Esperion Therapeutics, Inc. Q2 FY2024 earnings call

U.S. Commercialization

• Q2 2024 U.S. product revenue grew 39% YOY and 14% QOQ, driven by expanded labels for NEXLETOL and NEXLIZET (including CV risk reduction, primary prevention, and use in statin-intolerant patients). Over 114 million lives have payer utilization management criteria updated.

International Progress

• Partner DSE launched expanded labels in Europe, with most areas anticipated to be launched by year-end 2024. Daiichi Sankyo gained approvals in Thailand, Macau, and submitted new drug applications in Korea. Otsuka's Phase 3 trial in Japan achieved LDL reduction, with NDA filing in H2 2024.

Scientific and Clinical Knowledge

• Two peer-reviewed articles published, supporting cardiovascular risk benefits of Bempedoic acid products.

Total revenue for Q2 2024 was $73.8 million. U.S. net product revenue was $28.3 million, up 39% YOY and 14% sequentially. Collaboration revenue was $45.5 million, a 727% increase YOY. R&D expenses were $11.5 million, down 48% YOY. SG&A expenses were $44.2 million, up 30% YOY. As of June 30, 2024, cash and cash equivalents were $189.3 million.

Full-year 2024 Operating Expenses

• Expected to be $225 million to $245 million, including $20 million non-cash stock compensation.

Revenue Growth

• Continued progressive improvement in growth expected, with momentum seen in June and Q2 results.

Payer Access and Utilization

• While progress made, continued efforts needed to ensure broad payer coverage and physician confidence.

Market Dynamics

• Cardiovascular product launches may take longer to ramp compared to oncology, requiring sustained execution.

Q: Feedback from doctors on PAs and momentum after June 1 A: Eric Warren noted clinicians are regaining confidence, with progress in payer UM and sales force execution leading to growth in June, expecting progressive improvement.

Q: Coverage breakdown and Medicare focus A: Sheldon Koenig and Betty Swartz mentioned over 90% commercial coverage and >50% Medicare preferred coverage, with focus on remaining Medicare account and continued efforts for more coverage.

Q: Dynamics of BA launch and script growth A: Eric Warren compared to oncology, noting steady growth with confidence in progressive improvement, tracking well with competitive analogs.

Q: Japan market and GTN headwinds A: Sheldon Koenig highlighted Japan as a large market opportunity, while Ben Halladay mentioned GTN is in steady state with appropriate contracting management.