Shares of Amarin Corporation plc (Nasdaq: AMRN) tumbled more than 10% in after-hours trading as the company said that it has initiated an organizational restructuring program to strengthen it and enhance shareholder value. The restructuring aims to reduce operating costs by approximately $40M annually and focuses on three core areas:

- in the U.S., Amarin will maintain VASCEPA as a cost-effective option while implementing a reduction in force of all U.S. sales force positions and about 30% of non-sales roles. 

- in Europe, Amarin will redesign its commercial infrastructure to align with pricing and reimbursement status, streamline functions, and leverage learnings across countries. 

-  the company will focus on generating revenue from partnerships in key international markets, including Canada, MENA, China, and Australia/New Zealand, while exploring additional partnerships.

Amarin also reported preliminary unaudited financial results for the second quarter of 2023, with product revenue of approximately $65 million while analysts are expecting $80.36 million for the period.

$AMRN is currently trading at $1.21 in the extended session, down $0.22 (-15.38%) following the announcement

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