Esperion Therapeutics (ESPR) 7 Nov 242024 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome. [Operator Instructions] Please be advised that today's conference call may be recorded. I would now like to hand the conference over to Alina Venezia, Director of Investor Relations for Esperion Therapeutics. Please go ahead.

Thank you, operator. Good morning, and welcome to Esperion's Third Quarter 2024 Earnings Conference Call. Sheldon and are Halladay, and today CFO. us Koenig, CEO; President Ben With the be earlier team following members call. executive Other of will the of remarks. We a detailing our issued available press morning release this content today's prepared Q&A for found referencing. can Investor the with be website that we page the copy of A presentation our will together on copy of a also be Securities is provisions that to information discussed Private today remind of call harbor safe callers the Reform covered want the I the under Act. Litigation the on I that will making be caution management listeners forward-looking statements. from could differ and stated results business. our Actual by with forward-looking associated due materially risks those the or to implied the statements uncertainties These information date of contained of only filings. The statements the content the qualified press that by as conference of our entirety cautionary in contains call X, is SEC forward-looking this statements November XXXX. accurate time-sensitive in release are this their today's and broadcast, live in obligation or statements or no webcast. update undertake the revise conference and forward-looking this after of circumstances any to call We events reflect to date

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

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

Good morning, thank Thank you, joining us. and Alina. for you everyone,

providers prescription indications awareness indications reduction, access new and which broaden new marketing back payer include have programs our the among implemented successfully team It to look in our health drive team for year up expanded indications of primary year, has watershed labels to new secondary growth. I these has our NEXLIZET broad truly and and cardiovascular risk continue we enhanced so I As over launched Esperion, for commercial accomplished. proud past scaled to and NEXLETOL, care be of all been our a that

have prescription As double-digit a in collective since quarters launch. our posted growth both the efforts, we of team's result

European royalties strengthened proceeds we substantially global and expansion our support and product market supported acid bempedoic for continued balance confidence we've addition, and growth impressive interest termination the and the discounted NUSTENDI of revenue in importantly, international our our products. sales bempedoic our on early to payoff acid continued and be their of monetizing And further the opportunity by NILEMDO our previous for facility. sheet In which allocated

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Now let U.S. me XX% NEXLETOL during launch in the turn net first for by increases the we by These year-over-year progress additional with progress as label QX our momentum XX% continue months to efforts, our to are gaining X expansions. sequential growth of commercialization NEXLIZET revenue demonstrated driven the growth. of were our of product meaningful and and XXXX U.S. which make

enable now statin or use a are reminder, benefits, to significant reduction labels and primary expanded patient include therapy. expand population They CV including patients have tolerate differences. As our X the maximize prevention by risk that unable

committed constituencies We the in exceptional labels and of where foundation the in to physicians patients. the X We an payers, a needs to the key the or payers, to for expanded necessity utilization pillars with these NEXLIZET the expanded of building have each strong done and eligible we the making million for NEXLETOL of with benefits under management success: remain understand addressing UM, job labels. Starting were focused sure on initially XX order place. to patients criteria the successfully bring the

number The authorization were that X% label a updates updates in less new and than more burdensome totaled than mid-July, of prior place. more of million grown UM significantly have lives. to Since we importantly, then, was the more updated criteria to restrictions As NEXLETOL lives reflect criteria. XXX put and This access, their process all so physicians barriers across and now block to increased than is UM significant have a can reimbursement updated who payers to NEXLIZET XXX patient prescribe confidence. removing secure million with and more foundational building

access about coupled coverage we Another front commercially Medicare criteria. NEXLETOL and at of advanced Again, our on physician beyond. In and Medicare of additions with and to benefits of quarters with than patients labels their we lives prescribe and this achievement risk. insured expansion in campaigns clinical and the NEXLIZET In higher commercial the of was SilverScript more payer to expect NEXLETOL to empowering sales providers we and CVS coverage and XX% the early about health to formulary clinicians NEXLETOL to earlier United Humana, this NEXLIZET. expanded with Optum, talk drive marketing AARP aimed new UM coverage than XX% NEXLIZET, in at further insured have formularies milestone to upcoming educating the Medicare confidence our for and sales our increases new cardiovascular we September, leading tandem, made care and their product ultimately currently more under further lives and

yielding We remain allocating that commercial optimize and the in our most continue favorable resources to to efficient tactics are initiatives ROIs.

growth coming momentum year. approximately second see of the in launch to is and of quarter. This marketing approximately managed new-to-brand with launch, health teams, care type compared and increasing XX,XXX the XX% the months now first the by of these new drive sales X equivalents writing our retail quarters these we force XX% of the total months combined prescriptions in nearly just in have first we prescription into X result a want and practitioners to As to care, accelerated initiatives scripts

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track remains by national a drug and in Pharmaceutical year-end with Otsuka in application Our XXXX. Japanese health new to expected partner, on anticipated file pricing XXXX, approval insurance Japan

royalty the well it of is Japan for markets therapy. for as future. We in Otsuka are market in continued a one is the the as This contributor for as enthusiastic growth momentum largest Esperion a substantial lipid-lowering valuable about

to internationally. own Turning our efforts

expect We new and soon. optimistic finalizing file a approval Canada drug to partnership month about application are this in for a

potential the submissions opportunity an position. global products, bempedoic position of our partner these to Additionally, and our Australia value with commercial half Collectively, in for Israel a attractive incrementally potential partnerships advances and we revenue global in XXXX. Esperion expand the expect compelling growing first add and acid as

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trial cardiovascular and poster X major symptoms and of effectiveness insights to the bempedoic liver CLEAR Outcomes lipid-lowering cohort. at patient with due management CLEAR intolerance AHA, have from the in also events ezetimibe predict presentations acid real-world Outcomes steatosis We a liver in affects adverse of statin muscle therapy trial, plus fibrosis

Congress leaders DSE will the including from enhance is our to of efforts at among U.S. ESC expect the globe, and the Cardiology and of is visibility made for attended has United addition well late the DSE year we a health at or our care commercial benefit largest practitioners. European cardiovascular awareness and these States. opinion key ESC by medical Society the in product to Consequently, medical also ESC, U.S. efforts meeting around showing August. In the the presentations, strong

growing presentation of products responsible the clinical data of for the validates of strong among prescribing acid. The are patients. the our strongly of Beyond goals The who final increase and our in a results reported and proposition cardiovascular bempedoic our value German real-world support base physician from DSE September. data LDL-cholesterol cohort a the late demonstrate their XXXX in at benefits in awareness in achievement ongoing ESC, Herztage their MILOS Germany publication to DGK enhances Hamburg, benefits of products X-year with addition of

you We the the business, our over call Ben? turn will look forward review let further quarter. detailed during a for of Ben overview financial third of that progress updating to coming the over the progress on me to months. With our

Sheldon. you, everyone, and morning, for Good joining us today. thank Thank you

comparable long to overview of our product year for banner solidify the a and for sheet Sequential into compared the right term. Most a quarter balance specified, has allow be mentioned in notably, XX%. work revenue we the our the XXXX. Total Sheldon $XX.X the previous quarter. I revenue on U.S. bempedoic quarterly monetizing our XXXX months, earlier September million for the unless XX-Q results that million million acid found been additional information the and we business, and increase note approximately otherwise strengthening continue and our $XX.X past third focused morning revenue build in us issued to of that brief this the for $XX $XX.X million taking my will that termination earlier, XX, discounted noting ended Please and As was in of by compared fourth on for will net continues be focus will position, of and our will in and net X XXXX, early was proceeds growth over the to product to that a this grow for third be filed can the the succeed year foundation European always period financial comparable solidifying shortly. reflect press facility. payoff quarter an company now This release revenue that the period on XX%. interest allocating sales results, comments was XXXX. steps royalties provide

to increase rise managed the expanded in prescription business growth, previously more this Our XX% potential prescriptions drugs. To significant revenue that and speaks the care initial face future We than understanding our our retail combined we and the with of with outpace launch cost XXX new-to-brand with the success activated that total equivalents of include our the we immediate to date, coverage these million growth. patient steady an in to contracts these an we expectation undiscounted impact will with would lives. have

for now, patients the headwinds necessary these to we're While feeling future made to pipeline of gross are we net building of a the changes growth. essential decisions

this effort strategy. another from our We brand to to the contracts pull-through tactic are in additional as coming the serving expecting come advance quarters with key

sets approach time, it take will While us long-term for success. up this

prescribing equivalents and result $XX.X X to contracts compared comparable first distribution. quarter enable our This showing and increase the strategy. and COGS for first of growth lead acceleration This transfer already XX% collaboration quarter. Collaboration these marketing XX% the of the tech total prescriptions million and approach sales working period delivering as within for and reduce in beginning recent agreements. the on are was supply data revenue manufacture costs of our for products results increase territories Medicare the million XXXX, once see significant the partner in We prescription partners solid with new-to-brand to recent a compared increased finalized. a increased X from comprehensive retail fourth reduction with in primarily them a capital and sales rise NILEMDO sales our weeks progress in product due independently European third for $XX.X weeks to to in of to the a to We're future an XX% approximately will to DSE our royalty to our making is NUSTENDI

rest P&L. the to the Turning of

the count Outcomes administrative and the decrease our XX%. expenses to $XX.X study increased a $XX.X in XX%, the compared is period were completed to for For head CLEAR bonus $XX.X to was for promotional expenses were compared attributable XXXX, related in million primarily general addition that increase million million and payments $XX development XXXX, of period quarter in research to an of Selling, to increase in commercial XXXX. million third primarily costs. and XXXX, of The comparable comparable

levels. Total net loss of and loss period share million in Basic for to prudently the comparable per quarter the loss was manage current to for diluted comparable similar basic was XXXX. We compared $XX.X continue the to per net loss of expenses a expenses share and remain diluted expect million period compared net $XX.X to $X.XX in for net to and XXXX. $X.XX

Turning to balance our sheet.

cash XXXX, September and in cash XX, of As we million $XXX.X had equivalents.

stock our which $XXX related million approximately reiterating $XXX full expected in million, including expenses are $XX to We compensation. noncash operating year guidance, to to million expense is be XXXX

Sheldon Now for let Sheldon? turn me the to call closing remarks. back

Thank you, Ben.

we development update forward inhibitors to as into move biology and optimized collaborations. partnerships explore and opportunities established leverage we we We be support and confident life-threatening significant have are in continue pipeline We Longer to of ACLY plan serve promising cardiovascular on launch that advance reach tandem, to pipeline where the of to future growth potential with these multiple foundation look and successful ensuring the detailed we our risk through labels reduction, next-generation the in are expanded our term, plans the to focused to address today expansion a therapeutic the globally. In for progress develop expand leadership launch XXXX. building pleased our continued providing new on advancing especially the while near will to our indications laser term, U.S., in global expanding we timelines the diseases. our our innovative in of our

our Looking both to patients ability ahead, we serve strategy are confident and to the deliver to and we in long-term shareholders. our our value

we As continued support your for initiatives. Operator, we on we always, these execute are Q&A. as now appreciate ready

[Operator of question the line of Jefferies. comes from Instructions] Ding Dennis First

on bempedoic I question a acid. had

year? your that higher end the and the be quarter, What's some QX? think that's QX even Milton starting of you some beginning of driving revenue QX level So work QX, the and headwinds the of strength? to can And holidays in been And of that confidence do given in the very towards than are the up it of the fourth headwinds price Hurricane like what's from prescriptions seems through pick like at encouraging. you will

absolutely. Dennis, it's Eric. Yes. Yes,

So QX QX, again, strong. metrics. double-digit really of growth on all start The

The You metrics we that? pull-through the saw that the access. driving posted. of What's

other been the the more it the now access. the of we've we're prior times of based the starting see the product. as and before, course as physicians field believe It's getting I've last quality quantity excitement of members and physicians we're have difficult upon bit the ease to So momentum. ELT of of But little over mentioned to improved for out quarter that in increase in and multiple the a the years we've access. seeing taken

and confident So what very QX even QX. in be than confident better we're very that seeing will

I we've Dennis, we and done will we've that. like to would growth, do continued thing And that is and past continue to that will the think, add X I one growth, years said we for, that, demonstrate that

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

seen, I updated, management important prescription. of uptick been the on has questions I and think, couple that utilization now guess we've A from us. an in criteria Congrats progress.

different in the has of patients regarding being product PCSKX used a Just relative and And the inhibitors? coverage. paradigm to moved broader it up Medicare the just how it treatment is now? curious secondly, Is the set

now that we current this I guess, that's the at think months? you you're XX% And at over beyond expect expand I that you flip do to to calendar mentioned the few next XXXX? XX%, time is or when

Serge, Eric again.

So yes, it's momentum function prescribing seeing. physicians of increased confidence, the we've that fact noting easier. become increased has Indeed, thanks been for the a that

patient an the UM. in see in We're increased We're patients In patients, yes, the use that prevention that patient the label hasn't seen to so or were seeing we've being bound ASCVD are which in intolerant patients our increase were to also starting a with event. prior shift the statin had that that from clinicians primary terms utilized, so the of utilization. prior

or prescriptions label terms we're since to seen of our change. had some come in point ezetimibe we've a that new-to-brand PCSKX also We've In leak seeing share own. new-to-brand its about start share on for utilization where we're from, decrease seeing one

Medicare, is thing, it a grow. there add minds that the it's doubt to in and regarding it recognized just one they our that in that BJ, continues are I therapy. the is awareness, just continues products to are over Serge, before to bempedoic acid no I BJ Medicare? these recognized, turn want And place and

That that now contracts We also coverage, waited Most with coverage, greater We they lives accelerated XX% we us said, XXXX processes think, at we Medicare. Medicare that. their would right than to launch, poised were started be XX% those well XXXX. until PBMs the plans with of them. with XX% But Sheldon, and when are Serge, where we're where happier that couldn't and X to have really additional having anticipate add we Medicare basically coverage. to equal know national I now, coverage. both commercially and come or We're activate through between the U.S. of we with that covering Medicare

So more come. stay to tuned,

guess I those us Can Great. are Otsuka the you of for of of one payments structure and more collaboration as remind Sheldon. the payments the what contingent part just on? milestone

This is walk through that. Yes. I'm happy Ben. to

each to a approval So think but the around milestone JNDA, assigned amounts the as I included well gets There steps but we've once the milestone. of actually payable steps, approved are don't in of pricing U.S. filing that based as specific JNDA. it's the of a label, the -- is

clarity timing So I XXXX a those And lot here. will say, all very what expecting more we think shortly, of come, have like. I on internally what the end that we're looks will by would is

question of line comes from the Jason of Zemansky Bank of Our America. next

you go you generic please lives increase then percentage in speak not required the ongoing to concessions you a to been payer sense of provide do like be dynamics. color any of there's lives step a an not of you a on appreciate what provide through to the covered? could whether alternative was through given are or some I expansion able may statin? if And details. X Congratulations on I could But progress. hoping have

Yes.

take can that. I So

me through I with headwinds to the changed asked earlier, we let of is had your that step first, as ezetimibe our think headwind, it goes was maximum biggest start headwind the criteria Jason, was December. But before, that don't utilization fact go So back biggest I for in think mentioned statin, a biggest actually second well. management, mind. part a you through The the patients your that is back tolerated dose question to of that that as question that, if there

our that of criteria again, have was of easier be to demanded part removed as would share ezetimibe. step is edited Medicare really part also is would no something both As That that the label has we we ezetimibe, contracts negotiations new and and of the the UM longer been adjunct step that that payers, our is we that have. with commercial through which XX% edit in competition. and be the

a As accounts this quite authorization. interesting, fact, large prior very is even have of X don't in matter

say, getting got there's prior authorization no physician. field SilverScript's our NEXLIZET the for the there's for Aetna, seeing So NEXLETOL it in we a a in prior Caremark, what representatives easier. and have what prescription no physician. we're It's and authorization performance, and just

and I did recognize any As far of it study the all to concessions that they us the these concessions, Outcomes of our we to demonstrated have as all really at is of any give products. for applaud what CLEAR And the not clinical changes. because benefits payers

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

[ Jessica of first we the XQ? for can net price going on you comment is on in to the Tanmay from I This also guess any as And wanted how quickly is, U.S. forward? thing it the should in outlook here? channel I stable think changes ask you And inventory see Fye. do ]

end in both compared Yes. the nonexistent. the on I in of for and the stable I'll quarter out were We of those. will to channel say, at Inventory QX very jump QX. was changes, what

there. So major really no changes

net coverage As continue cyclicality price our this to gap far Medicare year. we see will as the going from standard QX forward,

that us to benefits course the to will as the of through I net one IRA a year. we and see thing for expected the we're at smoothing is out that go However, hit over next looking think of that the year we gross the

that steady is perspective. of much may net to see change the overall, and great may or much but it streamlined revenue makes predictable, because a QX not a from major So the course us over that QX you price that year of from more see which to seasonality more now. a the for not we sort

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

Lander is on for This Joe.

market in the for and ramp and about consider? are pricing that of from example, should confidence for Japan. different compared expectations Japan. dynamics in physicians U.S., Anything curious just What to and we the terms sales So payers the distribution in

Great. Yes.

and But in So a largest III markets and with again, come partner remind the Japan, process as forth so as their showed would significance, reminder, in Japan can of the even like is Japan. which of just Pricing one Otsuka. now will of they And our analog is later. you And in what mentioned, world. are at filing to Phase look clinical lipid is they entire I ezetimibe. in right trial, is the the you finished we statistical health care the administration

So benefits significant but prepared that more track in Otsuka. to we expectations of do, Japan, to to as what now, by on our we on mentioned a come and remarks, as we're need That's organization. royalty really of right us And partner our stream high well. there's the

the Perfect. on Congrats update.

our question from the Shrader Tom of BTIG. of comes line And next

a Back the is a the commercial very Medicare, Medicare? versus commercial patient hard you of know patient? the for relative part tier on your co-pay of you And average -- in best that to Congratulations Medicare do you uptick. to negotiate be to can lag

higher. $XXX copay an when we're average of with Tom, about opposed there we is pay to out probably contract, is out-of-pocket were the reach was to anywhere nonpreferred, out-of-pocket to are now costs the $XX before going for -- you up do they from $XXX as Yes. Medicare, even now cost. their able know, happening were deductible. preferred basically And much as What it's those we all before, what

time. cards, commercial, card, the in our that's so great really we the co-pay have physicians, ranges, for in product those patients that to with plug confidence giving $XX patients With to the and So that's a in with then more range probably physicians it's and us, is been co-pay previously, the getting our great the again, point Sheldon's commercial. of for the period shortest

That Medicare decision, now. I be if with from to they today typically, were a what's decisions now, label And add, interesting, goes study. from Medicare the today month really shows what as result for a a made earlier, from it back implemented win these said may now. profile us. a Tom, And was a from year and when of implemented the decision to could just a huge I it changes, make is CLEAR applicability new makes the of a again, week clinical These our Outcomes

follow agreement And is and the data provide for get to duration? Is in an price the and preferred initial very should just be Medicare it process then that to the any -- up. significant agreement at to co-pay price important or the for get in for a

what of preferred is Well, really and I it more is, that the it's think status, we're in Medicare.

commercial result co-pay PCSKX. market patients the in we're and thinking our just not acceptable a not and to are So just And and pay I'm I'm a have that say looking for patient. completely, sure end about end we if result I'm would is disadvantaged I we question but the along Medicare, following your preferred to at is access

et ezetimibe, cetera. not are to disadvantaged We

important. also that's So

Thank you.

We to the would Sheldon Koenig concludes session. are I of for closing it remarks. turn question-and-answer time. now like This to out back

Thank you, and you thank operator, this time your again and all for attention morning.

We Healthcare and New in at in participating the York December will on London be at XX Conference November Conference on Healthcare Piper Sandler Jefferies the upcoming London X.

to a questions connect Head any and a to day, many like just with the or meantime, hope team, thank if reach in with Alina of you have have out would to events. you and to have our we you of great Venezia, call the And opportunity have these again. at Relations, So Investor

does conclude in your conference. This today's Thank participation you for program. the

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