Amarin Mails Letter to Shareholders Highlighting Sarissa’s Myths vs. The Facts

…on Sarissa’s ability to create value in the healthcare space

• The median total shareholder return (“TSR”) at companies during the tenure of Sarissa-nominated directors is NEGATIVE 24%.¹
• The companies that Sarissa excluded from its presentation had a median TSR of a staggering NEGATIVE 59%.¹
• In four instances, companies with Sarissa-nominated directors LOST OVER 75% of their value.¹

…on M&A

• Not a single one of Sarissa’s nominees for Amarin’s Board were involved in the sale processes mentioned in their communications regarding Amarin.
• Sarissa and its founder, Alex Denner, are both currently facing litigation asserting serious breaches of fiduciary duty related to one of the sales.
• The Amarin Board specifically added a director – Adam Berger – who brings extensive M&A experience to be prepared for any M&A opportunity. Berger has been involved in over 90 sales during his career in investment banking.

…on comparing Amarin to The Medicines Company

• Had not initiated large-scale commercialization efforts for its lead product.
• Was not facing substantial generic competition in the U.S. for its lead product. The bulk of the value attributed by Novartis’s $9.7 billion acquisition of The Medicines Company was related to this very large U.S. market opportunity.
• Had not yet filed its lead product for approval in Europe and was not in the most critical stages of pricing and reimbursement negotiation.

…on European launch and reimbursement in Germany

• Amarin started 2022 in the price negotiation stage with one European market, and by the end of the year, advanced VAZKEPA® to be fully available in five markets with another five markets in the pricing negotiation stage.
• Beyond Europe, we secured six additional international regulatory approvals last year, as well as a seventh key approval just two weeks ago.
• In Germany, we pivoted quickly, as the price we were offered was below our cost and would have been a dangerous precedent to set in the midst of other European launches.

…on a subscription model

• Population health-based models are not a novel idea. They have been evaluated by several companies, including Amarin. They do not benefit all drug profiles, and they have not been executed across all European countries (as Sarissa suggests), only the UK.
• VAZKEPA has a very different profile than The Medicines Company (again, Sarissa’s apparent only example of success) and its drug Inclisiran. Inclisiran was a late entrant injectable biologic, which was facing challenges in uptake and penetration due to its perceived value, cost and route of administration. VAZKEPA, on the other hand, demonstrated a very positive pharmaco-economic value for the UK government and is an oral therapy, which supports uptake by patients and physicians.
• We have already secured a very attractive price in the UK, compared to all other oral treatment options, which gives us comparable if not better access than The Medicines Company’s Inclisiran/LEQVIO has to the UK population with no additional discounts and no detriment to shareholder value.

…on cost savings

• Amarin further reduced its salesforce in June 2022, resulting in a cumulative reduction of 90%.
• We have delivered savings of $50 million in the second half of 2022 and are on track to achieve $100 million by mid-2023 as we said we would do.
• We have made substantial progress on supply chain renegotiations, which reduced supply purchases by $150 million between the first half of 2022 and second half of 2022.

…on Per Wold-Olsen and Karim Mikhail’s purported working relationship at Merck

• Per Wold-Olsen left Merck in 2006 and Karim Mikhail left Merck in 2018. Merck is an enormous company, and unsurprisingly Mikhail and Wold-Olsen did not have any direct working relationship at Merck (or any other interactions) prior to Wold-Olsen joining the Amarin Board.
• Wold-Olsen was identified through the independent search firm, and Mikhail was in no way involved in the interview and selection process beyond the typical involvement of a CEO and Board member.

…on General Meeting timeline

• The voting deadlines that Sarissa cites are nothing more than voting cutoffs set up by the banks and brokers through which most shareholders hold their shares. In fact, Amarin unsuccessfully tried to persuade the depositary bank, Citi, to extend the deadline.
• Sarissa and its advisors are fully aware of these facts. If Sarissa cannot be trusted to provide you with the truth on simple proxy voting mechanics, you should question the validity of its other assertions.

…on Board refreshment

• Cast a wide net and interviewed over 30 candidates, including members of Sarissa’s slate.
• All candidates we have interviewed were brought to us by a renowned independent search firm.
• Every member of our Board participated in the process.

This refreshment process remains active, and we are open to all qualified candidates. In fact, we have offered to interview two of Sarissa’s new nominees, Paul Cohen and Diane Sullivan, who have backgrounds in specific areas we are evaluating as part of our ongoing Board refreshment process. Sarissa has ignored this request following direct outreach from our Board.

Facts about Sarissa’s previous lack of engagement:

• In the summer of 2022, despite repeated requests, Sarissa refused to give Amarin names after telling us for over 10 weeks that they had specific nominees in mind.
• Sarissa demanded that at least three of its original candidates be appointed in a matter of days after the names were disclosed, violating basic corporate governance process.
• As part of Sarissa’s original nominations, they proposed two junior Sarissa research analysts with less than five years of work experience, which highlights their cavalier approach to this campaign.

…on shareholder communications

• Following our 2022 Annual Meeting, the Board requested a significant and accelerated deep dive on our investor base to increase the level of engagement. The Board and management established a detailed plan, and in 2022 alone, we have created the foundation for Amarin’s IR program, including:
  • Quarterly outreach to over 75 top holders, potential investors and analysts
  • Regular participation at industry conferences with regular business updates
  • Conducting over 200 1×1 meetings
  • Responding to hundreds of shareholder inquiries
• Amarin is also taking steps to improve engagement with retail shareholders specifically, which represent a large portion of our stock, including implementing enhancements to our website to enhance responsiveness and clarify our messaging.