Esperion(US:ESPR)2023-05-09 18:32Financial Data and Key Metrics Changes - The company reported revenue of $24.3 million for Q1 2023, representing a 29% year-over-year growth [43] - U.S. product revenue was $17 million, up approximately 27% year-over-year [57] - Retail prescription equivalents grew by 15% year-over-year and 7% quarter-over-quarter [57] - Collaboration revenue increased by 33% year-over-year to $7.3 million [57] - Cash, cash equivalents, and investment securities totaled $162.3 million as of March 31, 2023, down from $166.9 million at the end of 2022 [57] Business Line Data and Key Metrics Changes - New-to-brand subscriptions grew by 56% compared to the prior quarter, with an 88% increase in the four weeks following the ACC data presentation [43][52] - The partnership with Currax Pharmaceuticals is expected to effectively double the promotional footprint with 72 representatives engaging with primary care providers starting July [47][9] Market Data and Key Metrics Changes - The International Lipid Expert Panel updated guidelines to recommend bempedoic acid ahead of PCSK9 inhibitors [46] - In Europe, 97,000 patients have been treated with NILEMDO and NUSTENDI as of February 2023 [57] Company Strategy and Development Direction - The company is on track to file for a broad cardiovascular risk reduction label in the first half of 2023, with expectations for the label change to be effective in the first half of 2024 [45][33] - The strategic plan aims to capitalize on momentum generated from the CLEAR Outcomes data presentation at ACC [33] - The company is preparing for significant changes in positioning post incorporation of CLEAR Outcomes data, targeting both high-risk primary prevention patients and those with established cardiovascular disease [53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legal standing regarding the milestone payments owed from the European partner, with expectations for resolution in early 2024 [5][22] - Positive feedback from physicians regarding bempedoic acid has been noted, with many considering it a "game changer" for patients unable to tolerate statins [14][12] - The company anticipates a cash runway extending to mid-2024 following a recent capital raise [4] Other Important Information - The company raised nearly $56 million in capital at the end of March 2023 [31] - The CLEAR Outcomes trial demonstrated a cardiovascular risk reduction of over 20%, which has garnered significant media attention and public interest [49][50] Q&A Session Summary Question: Can you elaborate on the economics of the Currax agreement? - The Currax arrangement involves a small upfront payment, with the majority of revenue generated from new prescriptions by Currax [2] Question: What are your expectations for the timing for inclusion in U.S. guidelines? - Updates to U.S. guidelines are anticipated in the fall based on the strength of the CLEAR data [3] Question: What is the current cash runway after the recent raise? - The cash runway extends to about mid-2024 following the recent fundraising [4] Question: Is there any ongoing dialogue with your European partner regarding litigation? - Management cannot comment on ongoing negotiations but confirmed business as usual with partners [8] Question: What feedback have you received from physicians regarding bempedoic acid? - Physician reactions have been overwhelmingly positive, with many expressing excitement about the data from the CLEAR Outcomes study [11][12]