Esperion Therapeutics, Inc., a biopharmaceutical company focused on developing oral, non-statin medicines for cardiovascular disease (CVD) patients, has released its Q3 2024 financial results, showcasing revenue growth and a reduced net loss. The company's strategic initiatives and expanded product portfolio are driving its market presence.
Financial Performance
Esperion reported net product sales of $31.1 million, marking an increase of approximately $10.8 million compared to the same period in 2023. This growth is primarily attributed to increased prescription volumes of NEXLETOL (bempedoic acid) and NEXLIZET (bempedoic acid and ezetimibe). Collaboration revenue also saw an increase of $6.8 million, reaching $20.5 million, driven by higher royalty sales within partner territories and product sales to collaboration partners.
The company's research and development (R&D) expenses decreased by $4.5 million to $10.4 million, primarily due to the completion of the CLEAR Outcomes study. Selling, general, and administrative expenses increased by approximately $6.8 million to $40.0 million, reflecting increased commercial headcount, bonuses, and promotional costs associated with the expanded labels for NEXLETOL and NEXLIZET.
Esperion's net loss improved by $11.7 million, resulting in a net loss of $29.5 million, reflecting increased revenue and decreased research and development expenses.
Product Portfolio and Regulatory Milestones
Esperion's lead products, NEXLETOL and NEXLIZET, are indicated to reduce the risk of myocardial infarction and coronary revascularization in adults unable to take recommended statin therapy and to reduce LDL-C in adults with primary hyperlipidemia. The FDA and EMA approved expanded indications for these products in March and May 2024, respectively.
The CLEAR Outcomes trial, a cardiovascular outcomes trial (CVOT), demonstrated that bempedoic acid significantly reduced the risk of heart attack and coronary revascularization compared to placebo in statin-averse patients. The trial enrolled nearly 14,000 patients.
Strategic Initiatives and Future Outlook
Esperion anticipates filing supplemental New Drug Applications for product approvals in Canada in Q4 2024 and in Australia and Israel in the first half of 2025. Otsuka Pharmaceutical Co., Ltd. plans to file a New Drug Application in Japan by the end of 2024, with expected approval and National Health Insurance pricing in 2025.
Esperion anticipates that current cash resources, expected future net product sales, and revenue under collaboration agreements will be sufficient to fund operations for the foreseeable future. However, the company may seek additional financing through various means to support ongoing activities and potential new initiatives.
