Esperion Therapeutics (ESPR) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformative year with record total revenue of $403.1M, significant U.S. and international growth, and the launch of Vision 2040 to drive long-term expansion in cardiometabolic and rare hepatic/renal diseases.

• Acquisition of Corstasis Therapeutics, including Enbumyst, accelerates expansion into heart failure and rare disease markets, strengthening the cardiovascular franchise.

• Strong commercial execution led to robust prescription and revenue increases, with retail prescription equivalents up 34% year-over-year and unique HCPs prescribing up 24%.

• Pipeline progress includes advancing triple combination therapies and nominating ESP-2001 for primary sclerosing cholangitis.

• Net income for Q4 2025 was $61.8M; full-year 2025 net loss narrowed to $22.7M from $51.7M in 2024.

Financial highlights

• FY25 total revenue reached $403.1M, up 21% year-over-year; Q4 2025 total revenue was $168.4M, a 144% year-over-year increase, driven by a $90M one-time payment from Otsuka.

• U.S. net product revenue for FY25 was $159.6M, up 38% year-over-year; Q4 U.S. net product revenue was $43.7M.

• Collaboration revenue for Q4 and FY25 was $124.7M and $243.6M, up 232% and 12% year-over-year, respectively.

• Ended 2025 with $167.9M in cash and cash equivalents, supporting upcoming launches and integration.

• Operating expenses for FY25 were $342.9M, up from $277.9M in FY24; R&D expenses rose 26% to $13.9M, and SG&A increased 12% to $41.4M, mainly due to legal costs.

Outlook and guidance

• 2026 expected to maintain momentum, targeting sustainable profitability, supported by strong reimbursement and anticipated favorable U.S. dyslipidemia guidelines.

• Full-year 2026 operating expenses projected at $225–$255M, including $15M in non-cash stock compensation and $40–50M for R&D.

• Continued growth anticipated from international launches, expanded product offerings, and disciplined spending.