Esperion Therapeutics (ESPR) 7 May 242024 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome. At this time, all participants are in a listen-only mode.

Following the presentation, there will be a question-and-answer session. Please be advised that today's conference call may be recorded. I would now like to hand the conference over to Tiffany Aldrich, Associate Director of Corporate Communications at Esperion. ahead. go Please

members Good XXXX operator. Sheldon welcome Esperion's following CFO. to President be team Thank for available Conference morning, Call. Quarter Q&A Other Halladay, Ben Earnings CEO; prepared are the With First executive and will remarks. you, our and and of us Koenig, today

with found today's copy of together that We issued this copy earlier our A release a Investor morning detailing of can presentation call. will be on the a press the the page content that of be also of release website, we referencing.

I information by Securities be associated our differ the statements. risks Actual today harbor call want implied listeners Reform callers materially to the and to uncertainties of making forward-looking from provision remind caution that will Litigation discussed on safe management could under or covered the forward-looking results Act. the stated Private with due those the statements I is that business.

in by call contains our that qualified content conference SEC this are in statements accurate only of is their filings. and statements forward-looking the contained of date time-sensitive today's release undertake entirety obligation These The forward-looking press broadcast, and call revise in May this X, no after any events as XXXX. statements of or cautionary We update or reflect conference this live to to circumstances the date of the webcast. information

this reminder, being call and and a conference archived. are As webcast recorded

open turn remarks prepared then the Sheldon. with the to I'll for over call the and begin will call your line We questions. now

make. quarter progress joining our and Thank for today us to we results morning, the first everyone. and Tiffany, you, meaningful good continue to Thank discuss you

and drove XXXX long-term positioning and us this to are quarter growth to growth We strong report we for proud that success. start

of this million March which quarter, new first million, excluding labels patients from U.S. in settlement reduction LDL-lowering received the NEXLIZET company's note and that quarter indications this secondary XX% $XXX primary $XX.X new revenue NEXLETOL year-over-year, reduction both LDL-cholesterol and in litigation-related which make and In only we and a approved was taken non-statins of lowering driven by reflect XX, without prevention labels cardiovascular NEXLIZET, be with broad for the increase highest that a now both secondary and net in in expanded FDA total January. million, for even or was risk cardiovascular I'll payment, patients. the and represents we DSE revenue business received for approval prescription prevention for includes $XXX.X These new a the our can statin. ongoing increase equivalents. On history. XX% revenue-generating risk retail primary NEXLETOL delivered in

than at and differentiated XX these call These tens millions the first in that With bridge labels for These to population or our to as we the statin new position statin treating of risk alone. labels million approvals patients NEXLIZET in unwilling at with what who U.S. confident these in for patients unable disease. expand potential patients we more recommended take new cardiovascular also or gap are disease which cardiovascular the profiles, risk of therapy. are to addressable of significant are the ability encompasses NEXLETOL choice non-statins their

on decision European CHMP opinion label on cardiovascular on continue a from FDA the submissions a positive reduction The approvals assessment heels end the the risk of second anticipate European our quarter similar EMA the came the positive and to by and XXXX. based of we Commission

expect of capitalize to on next Europe, the of note approvals, have all have our ex on FDA label preparing progress, U.S. that running. anticipated new we of for of ground and in in them, we our and ready were manufacturing be hit initiated the process transfer we to on DSE, the I'll the we topic that our with have highly tech supply half process And we partner, the moment and complete the be year. Ahead second fronts the to tablets

we've initiatives campaign share and previously are mentioned lipid to all our lurkers that tools. consumer We now pleased launched I'm place. promotional in that commercialization digital

our for Our field new healthcare note, on which in-person participated bolster updates X represent X with week services to X aligning fully and and of our patients trained label criteria XX initiated meeting to updated in payers and usually payers new immediately indications and teams management practitioners resources await million labels we anticipate can of appropriate been the will each, that pleased change. certified changes, million Medicare our on an large within X lives million share ongoing label reflect a largest patient have platform to received of quarters. additional that lives confirmation payer that to with align basis. and from weekly take we We payers, new I X payer utilization X label month. We June Xst the to prescribe new launch to management utilization that last am one our commercial the ensure while recently On partnerships an

the review significant In I hand financial by now performance. first it for Ben and we're quarter. while summary, still it's the early, positive of over far With seen the initial quarter detailed that, few more weeks we've our encouraged first to we've progress, in second thus will a of momentum made

ended a first Thank note website. first that Investor our release reflect XX, you, available this containing the of otherwise XXXX. financial is Sheldon. morning, unless on Earlier for quarter, results comments specified, which Please the page the our quarter for March we my press results issued

As results quarter, performance new-to-brand prescription. first proud we and including our Sheldon the are strong in of delivered mentioned, we

need. and into underscores which in patients be able we're accelerate, millions that actively fact that outcomes now and data now which thrilled label, matters, can data Our data continues the the we momentum means reach promote first new to for we'll incorporated that that is time to more our now

which prescription and a a RPE again fifth March, our RPE on continued year-over-year dependent reflects as again and almost us. quarter increased for ramped we new entirely quarter-over-quarter, trend this footprint delivered and all X% has the a the high For of The for in promotional reminder, in label up. and momentum remained row, mark XX% growth prior that equivalents, only above weekly XX,XXX retail recently

outside the U.S. also clip. Growth continued impressive at an

Our patients partner Europe, DSE treated in growth approximately strong end and growth XX% sales of global with of the November. our of franchise. At quarter growth our now since its delivered therapies yet highlighting February, been sequential representing another value XXX,XXX have of a X-month the in of territories, potential

expand, growth in the Republic DSE quarter. the to of While Czech most this launching territories, in was from generated first existing continues

I'll Limited, also approvals in partner, in which by Myanmar Daiichi first quarter. our note region progress Thailand the Asia Sankyo and Company gained

financial royalty January $XXX was which for Collaboration litigation an net of million and reported Turning $XX.X revenue includes results connection our U.S. to with increase increase revenue the We year-over-year. settlement partner of revenue, product million, combined in includes representing quarter. $XXX our XX% received year-over-year. of in X,XXX% revolution. an million, the growth This

Excluding milestone XXX% payments, grew combined royalty and partner year-over-year. revenue

includes note XXX% the million an settlement. I'll $XXX Finally, increase total of year-over-year. for first was $XXX.X previously milestone the mentioned this quarter that million, revenue

Excluding milestones, XX% year-over-year. revenue grew total

R&D U.S. goods decrease international lower XX% million, lower XX% $XX.X of following the costs CLEAR Cost expense supply million, for primarily partners. was by driven of of a quarter year-over-year and closeout in sold a tablet to expenses. costs of trial. for decrease to the reflecting our year-over-year, unit $XX.X the Turning first was sales our substantially Outcomes

of to a began head ramp up NEXLETOL NEXLIZET. was year-over-year, sales XX% count launch as the in-house expanded $XX million, and we in and the reflecting expense anticipation SG&A labels higher an force, of bonuses increase costs of our from promotional

with cash XX, XXXX, sheet million on XXXX, continued growth. with reflecting million $XXX.X totaled support drive capital commercial of Finally, cash March operations a strong and December long-term XX, sufficient equivalents to as and our $XX.X compared balance

XXXX and to our and between continuing to million expense expense $XXX OpEx guidance, $XX between total expense to $XXX million We be between expense $XXX $XX also million million. be to and SG&A $XXX R&D expect million, and be million reiterate

remain with hand we back to in management, with are generated let will meaningfully continue company. now first to you, that, returns strengthened Although sheet it sufficient our being we've over the across expense balance Sheldon. And quarter, me disciplined the ensuring

initiatives moment. In quarter to our drive continue who and that capable on and to strategic to value We we I millions need we in remain of and drive entire on delivered of. sufficient deliver continue and to and have commercial strong ended helping by shareholder get Q&A. patient growth status momentum commitments on impact continued our franchise of confident capitalize execute the Thank long-term ready we the will Esperion capital approval team for the on to and patients this capitalizing initiatives with received this achieve quarter for our opportunity reach the and year you, another we the the labels to blockbuster plan into launched of closing, this we and our is Ben. future, summary, pivotal commercial We know are thank creation broad therapies. In Operator, for new growth. now support now throughout extremely our us I to

Instructions] [Operator

Ding Our first line with of from Jefferies. Dennis the question comes

the if want -- on label Maybe you me. on if any any versus habits primary you're doctors? doctors shift you the in enthusiasm can from seen the on that just PCPs prescription prevention for the among you Have one Two seeing guys call update. comment since and cardiologists to

on then And label since of look flat update. kind they've scripts, secondly, generally the

-- have what happened when do script that last I'm growth month? if that you reaccelerate? comment a you just to expect weekly script wondering And on the So over

take one. Dennis, this I'll it's And Eric.

a a enthusiasm label. So the enthusiasm primary And generating lot there's first prevention for of well. that as all, of yes, of new lot is

approved in patients. and well of the coronary as only primary secondary MI LDL-C to and the risk those that's that prevention we non-statin reminder a revasc Just FDA lower to prevention decrease are as

enthusiasm strong. So is

remember, do between now and then to a but And it's expect prescribing as well. primary right see that criteria We care cardiologists, utilization increase. balanced I primary management prescribing about care

we'll prescribing start as So X populations. have increases the see probably encouraged for enable seen seen, week-over-week growth. those you've by we feedback. to I'm weeks, those the And qualitative then payers as that last progressive early

enthusiasm take as increase, but expected expect of but progressive high. So a bit time again, incredibly little is payer those to customer increases, changes

to I in wanted we're super game. the Dennis, just that And early add

early were the territory label. actually April. Our essentially then our aid April April. we actually representatives of received detailing had label week And and X they're the view of the off the in also an the off third They they for weeks all-company on had of detail because label, we were training, full in meeting, trained first received the

encouraged prepared our we remarks, we in So seeing we're Eric now. right through we're said the confident quarters. continue just saying, as growth what in we're very very what as is to actually reiterate about And

I can if maybe then follow up. Got And it.

around Because In terms re-acceleration, when that look X%, expect they but have at you growing to just and the could the grow of script if to the that weeks, curve? do when wondering I'm that more happen? X% could been X you when soonest last

really again, utilization of so get bulk the of anticipate. progressive new would management Dennis, majority quarters about changes, Yes, are And with will label. the X be to as what the UM anticipate increases I aligned it we

have So we UM with when progressive increases full realization alignment. growth kind of that

question Our Serge the with Needham. of comes next from Belanger line

and with payers First all expect can as look be acid? updated gets to standard, it the management what like to utilization you you it's covering across us just going bempedoic the one, remind new payers the pretty label, the whether

the coverage for update commercial the us pick Medicare I product you coverage the And lagged expect coverage. to Can Medicare when think give an product? you on has up then on just secondly,

Yes. Thanks, Serge.

update well. had upon opening to of Sheldon their we the utilization more to prior be a be ASCVD of management secondary remarks, those as will already the that ease stated well the many as did have management requirements aware has have. With change as pretty statin utilization the the as significant we've payer there in changes, we criteria. see patients mentioned in So regards criteria the also that course And a required the included we start Medicare horizon based Medicare, prevention new as tolerated outstanding we the and over next patients prevention requirements X happen, see the anticipate to to or When will on maximally label patient. utilization statin that primary quarters. past or and you're management We've

your that So very Serge. hopefully, answers And encouraging. question,

could Eric, This was new. a add. if just I

we Medicare then had we largest So criteria that providers. one of the updated was is that one and UM had absolute an That new the one win.

coverage our gets in it closer So XX% to Medicare.

So that. very we're about happy

one Great. And follow-up. then maybe just

going you gross do forward? to any coverage up, expect net So ramps as impact the to Medicare

is going something Ben. impact has take the net. think I of affects meaningful us say gross this But always in the not a it's a as Serge, sort be Medicare I'll gap that to that. I one. past. and would coverage of to a Not total, to distribution meaningful is

comes Our the Shrader next from Tom BTIG. line with question of

It Congratulations. like looks we're close now.

general I of very a question. sort So had

in the market You're with statin a alternative.

use that that, patients? is we Do all borrow finding off number? we XX% number some differ if patients it some does under-treated could on troubled think market this and I very have number and your of statins. -- updates that or you wondering close surveillance. have you of of or Are treated vague I'm just between

is of statin Foody. this From intolerance standpoint the that range. what broad I Tom, JoAnne is intolerance, a we're So statin is understanding think

When unable unwilling look who therapy, all, statin is it are individuals right, statin. So to take the our at your kind who for of that a number opportunity XX% can't at a to number in of we which has may completely XX%. take speak or individuals

to the to realm, published that have probably numbers that's But you'd XX%. like escalate about their But to speak of market. in perspective, start statin numbers in get who to intolerance. dose partial to and and from in data if individuals fine. to that, complete closer I its the to fact, think dose that publishing be closer, taken speak a can't a we'll showing clinical XX% together and a can't Eric, data we those if and closer maximally the tolerated, are statin, lower it's

of focused the patients, It Tom, as just that's as very as patients. part that as but patient process, to statin, inability bell our maximize have well statin statin it to HCPs that appropriate take education intolerance go HCPs a definitely that inability that And that know and rings let communicate out that's we isn't any is doses. to been of. on. something we're think to And And starting receptive the they're is of

And just a quick follow-up.

bigger under-treated care because their the we numbers? So under the clearly physician know a and they're opportunity, of lipid

mean, I clearly that -- there's therapies. achieve recognition goals It's their current Yes. a patients with can't

are So primary those treating that actively focus. our are

our XX said, of are roughly million those as therapy. a As patient result there label XX population on those We're patients of that actively eligible we've is patients, million change. in are a and focused engaged

with JPMorgan. comes line of from the question Jessica Our next Fye

I trends. about volume wanted to ask

to last the hand. a year, on So sort of clear albeit over we that, volume saw inflection annualize in the and we're back now of with starting just ACC approval in

to So should Or has there. a we or of continuation tougher I'll of just think comps? about Maybe expect the stop another inflection on? given franchise trajectory in it volume, to thanks maybe the to been the reasonable deceleration the promote ability a more is

this. Jess, it's Sheldon. I'll with start

today, keep would results doesn't inflection what it we yet. always we before we Again, new that mind, in of showing -- see quarter, Even label, growth. the said the have the that include we're So with we've label business. would our our a in our meaningful you label, that didn't we continued said first quarterly show even

I is, question based So in have. understand outlook we your the label continue to new if our the acceleration I growth show we the upon that correctly, products will of think

growth. we're as to that growth It's additional growth, risk going As through know of we haven't this that pace have in happen actual the previously march could aggressive is and patient reduction. XX patients Eric benefit meaningful quick as a lowering more drug close just who we to quarters. from inflection, a population What about the we but mentioned, talked LDL not we see going million of to

JMP. line of next Butler Our with the question Citizens Jason from comes

Jason. This is for [indiscernible]

increase quick following payers expansion? in label pushed access Have the from very of any a the us. Just an back one

one Eric. Yes, I this start off. can it's

heard our a time very far. from So own I'd Obviously, so payer say negative been payers perspective. I have positive discussions haven't any lines. their of receptivity have

translated label and business So and into discussions. sooner some then But cadence operate of of discussions this were change those initially, than upon post how then handled, medical may there the was confirmation them based others.

been far, all favorable. discussions so these have And very

just the one And helpful. commercial a Very very on quick effort.

you of commercial to all commercial sales any the place, success that U.S.? in accordingly? make you now investment expect the are adjustment the So do are And how to gauging efforts the in force

Yes.

sales the the made force. we've adjustments So to

at at we number for staying we're a which So the that while, at is anticipate XXX.

our as sales with reminder, a footprint, about as we're cover or the As force personal digital well able promotion to HCPs. XX,XXX

So we've got infrastructure good in a place.

discussions terms In we measure with do first of our how have to all, have we Well, HCPs. success? of

digital successful both well those personal discussions actually HCPs. been at commercial, as have with the reach the the reach, as having very our the looking and in we're teams targeted So

XX has footprint weeks. consumers seen and X strong. been first over digital impressions the HCPs We've million over The between

So very encouraging are metrics. those

So obviously, But share weeks happen early quarters. be significant those upcoming some indicators. actually the those will and the watching are over indicators increases

Pantginis comes line from Our H.C. question of next Wainwright. with the Joe

wanted HCPs from or to side right see that long-term also views expecting effects and new of inflection overall and general, as well. the their you on the is where I all So now, focus patients we're some sort approach the in about from growth the to and concern guys question statin as are label, intolerance

drive Or going the patients standpoint. So following from role I you pontificate, ask would if I question of collect Are want sort will, the you to those about guess you of do decisions. in to data? helping even to the

up this How As you saying, know, patients' an guidelines? for statin feedback role really in treatment to think their what they're point you have but will this much changing -- have had you, or have more and looks interesting". option savvy. "I haven't doctor, They do they're what Google a

Joe. have going to It's a role, significant

deployed They're in forward put do And and raking these have Lipid we little a Lurkers, havoc. we've the out well. in So those universe. there. present as Sheldon the that remarks, consumer-based digital we've call creatures, they're mentioned We opening as the campaign

Just they're perspective, meta from million X.X we've and with a as platforms well. lipid present lurkers in exposures seen campaign other many the

we've to go and great so play at Obviously, universe. want be I to that. We a want team doing role. don't target very done are So got to significant those far job think consumers patient, to to who go the has a broad just targeted. We consumer the

very et of the saw When we or What all, And that data, is year no, first consumers out ACC, different. -- want to morning. are just them after saw offices information, there. now. ask lot ACC And went their your consumers really well more. physicians' saw two out and a of we post Joe, find good point, we out did They're collect to They NEXLETOL. informed cetera, about last head they NEXLIZET, into

shows that recently they're We our I campaign even and lurkers office or research, again. seeing that seeing doing these we're Instagram when and lipid just in Eric we were mentioning Facebook, have. received the which it the we're some we were that new also on

of part to big statin to a or have a it. definitely I don't And take stronger want know I want of -- because I want people dose about, statin a it's So one, a can't. I don't do take to to

this. very about they're savvy So

Zemansky Our Bank of comes from with next America. question Jason

apologize to total? I extent And to the follow-up, if may. if a I contributed missed and this, quarter's stocking but I build did what then inventory

revenue. a on none. answer, [indiscernible] No Jason. was That's quarterly short It effect

in the prevention? about Perfect. especially be trends should sizable it. thinking then gross as you Got start to given payers primary to population net online, more bring And patient we what

one I Yes, take also. that can

the it and far reminder, to follow for our quarter to cyclicality we've our a seen the is as And we best same as that is years. net QX expect worse. as QX So year, in prior gross goes

gap. Medicare progressively of by gets the largely it worse the year, driven So coverage

primary it's of indication and rebate As say that's towards them. any necessarily to be percentage to just that amount far going UM the or doesn't as updating The actual I prevention would paid adding the change consistent. the the criteria It's covered. payers year-over-year, the

as really over far we actual materially gross as year don't So changing net the year. to that number, see

that it every it year. does the cyclicality Just, follow will same

population, for for I guess, looking sizable payers in I looking overall guess forward? given of overall were color or concessions, it. whether shift kind more Got again, as was moving I more to not the

mean, I that and we've very short with mentioned, I been interactions can is take that, payers, pleased, our with Eric our answer to also as the Jason. no.

I I upon But as it the that presented meaningful gained has immediately. there them what prepared that and when and alignment can update something we is, of request data to just based This think you. not the the relates ACC our give a is part is it went is been they've at for. answer to new So we label been best

Ladies closing the questions no remarks. and Sheldon his gentlemen, further I'm to over back now in queue. for would call I turn the like to showing

Thank more you, Again, for again, Thank Great. first pleased we everyone, our your be time interest performance. quarter Towanda. you, couldn't and with today.

unable they achieve prevention label and who for what alone. millions approval current goals therapies LDL-cholesterol Our secondary primary to mean of with for their and are patients

to forward months execute commercial conferences upcoming the Look the host weeks. ahead. weeks and posted the to of on look We and our on progress plan our continuing in at keep in us for

Thank a all real care May you We of again. you and of Take have soon. busy front us. in see

Ladies your call. and you concludes today's gentlemen, for Thank this participation. conference

now may disconnect. You