Esperion Therapeutics Inc (ESPR, Financial) announced its third-quarter financial results for the period ending September 30, 2023, on November 7, 2023. The company reported a significant increase in total revenue, which grew by 79% Y/Y to $34.0 million. This growth was primarily driven by a 45% Y/Y increase in U.S. net product revenue, which reached $20.3 million.
Financial Highlights
Esperion's collaboration revenue also saw a substantial increase, growing by approximately 174% Y/Y to $13.7 million for Q3 2023. This growth was driven by increased royalty revenue and tablet shipments to international partners. For the nine months ended September 30, 2023, total revenue was $84.1 million, a 48% increase compared to the same period in 2022.
Research and development expenses for Q3 2023 were $14.9 million, a decrease of 49% compared to the same period in 2022. This decrease is primarily related to the close-out of the company's CLEAR Outcomes study. Selling, general and administrative expenses increased by 33% Y/Y to $33.2 million, mainly due to higher legal and promotional costs.
The company reported net losses of $41.3 million for Q3 2023, a decrease from the net losses of $55.1 million for the same period in 2022. As of September 30, 2023, Esperion had cash, cash equivalents, and investment securities available-for-sale totaling $114.8 million.
Business Developments and Future Outlook
Esperion continues to make progress towards label expansion, receiving FDA acceptance of its cardiovascular risk reduction indication submissions in the U.S. and with the EMA review process on track in Europe. The company anticipates approval in the U.S. by March 31, 2024, and in Europe in the first half of 2024.
Esperion's President and CEO, Sheldon Koenig, commented on the company's performance, stating,
We continued to deliver on our commitments during the third quarter of 2023, posting strong revenue growth, prudently managing expenses, and executing on our strategic plan to maximize the blockbuster potential of NEXLETOL and NEXLIZET."
Looking ahead, Esperion expects full-year 2023 operating expenses to be approximately $225 million to $245 million, including $25 million in non-cash expenses related to stock compensation.
Explore the complete 8-K earnings release (here) from Esperion Therapeutics Inc for further details.
