ESPR - Earnings call transcript Q3 2021 | Esperion Therapeutics, Inc.

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Operator

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

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 call over to Ben Church, Investor Relations and Corporate Communications at Esperion. sir. ahead, go Please

Ben Church

Corporate differ Good management update Results welcome contained Call. We is and Actual information and forward-looking SEC and today's reflect date I'm Securities that The forward-looking Relations Church, operator. X, want Esperion. due Quarter remind to in is conference press I content Act. Litigation I'm Esperion's today webcast. by qualified the XXXX obligation to and callers and Investor from will for as filings. Financial our broadcast, call Company making conference responsible here of harbor that morning, you, only with call at statements statements. the entirety covered of to materially that I forward-looking and the Third Ben be Communications Thank Update on information accurate could or November or discussed call forward-looking provisions uncertainties stated safe the results date statements live to Reform after undertake contains in and the no caution are or business. under this time-sensitive These the circumstances any implied of statements of risks Private those listeners the by XXXX. this release of revise events their statements this cautionary to associated Conference the

being We and at this recorded found A As a section. archived. the can call. and content release are within Investors and detailing copy a reminder, www.esperion.com the this today's of conference webcast call press issued Media morning be

prepared for with comments then and We call open your questions. will the begin

speak Sheldon corporateteam@esperion.com and time now CEO Officer of be for Esperion; our With the follow-up the call available Joanne call, are questions. Sales Esperion; Officer; Eric I'll Sheldon to Please team and to e-mail to our for Marketing. Rick President Bartram, today over Foody, turn Sheldon? our Medical Chief us Following Financial and team. Koenig, Dr. Warren, prepared of will schedule remarks. with Chief of Head today's

Sheldon Koenig

to Thank United today strides joining am team these updates us Thanks, and the long-term by organization share review significant States the and our at good progress for morning, everyone. recent worldwide. Ben, our you business all months to Esperion. past disease, remains one a taken position I pleased and for to addressing success and ourselves killer over innovative as cardiovascular the in number dedicated which nimble to

opportunistically facilitate processes a a to growth Company pandemic. the up recently we to and ongoing reminder, with COVID-XX We the the the the current that care health scale enhance of announced long-term more and are our deliver prepare consistent term implementing transformative us better ability believe to plan growth the in and structure changes to strengthen near driven the the we will future. alignment internal As organizational efficiently in by constraints environment

expectations. has target kept throughout lead who commercial in approved products, the allocation that who reached accumulation, last investigator is to to on also I of products. of the in and NEXLETOL XX% will study Outcome fireside dramatically that thrilled tracking of required events signifying adverse in successfully ensure and the Looking successful, touch launch study leading with appropriate trial, to ahead, our CLEAR organizational quarter key renowned our upon advance will structure, quality inflection expense we pandemic. we By base, team trial of are Steven which, demand Outcomes the CLEAR in we his confidence first line Outcome complete of for Dr. Rick also during is optimizing believe be top point an able chat all am line announce NEXLIZET. our cardiac recently XXXX, the of to major the that week the the with anticipate held the the CLEAR our steady the our Nissen, investor-facing the affirmed growth readout the up if study reduce a we the resources shortly, consistent the We to which

existing concentrated by the expect we retain XX our majority focused plan nature this volume vast of customers, our Given with of prescription utilization non-personal prescription of on drive our that to of volume the the territories core promotion. new current supported XX% increased

leaders these at and virtual target for accessible providers comprehensive strategies, centers; prescribe In tools, drive to meetings. these along integrated two, institutions that implement our recognized most with key support additive one, will initiatives complementary education peer-to-peer look medicines; put and delivery those through proven medical to; their we weeks cardiac during to the top with we likely With care third networks ahead, partner XX,XXX top interactions will execute the with and the we scientific exchange place the in quarter. three, forums and opinion continue

NEXLETOL help to and on supplementary of As to processes prescription This NEXLIZET authorizations. efforts most address that co-pay the directly physicians within authorization effective first quarter, access to on that allow support introduced a with eases headwinds promotion card. growth utilization access are Asembia, patient with pharmacy prior HCPs the days. two force XX, NEXLETOL third are physicians already and a factor, and program prescription support only prior prescription medicine to the avoided during the believe authorizations, will and mails program in we to tactics few burden to and will patient non-personal centralized stated was prior a alleviate our previously e-prescribe territories buy-down full while August, October and focus XX% to We that inadequate sales NEXLIZET this of led the intended there underway ramp

time to patient covered strategic to net therapeutics and over more NEXLIZET pricing focus side, place additional contracts our implement increase as see to expect improved, and earlier as to plans continue are of On delivering of efficiently given in up. Humana patients. our NEXLETOL mix, new pull-through commercial a our the on shifts with year. keen in benefits CLEAR stable leader volume our third Outcome prescription emerge we grow win remained groundbreaking continue we impact as Medicare volumes we quarter payor price believe to With especially quarter-over-quarter, Even positive the net and to lipid the with in management poised fully coverage and a products framework underway, we scale study volumes this

it Now, provide I to comments Rick will performance. the to financial turn over quarterly on

Rick Bartram

our for third of and product which for U.S. from Sheldon. financial in Thanks, release the Earlier the this included quarter $XX.X quarter Daiichi revenue revenue website. available million, the third million compared XXXX, Total the third $XX.X net $X.X press million was was investor in partner, our our $XX.X we generated for today, to which royalty in quarter of $X.X containing issued third a million year. quarter, second on is results the quarter Sankyo. million revenue

Sheldon net organizational million by from down our team As driven quarter. out commercial we flat finalized second totaled the our plans the for cost and we fully On for co-pay compared net coverage next NEXLIZET. runway time, scale to the cost support and optimize as to new was mentioned, restructuring, quarter. initiatives to expect will of the approximately ongoing trial savings Again, the price NEXLETOL million, our $XX Over third expect decline as up. second extend third the further of volume announced and to in implement SG&A CLEAR the that annualized rolled SG&A and structure. last the expense commercialization Outcomes as expense our sequential The we the reduction planned in year card quarter organizational program. changes XX% quarter, prescription $XX.X approximately through million predominantly for business expenses, remained consistent $XX.X cash the medicine continue improve price quarter-over-quarter R&D program the support was and expense

$XXX As expenses XXXX to million million R&D such, year our $XXX expected down revised to be between be to to $XXX million. expenses SG&A we $XXX and full million between

year, XXXX $XXX between next expenses R&D million million to expect million. to to expenses SG&A ahead Looking between million to to we $XXX $XXX and be be $XXX

levels plan Outcomes estimates next trial. $XX of to R&D see, we non-cash the can inclusive maintain These continue you support are CLEAR year. million As next expected our expense compensation year to be as to we stock-based spend of into approximately incurred

was a we the capital more step as $XXX took by first in a of Our XX debt-to-equity advantageous exchange week, approximately announcing our notes. on balance cash million. structure Last creating September convertible

with We decision Company provides financing are potential additional the for flexibility confident that opportunities. future this

Sheldon see, remarks. NEXLIZET, this and With remain to of to As position commercial for you needs it the continue our the confident can our focus, of remainder trial we launch and continued and financial steadfast diligently maintaining Outcomes back that, throughout cash on turn managing strengthen the year. NEXLETOL by closing I'll CLEAR will crucial to we're the support

Sheldon Koenig

company. future transforms business new near- this for planned Thank I and We you, new both my we the model Esperion environment long-term maximize excitement to the organizational the want this and everything future believe for and optimizes opportunities have the reiterate to allowing and our us current at Rick. ahead. era for of

be disease for talk we position leader support cardiovascular awareness funding Last will In about lipids We first drive too. Outcomes committed study, lipid convenient NEXLETOL successful, and excited will and for itself cardiovascular the step. in remain lipid this is organization to mission unprecedented compete the to believe capital long-term week, to are public greater doctors should steps our bringing We and in Esperion effectively we NEXLIZET. patients structure management. in to awareness enable prevention. positioning when took our inflection the market of actions additional all attractive CLEAR their our all, which and you accessible This management to of and as into and making to driving why monitor an a committed better our adoption in next

your thank And to and joining work we for unwavering today for thank I Operator, Lastly, our dedication are in like again, now continued and hard support and and to Q&A. continued mission. would colleagues for Esperion. ready partners you interest our their for

Operator

with Our question Michael first from Yee Instructions] [Operator Jefferies. comes

line Your open. is

Michael Yee

to Thank a for two-part question. I One all new you update color, maybe costs. Sheldon. guys the for on guidance reduce particularly the the for was had and

curve but modestly will you you different at and of looks that to a over I Just trajectory-wise, sheet. could we the Outcomes a team. looking the describe at opportunities even look Maybe that the the expect the do how label be where two shape And use those formal Can until the secondly, help is how what might about Related simple I'll guidance, you can balance cash to some new just now, of the again, the describe various the things then, some thinking like? trajectory like? that, and maybe access one describe expect until think look and to capital at then maybe for result you math, get just to looking possibly you're franchise next how years you growing the presumably change? franchise

Sheldon Koenig

Great.

So and to all, you, your first I for thank start will question. Rick. it Mike, over of turn off then

of not that third a do XX% we And exhibit moderate existing XX% and So can quarter relates non-personal to the I of will course, we promotion And it we lead fact well, type I can know But quarter, growth. of can as way we're bit quarter. growth. about the to addition showed based beyond from CVOT. using it to we that for we will to that we've the think given moving with to do better. as with XX% retained relates better I forward. growth guidance our definitely continue And up we're these formal upon we a do the the showed know think to think growth. be growth, that representatives our know growth know that we XX as we that also that also cover it's that think second that business. any of of that we continue assistance do we've still this We And CRO a the growth and

something as which we of gain we've think the launch. struggling products, I awareness as since been these well, more is with

prescribing. to awareness sure seen generated. place more October some it weekly in to make We've highs We have there that is plans as even relates in

So that there's means And Nissen I we'll the the of second To as mentioned the quarter line and also going that top tremendous to study result amount more we these a Dr. have CLEAR Steve the the there. of study conversation know of I will think question, as Outcome first products. anticipation two create of I of some at XXXX. attention And attention we're what that's confident our part awareness, do lot prepared that that again, around a inflection in us first in time. had for believe type an brought of that that for Foody your Dr. think bring, to we remarks, with

sales not an information do in will be that. would with that think event course, public. that once representatives, unprecedented the any promote publish that actually of we Of would I our out but to be able And we be

So over to for the with second that, I'll turn question. Rick of it the part

Rick Bartram

we Yes, so capital. additional Thanks, acknowledge the to Mike. need raise

think everyone's the I moving we're We've plan a on. doing math. that forward

piece, our that place. cash going if possible, first out ahead aggressively put We're further the approach to in managing was additional weeks ago, pull and extend as the evaluate Outcome the The We've structure. study within to we to obviously, the two next quarters, system, over costs quarters continue costs the runway. CLEAR over burn

measures transactions. as the organization, evaluating as all bringing are for options of traditional the some ahead that we're terms past organization, well In into of capital

a equity into for entered week debt last mentioned we exchange. As

transactions, So, sheet. that opportunistically we're approaching transactions, improve debt may our on balance reduce ones further evaluating focused and

cognizant and need, we'll address ahead. of we're the that cash So

Operator

comes next Cowen. Joseph from question Our with Thome

Your open. is line

Joseph Thome

taking thank Good morning and you question. my for

one, the is impact centers point, was in awareness Or conversations, guess sort sort seeing on right really until the don't first Mexico in they in the getting there and what are won't sort you just for your I use second The know patients and of data? but Sankyo Europe of use they differences this until Daiichi you drug type certain you Outcomes it that's Or Outcomes if have the maybe just same encountering that just of Outcomes see adoption? information, there then compare, that won't is Are the of And data? in NEXLIZET? I they're see U.S.? physicians when of are uptake was Europe, drug with the that now doing maybe any as it NEXLETOL data.

Sheldon Koenig

you Joanne, comment? want to do

Dr. Joanne Foody

Yes.

the NEXLETOL With NEXLIZET, indication. just currently LDL question. or to the to prior for and there physicians use you drug outcome thank utilizing are based the general on resistance that, study So respect to do an

think not our Outcomes been as a biggest payors has having from themselves. outcomes resistance the I that to data. the await actually data And challenge comes they

other who there are clinicians are think outcomes I looking some and as awaiting alternatives well. also probably at

the question how and respect our a statin-intolerant to outside patients. Now, and your does include on second -- the with to at the U.S. looking second bit is the label label differences they're Daiichi patients, Sankyo than in label broader

U.S. additional general, broader patients the as a outside to utilization -- outside well in as is So U.S., similar, lowering. as there U.S., ASCVD we look label. who that, But the the in need high-risk in LDL beyond the are generally patients

Sheldon Koenig

you And online. have Eric, add to as well, if we want Eric Warren

Eric Warren

Wonderful. your yes, With so Joseph. Joanne's question, right. thanks Yes. and to regards absolutely for Joanne, CVOT,

hard have willing it with until guideline the does point, really of to outcome four Obviously, some It your the think to us. benefit, the CVOT for that there's authorizations. clinicians prior population. things a use the helps It there perspective. still I that And size burden associated product. expands a we from are would reduce helpful be inclusion aren't

doors four for it will us. unlock So, important

Operator

question & Belanger Serge Needham Company. from comes next with Our

is line Your open.

Serge Belanger

me. couple questions for of A

expect Can anything The this in you're Humana of if coverage? expect first one a level you earlier payor on tell prior year. we XXXX in step-throughs similar big terms expecting coverage as -- also of and Should the XXXX? coverage. that know new I win changes and to was whether related to we any should us in

Sheldon Koenig

for your question. Serge, thank you so much

negotiate, coverage. coverage. summary, it to But payors with at actually have et as always that always ways So, working relates said, we're looking enhance in with at contracts. we terrific better our We're cetera. to coverage, to We're looking our continually

we of was XX% And is from as both win you with have products. in lives. have May of Medicare had And we Medicare XX% eligible coverage a biggest perspective, coverage. Medicare million which of these the mentioned, coverage that our driver X.X about for commercial We that Humana, a

of of greater a utilizing contracts next As do they we will, utilization typically, just what pull-through to you have all we contracts. greater into matter and It's of awareness actually our see larger with our of, our of we or move year, all providers, And them currently, products. hear products is Medicare if want them.

really contracts do Medicare in engaged driving in doing and they that. where really now focusing we're those areas them demand yet who have is that a what and So we have providers, the have we on those are, right with plan do to not

So it's have and do coverage perspective, really we're that of contracts. uptake more But an forward to from coverage, these favorable and through looking again, of work our to continuing products. overall the doing products utilization these generate of we further awareness

Serge Belanger

Okay.

squeeze in Let one me more.

you a recovery in of And to launched. the COVID-related -- we Can if been any significant get you do current have back since do obviously, now? what measure normal, Just is it's to of could headwind of terms get think impacts, back level when ever you we you right normal?

Sheldon Koenig

think probably think more, every well, to decreasing what is I I as think United the I No, that's States. more Yes. seeing you that and asks more hear Children I -- are in and be soon. the news related that cases what vaccinated think throughout and read this COVID we're I Serge, going are a question what to is -- business everybody probably. do

I essentially think we're will helpful to that patients return address And their back offices think to going their well. that's as health. be and confident cardiovascular continue I to physician

We noticed, this, there means. had Something meeting. say did think checking what is have a for And is We're gain I'll what really into we've this you noticed that day so will now, are. know you we have that putting you other this numbers do we're numbers traction, your important. this you hoping know of but it understand this it people the been so of out checked, or doing cholesterol maybe not will some your

Because people top we well the and I to of in, reasons do you comment as I neither just of ask the cetera. that's live mind why long-term that the relates that be is for, think weeks the this, And that announced from going to Rick cholesterol add go importance away we us we to the know normal et it's of had, but because two say the to about the have anything. here, not that's is of in to operate we we'll them know the environment that, and numbers. environment two in COVID. the I'll because changes and that, -- if your Joanne want a you business perspective. made two we that checking environment dynamics of and not the going their it is CFO one and industry. that COVID I will as But will today, we'll do checked to are don't Bartram COVID, ago in Our these Joanne, cholesterol talked new for adapting asked face be years, pharmaceutical And what had

Dr. Joanne Foody

knowing And disease awareness, and also and we, that treat to importance on the but are but only management, that all refocusing to XX on the Sheldon seeing it. people people burner the providers us think our the about are I as of having now back. we're state And preventive for come relative back the their months, increase about non-COVID-related to put to our have organization, beginning conditions. not Patients an last the COVID, mentioned, as cholesterol cardiovascular health urgency levels of continuing medical compounds,

that recognize new the we outreach. does that also lot to of normal normal may think incorporate not digital entirely things approaches, a and I return

patients importance technologies providers that And organization and entire as leveraging our including digital the of organizations, our our novel therapies, aware so field-facing modifying medical well the are both of of to cholesterol. importance we ensure as are across

Operator

Jason from with comes Butler question next JMP Securities. Our

is open. Your line

Jason Butler

A couple us. from

you the we strategic on financing just or perspective see So is relationship an what alternatives? kind scenario is and a one, XXXX? reimbursement update partnership some priority countries Europe, expansion of on U.S. extent just you, in To the a could options. as where of And for the or can launch what us a on you from then Daiichi realistic co-promote first and give here evaluate

Sheldon Koenig

Great. Yes.

Jason, you your hi, thank for question. So,

very So strategic consistent this. to about related been and partner, we've

So medicines therefore, us interested, would be patients. and we'd approaching to we're that willing of et open be anyone get folks always help to us matter cetera. a us physicians asking and is quicker And to this if

or listening it to from cetera, So to to we're always just co-promote state et that that. whether investment, open an so relates strategic partnerships, as a perspective be

is just they're relates reimbursement therapy it Europe, mentioned patients part the of to PCSKX. in patients want we NUSTENDI both a in but when about ago, again, were accumulation, question, our six currently, as XX,XXX you almost Sankyo launched so reminder, look as years and today XX,XXX on in NILEMDO of this at not that press And there's use total state just As release, Daiichi your October. now PCSKX, to which and launched in on

now franchise have same bempedoic patients they PCSKX. essentially amount of the as on So acid the

have So recently they're really in proud of to they through through pricing as know just up process you that. and to able you happy about been the it really environment their in a until have Germany, performance, about gain I do order AMNOG were They go market in free Germany. as well. to know, And

through assessment NICE that. different and the And do had they're going they So it's actually technology States. health where through a they're that of like with actually They're we going in payors type favorable the through centralized UK also review. here in reimbursement. this somewhat a They're not United through of

joint Eric, may launching commercialization as that additional talk sub far in over markets, any I I'll have other team As the sits about turn who on to to that items missed.

Eric Warren

our reinforce colleagues. perspective, No, to the sequence I that therapy. the covered will I patient obviously, it the strategy endeavor latest well. then is and I uptake for and But think a regards from you've mean, been the they've with are following appropriate U.S. is the be excellent obviously the completing EU just doing of UK ranks Sheldon. critical in Germany, we want how through to Thanks, that Yes.

Sheldon Koenig

as sorry, expansion -- other far in as And Jason, missed I markets. this one last just aspect

process, bit in move are which you you you defined update France. typically more Europe, the is more when to of out, the quarters. UK most this over biggest are they'll So see we and right now through markets go products can and you defined two little HCA the now, Those Germany to two drawn Italy, in they're launch next that a and what but Spain continue the and

Operator

next comes with from Our question Judah Frommer Suisse. Credit

line Your open. is

Judah Frommer

First just of marketability lines a around follow-up the on CVOT. the time kind and

So, four for in terms about with doctors? need the do conversation that to full maybe you of prescription and those with of and maybe unlocking kind of doors to industry kind start you results wait to can And mentioned, guidelines? the you how market when the payors changing results

Dr. Joanne Foody

So question. Judah, thank you for the

fair with of the a Eric can four in points we to, raised, unlocking that results. fact, the with payors even do prior of So respect work publication to amount

present medical a the campaign We however, be medical anticipate from publications and promote leverage team that So that space also perspective, with have until privileged very we we cannot in team to would the commercial can planned, would exchange the the that through have science the before, scientific the data actual robust label. -- before label; fact, they're exchanges, prior a to our well a of proactive. we scientific affairs in variety the and everything that do well those would a publication. Certainly, can promotional

Judah Frommer

makes That sense.

Sheldon Koenig

though you've Nissen again, don't Outcomes give everyone assume we primary Dr. Steven There'll Dr. the of very is just the even in study And investigator bullets but could our and anything well. that passionate, CLEAR is past of that that the the et label, very I I it's trial. post about maybe the know have awareness, Joanne -- as and I -- just could and the Nissen as study to someone within operate of again, the presentation I think the the as study And of want eventually and is a before couple data, well. we us as result and previously. And of to line has that's important who's the remind be a mentioned top maybe that add seen cetera, will positive. robustly is study, result And

be will information will be be ways again, disseminate that big available as can. this we the representatives much not opportunity as will So a for it, point, but other Joanne's data our to But us promote very to the to there's public. able to

Judah Frommer

Got presentations up. are on few topic, think that at it. that And I you press kind of AHA released a coming

-- that person an medical a more get of back again? is any the kind new in you Is at changing I message? to way there think, it just meetings? opportunity of people, see So as Is message out kind in

Dr. Joanne Foody

Yes.

So Judah, thank you.

have So globally. cardiovascular of one American at is Association, do Heart the which three sponsored largest we abstracts congresses the

In addition, there's a amount very work NEXLIZET. significant acid, NEXLETOL of and non-sponsored regarding bempedoic

It science our current above the and are about nice thing utility label well the that is. of the all highlights where these think I therapies. is reinforces the actually that of also actually are there unique individuals responses that

cardiovascular should we this and Heart, of efficacy think congresses, focusing other they congresses. congresses, outcome out, presenting compound continue in the including which patients diabetes are clinicians We'll and helps I only be Not on multiple So in at that. American to figure safety populations. do the presenting scientifically, we're the other

continue to robust platform very and scientific have these publication support a to continue to So compounds.

Operator

Our next JPMorgan. from Jessica with comes question Fye

open. is line Your

Jessica Fye

good guys, taking Thanks Hey me. morning. for question. for my Three

view discount, alluded what costs pulling little thinking north you looking? do the there to been into gross metrics they're commercial you you we First, the further potentially to update on you're has more of? little XX% a beyond of calculated launch that big at at all more forward as commercial Can say a few what you metrics? color net on on year. And a year going at already weeks provide a in out outlined key ones third, least how observe running to elaborate key what detail positive the stage back. in this you you Second, go Can this you just and and growth continue which momentum

but the to rather removed it's envisioning from we guidance talk But Thank low with for how talked can term, the So buy with revenue not you you down card that in think know about up I line about might that net, now program, long you OpEx the you're improvement. year? gross as you. provided about XXXX COVID next

Sheldon Koenig

to to as positive to it and going and to your relates to -- et it cetera. me over Let turn have metrics how I'm first address metrics measuring question , comments. Eric we're

Eric Warren

looking And critical key Wonderful. The well weekly metrics there's that pop a that out. as of Well, as TRx we're for a there's we're lot a but metrics are Thanks, yes, prescriptions, us. few looking new few Jessica. number at. that of Rx at,

looking is of Looking at the have prescribing. we metric, a critical at number that also the of prescribers depth

we So an migrate we've increased personal into prescribers. this focus on footprint, promotion with as those new focus our really XX%

So prescribing is critical to to XX% eight seven to Obviously, somewhere to calls be in day, able on the our metrics reach frequency neighborhood important well. to XX% per we us. somewhere us reach and and to depth We're of were as in targets. are really of achieve going the

So being monitoring these regular metrics ones are on critical as jump and off basis. that that I'm a

Sheldon Koenig

Yes. Eric. Thanks,

So the questions. Jess, thanks for

right cost, about we for of you should the I I So organization, ago is, weeks think how do believe with the the one, we is in aggressively think two that the as which cost, terms mentioned, environment. manage rightsizing

do costs the costs budgeted the historical we're optimize We trajectory mentality brands, of plan. going the is opportunity the to to have in our have all further hurting that. definitely or if that And a interrogating of there we without business

year that made as our volume net year. of growth, in net prepared the to with next is piece this gross we've factors A key pleased we price. of terms in we're remarks. A for discounts, In highlighted couple improvements

evaluating But going As we we managing extent so. to improve to that price. those, volumes gross do increase, be improvement that the in And costs. we're continue aggressively to can our to we'll net expect there's and obviously do net

Operator

from Our Tom with comes BTIG. question Shrader next

open. Your is line

Tom Shrader

related A more question, morning. that little Good Can the to give it of sense you maybe will us R&D? a of CLEAR Outcomes? pointed. a Is much majority cost finish how

Sheldon Koenig

so Yes. Thanks, Tom. is. Yes, it

sort income for statement that CLEAR case. is that then we Outcomes. are the for you organization indirect the And of at to completion obviously, same line for R&D predominantly top with principally costs and of That study. costs year, closes study going approach results, or the line which as associated R&D If for costs And decline. we year, expense OpEx completion the in is look put out the that dramatically Outcomes, the next associated either out with of is this guidance CLEAR the associated the the direct

Tom Shrader

then surprised first? you And on me of negotiated easier comments simply going the like your auth. thought address prior this? issue to I have Or were stepping Okay. changed? Has where with bit. to little make prior you through you didn't something it a issue auth a prior payors Just the on big have based an what's price,

Sheldon Koenig

you want to... Eric,

Eric Warren

Yes.

for branded regular are So are category, us. that prior products otherwise prior auth have player for common authorizations been a pretty in an generic so

though, co-pay down buy the and authorization patients that had the in net full recall past, commercial impacting for we that potentially is price. that circumventing that You'll card providing our was prior process whole negatively

products probably fully ultimately, thread in common support authorizations CVOT you prescription as didn't some that's then ease for momentum. But the will go And We're long help burden. anticipate categories. much our the seeing way. prior branded the a us do So will about are in already definitely program a that hear why I it past.

Operator

Our Jeff Morgan from with Hung Stanley. next question comes

open. is line Your

Jeff Hung

upcoming Any in the $XXX negotiations Thanks $XX the update remaining And specified of XQ for Oberland the in then on the million are for any requirements on net quarters and waiving question. revenue the for cash million? there equivalents? with taking requirements

Sheldon Koenig

Yes.

it start me this, over I'll let So with Rick. to and turn

them. work the ours, therefore, a We it's of always us know think thing. satisfy continues to to agreement. with we just with partnership work want We're important Outcomes the trial. same them, of the what of order So I But discussions and in with of all successful reach want organization. We want to to in need the Overland continue actively is that, and CLEAR very to we'll partner conclusion And of work to the and continued on be the do to success requirements them. we

Rick Bartram

our that threshold Jeff, covenant agreement, The is revenue net in to that U.S. we are million the net the and is growing agreement sales. and to that obligations we're related And forward looking this Yes. under satisfying Rick. $XX

Jeff Hung

So just it? wasn't specified was a for Or it just net then onetime are -- requirements quarters? revenue thing, upcoming was that there

Rick Bartram

ahead. million It was quarters for $XX the

Jeff Hung

see. I

talk achieve primary is payment of of Okay. size the the the the Otsuka that? you and And then you timing any whether outcome MACE the that milestone when owe about that what flexibility you can And there's in around study?

Rick Bartram

agreement, the to U.S. million for up the where milestone any Daiichi agreement That a would and have trial to is upon Otsuka Esperion They have one payable Well, the funds. label. incorporation the similar we achievement we owe cardiovascular Otsuka Esperion. to don't payment $XX to of the into outcomes

Jeff Hung

Okay.

when to that So, have study milestones there's you is anyone no the Outcomes completed. pay

Rick Bartram

have milestones from we partners. milestones all study of to the that Outcomes No, payable are to Esperion the No. tied our

Jeff Hung

in before. you a Okay. do bit could Great. COGS the higher last attribute more as than should in. rate onetime COGS of one the or higher If to? new thing? get view in came this What And a question we I little run XQ

Rick Bartram

-- Jeff. thanks, Well, we also have

associated So supply revenue That partners. has we have our COGS that. with to an also appropriate

at to pure looking revenue, cost supply you factor a related there. you're do to if have U.S. in So to net our net comparison partners

Operator

comes with next Sachs. Paul Goldman question from Our Choi

open. Your line is

Paul Choi

like you. Thank for for your near-term third-party for modeling thanks our here as data IQVIA percentage taking that prescription our sources single-digit think reported morning suggested questions. XX% which I the the forecast, Good think and low about question volumes quarter. that us you've we is grew versus the One

about with to or maybe So we any if changes with as here? there's then our the on question. clarify, forward the sales just regard And been can models changes had data you I a think if just reporting third-party follow-up force

Sheldon Koenig

relates of yes, as Paul, Hi, data. changes our it to any aware third-party not I'm

the answer that's best I that. can think I

been haven't we alerted to So, anything.

what So we're is seeing. what seeing we're

-- So it's been and consistent.

Paul Choi

accrued which of the to here Joanne, good with what would one pretty is sense in for Okay. a the suspect of the control an And a trial. arm. look have take acid for interim bempedoic you events XX% then I versus to doing is you're outcomes now position were if

potentially to the of un-blinding your quarter potentially potentially event for the are rate high ask So, first thoughts you what data and team, and Outcomes and versus the it applying the XXXX, line the just a I label? accrual to to want accelerate this release time study earlier, plan given just

Dr. Joanne Foody

Yes.

alpha At would be for we not would we looking the So question. and study. as spend time, of power thank look the an for this for have that interim potential you to

we We for are quite where however, that are events. tracking pleased, with

In fact, its XX% was achieved earlier than the anticipated December.

course So right the power and un-blinding. and run study intention of we no are its now, letting of to integrity full the maintain study the

pull in a pleased power study possible, lines early which tracking this doing quite best accelerating as are we this pushing ability. in as everything to we're However, ahead and the our really our lines to time bit time with includes those of

Operator

conference the call. in conclude today's you Everyone, program, does participating a may for have great now disconnect. This you and Thank day.

Esperion Therapeutics (ESPR) 2 Nov 212021 Q3 Earnings call transcript