Esperion Therapeutics, Inc. ESPR incurred a loss of 15 cents per share for the third quarter of 2024, which was wider than the Zacks Consensus Estimate of a loss of 14 cents. The company had incurred a loss of 37 cents per share in the year-ago quarter.
Esperion generated revenues of $51.6 million, up nearly 52% year over year, driven by higher collaboration revenues and product revenues in the United States. However, the reported figure missed the Zacks Consensus Estimate of $55 million.
Shares of Esperion were down in pre-market trading on Nov. 7 owing to the weaker-than-expected results.
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More on ESPR's Q3 Results
Esperion has two FDA-approved drugs in its commercial portfolio — Nexletol and Nexlizet — that are approved for treating elevated LDL-C (bad cholesterol) and cardiovascular risk reduction. These two oral drugs are marketed as Nilemdo and Nustendi in ex-U.S. markets (excluding Japan, where the company has a collaboration with Otsuka Pharmaceuticals) in partnership with Daiichi Sankyo. The company records royalties on sales of its drugs in ex-U.S. markets.
Product revenues, solely from the United States, totaled $31.1 million in the third quarter, up almost 53% year over year. The upside was driven by continued prescription growth. During the quarter, the drugs’ total retail prescription increased 44% year over year and 12% sequentially.
Product revenues beat the Zacks Consensus Estimate of $29.9 million.
Esperion recorded collaboration revenues, including combined royalty and partner revenues, of $20.5 million during the third quarter, up almost 50% year over year. The upside was driven by increases in royalty sales as well as higher revenues recognized from the litigation-related settlement received from Daiichi Sankyo Europe (DSE),
Collaboration revenues missed the Zacks Consensus Estimate and our model estimate of $25.5 million and $33.2 million, respectively.
Shares of Esperion have plunged 26.1% so far this year compared with the industry’s decline of 3.4%.
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Research and development expenses declined 30% from the year-ago period’s levels to $10.4 million, primarily related to the close-out of the company’s CLEAR Outcomes study.
Selling, general and administrative expenses were up 20% year over year to $40 million. The rise was due to an increase in the company’s sales force, in addition to bonus payments and promotional costs.
As of Sept 30, 2024, Esperion had cash, cash equivalents, restricted cash and investment securities of $144.7 million compared with $189.3 million as of June 30, 2024.
2024 Guidance
Esperion reiterated its financial outlook for 2024. The company continues to expect operating expenses in the range of $225-$245 million, including $20 million in non-cash expenses related to stock compensation.
ESPR's Recent Updates
The European Commission approved a label update for Nilemdo (bempedoic acid) and Nustendi for the treatment of hypercholesterolemia and to reduce the risk of adverse cardiovascular (CV) events in May 2024. Nustendi is a fixed-dose combination of bempedoic acid and ezetimibe.
Hypercholesterolemia indicates elevated levels of cholesterol in the blood.
Following the label expansion in Europe, Nilemdo and Nustendi became the first and only treatments for lowering LDL-C, approved for primary and secondary prevention of CV events.
Additionally, the updated labels support the use of Nilemdo and Nustendi either alone or in combination with statins.
Per the company, in the third quarter of 2024, there were more than 23,500 healthcare practitioners writing scripts for Nexletol and Nexlizet.
Esperion Therapeutics, Inc. Price, Consensus and EPS Surprise
Esperion Therapeutics, Inc. Price, Consensus and EPS Surprise
Esperion Therapeutics, Inc. price-consensus-eps-surprise-chart | Esperion Therapeutics, Inc. Quote
ESPR's Zacks Rank & Key Picks
Esperion currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the biotech sector are CRISPR Therapeutics AG CRSP, Lisata Therapeutics, Inc. LSTA and Amicus Therapeutics, Inc. FOLD, each carrying a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for CRISPR Therapeutics’ 2024 loss per share have narrowed from $5.58 to $5.55. Loss per share estimates for 2025 have narrowed from $4.98 to $4.94 during the same time. Year to date, shares of CRSP have decreased 19%.
CRSP’s earnings beat estimates in three of the trailing four quarters while missing on the remaining occasion, the average surprise being 100.64%.
In the past 60 days, estimates for Lisata Therapeutics’ 2024 loss per share have narrowed from $2.97 to $2.90. Loss per share estimates for 2025 have narrowed from $2.61 to $2.53 during the same time. Year to date, shares of LSTA have increased 6.9%.
LSTA’s earnings beat estimates in each of the trailing four quarters, the average surprise being 20.75%.
In the past 60 days, estimates for Amicus’ 2024 earnings per share have moved up from 21 cents to 22 cents. Earnings per share estimates for 2025 have improved from 50 cents to 53 cents during the same time. Year to date, shares of FOLD have declined 20.8%.
FOLD’s earnings beat estimates in three of the trailing four quarters while missing on the remaining occasion, the average surprise being 23.96%.
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