Tuesday, Esperion Therapeutics (NASDAQ:ESPR) reported first-quarter revenues of $137.74 million, up 467% Y/Y, surpassing the consensus of $84.51 million.
The company reported an EPS of $0.34, a turnaround from an EPS loss of $(0.79) a year ago, beating the consensus of $0.05.
U.S. net product revenue was $24.8 million, up approximately 46% Y/Y. Collaboration revenue was $113.0 million, compared to $7.3 million a year ago, driven by increased tablet sales to international partners and sales growth within partner territories along with the settlement-related milestone payment.
"We posted retail prescription equivalent growth of 43% year-over-year, generated our highest level of revenue yet, and ended the quarter with a cash balance that positions us to capitalize on our new label and deliver long-term value growth," said Sheldon Koenig, President and CEO.
In March, the FDA approved broad new label expansions for Esperion Therapeutics' NEXLETOL (bempedoic acid) Tablets and NEXLIZET (bempedoic acid and ezetimibe) Tablets based on CLEAR Outcomes data that include indications for cardiovascular risk reduction and expanded LDL-C lowering in primary and secondary prevention patients.
During the quarter, the company initiated new commercial initiatives to increase patient awareness of NEXLETOL and NEXLIZET's expanded labels. Expanded sales force to 150 representatives in the U.S. and developed new promotional materials and tools to supplement salesforce efforts.
The company initiated the technology transfer process for NILEMDO and NUSTENDI tablet manufacturing to Daiichi Sankyo Europe for its territories, which is expected to be completed in the second half of 2025.
Additionally, as part of the amended partnership, the company authorized Daiichi Sankyo Europe to proceed with commercialization of a triple formulation product comprising bempedoic acid, ezetimibe, and a statin, which, if approved, has the potential to extend the product's lifecycle in Europe.
Guidance: Esperion Therapeutics expects fiscal year 2024 operating expenses of $225 million-$245 million.
Price Action: ESPR shares are up 5.20% at $2.23 at last check Tuesday.