Core Insights - Esperion Therapeutics reported Q4 2025 EPS of 22 cents, missing the Zacks Consensus Estimate of 23 cents, while total revenues reached $168.4 million, a 144% year-over-year increase, surpassing the estimate of $161 million [1][7] Financial Performance - Total revenues for 2025 were $403.1 million, reflecting a 21% year-over-year growth, with a net loss of 11 cents per share for the year [10] - Product revenues from the U.S. in Q4 totaled $43.7 million, a 38% increase year-over-year, but fell short of the model estimate of $79 million [7] - Collaboration revenues surged 232% year-over-year to $124.7 million, driven by a one-time $90 million payment from Otsuka, exceeding both the Zacks Consensus Estimate and internal model estimates [7][8] Expenses - Research and development expenses increased by 26% year-over-year to $13.9 million due to higher costs in ongoing clinical studies [8] - Selling, general, and administrative expenses rose 12% year-over-year to $41.4 million, attributed to increased legal costs related to ANDA litigation [9] Recent Developments - Esperion announced the acquisition of Corstasis Therapeutics, expected to close in Q2 2026, which will add the Enbumyst nasal spray to its portfolio, targeting a market opportunity exceeding $4 billion in the U.S. [12][13][14] - A settlement agreement was reached with Alkem Laboratories and Dr. Reddy's regarding patents for Nexletol and Nexlizet, preventing the launch of generic versions before April 19, 2040, under certain conditions [15][16] Market Performance - Esperion's stock has increased by 77.6% over the past year, significantly outperforming the industry growth of 2.2% [4]

Summary of Esperion Therapeutics Conference Call Company Overview - **Company**: Esperion Therapeutics (NasdaqGM:ESPR) - **Industry**: Cardiovascular therapeutics - **Recent Performance**: Reported earnings with significant growth metrics Key Financial Highlights - **Total Revenue**: $408 million, representing a **38% year-over-year growth** [2] - **TRx Growth**: **34% year-over-year** and **11% quarter-over-quarter** growth in TRx [2] Acquisition Details - **Acquisition of Corstasis**: - Focused on a newly approved nasal loop diuretic, Enbumyst, which is **40 times more potent than furosemide** [3][6] - Expected to close in the **first week of April 2026** [3] - **Transaction Value**: $75 million upfront plus up to $180 million in milestones [18] - Financing through expanding existing term loan and monetizing Japanese royalties [19] Market Opportunity - **Target Markets**: - Expanding into cardiometabolic field, addressing unmet needs in heart failure [6][7] - Anticipated to reduce hospital readmission rates, which cost between **$12,000-$18,000** per heart failure readmission [13] - **Nasal Delivery System**: - Easy to use, potentially improving patient compliance and outcomes [14][16] Commercial Strategy - **Integration Plans**: - Pre-integration phase ongoing, with plans to leverage existing commercial infrastructure for product launch [23] - Focus on payer access and relationships with specialty pharmacies [30] - **Growth Strategy for Bempedoic Acid**: - Targeting **$1 billion plus opportunities** in the U.S. market [37] - Emphasis on maximizing NEXLIZET and NEXLETOL products [39] Competitive Landscape - **Guidelines and Market Position**: - Anticipation of new guidelines to provide a tailwind for bempedoic acid [37] - Highlighting unique outcomes data to differentiate from competitors [40][41] International Markets - **Partnerships**: - Strong performance reported by Daiichi Sankyo in Europe, particularly in Germany and the UK [57][61] - Otsuka in Japan showing promising sales, with over **700 representatives** promoting the drug [61] Future Outlook - **Vision 2040**: - Focus on growing the bempedoic acid franchise, business development, and pipeline expansion [78] - Upcoming clinical trials for ESP-2001 targeting primary sclerosing cholangitis [79] - Plans to explore kidney-related therapies, complementing heart failure treatments [80] Financial Health - **Cash Position**: - Ended the year with **$168 million** in cash, with ongoing improvements to the balance sheet [72] - Commitment to deleveraging while maintaining growth [75] Conclusion - Esperion Therapeutics is positioned for significant growth through strategic acquisitions, a robust product pipeline, and a strong commercial strategy aimed at addressing unmet needs in cardiovascular care. The company anticipates continued success in 2026, building on the momentum from 2025.

Core Insights - Esperion Therapeutics focuses on developing therapies for patients with elevated low-density lipoprotein cholesterol (LDL-C) and aims to provide alternatives for those intolerant to statins [1] Financial Performance - For the quarter ending December 2025, Esperion reported earnings per share (EPS) of $0.21, slightly below the estimated $0.23, resulting in a negative surprise of 5.38% [2][6] - The company's revenue for the same quarter was $168.4 million, exceeding estimates of $166.1 million, and representing a 144% increase from $69.11 million in the same period last year [3][6] - For the fiscal year 2025, total revenue increased by 21% year-over-year to $403.1 million, with U.S. net product revenue rising by 38% year-over-year to $159.6 million [4] Market Position and Strategy - Esperion has announced an agreement to acquire Corstasis Therapeutics to expand its cardiovascular franchise, which includes the acquisition of Enbumyst, a bumetanide nasal spray [5][6] - Despite strategic advancements, the company faces challenges indicated by a negative enterprise value to operating cash flow ratio of -6.27, suggesting difficulties in generating positive cash flow [5]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue reached $168.4 million, a 144% increase year-over-year [16] - U.S. net product revenue was $43.7 million, up approximately 38% from $31.6 million in Q4 2024 [16] - Collaboration revenue surged to $124.7 million, a 232% increase compared to $37.6 million in Q4 2024, driven by a one-time payment of $90 million from Otsuka [16] - The company ended 2025 with $167.9 million in cash and reduced debt by $55 million [15] Business Line Data and Key Metrics Changes - The U.S. bempedoic acid franchise saw strong prescription growth, with Q4 year-over-year sales increasing by 38% and retail prescription equivalents rising by 34% [7] - The number of unique healthcare practitioners prescribing NEXLETOL and NEXLIZET increased by nearly 25% [7] Market Data and Key Metrics Changes - Daiichi Sankyo Europe reported a 51% increase in Q4 royalty revenue compared to Q4 2024, expanding access to 30 countries [9] - The Japanese partner, Otsuka, successfully launched NEXLETOL in Japan, exceeding early market expectations [9] Company Strategy and Development Direction - The company introduced Vision 2040, outlining long-term ambitions and a roadmap for growth, including the acquisition of Corstasis Therapeutics [5] - The acquisition of Corstasis is expected to enhance the company's portfolio with Enbumyst, a first-in-class intranasal diuretic, and expand its presence in the cardiometabolic market [11][14] - The company aims to grow its two franchises to multi-billion-dollar potential [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing momentum into 2026, driven by strong reimbursement and favorable positioning in U.S. dyslipidemia guidelines [8] - The American College of Cardiology's recognition of the link between inflammation and cardiovascular disease is expected to support the use of bempedoic acid [8] - The company anticipates significant growth opportunities in the heart failure market with the launch of Enbumyst [13] Other Important Information - The company plans to fully leverage its commercial team's cardiovascular sales presence to scale adoption of Enbumyst [14] - The transaction for the acquisition of Corstasis is expected to close in Q2 2026 [14] Q&A Session Summary Question: Capacity and next steps for Corstasis - Management confirmed they are ready for the launch and will provide updates on the auto-injector after the deal closes [22][25] Question: Updates on ACC guidelines - Management expects the guidelines to be released a week before the ACC conference and is preparing a cross-functional plan for the medical community [28][32] Question: Impact of EU guidelines on U.S. prescribing - Management noted that the European guidelines have positively influenced U.S. prescribing and anticipates similar effects from the upcoming U.S. guidelines [39][44] Question: Triple combination products and market research - Management indicated high excitement for the triple combination therapy and clarified that it does not muddy the messaging around statin intolerance [61][62] Question: Corstasis clinical obligations and updates - There are minimal post-market obligations for Enbumyst, and management does not expect them to significantly impact operations [70] Question: Risks of concessions in 2026 - Management stated they do not foresee the need for concessions, emphasizing strong coverage and outcomes data [56]

Financial Data and Key Metrics Changes - The company reported total revenue of $168.4 million for Q4 2025, an increase of 144% year-over-year [16] - U.S. net product revenue reached $43.7 million, up approximately 38% from $31.6 million in Q4 2024 [16] - Collaboration revenue surged to $124.7 million, a 232% increase compared to $37.6 million in Q4 2024, driven by a one-time payment of $90 million from Otsuka [16] - The company ended 2025 with $167.9 million in cash and reduced debt by $55 million [15] Business Line Data and Key Metrics Changes - The U.S. bempedoic acid franchise saw strong prescription growth, with Q4 year-over-year sales increasing by 38% and retail prescription equivalents rising by 34% [7] - The number of unique healthcare practitioners prescribing NEXLETOL and NEXLIZET increased by nearly 25% [7] Market Data and Key Metrics Changes - Daiichi Sankyo Europe reported a 51% increase in fourth quarter royalty revenue compared to Q4 2024, expanding access to 30 countries [9] - The Japanese partner, Otsuka, successfully launched NEXLETOL in Japan, exceeding early market expectations [9] Company Strategy and Development Direction - The company introduced its Vision 2040 strategy, aiming for long-term growth and the acquisition of Corstasis Therapeutics to enhance its portfolio [5] - The acquisition of Corstasis is expected to provide global rights to Enbumyst, a first-in-class intranasal diuretic, expanding the company's presence in the cardiometabolic market [11][12] - The company plans to leverage its commercial team's cardiovascular sales presence to scale adoption of Enbumyst and accelerate revenue contribution [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing momentum into 2026, driven by strong reimbursement and favorable positioning in U.S. dyslipidemia guidelines [8] - The American College of Cardiology's recognition of the link between inflammation and cardiovascular disease is expected to positively impact the company's products [8] - Management emphasized the importance of the upcoming U.S. guidelines and their potential to enhance awareness and prescribing of bempedoic acid [35][44] Other Important Information - The company anticipates completing clinical and regulatory requirements for its triple combination programs by 2027 [8] - The planned acquisition of Corstasis is expected to close in Q2 2026, further strengthening the company's market position [14] Q&A Session Summary Question: Capacity and next steps for Corstasis - Management confirmed they are prepared for the launch and have sufficient capacity for the product [23] Question: Updates on ACC guidelines - Management expects the guidelines to be released a week before the ACC conference and is preparing a comprehensive plan for the medical community [29][32] Question: Impact of EU guidelines on U.S. prescribing - Management noted that the sentiment from U.S. physicians is positive regarding the European guidelines, which could lead to increased awareness and prescribing [42][44] Question: Triple combination product label expectations - Management indicated that the label for the triple combination will not carry outcomes data but will still be well-received by physicians [49] Question: Collaboration revenue guidance for 2026 - Management highlighted that collaboration revenue will be influenced by ongoing partnerships and the ramp-up of manufacturing [51] Question: Risks of additional concessions in 2026 - Management stated they do not foresee the need for concessions, as they have strong coverage and outcomes data to support their products [56]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue reached $168.4 million, a 144% increase year-over-year [15] - U.S. net product revenue was $43.7 million, up approximately 38% from $31.6 million in Q4 2024 [15] - Collaboration revenue surged to $124.7 million, a 232% increase driven by a one-time payment of $90 million from Otsuka [15] - The company ended 2025 with $167.9 million in cash and reduced debt by $55 million [14] Business Line Data and Key Metrics Changes - The U.S. bempedoic acid franchise saw strong prescription growth, with Q4 year-over-year sales increasing by 38% and retail prescription equivalents rising by 34% [5] - The number of unique healthcare practitioners prescribing NEXLETOL and NEXLIZET increased by nearly 25% [5] Market Data and Key Metrics Changes - Daiichi Sankyo Europe reported a 51% increase in fourth quarter royalty revenue compared to Q4 2024, expanding access to 30 countries [8] - The Japanese partner, Otsuka, successfully launched NEXLETOL in Japan, exceeding early market expectations [9] Company Strategy and Development Direction - The company introduced Vision 2040, outlining long-term ambitions and a roadmap for growth, including the acquisition of Corstasis Therapeutics [4] - The acquisition is expected to enhance the company's portfolio with Enbumyst, a first-in-class intranasal diuretic, and expand its presence in the cardiometabolic market [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued momentum into 2026, driven by strong reimbursement and favorable positioning in U.S. dyslipidemia guidelines [6] - The American College of Cardiology's recognition of the link between inflammation and cardiovascular disease is expected to support the use of bempedoic acid [6] Other Important Information - The company plans to fully leverage its commercial team's cardiovascular sales presence to scale adoption of Enbumyst and accelerate revenue contribution [12] - The transaction for the acquisition of Corstasis is expected to close in Q2 2026 [12] Q&A Session Summary Question: Capacity and next steps for Corstasis - Management confirmed they are ready for a full-scale launch and will provide updates on the auto-injector after the deal closes [20][24] Question: Updates on ACC guidelines - Management anticipates the guidelines will be released a week before the ACC conference and is preparing a comprehensive plan for outreach [28][30] Question: Impact of EU guidelines on U.S. prescribing - Management noted that the European guidelines have positively influenced U.S. prescribing and expects similar outcomes from the upcoming U.S. guidelines [40][42] Question: Triple combination product expectations - The triple combination therapy is expected to have high interest, with a focus on both statin intolerant patients and those requiring low-dose statins [60] Question: Corstasis clinical obligations - There are minimal post-market studies required for Enbumyst, which have been accounted for in the updated expense guidance [69] Question: Future sales force expansion - The sales team will expand modestly post-acquisition to ensure coverage of key settings, including heart failure clinics [39]

Q4 and Full Year 2025 Earnings Presentation March 10, 2026 © 2026 Esperion Therapeutics, Inc. All rights reserved. Forward-looking Statements & Disclosures This investor presentation contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding marketing strategy and commercialization and business development plans, current and planned operational expenses, expected profitability, future operations, commercial products ...

Core Insights - Esperion Therapeutics (ESPR) has entered into a definitive agreement to acquire Corstasis Therapeutics for up to $75 million in cash, which is expected to enhance its cardiovascular portfolio [1][3][6] - The acquisition includes Corstasis' lead product, Enbumyst, the first FDA-approved nasal spray diuretic for treating edema associated with congestive heart failure and other conditions [2][6] - The deal is anticipated to close in the second quarter of 2026, subject to customary conditions [2] Financial Details - The upfront payment for the acquisition is $75 million, with potential additional payments of up to $180 million based on regulatory and sales milestones, along with low double-digit royalties on net sales of Enbumyst [3][6] - Esperion plans to fund the acquisition through existing credit facilities and monetizing Japanese royalties [7] Strategic Fit - The acquisition is seen as a strategic fit for Esperion, expected to broaden its commercial portfolio and accelerate double-digit revenue growth [4][6] - The addition of Enbumyst is projected to help Esperion target a market opportunity exceeding $4 billion in the United States [10] Current Portfolio - Esperion currently markets two FDA-approved drugs, Nexletol and Nexlizet, which have seen a 38% increase in net product sales in the U.S. to $115.8 million in the first nine months of 2025 [8][9] - These drugs are marketed under different names in ex-U.S. markets, and the company earns royalties on their sales [9]

Core Insights - Esperion Therapeutics has signed a definitive agreement to acquire Corstasis Therapeutics to enhance its cardiovascular portfolio with the addition of Enbumyst, a bumetanide nasal spray approved by the FDA for treating oedema related to congestive heart failure, hepatic, and renal diseases in adults [1][3] Group 1: Acquisition Details - The acquisition involves Esperion purchasing all outstanding stock of Corstasis for an upfront cash payment of $75 million [1] - Corstasis shareholders may receive up to $180 million in additional payments based on regulatory and commercial milestones, along with low double-digit royalties on sales of Enbumyst and any follow-on products [2] - The transaction is expected to conclude in the second quarter of 2026 [2] Group 2: Product Information - Enbumyst is the first FDA-approved nasal spray diuretic, providing a self-administered outpatient option that may bridge the gap between oral and intravenous diuretic therapies for adults with oedema associated with liver disease, kidney disease, or heart failure [3] - Esperion plans to fund the acquisition through its current credit facilities and by monetizing its Japanese royalties via funds managed by Athyrium Capital Management and HealthCare Royalty [3] Group 3: Strategic Vision - Esperion's president and CEO, Sheldon Koenig, stated that this acquisition aligns with the company's long-term Vision 2040 and aims to bring meaningful innovation to patients struggling with diuretic therapy [4] - The integration of Enbumyst into Esperion's commercial platform is expected to drive sustained double-digit growth and strengthen the company's leadership in cardiovascular care [5] - In January 2024, Daiichi Sankyo Europe amended its existing collaboration with Esperion, valued at $125 million, further supporting the company's strategic initiatives [5]

Core Viewpoint - Esperion Therapeutics has announced a definitive agreement to acquire Corstasis Therapeutics, which will enhance its cardiovascular franchise with the product Enbumyst [2][3]. Group 1: Acquisition Details - The acquisition involves an upfront cash payment of $75 million, along with royalties on worldwide sales of Enbumyst and potential milestone payments of up to $180 million [4]. Group 2: Product Information - Enbumyst is the first and only FDA-approved nasal spray loop diuretic specifically for treating edema associated with congestive heart failure [3]. - The acquisition is expected to leverage Esperion's established cardiovascular commercial infrastructure, thereby expanding its product portfolio and accelerating double-digit revenue growth [3].