ANN ARBOR—Esperion Therapeutics Inc. reported a loss of $85.4 million or $3.07 a share in the third quarter of 2020, vs. a loss of $68.4 million or $2.52 a share in the same quarter of 2019. Revenue was $3.8 million, including $3.3 million in product sales and $500,000 in partner reimbursement. Revenue a year earlier was $1 million
“The trajectory of our U.S. launches is encouraging as quarterly script growth increased over 500 percent and product revenue trended similarly, despite persisting COVID-related headwinds,”” said Esperion President and CEO Tim M. Mayleben. “Providing increasing validation by the medical community for our medicines in the treatment of hypercholesterolemia, Nexletol and Nexlizet are now included in the American Association for Clinical Endocrinologists’ updated lipid guidelines and the American Heart Journal published our CLEAR Outcomes Study design. “Momentum continues to build into the fourth quarter, exemplified by our partner Daiichi Sankyo’s recent commercial launch in Germany. We believe Esperion is well-positioned to execute on our singular focus of lipid management for everyone and drive long-term, future growth for shareholders.”
As of Sept. 30, cash, cash equivalents, restricted cash and investment securities available-for-sale totaled $215.7 million compared with $300.7 million at June 30, 2020.
Research and development expenses were $35.3 million for the third quarter of 2020, compared to $48.3 million for the comparable period in 2019. The decrease was primarily attributable to a decline in costs related to the completion of enrollment of the last trial, which was fully enrolled during the third quarter of 2019.
Selling, general and administrative expenses were $48.8 million for the third quarter of 2020, compared to $18.5 million for the comparable period in 2019. The increase was primarily attributable to costs to support the commercialization of the company’s cholesterol-busters Nexletol and Nexlizet in the U.S., increases in headcount to meet the market, stock-based compensation expense, and other costs to support growth.
Research and development expenses for the full year 2020 are expected to be $135 million to $145 million. Selling, general and administrative expenses for the full year 2020 are expected to be $200 million to $210 million. These amounts do not include $30 million in non-cash stock-based compensation.
The company had cash on hand as of Sept. 30 of $215.7 million, which officials said is sufficient, along with future revenue, to fund continued operation.
To listen to a replay of a conference call discussing these results, visit the investors and media section of investor.esperion.com.
|Esperion’s new drugs have been shown in scientific clinical trials to reduce cholesterol levels in the blood among patients who experience unwelcome side effects such as muscle weakness when taking today’s statin drugs. The company is currently conducting studies to determine the effect of the drugs on adverse cardiovascular events.|