Q2 2024 Esperion Therapeutics Inc Earnings Call Transcript
Key Points
- Esperion Therapeutics Inc (ESPR) reported a 14% sequential and 39% year-over-year growth in US product revenue for Q2 2024.
- The company successfully monetized its European royalties, significantly enhancing its balance sheet.
- Expanded labels for NEXLETOL and NEXLIZET now include cardiovascular risk reduction benefits, primary prevention, and use in patients unable to tolerate statin therapy.
- Esperion Therapeutics Inc (ESPR) achieved over 90% preferred commercial coverage and increased Medicare preferred coverage to greater than 50%.
- The company has a strong international presence with approvals and launches in multiple regions, including Europe, Thailand, and Japan.
- Esperion Therapeutics Inc (ESPR) reported a net loss of $61.9 million for Q2 2024, compared to a net loss of $49.9 million for the same period in 2023.
- Selling, general, and administrative expenses increased by 30% year-over-year, primarily due to increased commercial headcount and promotional costs.
- The company incurred a one-time loss of $53.2 million due to the termination of the overland ramp-up.
- Despite significant progress, the company still faces challenges in gaining physician confidence and increasing prescription rates.
- The market dynamics in Japan and other regions remain uncertain, particularly concerning statin intolerance and the uptake of new therapies.
Ladies and gentlemen, thank you for standing by, and welcome to Esperion's Second Quarter 2024 earnings conference call. (Operator Instructions) Please be advised that this conference call may be recorded.
I would now like turn the conference call over to Alina Venezia, Director of Investor Relations, please go ahead.
Thank you, operator. Good morning, and welcome to Esperion's second quarter 2024 earnings conference call. With us today are Sheldon Koenig, President and CEO; and Ben Halladay, CFO. Other members of the executive team will be available for Q&A, following our prepared remarks. We issued a press release earlier this morning detailing the content of today's call. A copy can be found on our Investor page of our website, together with a copy of the presentation that we will also be referencing.
I wanted to remind callers that information discussed on the call today is covered under the Safe Harbor provision of the Private Securities Litigation Reform Act. I caution
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