Business
Esperion Reports Second Quarter 2024 Financial Results and Provides a Business Update
– Total Revenue Increased 186% Year-over-Year to $73.8 Million withU.S. Net Product Revenue of $28.3 Million, Representing 39% Growth – – Total Retail
About this update from Esperion Therapeutics, Inc.
[{"type":"text","content":"– Total Revenue Increased 186% Year-over-Year to $73.8 Million withU.S. Net Product Revenue of $28.3 Million, Representing 39% Growth – – Total Retail Prescription Equivalents Increased 14% from First Quarter, with ~11% Increase During Final Four Weeks of Second Quarter – – Completed Transformational Transaction by Monetizing European Royalties on Bempedoic Acid Product Sales to OMERS Life Sciences for $304.7 Million and Allocated Proceeds for Early, Discounted Payoff and Termination of Oberland Capital Revenue Interest Facility – – Conference Call and Webcast Today at 8:00 a.m. ET – ANN ARBOR, Mich., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Esperion (NASDAQ: ESPR) today reported financial results for the second quarter ended June 30, 2024, and provided a business update. “Throughout the second quarter, we continued to execute our strategy across all key areas of our business that are important for long-term success and value creation,” stated Sheldon Koenig, President and CEO of Esperion. “In addition to achieving notable growth in U.S. product revenue, we made great inroads updating utilization management criteria across multiple payers, which underscores their recognition of the potential clinical benefits for patients who are unable to achieve their LDL-C goals or reduce their cardiovascular risk with current therapies and paves the way for further prescription growth and increasing product revenue. In collaboration with our global partners, we made great strides expanding our international reach, which we believe will be a meaningful revenue driver over time.” “Importantly, we also monetized our European royalties and used the proceeds for the early, discounted payoff and termination of the Oberland revenue interest facility. This transformational transaction provides us with increased operational and financial flexibility and strategically unencumbers our balance sheet from senior secured liens by leveraging what we believe is an undervalued asset that has not been fully recognized in the market,” added Koenig. Second Quarter 2024 Key Accomplishments and Recent Highlights Monetized European Royalties Entered into a Royalty Purchase Agreement with OMERS Life Sciences (OMERS), under which Esperion received approximately $304.7 million in cash from OMERS in exchange for 100% interest, subject to a cap, of Esperion’s expected royalty...