Esperion(US:ESPR)2022-05-03 18:08Financial Data and Key Metrics Changes - U.S. net product revenue for Q1 2022 was $13.4 million, up approximately 109% year-over-year [19] - Total revenue for Q1 2022 was $18.8 million, an increase of approximately 135% year-over-year compared to $8 million in Q1 2021 [19] - R&D expense for Q1 2022 was $24.3 million, a decrease of 13% year-over-year [21] - SG&A expense was $30.4 million for Q1 2022, a decrease of 50% year-over-year [21] - Cash and cash equivalents totaled $268.5 million as of March 31, 2022, down from $309.3 million on December 31, 2021 [22] Business Line Data and Key Metrics Changes - Year-over-year demand for NEXLETOL and NEXLIZET grew 56.7% in Q1 2022 [8] - Royalty revenue for Q1 2022 was $1.1 million, up 83% year-over-year [19] - Combined royalty and partner revenue of $5.5 million for Q1 2022 grew approximately 244% year-over-year [19] Market Data and Key Metrics Changes - The European market has shown significant traction, with partners treating at least 52,000 patients through Q1 2022 [9] - The lipid market is projected to exceed $11 billion in annual worldwide revenue by 2026 [11] Company Strategy and Development Direction - The company aims to become an innovative cardiometabolic leader by focusing on the growth of commercial products and advancing the CLEAR Outcomes trial [7] - Esperion is committed to providing oral therapies to address cardiovascular risk and has announced support for a collaborative study to study NEXLIZET's effects post-heart attack [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of addressing the high percentage of patients not achieving LDL cholesterol goals, with 70% of patients not at guideline-recommended levels [11] - The company expects to reach 100% MACE accumulation in the CLEAR Outcomes trial by the end of 2022, with top-line data expected in Q1 2023 [10][17] Other Important Information - The company filed a $400 million shelf registration statement to preserve financial flexibility [24] - Esperion views its stock price as depressed and is focused on maximizing shareholder value [24] Q&A Session Summary Question: Can you comment on the U.S. sales trajectory and the impact of the pandemic? - Management noted a 6.5% volume increase and expressed confidence in continued growth despite pandemic impacts [27][28] Question: What is the status of the contract sales force effort? - The contract sales force is in pilot form, targeting new physicians and showing encouraging results [30][31] Question: Can you provide an update on the CLEAR Outcomes study? - The study is progressing well, with nearly 95% of events adjudicated and end-of-study visits ahead of schedule [35][40] Question: How are NEXLETOL and NEXLIZET being utilized among patients? - The primary population includes patients on maximally tolerated statins who require additional LDL-C reduction [41] Question: What are the reorder rates for patients on therapy? - Adherence rates are consistent with chronic oral therapies, and the company is implementing programs to improve adherence [56]