Q1 2024 Esperion Therapeutics Inc Earnings Call Transcript
Key Points
- Esperion Therapeutics Inc reported strong growth with total revenue of $137.7 million in Q1 2024, marking the highest revenue-generating quarter for ongoing business in the company's history.
- FDA approval of new labels for NEXLETOL and NEXLIZET, expanding the potential addressable population to over 70 million patients in the US alone.
- Successful commercialization initiatives in place, including the launch of the Lipid Lurker consumer campaign and promotional digital tools.
- Positive updates from payers aligning utilization management to new labels, enhancing prescription accessibility.
- Strong international growth, with significant patient treatment increases in Europe and new market entries in the Czech Republic, Myanmar, and Thailand.
- Despite new FDA approvals, the actual prescription growth has been relatively flat since the label update, raising concerns about the pace of market adoption.
- High SG&A expenses, which increased by 40% year-over-year due to ramping up in-house sales force and promotional costs.
- Dependence on payer updates for utilization management criteria, which could delay full market penetration and impact short-term growth.
- The need for ongoing education and awareness among healthcare providers and patients about the benefits and eligibility of NEXLETOL and NEXLIZET under the new labels.
- Potential challenges in maintaining growth momentum against competitive products and therapies in the cardiovascular disease treatment market.
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 Tiffany Aldrich, Associate Director of Corporate Communications at Esperion. Please go ahead.
Thank you, operator. Good morning, and welcome to Esperion's first 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 of that release can be found on the Investor page of our website, together with a copy of the presentation that we will also be referencing. I want to remind callers that the information discussed on the call today is covered under the safe harbor provisions of the Private Securities
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