Earnings call transcript Q1 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by and welcome. [Operator Instructions] Please be advised that today's conference may be recorded. I would now like to hand the conference over to Tiffany Aldrich, Associate Director, Corporate Communications, at Esperion. Please go ahead, Tiffany.

Tiffany Aldrich

Thank you. to Quarter welcome Call. Earnings and morning Esperion's XXXX First Conference Good

presentation provisions be Securities want the listeners covered contained information today harbor their of filings. that our remind obligation that under the only events this the or cautionary discussed entirety to call safe statements. These in the uncertainties and associated of I forward-looking could the content statements callers business. is call that management circumstances Actual any differ information or stated will and by qualified in to from statements to revise those risks of making implied I May this Reform due today's Litigation webcast. by to The statements of time-sensitive Act. undertake press on release, the live broadcast, the as this reflect of update caution Private is and conference accurate contains call forward-looking date the forward-looking are or our X, after results materially date XXXX. forward-looking statements with conference no SEC We

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

Commercial Eric Chief Ben Financial Officer. Officer; Chief Warren, and and Dr. Chief Halladay, today Chief us CEO; Koenig, Foody, Medical Sheldon With Officer; President are B.J. JoAnne Strategy Officer; Swartz,

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

will be available Following follow-up today's for team call, questions. the

Sheldon? to prepared over call some turn remarks. I'll now for the Sheldon

Sheldon Koenig

you our to and quarter Thank significant recent you, first Thank for us joining today and review Tiffany morning, good results achievements. everyone.

grew prescription XXXX. are strong growth clear XX% $XX.X of we by that It's and of equivalents compared off subscriptions new-to-brand million Retail very start to revenue reported by in the to quarter. XX% We prior year-over-year grew year-over-year. XX% or a

that quarter positive from share the momentum. now of some are Let driving highlights the me this

in know, Medicine. for we're positive outcomes for This we data presented prestigious milestone. in Journal clinically these of of achieving recently and was England moment. these as meaningful landmark proud very reduction in impressive at their years CLEAR was cardiovascular in trial a published I'll you March risk our team disseminated New as making As ACC broadly the results further the from tireless Esperion a the that results accomplishment work major this in discuss well

the remain to this of effective continuing first change is there half data European in Medicines track is of the following work U.S. FDA expectation XXXX. we And for announcement. year. organization the for entire both Agency label is the first become submissions review Our on Once our we so our and typically to expeditiously in regulatory half the file, XX-month a period, to

for are a to Our prohibited drugs. and change reps label As so the reminder: the positive beyond mentioning have significant our on demand anything current impact expect for label, sales we a

are New-to-brand will the weeks seeing to explain of our data this more the initial provide subscriptions XX% following we ACC spiked so color from ahead our Eric why presentation. in and field quickly trend X expectations. And

either also now with are and ahead recommends Expert guidelines; bempedoic The updated has combination We the PCSKX of in Lipid swift ezetimibe. Europe. making Panel International inhibitor, acid or progress alone in

in persistent demonstrated Next, that NEXLETOL for has growth franchise partner European our the geography. and NEXLIZET

in was to to of are that in expand approved and that bempedoic European Turkey. recently proud drug approval report the obtained we Italy marketing commercialization acid Our continues of and reimbursement was

NEXLETOL the NEXLIZET. launched Next, important and we targeting website a these scientific have further about benefits the scientific and medical new educate to communities of stakeholders

providers, Pharmaceuticals. commercial XX and reps promotional with their to promote primary a announced we care footprint. Lastly, with NEXLIZET partnership NEXLETOL doubling enable recently This Currax partnership will our effectively

trained fully field be to by July. reps and their expect in the We

Let me some accomplishments. key business you walk now through

X As you of We therapy. ACC LDL-cholesterol approximately bempedoic applause moment the which to audience outcomes other assessed want compared patients of unable component to to in in unprecedented reiterate goals achieve women. the disease all to as significant an a XX% in It round scope with trials improve XX from take important. killer so high-level their physician which CLEAR they countries, trial are focused cardiovascular know, which nearly important on of in trial population women because was ability tolerate is landmark maximize was XX,XXX and acid I the the at the and a is statin. or its cardiovascular underserved from to a individuals differentiating outcomes number the CLEAR findings a conducted unable inclusive to of current generated

risk XX%, in more reduction for reduction importantly heart this nonfatal not is than for attacks, significant cardiovascular including A a Esperion more patients. of a only but outcome

are drugs Our literally saving lives.

which will trial further we expect meetings will throughout year present from prescribers. amongst raise We medical analysis additional awareness the at this multiple

We're equivalent to are advertising. study broadcast enthusiasm saw much bempedoic only in approximately and getting coverage and to million We that following total at pieces, but over of and not general from has been discussion XXX it cholesterol the media so been which garnering the be X us community CLEAR the media in impressions results, the and This of to billion thrilled impactful so goals. significant about over public. reaching outcomes see forefront covered about the our the has also acid trade announcement $XXX medical proud excitement from for paid data is

continue We conversation importance awareness of while about the the increasing LDL-cholesterol. lowering

Officer, Warren, our over perspective. it I'll for that, With turn Chief Commercial Eric now commercial a to

Eric Warren

the excited quarter. incredibly the first NEXLETOL about in performance of NEXLIZET and I'm Sheldon. Thanks,

key Even of opportunity An positive data. these scratching reinforcing we products. in the new importance teams two, reaction, number surveyed same to one, for prescriptions without new-to-brand surface of We XXX we weeks period. results X care CLEAR out in are and the to their in had number these the ACC, Outcomes of two; for XX% or practitioners NEXLIZET time XX% that our NEXLETOL performance highly promote clinical writers increase highlight Coming data, just QX. these the approximately I'll study. ability true overwhelming the commercial on approximately an a reaction X,XXX the following health of positive assess significant and the during to ACC; indicators saw for multiple growth

We are of extremely proud ahead. of these the significant that opportunity beginning believe the lies results and it only is growth that

by tolerated is of NEXLETOL To to the not our only secondary Shedding combination positioning doing outcomes at and primary from to as as the lowering the the patients of the reminder, next statin and statins the that We time, prevention incorporation primary increase put our their prescribing with is, benefit prescriber post further solidify NEXLIZET changes for engagement dramatically patients driven in which current on team benefits not patients goal. the come therapies and information. a and to place and At and CLEAR adding established after that will high-risk of trends. clear significant is is context benefits of prevention LDL-C the high-risk the those data into a step NEXLIZET. NEXLETOL limitations patients. demonstrate Outcomes in first the an but expected their job and The believe non-statin around commercial will number for positioning maximally outstanding is same executing that preparing these cardiovascular growth conviction team significant disease statins the LDL-C

upon to team PCP is that unturned reach Currax partnerships force consumer QX throughout scaling full to and just commercial to like from expand saw enable for the reach activity, no creative we sales leaving are and targeted their Multiple prepare full of revised XXXX, first and commercial stone implemented with launch activities signed XXXX to momentum being one mentioned. we our build the in Sheldon to The NEXLETOL half segmentation in the potential. NEXLIZET that

I'll to Ben it turn the to review detailed over financials.

Benjamin Halladay

the Eric. first Thank you, XXXX. we investor for Please available our first reflect the today, containing ended financial release a the specified, quarter of which quarter on otherwise press March page website. issued is results note that, my comments for XXXX Earlier unless our XX, results

the U.S. year-over-year quarter approximately was of positive equivalents product and $XX up very quarter-over-quarter, XX% increased X% for first data. reception Outcomes CLEAR the Retail XX% reflecting year-over-year. million, revenue prescription

in strong February of XXXX. been NUSTENDI total continues partner of to A growth territories. European European patients in treated through now Our Europe report have their XX,XXX NILEMDO and

As partner of in was available and revenue, direct cash XXXX. related securities December on in revenue and million, the a offering includes million year-over-year. and of cash for $XXX.X XX, an Collaboration agencies with compared expenses. equivalents recent which investment XXXX, March XX% XX, before raised includes increase March royalty million sale combined cash, registered million $X.X deducting placement totaled This $XXX.X offering $XX

of for first quarter million, revenue March $XX.X the increase was total XX, Finally, XXXX, XX% year-over-year. an ended

The year-over-year. expenses R&D expenses. with of the ACC seen million, closeout $XX.X increase regulatory Outcomes submission to a our million, management reflecting following guided. our support preparation activities, related SG&A to as were increase ACC decrease continuing costs primarily including $XX.X XX% X% expenses our associated to momentum to CLEAR and presentation were commitment while expense presentation. year-over-year is of previously trial, an our Turning

million will broken with to rate. million with stock out year $XXX $XXX expense This expense. SG&A example of further expect that deal commercial guidance. to related total is and in we recent $XXX We how we $XXX includes as million presence Currax to Our million a still R&D approximately our in expense can $XXX $XXX in great million line XXXX increasing be expenses $XX full million tracking in to burn and noncash operating significantly compensation be million are without and expand our to

our as work associated ACC with regulatory that costs filing Europe, of loaded, and note both previously U.S. the in first Outcomes to expected half CLEAR I'll expenses submission the mentioned. operating and presentation are be closure reflecting trial our

quarter the be then quarter first half second substantially to expect the second in year. relatively We moderate and in to line expenses of with

Let you, back now Sheldon. it to over me hand

Sheldon Koenig

Ben. you, Thank

update. share a Let me brief corporate

First, we to capital March which runway us extends at in million of cash fuel our raised the growth. end $XX continued enables and nearly

on we Second, legal we you progress. believe which further payments we And posted new amended filed as keep York an in milestone evidence with amended District holding New we this the May be we'll last Annual third, things announced our owed. later our to Meeting we XX. month, position. believe Southern discloses of are and standing with Shareholder week European regard This complaint complaint our we'll feel We that confident partner supports

positioned our and NEXLIZET significant driven market in scale. and a on data a growth for global awareness and have acceptance well are large NEXLETOL

reduction are top-tier be We broad for soon label upcoming at a in track risk plan to and congresses journals. file we medical and to visible cardiovascular on extremely

We sharing at seen across following about the thrilled are of increases metrics CLEAR ACC. Outcomes selling initial we've

of our NEXLETOL the it NEXLIZET upcoming label associated a plan the implementing We for something XXXX statin, as NEXLIZET. and next. throughout that and potential with wanted and to the update we unlock momentum NEXLETOL After promotion strategic are clear. capitalize I blockbuster on make to full-scale are

we you interest and Q&A. for ready for in your Thank today. Esperion are joining Operator, now for

Operator

the Our first with Instructions] of question will come from line Jefferies. Dennis [Operator Ding

Dennis Ding

Congratulations on progress. the all

conservatism how is So and when around some given on either what $XXX X do into remind speaking on if on from versus so you near- mean second you Number on have a into SG&A you agreement? you by And mentioned this? previously in million co-promotion -- obviously of are And question us you that is of in flexibility pursuing you have account R&D; OpEx. can one, factors there what Currax it a give Can your level be around and then your can longer-term different investors comes guidance taking questions come to Daiichi me. OpEx, milestone variety And ways, my clarity you'll the baked resolution? you much could value. some

Sheldon Koenig

you much questions. thank your so all, of first for Dennis,

be to Daiichi want clear Sankyo relates the I So to milestone. it as

in to stated. which our publicly is change in have also will upon goal occur million first Our we of think expect again the And $XXX XXXX. that's million the our to what be value fact the pursuing. it's full I that shareholders. milestone label And important That's to secure we what we $XXX for half the recognize due always is

value. word So I know the used you

million looking at are it payment full we'll and that. the seek to just We $XXX leave

Benjamin Halladay

Ben. this OpEx. And touch is I'll Dennis, Yes. on

far let me as flexibility, we So be I clear. as mean, --

going. expenses that as the And have to will We make But down With is the that up great with up SG&A meaningfully that that to the this the trying derail down yes, burn want we're in investing to R&D, we we're want we and going -- keep Yes, saw momentum line to accordingly. but that, of ACC. always to sure and and as question: scale areas well company. make funding don't post sure right to so and toggle we we rate manage always have there we to we're momentum always will but answer managing room will our change fine we scale of room walk your

Operator

One will moment Belanger line for come our next with question Needham. Serge of the and from that

Serge Belanger

secondly, one So the next the the just of I resolution front? give What's legal data partner. talk rest on can just preview on of potential data you mean the what proceedings that those European And the then is year. about first presentations And be. here? maybe additional Maybe over timelines potential your us with you range for development the a of could talked about

Sheldon Koenig

Great.

of on the submission, with half U.S. for to relates same is So both everything label European year for partners, as be on over. the working we the before to In remain and file which the also remains negotiations the this track. our And it preparing European the and true Sankyo. is Europe; and Daiichi track EMA would U.S.,

change or the that of I ahead actually any work, all So say, a submission there's lines. bit is the of schedule. in on would time Everything no even of work time;

You are good we we in there. so may even time lines, about accelerating recall talked shape

there Association, and the will presentations about year keep that, not we the American tuned. you And even end future and after to throughout everyone but will the Cardiology; then stay Society think of meetings only fall, data that the those go occur European at into are as if the we so Heart will some important meetings continuing updated before show but we Regarding of be data, June.

We again, exciting have some, data. really

showed patients; As know, both this study. data physicians; a that's one fantastic important is add very it you more, all And I'll to care large and providers. health

Operator

next that of our with from question. the for come line And Fye JPMorgan. moment will One Jessica

Jessica Fye

A few.

of fall you see talk expectations Currax First, about Is the agreement? after as of inclusion can Second, the this in cash do current year your guidelines? the on raise? the can recent the And you timing for elaborate economics lastly, U.S. for runway possible? you what

Eric Warren

Warren. Eric it's the Jess, Currax I'll the on one, first take financials.

is win-win Currax arrangement So not this patients. that companies a we the for for believe wonderful but only

in revenue a that So practitioners. upfront we new universe with did group the Currax that of of majority And prescriptions the come they responsible generate they're is but will as small provide target of a the unique for. care the primary

JoAnne Foody

JoAnne. Jess, this is

CLEAR we guidelines, there the into the be anticipate on of the about the updates incorporation fall, likely think data we As from strength the of based U.S. in that data. guidelines, presumably would to

and guidances positioning you've already U.S. primary As already secondary seen, that globally follow or we've had the NEXLETOL of after with we either on presumably up in updating and statins particularly their in Outcomes, suit, prevention, CLEAR based and would fall. data PCSKXs. strength the would And both NEXLIZET before guidelines anticipate, statements the

Benjamin Halladay

mid-XXXX. ACC, some now I is Ben. fundraise this seen on think, about we've cash we're Jess, tailwinds last after to runway, cash after well Yes. as as And this runway I goes our the of -- think

Jessica Fye

as And lines we should time DSE? when follow-up: can just What And we expect the for litigation expect a clarity? with Great. the are

Sheldon Koenig

Yes.

DSE. Jess, So

know, last They a to complaint. have we June you XX respond that week, complaint. to new As until filed

upon the to Just that first a is payment keep of XXXX, in which that half anything. we our label occur delay in expect mind complaint, milestone the so change not does even new filing due

hold to XXXX line early we the Again time we cases. obviously types And after payment not new these the that, a court standard a milestone keep to is the until ask plan that's and in early in of complaint. So due XXXX. mind filed trial for

Operator

next our America. come Zemansky Bank the for with from and that Jason will of moment question of One line

Jason Zemansky

in near-term we of settlement, dispute expect hit? terms any dialogue ongoing the deal, congratulations steadily looks I Should some over are do regarding near-term the to you on the you the is that sensitivities potential going whatever kind negotiations my that extent And then come your on of there the you that active recognize there is to that the partner? open, the of legal progress. comment, -- European Are regarding like? or can year? to ongoing me Let more there Currax but expect course Look, when echo any and impact, that between

Sheldon Koenig

thank first congratulations. of all, for you the Jason,

discussions, in we the to I sure unfortunately, though, but business So our as relates as can relates as with I regarding said joint we on the cetera, say, you anything this, negotiations, it cannot to it litigation sub commenting label, usual, though, as that et partners mind, as et comment it's it well comment as I'm appreciate. on cetera will working on currently as teams, stands. ongoing on our commercialization keep earlier, cannot

Currax relates folks: preparing they the to is them now which is in do the training the We're done. that it Currax, of in to time. So begin their midst so As will free deal something

across believe we'll our reminded see X. to we're Again we And we country. think to few they go And through folks next months. effectively as these And of we've just started. say sales products XX as the meaningful previously, get -- we'll with there's you see -- July our that as engaging them be update that doubling force, we we have as said about far so that with the customers results we as continue I having go would on

the And we So help really again, about generated to it's going that we're continue excited us, partnership. from the very ACC. momentum

Operator

of And question today's will from TD with Troy final Cowen. Langford come the line

Troy Langford

progress. the all on Congrats

or seemed tried Have all on provide the to showed level they have that Just specific one color feedback seen it acid of bit just at data seemed question: have physicians positive the result? you study, the risk from care Can bempedoic happy since reductions the ACC? that CLEAR a physicians about little a quick commercial of Outcomes additional mainly in at

Eric Warren

has well Eric. as And ACC eyes for positions opened in reaction fantastic. that's Yes, to to just been our general the as we're the outcomes physician it's before ACC. that products many waiting ACC been data. Troy,

those not done able of but these As a are about data. where I talk physicians have lots projects reminder: research We're incredibly positive data to market about

data they generated that we they about from actually about data So presence the care Outcomes. care but the actual of CLEAR

So seen again of And JoAnne? they're that's data impressed some pre the already And the with commercialization. and we've impact.

JoAnne Foody

question. you This thank for the again JoAnne. Troy, And is

only but leaders, we risk. a cardiovascular address the cardiovascular in on new key level as have data the to opinion a their leaders, have these impact awareness community, particularly think, of had look I to very highest not at scientific tool that their ability profound

the excited in also [indiscernible] have LDL the really oral, driven lowering statin consistency the about And not on excited impact differentiation So statin-like very study, cholesterol cardiovascular. favorably and has about particularly at been really and but property, awareness, the its only with protein. looked its outcomes in

Sheldon Koenig

Washington, And This this comment. statin because take us cannot more -- that, a for maximum drug physicians they a gets JoAnne, need to. is with heard a patients is stated get dose in And of of a statin. can take actually who course dinner question I numerous game or it's times, this turn a but can goal a tolerated who what that few for add one was drug now at just D.C. patients have only They I'll documented. excited and to to still something is we've a they just this Troy, changer. And

comments a lot So heard of discussions, awareness, exciting. created earlier morning. game us, of Again, for obviously we our the changer, The stated unlocked tremendous amount in numerous a this study I've as times. word real-life potential very

again thank you. So

Troy Langford

tried the type who use the great. acid I in tried to follow-up, at you where the paradigm? treatment seen quick a bempedoic prescribers prescribers the or use all shift product Have actually can. if to And have have all have just I Okay, of in one

Eric Warren

our come still pretty of prescriptions seeing We're care. It's XX% from about primary consistent.

Operator

and time we And one that from with will question of have line come the do Judah Suisse. Frommer final for Credit

Judah Frommer

data sense of if you been the guess, being might see could they we widens? are, conversations missed waiting post-ACC I that ACC reimbursement kind have And I any have that existing reimbursement enough And the potentially you lifted or but was affecting scripts? label do apologize this going? get as still on updates those how Do change? be the you how challenges payer for how

Betty Swartz

that Judah. you, data CVOT half Thank the the we of account ACC, been payer incredibly payers receptiveness all Yes. XX have for of probably lives. positive. Post presented The has largest to over

to it's think we're excited label. to could really the commitment to XX% We're of commitment before had X the the see coverage look that year, even the ESI that about that before we criteria to prior that, change. -- continue end have now. rates Medicare, CVS, actually is We probably take payers, And growing with at label to And XX% higher really the happen point. at what rates in of UN of almost overall possibly XX% and we've at approval we -- authorizations an We improve. The seeing improvement the prior Optum. and probably this largest, and

Sheldon Koenig

B.J., add both that and reimbursement can just one what thing? don't we see our and to from PCSKX is yet; from of a similar that basis, have a even we more very commercial has. Medicare I that rates, And the label

So think a relates that success seeing gives of good idea that we're that the it B.J. the to you provided. as detail I

Operator

This Thank you for all program. you. concludes Thank today's participating.

a disconnect. may You Have day. wonderful now

Esperion Therapeutics (ESPR) 9 May 232023 Q1 Earnings call transcript