin had to transform and build a completely new strategy to go after reduced cardiovascular risk reduction indication. Had to hire new people in R&D, had to do so many things. It was not, you know, in two quarters that the situation changed. It took a number of years until Amarin went back to the right level, you know, of performance back to the twenties, right? It took basically four or five years or more. We are on that transformation, and we are making very good progress as we move. The next question is, what is the board's perspective on selling the company? Adam? Sure. I mean, look, we are very, very focused on maximizing value at Amarin. That is mission-critical for the board and the management team. You know, it's my experience as an M&A banker that most successful biopharma companies are either sold or, in a very few cases, grow up to become the next [Amgens] of the world. Even a company as large and successful as Celgene ultimately sold to Bristol Myers. We are very, very mindful of that history and view as terms of how to maximize value for the company. Clearly, in terms of, as Per and Karim and as everyone has said, this, the critical steps going forward are price and reimbursement and commercialization in Europe. That's where we'll get growth in revenues, profits, and cash flow. Coming out of that will give us all the optionality and ability to maximize value. I think we'd all much rather see a sale in the stock, if there is a sale, at, from a much higher stock price than today, and we get a premium to that price than a premium to this price. I think we all feel very strongly about that. You know, we will. You know, again, as an M&A banker, I always have advised clients it's better to be bought than sold. It's great to have someone come knocking on the door, and we're certainly mindful of that. We're also well aware that at the right time and in the right circumstances, we can also be proactive as well. Again, we are extremely committed and focused on maximizing value. It is one of the reasons why I was specifically recruited to, for this role, given the importance of M&A to the company's future going forward. The next question is, what percentage of Amarin stock is owned by the board and senior management, and why has the board continued to grant stock options and compensation when the value of the company has fallen? Let me address that. You know, to be an executive at a company or to frankly be a director on the board of a company is a job. Like all jobs, we continue to seek the best candidates. In order to attract the best candidates, we know we need to have competitive compensation. We retain outside consultants to give us benchmarks of where our peers are because we know it's a competitive market for the people that we need. That being said, our compensation, both for management and the board, is heavily weighted toward equity. It's a mix of stock op units and options. The options are worthless unless the stock appreciates from the level at which they're granted, and the RSUs are commensurately valuable as the stock price moves up and down. We're highly sensitive to that. To be realistic, we do need to keep people like Karim Mikhail, and we do need to attract new board members like Murray Stewart and Chito and other people who provide real value to this company and who are willing to put in time, effort, significant thought. We believe that, you know, we must continue to evaluate, as we do annually, what market compensation looks like. We don't believe it's in our shareholders' best interest to underpay people and therefore inevitably get lower quality people than Amarin needs. Thank you, Erin. Another question, maybe close also to that sphere. Why haven't the Amarin board members purchased stock on the open market if there is such strong confidence in the company strategy and future? Well, I think as Erin mentioned, you know, stock and options are a critical portion of the compensation for directors. You know, we all have a very meaningful equity participation in the company, and we do well if the company and stock does well, and conversely otherwise. You know, we are 100% aligned with shareholders, wanting to see the stock do incredibly well. We are very excited by the growth and upside that we all see in the company and the stock, which is really the critical motivation certainly for me to join, and I think for all the board members that have joined, you know, in the last year. Thank you, Adam. The next question: Can you explain why Amarin has not met its stated goals on the European launch timelines? You know, I'll start with this one. First of all, you know, the easiest thing when you're negotiating a price in Europe is to basically say, "I'll make you 80% discount on the list price and get access in two, three months." Which by the way, many of the European agencies try to tell us, "Why don't you know, just make your biggest discount and we can offer you know, a price quickly." When your goal is truly maximizing shareholder value, and when you have 1 product in your company, your number one objective in Europe, because prices only go down, is to have the highest possible price point that is acceptable to the reimbursement agency and that will allow you a very positive penetration, because you also don't want the price to be an obstacle to usage. We were able to demonstrate to governments in Europe that VASCEPA is adding a lot of value to their own budgets, that it saves costs from MIs, it saves costs from hospitalization. With that product deserved a price in the U.K of five point something EUR a day, which is higher than many of the other company metabolic products. We could have had many more, right, countries if we had just, you know, conceded on a lower price, but we don't believe that this is maximizing shareholder value. What is maximizing shareholder value is that we have the right price for this product, and we already have that in the U.K, in Sweden, in Finland, in Denmark, in Austria, and more markets to come. You know, we believe we've made very positive progress. Yeah. If I may, Karim, I just want to add in, you negotiate with healthcare authorities, you negotiate with politicians, you negotiate with bureaucrats. This is not a standard type of negotiation that you would see otherwise in life. As many of you will recognize when COVID hit and we had the healthcare meltdown because of COVID, you will appreciate that many authorities were much more preoccupied with their short-term dilemma of containing the virus than delivering on their stated timeline for when you meet to negotiate price and so on with companies. We just need to keep in mind that this marketplace is so distinctively different from the U.S. marketplace. That said, the opportunities are there, and we're pursuing them to the best of our ability and experience and knowledge base. I just wanted to add that in, Karim. Thank you, Per. I think it is important, again, it's the same point, but it's just the fact that the European market is so different from the U.S. market is why there is a new strategy and a new team in place. That is the fundamentals. It's not just something hypothetical. It's that's why. The U.S. is very different. You know, the commercial pay market is much more open to reimbursing drugs. There's Medicare, Medicaid, you know, and there's one market as compared to, you know, the many markets in Europe. It's a much more open marketplace in the U.S. versus country by country, different needs, different requirements, and a much more tenacious pricing environment that's required these new skills, new leadership to advance the mission in Europe. As we said, all our prices are visible to the future markets. Now that we are negotiating Spain, Italy, France and other markets, we have a visible price to all these other countries, so they understand the value of the product. This basically, you know, supports, facilitates the negotiation because they understand what other governments are paying for that. The next question is: Can you explain what happened with the reimbursement process in Germany? Per Wold-Olsen, maybe because you have a lot of history in Europe and you know maybe Germany more than others, maybe you wanna give a bit of background on Germany and then how it impacted Amarin. Yeah. I think for those of you shareholders that are on the call that have a history with the pharmaceutical industry, Germany was the easy place to go to. If anyone in Europe was close to the U.S., it was Germany. In many ways, you could, within reason, within limits, you could set your price and you could launch. Subsequently, at a later time point, you will start to entertain certain discussions. It was always industry-friendly, if you will. Now, as I mentioned a moment ago, what COVID did to the German healthcare system was unprecedented. The German government basically changed their fundamental policy as to access and price during the COVID times. That was not seen by anyone. That was not expected. As I said, I'm involved with a number of other companies. There are actually companies that have oncology products that are saying today there is no need to try to negotiate with the Germans because they are so unreasonable. All I wanted to say was the dilemma that we're struggling with related to Germany is not unique to Amarin. As you heard, the price level that you're able to set up front decides is an indicator of where you end up in Southern Europe. Karim Mikhail made a subtle argument also that I want to reinforce. You know from the U.S. system, you launch with price X, and then you can take an annual price increase of X or Y and so on. Over time, your price goes up. In Europe, the price never goes up, it goes down. If you are in the eyes of the health authorities too successful, you become too big a burden on the health budget, they will come back to you and say, "We need to negotiate rebates, discounts, reductions. " This process that we're going through right now in terms of getting the best possible price as a starting point is critical to value creation for Amarin shareholders at this time. Sorry, Karim. No, thank you, Per. I mean, you know, people will remember that during our negotiation with the U.K., because most of the discussions were public and NICE were posting them on their website, we did receive a price in round two, which, you know, was maybe in the acceptable range, but was not taking into account all the value that VASCEPA brought. By going through a third round of negotiation, I can tell you the difference in price was not single-digit%. It was more than that, which if you account for a lifecycle, right, the millions of bottles that will be sold, not just in the U.K., but the impact of the U.K. price on other markets is very, very significant. The easiest thing is to concede and to say, "Let's go for a lower price. " This team did not do that and chose to go the difficult way to maximize shareholder value. I would add Glass Lewis in their report exactly discussed this issue with Germany, and they highlighted the changes in the German regulatory environment in March of 2022 that really transformed the market. It was COVID times, but kind of as later part of COVID in terms of the German change in their German environment. Glass Lewis talked about this extensively as part of their ultimate recommendation to support Amarin and vote against the source of slight and proposals. Thank you, Adam. Next question is on China. Can you provide information on the timeline for approval for China? I can start. As you know, in China, we have a partner, Eddingpharm. Eddingpharm is our Chinese partner who's in touch with the Chinese government and basically driving the process. We have had a very solid collaboration with Eddingpharm, and we were working together over the last, you know, two to three years to basically advance on the regulatory process. We had the final submission of the latest data requests in October. From that date, it's supposed to be a number of days based on the Chinese FDA system until you get an approval, unless they have additional questions. We did not receive any additional questions. If you remember, in November, due to the zero-tolerance policy in China on COVID, the Chinese FDA actually closed down for more than a month. The Chinese regulatory process is advancing based on the latest information provided by Edding. We expect that to be sometime in Q1 or before, you know, Q1 ends. Of course, the minute we have updates, we will disclose them to our shareholders. It's advancing and moving forward. The next question, should Amarin move to a subscription model? I know we touched on this earlier, but maybe we can talk about it a bit more. Per, you want to start, or I can also give it a go? Why don't you give it a go? Sure. A subscription model, which, you know, maybe in lay public language, people use the subscription model, which, you know, basically means you just pay something and you have access to everything. While the reality here is just one product, you don't have access to everything. First of all, that model is only applicable in the U.K. Has not been applied elsewhere. If anybody claims that it was implemented in Germany with success, I really, based on my humble experience, I have not seen it executed nor implemented. Has only been executed for inclisiran in the U.K., which is the product that Novartis bought from The Medicines Company. The concept of a subscription model is the following, is that you basically go to the government, you have a product that you know you're gonna face significant challenge in uptake. Why? You're either expensive or difficult to administer or both. In the case of that product, it was both. It's an injectable biologic, and it's also very expensive product. You go to the government and you say, "I am willing to reduce my price significantly for you." When I say significantly, it's not 50, it's not 60. It's a significant price reduction based on you, the government, to be open for my product to be used to a very, very large patient population, right? That deal with the U.K. government, by the way, for Inclisiran, if I remember right from public sources, was 300,000 patients. If you go to the Minister of Health tweet, when we got the approval in the U.K., the Minister of Health in the U.K., who tweeted that day, said, "I am excited today to reimburse VASCEPA for a patient population of half a million people." We actually had a bigger eligible patient population, although we were not a subscription model. That's number one. Number two, we actually are not discounting anything to the U.K. government. The price that you see is the full value that Amarin is going to have with that business. Look, it may have been the right thing for that product, but in our case, we're orally administered, we have evidence, we demonstrated the value, and we believe that we followed the right strategy. You know, if there was another strategy, because let's face it, we're not held to our own, by the way, you know, experiences. We do consult, we challenge each other. We have a board that challenges us dramatically with the experience of Per, Chito, Geraldine, you know, all the commercial people, you know, on the board challenging us of our pricing reimbursement strategy. We believe we did the right thing, and we continue to explore other creative ideas, by the way, in other markets, because we still have a number of countries where we need to succeed. That's on the subscription model. The next question, why did it take the company so long to begin cost-cutting measures after the third generic entrant at the beginning of 2022? Let me try that one. Within two months of Karim becoming the CEO at Amarin, he reduced the sales force on the U.S. side by 50%, so October of 2021. Additionally, the third generic entrant came in in January, as soon as it became evident that they were going to be destabilizing in terms of price and therefore our revenues, work began on what has been a successful $100 million cost-cutting exercise. These things take a bit of time, given there are humans involved and people who are being dislocated from their jobs, et cetera, but in my experience, it was actually quite quick. Tom, the new CFO, and I have worked closely together on cost-cutting measures, not only in that program, but overall in the U.S. business. Because although the U.S. business is not the future of Amarin, it's still a very significant and valuable asset of Amarin that we are highly conscious we need to manage as best we can to maximize the cash flows coming out of that business. While you could cut it to zero, unfortunately, your revenues would go near zero, and at the moment, we do not believe that's the right approach to maximize the value in this business. That said, we now have a fourth generic entrant in the market who came in in late December and then with an additional product in January. We watch the scripts weekly. Tom sends them to me. We discuss them on a weekly basis. Management has multiple plans that the board has encouraged and required them to have. As we watch how this plays out in the market over the coming weeks and months, we're prepared to respond further. We need to balance between cutting and maximizing the value on this business and not being too rash. You know, the other thing I would just comment on, it's not directly in this question, but it's really important and it hasn't come up otherwise, is, you know, cost-cutting only shows up on the profit loss statement. We also focused tremendously on a daily basis on the balance sheet, because one of Amarin's biggest assets is the inventory that sits on its balance sheet. We have over $400 million in inventory. In a sense, as a financial person, I think of that as cash crystallized, and we need to make sure we liquefy that and get it out to support the rest of the business. In that vein, we came into this situation with a number of supply contracts that had been negotiated prior to the IP being lost. They were designed to build to a much larger U.S. Amarin that unfortunately we now know is not gonna be available to us given the IP loss. We moved swiftly. We hired a new supply chain manager, David. David has worked with Tom and with me to tirelessly recut those deals. Not easy to do. You know, these are people, these are suppliers that oftentimes have a single source plant dedicated to Amarin and dedicated to our supply. These were not easy negotiations, the team has gone at them very aggressively. Part of the cash flow burn came from those supply agreements that caused the inventory to build up and the cash to dwindle. We believe we have aggressively moved to stem that cash flow bleed, you can see that in the fourth quarter where we were actually slightly cash flow positive. You know, obviously that may or may not be the case going forward as we invest in Europe, you know, in line with where the approvals come in. The point is we are actively managing both the PNL and the balance sheet, so that Amarin has all the resources it can possibly muster, without having to ever we hope, go back to equity markets, until our share price is significantly higher and it would be attractive to all of us as shareholders to do so. I would just add, as someone who saw this after the fact, and this all played out obviously before I joined the board, I was extremely impressed with all the efforts by management and the board on this point. I mean, getting the cost and supply chain under control was a difficult and seminal point to maximizing cash flow, you know, maximizing liquidity, you know, preventing the need or reducing the need to issue equity. No one wants to issue equity at these prices and suffer the dilution. I do think that is a very important part of why, you know, we've seen a resurgence in the stock after the announcement that of the positive free cash flow in the fourth quarter. I saw all this play out and was very impressed with the tenacity, the toughness, and the determination of people to get these things done, not just for that reason, but as a mindset and ethos going forward for all aspects of the business in terms of the critical things that have to be done to have success in Europe. Let me just close by saying when it comes to non-revenue generating expenses, right? Because field force promotion, these are revenue-generating investments. When it comes to non-revenue, we are very harsh. I mean, for example, we just reduced the space of our global headquarters by 75%, reduced it to a small open space because we believe that's not revenue generating. It's not gonna make a difference with shareholders. It's not gonna drive revenue. We did cut it. You know. You know, there is a lot of effort in that space. Maybe we try to cover one more question. Sorry, Karim. I just need to insert for those shareholders that know the space, this is not a typical small molecule tablet. This is not a market space where you lose 90%-95% of your revenue overnight. Adam, how much is it that we've been able to retain in terms of revenue? At the end of 2022, the market share in the U.S., you know, was 60%, which is extraordinary with all the generic entrants where typically, you know, you see generics come in and just, you know, the market share for the original participant, you know, declines dramatically. It was a tremendous effort on the part of management and the team to preserve enough infrastructure to secure these exclusive arrangements with key PBMs in the U.S. market to maintain that market share. To Erin's point, help liquefy and turn to cash the inventory that had been built up from the originally committed. These all tied together in terms of getting to, you know, a much better financial position today than the company was facing less than 12 months ago. Yeah. All I wanted to make sure that our shareholders understand that this is complex, and it's been dealt with in a truly professional way. It's not as simple and straightforward as presented by Sarissa. One last question maybe in the last few minutes. What is the status of patent protection and future generic competition in Europe and Asia? That's yours, Karim. I can start with that. Look, in Europe, we have a regulatory exclusivity, data exclusivity for 10 years, which is very, very strong until 2031. We only pursued cardiovascular risk indication in Europe. There is no small triglyceride lowering indication that can be challenged for obviousness. The team did everything possible to think ahead on how to protect, you know, the product. We are seeking that same indication in the rest of the world, in the international markets with no triglyceride lowering. We have different patents in the different countries, but we're not going to any market where we don't have the right level, you know, of protection. I think we understand very well how what sort of sustained value we have. On top of that, we have a number of initiatives that can actually extend the life cycle and the protection of the product, one of which is the fixed-dose combination that we are working on developing. Since there are only just a few remaining minutes in our webcast, I just wanna leave those few minutes to Per, you know, for closing remarks and final thoughts. Thank you, Karim. What I wanted to signal back to you, our shareholders. First, thank you for joining us this morning. I hope that you feel that you learned something. I hope you feel you understand the transition better, and I hope you got the feeling that perhaps there is a new Amarin. Perhaps there is a clear-cut new strategy, a new board, a new management team. If you haven't yet voted, I would really like to ask you to support the Amarin team and vote the white proxy card against Sarissa's proposals. For those of you that have voted, if you feel that you're wiser, if you feel that some of the signals that you have heard from us, please consider switching your vote. It is absolutely essential that this board remains in place at this critical time to ensure Amarin's short-term success, setting us up for long-term success. I have articulated to the best of my ability the time-sensitive critical dimension related to 2023 and over price and reimbursement discussions across Europe, and as a function over ability to successfully commercialize. I'm absolutely confident that the new strategy that we're executing on right now is the right strategy for Amarin at this time. As Chairman of the Board, my top priority is to maximize value for all shareholders. Let me put it this way. If the share price is still at the level of ±$2 a year from now, I don't think you should re-elect me as the Chairman of the Board. Right now, I feel that giving the vote to Amarin's board and management and its new strategy is the right thing for the company at this time. As I said up front, we are committed to keeping the dialogue open. If re-elected, I will stay close to and be engaged with direct shareholder dialogue. With that said, as I said, I sincerely do hope that we can have your support. I would also like to thank Adam, Erin, and Karim for being with me today and for all of you to being able and willing to join us and listen to our story and hear the story about new Amarin. Thank you for joining and have a good day.