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Jun 30, 2020
Esperion Q2 2020 Earnings Report
Esperion reported its Q2 2020 earnings, achieving the highest quarterly and first-half revenue in company history and establishing a strong commercial foundation for its new medicines.
Key Takeaways
Esperion reported a strong Q2 2020, marked by record quarterly and first-half revenue, driven by collaboration revenue and initial product sales of NEXLETOL and NEXLIZET. The company successfully navigated the COVID-19 pandemic, strengthened its balance sheet, and secured broad managed care coverage for its new medicines.
Highest quarterly and first half total revenue in company history with $214 million YTD revenue.
Strong capital position with over $300 million in cash.
Extraordinary high-quality managed care coverage with over 80% commercial and over 50% Medicare Part D formulary coverage.
Consistently high month-over-month growth for new medicines with acceleration in second half.
Esperion
Esperion
Esperion Revenue by Segment
Revenue by Segment
U.S. Net Product Revenue
CapyFin.comCollaboration Revenue
CapyFin.com Forward Guidance
Esperion anticipates further cash from U.S. product sales, EU royalties, and potential ROW agreement payments. They expect R&D expenses of $135M-$145M and SG&A expenses of $200M-$210M for full year 2020. The company believes current cash resources, alongside revenue from NEXLETOL and NEXLIZET, are sufficient to fund operations through profitability.
Positive Outlook
- Further cash expected from U.S. product sales.
- Cash from EU royalties expected.
- Upfront and/or milestone payment(s) from potential ROW agreement expected.
- Current cash resources sufficient to fund continued operations through profitability.
- Additional $50 million available under the Oberland Capital agreement.
Challenges Ahead
- U.S. product sales guidance not provided for 2020.
- R&D expenses for the full year 2020 are expected to be $135 million to $145 million.
- Selling, general and administrative expenses for the full year 2020 are expected to be $200 million to $210 million.
- Expenses do not include $30 million in non-cash stock-based compensation.
- Future success depends on commercialization of bempedoic acid and the bempedoic acid / ezetimibe fixed dose combination tablet
Revenue & Expenses
Visualization of income flow from segment revenue to net income