Esperion Therapeutics (ESPR) Jefferies Global Healthcare Conference summary

Recent progress and milestones

• Achieved a key label update for expanded cardiovascular outcomes in the US and Europe in March, enabling significant commercial growth.

• Japanese partner completed phase III and is preparing regulatory filings for launch in Japan.

• Commercial focus has shifted, with a larger sales team and new promotional strategies deployed since mid-April.

• Nine new preferred coverage wins post-label change, with streamlined approval processes for prescribers.

• Now covers about 100 million lives under updated utilization management (UM) criteria, making prescribing easier and faster.

Commercial performance and growth outlook

• Weekly new prescription (NRX) growth has been positive for six of the last seven weeks, with further acceleration expected after June 1 plan changes.

• Primary care is now the largest prescriber segment, accounting for 55% of scripts, outpacing cardiology.

• Sales force of 150 targets 20,000 high-potential healthcare providers, evenly split between cardiologists and primary care.

• The current sales force size is considered optimal for delivering on growth targets.

• Revenue consensus for 2024 ($155–160M) aligns with internal expectations, with profitability targeted for late 2024 or early 2025.

Financials, capital structure, and profitability

• Profitability is prioritized and expected from ongoing operations, not one-time milestones.

• Q1 OpEx is indicative of future spending, with commercial and R&D expenses stable.

• $227M cash at Q1 end, excluding a pending $25M payment from Daiichi Sankyo.

• Convertible notes due November 2025; refinancing targeted before November 2024, with ongoing efforts to improve capital structure flexibility.

• Positive discussions underway to resolve Oberland agreement restrictions and enable more favorable refinancing.