ANN ARBOR—The pharmaceutical firm Esperion Therapeutics Inc. (Nasdaq: ESPR) reported a rise in sales of its novel cholesterol-reducing drugs in the second quarter ended June 30 but still posted a loss as efforts to boost the drug’s sales continue.
The company posted a loss of $43.7 million or $1.67 a share in the quarter, compared to net income of $126.4 million or $4.32 a share a year earlier. The year-earlier profit was the result of one-time milestone payments from pharmaceutical industry partners.
U.S. net product revenue was $10.6 million for the second quarter, compared to $600,000 a year earlier. Total revenue was $40.7 million, down from $212.2 million a year earlier, again due to the one-time payments a year earlier.
For the six months, the company’s loss was $134.6 million, or $5.16 a share, compared to net income of $46.4 million or $1.60 a share in the first six months of 2020. Revenue for the six months was $48.6 million, down from $214.1 million a year earlier, again due to last year’s one-time payments. Research and development spending was $25.1 million for the quarter, down from $35 million a year earlier, and $53 million for the six months, down from $69.7 million a year earlier. Selling, general and administrative expenses were $46.3 million for the quarter and $107.4 million for the six months, compared to $47.7 million and $89.2 million for the same periods a year earlier.
“During the second quarter we made significant progress strengthening the foundation for our long-term success,” Esperion President and CEO Sheldon Koenig said. “We executed on our commercial priorities, which have already begun to demonstrate traction throughout the quarter, including substantial improvements to net price. Growth across key commercial metrics, including new prescriptions, new writers, prescriptions per writer and total patients treated, continues to give us confidence that we are poised for our next phase of growth. As we enter the second half of the year, Esperion is positioned to bring Nexletol and Nexlizet to more patients, many of whom are now re-engaging with their physicians.”
The company predicts $120 million to $130 million in R&D spending for the full year, and selling, general and administrative expenses of $200 million to $210 million.
To listen to a replay of a conference call discussing these results, visit www.esperion.com.