Esperion Therapeutics (ESPR) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformative year with record performance, expanding the U.S. cardiovascular franchise and broadening access for statin-intolerant patients, while advancing the Vision 2040 strategy to become a multiproduct leader in cardiometabolic and rare hepatic/renal diseases.

• FY25 total revenue grew 21% year-over-year to $403.1M; U.S. net product revenue up 38% to $159.6M.

• Announced agreement to acquire Corstasis Therapeutics, bringing Enbumyst, a first-in-class intranasal diuretic, and expanding the cardiometabolic portfolio and rare disease market reach.

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

• Significant progress in global expansion, R&D pipeline, and commercial strategy.

Financial highlights

• FY 2025 total revenue was $403.1M, with Q4 2025 revenue at $168.4M, up 144% year-over-year, driven by a $90M one-time payment from Otsuka.

• U.S. net product revenue reached $159.6M for FY25 and $43.7M in Q4, both up 38% year-over-year.

• 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, up from $144.8M at year-end 2024.

• 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.

Outlook and guidance

• 2026 expected to maintain strong momentum, targeting sustainable profitability, supported by favorable reimbursement and anticipated inclusion in 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.

• Enbumyst launch and integration of Corstasis expected to accelerate growth and expand commercial reach.

• Triple combination therapies targeting 2027 commercialization, with potential to reduce LDL cholesterol by up to 70%.

• Continued investment in U.S. commercial execution and pipeline advancement, with disciplined spending.