AMARIN-PLC Earningcall Transcript Of Q2 of 2024

quarter business progress; and Tom Reilly, Amarin's chief financial officer, will provide a review of

our second quarter 2024 financial results. At the end of the presentation, there will be the chance to

ask questions.

I will now turn the call over to Aaron Berg, president and chief executive officer of Amarin. Aaron? 

Aaron D. Berg -- President and Chief Executive Officer

Thank  you,  Mark.  Good  morning,  everyone,  and  thank  you  for  joining  us  today.  I'm  thrilled  to  be

back leading Amarin in a very short time. As interim CEO last year, I was able to spearhead several

key global strategic and organizational adjustments.

Now,  back  in  the  CEO  role  for  just  a  few  short  weeks,  it's  gratifying  to  see  some  of  the  impact  of

those changes. I've been with Amarin for over a decade and remain as passionate and committed to

the company as when I started for several very important reasons. First of all, VASCEPA/VAZKEPA

is  an  incredible  product.  Over  the  last  ten  years,  more  than  300  scientific  publications  have  been

generated,  confirming  the  unique  attributes  of  VASCEPA  anchored  by  the  landmark  REDUCE-IT

trial.

Confirming  that  VASCEPA  provides  an  important  option  for  patients  globally  who  need  to  reduce

their  risk  of  a  cardiovascular  event.  I  ran  the  U.S.  commercial  organization  when  the  REDUCE-IT

trial read out and when we subsequently secured the cardiovascular risk reduction indication. The

reception of this remarkable data by the scientific community and the potential to positively impact

millions of patients with VASCEPA generated incredible demand.

Prescriptions increased significantly and product revenue rose substantially. We witnessed a greater

than  50%  increase  in  the  number  of  prescribers  resulting  in  more  than  80%  growth  in  new

prescriptions  in  the  first  year  post  publication  of  REDUCE-IT.  This  evidence  of  uptake  and  market

response  provides  evidence  that  with  time  to  promote  and  educate  supported  by  outstanding

execution,  providers  respond  favorably  to  VASCEPA  as  a  therapy  that  can  benefit  their  patients.

Second,  even  with  many  advancements  in  therapies  and  scientific  data,  cardiovascular  disease

remains the No.

1  killer  globally,  causing  a  significant  financial  burden  and  negatively  impacting  patients  and  their

families.  Additionally,  millions  of  prescriptions  are  written  globally  each  year  for  fibrates  and

omega-3 mixture products for patients with cardiovascular risk, even though they're not beneficial in

reducing  cardiovascular  risk.  As  a  result,  the  reduction  of  cardiovascular  events  remains  a  top

priority for healthcare providers, patients, caretakers, governments and the investment community.

Our confidence remains steadfast that VASCEPA/VAZKEPA represents an important option in the

global  arsenal  against  cardiovascular  disease,  and  therefore  a  true  difference  maker  in  patients'

lives.

Third, unlike in the U.S., where we had time to commercialize VASCEPA prior to the publication of

the REDUCE-IT data and the cardiovascular risk reduction indication, we're in the early phases of

our global expansion effort, targeting key markets around the world. To date, we've unlocked access

and launched in some European markets. However, there remains significant potential to advance

access to VASCEPA for many at risk patients in a number of additional critical markets. And finally,

VAZKEPA  has  a  long  runway  to  generate  revenue  based  on  its  strong  IP  position,  particularly  in

Europe, where we have recently received extended patent rights into 2039.

The  combination  of  the  strength  and  extent  of  clinical  data,  its  runway  and  the  opportunity  for

sustained growth and impact, together with the ability to save lives around the world, translate into a

tremendous  opportunity  for  us  to  maximize  VASCEPA/VAZKEPA's  worldwide  potential.  Before  we

move on to operational performance in the second quarter, there are a few additional points I want

to  highlight  about  Amarin  and  how  we'll  operate  moving  forward  under  my  leadership.  We  have  a

fantastic team, smart, committed, passionate, and I can assure you that no one here is satisfied with

our  commercial  progress.  We're  always  looking  for  ways  that  we  can  generate  new  ideas  and

improve execution, and we know we must find new ways to perform better and faster.

As  a  significant  shareholder  with  substantial  vested  interest  in  the  company's  success,  I'm

determined to drive value for all of us and understand my responsibility to do just that. As I lead the

company  to  build  greater  value,  I  think  and  act  like  a  shareholder  every  day.  My  focus  is  clear  to

prioritize execution and performance while urgently evaluating opportunities to expand the impact of

VASCEPA  to  millions  of  patients  worldwide.  That's  our  commitment  to  provide  value  to  patients,

providers, payers and of course, shareholders.

Let  me  now  turn  to  some  of  the  operational  highlights  from  the  quarter.  Turning  to  Slide  6,  in

Europe, our teams are making progress in realizing incremental revenue growth, but we have much

more work ahead of us. The seeds for recent growth were planted more than a year ago when we

put a new strategy in place centered around targeting a more focused patient population, coupled

with  improved  resource  prioritization,  all  with  a  focus  on  enhancing  the  value  proposition  for

VAZKEPA in the market that can deliver the greatest impact for patients. Part of the challenge we

faced in Europe is the reality that compelling data such as, REDUCE-IT, many times clashes with

budget realities in individual markets.

A broader label creates an enormous opportunity in Europe due to the strength of the REDUCE-IT

trial, which demonstrates that VAZKEPA can benefit millions of patients, all within the label. There

are  approximately  seven  million  patients  that  meet  the  label  criteria  in  Europe.  While  this  is  very

powerful  and  the  scale  is  an  enormous  opportunity  for  us,  it's  also  a  challenge  for  the

reimbursement  authorities  from  a  budget  perspective.  We  need  to  respect  that  and  work  with  the

authorities  to  find  the  middle  ground  of  helping  as  many  patients  as  possible,  while  doing  so  in  a

manner that's sensitive to the budget constraints.

In 2023, we implemented a strategy to accelerate progress, which focuses on a higher risk subset of

REDUCE-IT patients. This is intended to help us obtain favorable access and reimbursement more

quickly, while preserving long-term potential, as well as accelerate sales growth upon launch with a

more  focused,  efficient  commercial  structure.  We're  seeing  this  strategy  resonate  with  authorities

and hope that once we establish momentum in key country providers, they will use the product to

benefit  more  of  their  at-risk  patients.  In  the  second  quarter,  the  team  continued  to  deliver  on  this

strategy and made advances.

Specifically,  Spain  is  delivering  robust  growth  following  our  highly  successful  VAZKEPA  launch  in

that  country  last  fall.  The  early  success  in  Spain  further  confirms  what  we  learned  from  our

promotional and educational efforts in the U.S. that when HCPs and payers learn about the science

and  benefits  of  VAZKEPA,  this  medication  can  sell  in  Europe.  Our  sales  team  there  is  targeting

2500 key HCPs covering 80% of the total market and augmenting our sales efforts with continued

focus  on  a  commercial  and  medical  strategy  centered  on  increased  HCP  interactions,  regional

congresses and publication plans.

These efforts should help to solidify the case for VAZKEPA in this important European market and

should serve as a model for how we expect to execute our strategy in other European markets. In

the  UK,  we  implemented  significant  impactful  changes  to  accelerate  growth.  Our  refined,  focused

commercial strategy, coupled with organizational changes including a new General Manager and a

revamped sales force structure, the UK team is energized, focused and accelerating growth. They're

focused on the most critical accounts and optimizing access to these accounts.

We  expect  this  positive  momentum  to  continue  and  contribute  to  sustained  incremental  revenue

growth  as  we  move  forward.  Turning  to  pricing  and  reimbursement  progress,  we're  focused  on

advancing  opportunities  in  other  key  EU5  markets.  In  Italy,  our  dossier  is  now  under  review  with

local  health  authorities.  We  are  confident  that  our  submission  will  again  deliver  a  positive  clinical

assessment and we remain committed to doing all we can with the authorities to lead to a successful

price negotiation by the end of the year.

In  France,  with  the  recent  publication  of  the  RESPECT-EPA  cardiovascular  outcome  study  of

icosapent ethyl, we have key additional data available which will strengthen our clinical dossier. In

other  European  markets  we  recently  secured  national  pricing  and  reimbursement  in  Greece  and

Portugal, and we look forward to realizing additional revenue contributions from these markets. As

we look to the future, the European market represents an important long-term source of growth for

VAZKEPA.  With  IP  protection  in  Europe  out  to  2039,  we  stand  to  realize  tremendous  value  and

impact millions of patients for years to come.

Moving  to  Slide  7  in  the  rest  of  the  world.  Overall,  the  rest  of  the  world  represents  a  number  of

countries that together provide a sizable market expansion opportunity. Along with our partners, we

continue to make regulatory market access and commercial launch progress across key markets, all

of  which  further  expands  access  for  patients  to  VASCEPA/VAZKEPA,  reinforces  the  impact  the

product  has  already  achieved  and  enhances  cash  generation  for  the  future.  Specifically  looking  at

Asia, in China, our partner Eddingpharm recently announced that they received regulatory approval

for  VASCEPA 

for  cardiovascular  risk  reduction 

from  China's  National  Medical  Products

Administration, or NMPA.

Following  approval  by  NMPA,  Edding  is  working  to  include  VASCEPA  on  the  National

Reimbursement Drug List, or NRDL, and augment the ongoing commercial launch of VASCEPA in

China  to  include  the  cardiovascular  risk  reduction  indication.  NRDL  listing  serves  as  the  primary

pathway  for  public  reimbursement  of  pharmaceutical  products  in  China,  covering  98%  of  the

Chinese population. Products included in this listing can be readily prescribed from public hospitals

in China. This is an important step in advancing access for VASCEPA to patients across China and

to making it a key component in the treatment paradigm addressing the growing CBD public health

issue in the second most populated country in the world.

To  that  point,  according  to  the  World  Heart  Federation,  cardiovascular  events  such  as  ischemic

heart disease and stroke have been projected to increase by 50% among the population in China

between  2010  and  2030.  As  a  reminder,  our  agreement  states  that  as  a  result  of  achieving  the

cardiovascular  risk  reduction  indication  in  China,  Amarin  earned  a  $15  million  milestone  payment

from  Edding,  in  addition  to  future  commercial  milestone  payments,  as  well  as  tiered  royalties  on

sales, a source of sustained cash in the years to come. In Australia, our partner CSL Seqirus has

now advanced the pricing and reimbursement discussions with local authorities to the final stages.

We're  also  supporting  commercial  launch  readiness  in  the  market  through  medical  education  and

sales force readiness initiatives.

In  Canada,  our  partner,  HLS  Therapeutics  announced  that  its  entered  into  a  product  listing

agreement with the Province of Alberta for the listing and public reimbursement of VASCEPA. The

PLA  with  Alberta  Health  is  effective  August  1,  2024.  In  summary,  our  teams  and  partners  are

continuing to advance efforts to get VASCEPA and VAZKEPA into the hands of as many patients as

possible  globally.  We've  made  progress  under  sometimes  difficult  market  and  reimbursement

challenges,  but  as  more  stakeholders  become  increasingly  educated  on  the  strength  of  the

VASCEPA clinical data and what it means for patient care, our confidence continues to solidify on its

long-term value.

Now, turning to Slide 8 in the U.S. In the second quarter, the U.S. team continued to maintain our

IPE  market  leadership  through  exclusive  accounts  representing  approximately  50%  of  the  IPE

market. Prescription market share remained stable in the U.S.

for the 7th consecutive quarter, while revenues in the quarter were impacted primarily by a decline in

net selling price due to generic competition. The U.S. business continues to generate cash, funding

our  efforts  globally,  particularly  in  Europe.  Our  market  share  strength  is  a  direct  result  of  what  the

U.S.

team has done to work efficiently while maximizing VASCEPA's value in the U.S., despite last year's

strategic  decision  to  eliminate  the  sales  force  and  significantly  reduce  marketing  spend  given

increasing generic competition. While we're encouraged that the prescription volume has remained

stable  in  the  first  half  of  2024,  as  we've  always  said,  the  U.S.  market  is  highly  dynamic.  We

announced during the second quarter that in the second half of 2024, our business will be impacted

by  the  loss  of  an  important  contract  with  a  major  exclusive  commercial  account  which  moved

branded VASCEPA to a blocked status on its formulary.

This account represents approximately 25% of our business and is expected to reduce our second

half 2024 revenues. It is important to keep in mind that while the decision will undoubtedly have a

significant impact on overall VASCEPA volume, we believe that branded VASCEPA will continue to

be the market leader in the total IPE market even after taking into account the full impact of the loss

of this major exclusive plan is absorbed. And importantly, despite the ongoing challenges presented

by  generic  competition  in  the  U.S.,  remember,  we've  prepared  for  all  scenarios  and  are  ready  to

change our approach to this business as the market continues to evolve. This includes the launch of

an authorized generic at the optimal time, which will be bolstered by our strong supply position.

We  believe  this  would  help  us  retain  our  IPE  market  leadership,  as  well  as  generate  revenue  for

years to come. Now, I'd like to hand the call over to Tom Reilly to review our second quarter 2024

financial performance. Tom?

Tom Reilly -- Chief Financial Officer

Thank  you,  Aaron.  Good  morning,  everyone.  Today,  I'm  reporting  details  regarding  our  financial

performance  in  the  second  quarter  of  2024.  Turning  to  Slide  10  in  the  second  quarter  of  2024,

Amarin  reported  total  net  revenue  of  $67.5  million,  which  included  net  product  revenue  of  $47.5

million  and  $20  million  of  licensing  and  royalty  revenue  versus  $80.2  million  total  revenue  in  the

second quarter of 2023.

U.S.  product  revenue  was  $43.8  million  in  the  second  quarter  of  2024  versus  $64.6  million  in  the

second quarter of 2023. This decline was driven largely by lower net selling price due to the generic

competition in the market. Despite the revenue decline, the U.S.

business continues to deliver significant cash. Product revenue also reflects European net product

revenue of $3.5 million, a $2.9 million increase over the prior year, driven by revenue growth from

both Spain and the UK, as well as supply shipments to our partners in Greece and Israel. Licensing

and royalty revenue was $20 million in the second quarter of 2024 versus $15 million in the second

quarter  of  2023.  The  current  quarter  amount  reflects  the  contribution  of  a  $15  million  milestone

related  to  obtaining  cardiovascular  risk  reduction  approval  in  China  and  a  $4  million  of  non-cash

payment related to change in accounting estimate on a previously received partnership milestone.

Cost of goods sold in the second quarter of 2024 was $24.7 million, compared to $37.5 million in the

second  quarter  of  2023.  Gross  margin  in  the  second  quarter  of  2024  was  48%  and  Q2  2023  was

64%, excluding inventory restructuring charges in the second quarter of 2023. This decline is due to

a decline in the net selling price in the U.S. Now, moving on to operating expense of the P&L.

July 2023, we announced we would reduce our cost basis by $40 million annually. Today, we are

pleased to report that we have achieved $50 million in cost savings on an annualized basis. Overall,

operating expenses were $43.3 million in the second quarter, comprised of $38.5 million in selling,

general and administrative expenses and $4.7 million in research and development expenses, which

is  approximately  a  $14  million  reduction  in  operating  expenses  versus  the  second  quarter  2023,

excluding the 2023 restructuring expenses. Turning to profitability.

We  reported  a  GAAP  net  income  of  $1.5  million  for  the  second  quarter  of  2024  versus  a  $17.6

million  loss  in  the  prior  year  period.  On  an  adjusted  basis,  the  company  realized  a  profit  of  $5.9

million  versus  $8.6  million  in  2023.  Now,  let  me  turn  to  Slide  11  and  our  efforts  and  results  in

controlling  costs  and  effectively  managing  our  cash.  As  of  June  30,  2024,  Amarin  reported

aggregate cash and investments of $307 million.

While our cash balance has been impacted by revenue shortfall, we have successfully maintained a

stable  cash  position  over  the  last  eight  quarters.  The  sizable  cash  balance  provides  an  important

foundation  for  the  company.  We  continue  to  focus  on  balancing,  preserving  cash  with  managing

costs  and  at  the  same  time  pursuing  channels  to  expand  product  revenue.  Now,  let  me  provide  a

brief update on our share repurchase program.

As  announced  in  January,  Amarin  entered  into  a  conditional  share  repurchase  agreement  with

Cantor  Fitzgerald  to  purchase  up  to  $50  million  of  Amarin's  ordinary  shares.  The  company

announced this program given its confidence in the business and our cash position at that time and

the potential to return value to shareholders. In April, we secured shareholder approval and in May,

we  successfully  secured  UK  High  Court  approval  for  the  share  repurchase  program.  While  we

actively assess business and market conditions on an ongoing basis, including the performance of

our  business,  our  cash  position  and  other  factors,  at  this  time,  we  have  not  initiated  share

repurchases given current conditions.

We will continue to assess these conditions moving forward and we would consider initiating share

repurchases if and when the business and market conditions improve. With that, I will now turn back

to Aaron for closing remarks and to begin the Q&A portion of our call. Aaron?

Aaron D. Berg -- President and Chief Executive Officer

Thanks, Tom, for the overview of financial results and the update on the share repurchase program.

As we shared this morning, we believe there's significant long-term value in VASCEPA/VAZKEPA.

Our goal is simple and clear to harness the attributes of the product over 10 years of science and

clinical  data,  including  more  than  300  publications  on  VASCEPA  and  the  backing  of  30  medical

societies around the world recognizing the value of the product and extended IP position in Europe

out  to  2039  and  unmet  need  globally  to  reduce  cardiovascular  risk  as  cardiovascular  disease

remains the No. 1 killer around the world, and multiple key untapped markets in Europe and the rest

of the world where access can be opened to maximize its value potential at a faster pace.

The  progress  we've  made  to  date  is  not  enough.  We  understand  the  need  to  accelerate

performance, to realize the potential of the product across Europe and the rest of the world markets

with  our  partners,  and  to  continue  to  maximize  profitability  in  the  U.S.  As  we  continue  our

operational  execution  to  rapidly  build  value  across  global  markets.  We're  also  examining  all

possibilities and opportunities to unlock the value of this product for more patients.

Before we turn to Q&A, I'd like to thank our Amarin colleagues for their continued commitment and

dedication. Each of you come to work every day focused on bringing VASCEPA and VAZKEPA to

patients, because you know it can make a difference. Thank you all for your efforts. And with that,

Mark, let's begin the Q&A portion of the call.

Mark Marmur -- Vice President, Corporate Communications and Investor Relations

Thank  you,  Aaron.  As  we  previously  shared,  to  enhance  engagement  with  the  company's

shareholder  base  and  facilitate  connections  with  its  investors,  Amarin  has  partnered  with  say

technologies  to  allow  retail  and  institutional  shareholders  to  submit  and  upvote  questions,  a

selection of which will be answered by Amarin management during today's earnings call. Let's begin

the Q&A. Aaron, this question is for you.

In  the  U.S.,  what  is  our  outlook  for  continued  stabilization  in  VASCEPA  U.S.  revenues  against

additional generic competition? And what's the plan for renewing exclusive contracts for 2025?

Aaron D. Berg -- President and Chief Executive Officer

Yes. Thanks, Mark. And first of all, thanks again to all the investors who submitted these questions.

We greatly appreciate it.

It's important to keep in mind that while the loss of the commercial exclusive in the U.S. is certainly

significant,  we  believe  that  branded  VASCEPA  will  continue  to  be  the  market  leader  after  the  full

impact  of  the  loss  of  the  major  exclusive  plans  absorbed.  This  recent  decision  only  impacts  that

single commercial plan under that account. It does not impact Medicare Part D plans.

The significant majority of our exclusive volume is in Medicare Part D plans. We do have exclusive

IPE  status  at  other  commercial  plans,  but  those  plans  represent  a  smaller  portion  of  our  total

volume. Based on the feedback we received from the PBM for those plans, we expect that they will

retain exclusive status for the remainder of 2024. Looking at 2025, we submitted what we believe to

be competitive offers for 2025, and plans are now in the process of making their decisions regarding

formulary coverage to start 2025.

The feedback we've received to-date regarding our offers has been positive, but it's far too early to

make any predictions regarding 2025 coverage status even at the plans that have given us positive

feedback.  We  also  have  been  preparing  and  have  the  ability  to  launch  an  authorized  generic,  if

necessary, to maintain our leadership position.

Mark Marmur -- Vice President, Corporate Communications and Investor Relations

Thanks,  Aaron.  Tom,  during  today's  call,  we  provided  an  update  regarding  the  share  repurchase

program.  Can  you  share  more  on  the  market  conditions  impacting  the  decision  not  to  commence

share repurchases?

Tom Reilly -- Chief Financial Officer

Thank you for the question. While we received both shareholder and UK high court approvals in the

second quarter, we did not commence any share repurchases in the second quarter due to business

and market conditions. We are monitoring the cash generation in the U.S. business over the coming

quarters, following the loss of a key commercial exclusive plan, as well as our progress in Europe.

As these factors impact our cash position, and the viability of the share repurchase program moving

forward.

Mark Marmur -- Vice President, Corporate Communications and Investor Relations

Thanks, Tom. Investors would also like to know if we have an update on a potential delisting from

NASDAQ and if we would consider a reverse split to increase the share price.

Tom Reilly -- Chief Financial Officer

OK. Thanks, Mark. First, on the delisting, given that we traded under $1 for 30 consecutive trading

days, we received official notice of a potential delisting from NASDAQ at the end of May. Keep in

mind, the full process could take up to 360 days if we continue to trade below $1.

However,  there  are  financial  levers,  strategic  and  operational  opportunities  to  regain  compliance.

We believe the operational opportunities are to progress in Europe, advancing efforts with partners

in  the  rest  of  the  world,  and  delivering  cash  in  the  U.S.  which  all  can  help  us  to  regain  NASDAQ

compliance. On a potential reverse stock split, we are always considering the pros and cons of all

options to increase shareholder value.

Mark Marmur -- Vice President, Corporate Communications and Investor Relations

Jonathan, we've received a number of questions regarding the recent decision by the Federal Circuit

to reverse a previous decision in the skinny label litigation. Can you comment on that?

Jonathan Provoost -- Chief Legal and Compliance Officer

Sure,  Mark.  To  recap,  in  November  2020,  we  filed  a  patent  infringement  lawsuit  against  Hikma,

alleging  that  Hikma  activities  associated  with  their  marketing  and  sale  of  their  generic  icosapent

product induced infringement of patents covering the use of VASCEPA to reduce specified CV risk.

In January 2022, the district court dismissed our complaint against Hikma for failure to state a claim.

We appeal that decision to the appellate court, and the appellate court heard oral arguments in April

of 2024.

In  late  June,  the  appellate  court  reversed  the  district  court's  decision,  finding  that  our  allegations

against Hikma do indeed plasma state a claim or induced infringement. Due to this finding, the case

will return to the District Court. While we welcome the Federal Circuit's decision, this simply means

that the case will now proceed within the District Court. No ruling has yet been made on the merits

of the allegations we've made.

Aaron D. Berg -- President and Chief Executive Officer

Thanks, Jonathan. Steve we recently saw that the respect EPA study was published in circulation.

Can you remind our investors about the background of this study and why it is important?

Steven B. Ketchum -- Chief Scientific Officer and President of Research and Development

Thanks, Mark for the question. The RESPECT-EPA clinical trial is an independent study funded by

the  Japanese  Heart  Foundation.  In  2005,  the  Japan  EPA  Lipid  Intervention  study  or  JELIS  first

demonstrated a beneficial effect of highly purified eicosapentaenoic acid or EPA on cardiovascular

outcomes in patients with or without coronary artery disease also referred to a CAD. In 2019, Amarin

published  the  positive  results  of  its  double-blind  placebo-controlled  study  REDUCE-IT  in  patients

with cardiovascular risk and elevated TG levels.

And  now,  RESPECT-EPA  is  the  third  study  that  demonstrated  the  value  of  highly  purified  EPA  in

reducing cardiovascular outcomes in patients with CAD. The RESPECT-EPA study used 1.8 grams

per  day  of  purified  EPA,  which  is  consistent  with  the  substantial  body  of  evidence  from  the

REDUCE-IT and JELIS trials, showing that highly purified prescription EPA plus statin significantly

reduces  the  risk  of  cardiovascular  events  in  high-  and  very  high-risk  statin-treated  patients.

Importantly,  the  study  achieved  a  borderline  statistical  significance  with  a  21.5%  reduction  in  the

primary composite endpoint measuring cardiovascular risk with the p value of 0.054 and achieved a

statistically significant 26.6% reduction in the secondary composite endpoint of RESPECT-EPA with

the p value of 0.03. EPA level also matters.

A  post-hoc  analysis  conducted  by  the  investigators  to  control  for  attained  EPA  levels  yielded  a

statistically significant 27.5% reduction in the primary endpoint with the p value of 0.02.

Aaron D. Berg -- President and Chief Executive Officer

Thank you all for those updates. We will now open the Q&A up for additional questions.

Operator

Questions & Answers: