Esperion Therapeutics ( NASDAQ: ESPR ) stock rose ~6% on Aug. 2 after Q2 revenue beat analysts' estimates.
U.S. net product revenue of cholesterol lowering therapies Nexletol (bempedoic acid) tablets and Nexlizet (bempedoic acid and ezetimibe) tablets grew ~28% Y/Y to $13.58M.
However, total revenue declined ~54% to $18.84M. The company said the decrease was due to a one-time milestone payment from its collaboration partners in Q2 2021.
Retail Prescription Equivalents grew +5.9% Q/Q.
The company said it accumulated the targeted 1,620 (100%) primary major adverse cardiovascular events (MACE-4) in the CLEAR Cardiovascular Outcomes Trial. Topline results expected in Q1 2023.
Royalty and partner revenue grew ~50% Y/Y to $1.5M. The The company noted that growth was driven by continued adoption in its partner territories and new country launches.
Net loss widened to -$66.32M, compared to -$43.67M in Q2 2021.
Research and development (R&D) expenses increased 29% Y/Y to $$32.4M, mainly due to to an increase in CVOT costs as the company approached 100% MACE accumulation and started close-out activities, Esperion said in its Aug. 2 earnings release.
As of June 30, cash, cash equivalents, restricted cash and investment securities available-for-sale were $235.8M, compared to $309.3M on Dec. 31, 2021.
Outlook :
The company reaffirmed its prior operational expense guidance.
Esperion ( ESPR ) expects R&D expenses for full year 2022 to be between $100M and $110M. Selling, General and Administrative expenses for FY22 are expected to be in the range of $120M to $130M.
The company also expects FY22 operating expenses to be between ~$220M and $240M, inclusive of $25M of non-cash, stock-based compensation expense.
For further details see:
Esperion stock rises as Q2 product revenue grows 28% Y/Y