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Esperion (ESPR) Q1 Earnings Miss Estimates, Sales Beat, Stock Up
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Esperion Therapeutics (ESPR - Free Report) incurred a loss of 79 cents per share in the first quarter of 2023, wider than the Zacks Consensus Estimate as well as our estimate of a loss of 65 cents per share and 72 cents, respectively. The company incurred a loss of 93 cents per share in the year-ago period.
Esperion generated revenues of $24.3 million, up 29.2% year over year. However, the reported figure beat the Zacks Consensus Estimate of $21 million as well as our estimate of $21.1 million.
Esperion’s shares climbed 5.2% on Tuesday in response to the strong revenue performance. Shares of Esperion have plunged 70.6% in the past year against the industry’s 3.3% rise.
Image Source: Zacks Investment Research
Quarter in Detail
Esperion has two FDA-approved drugs — Nexletol and Nexlizet — in its commercial portfolio that are approved for treating elevated LDL-C (bad cholesterol). These two oral drugs are marketed as Nilemdo and Nustendi in Europe and several other ex-U.S. markets in partnership with Daiichi Sankyo. Esperion records royalties on sales of its drugs in Europe and other ex-U.S. markets.
In Japan, Esperion has an agreement for the development and commercialization of Nexletol and Nexlizet tablets with Otsuka Pharmaceuticals.
Product revenues, solely from the United States, were $17 million in the first quarter, up approximately 27% year over year. This increase in sales was fueled by retail prescription growth of 15% in the United States. Additionally, new-to-brand subscriptions grew by 56% from the previous quarter. Product revenues were up 13.3% sequentially.
Esperion recorded collaboration revenues, which include combined royalty and partner revenues, of $7.3 million during the reported quarter, up 33% year over year. This improvement was due to increased tablet sales to Esperion’s international partners and sales growth within partner territories.
Research and development (R&D) expenses increased 29% from the year-ago period’s levels to $31.4 million due to costs related to the announcement and presentation of Esperion’s CLEAR cardiovascular outcomes (CVOT) study results, along with associated close-out activities and regulatory submission preparation.
Selling, general and administrative (SG&A) expenses were down 2% year over year to $29.9 million, reflecting the positive impact of its cost-savings programs as part of its transformational plan announced in 2021.
As of Mar 31, 2023, Esperion had cash, cash equivalents, restricted cash and investment securities of $162.3 million compared with $166.9 million as of Dec 31, 2022. This cash is inclusive of the recent $56 million raised in a registered direct offering in March before deducting placement agencies and related offering expenses.
2023 Guidance
Esperion reiterated its 2023 financial outlook in the earnings release for the first quarter. The company still expects full-year 2023 operating expenses in the range of $225-$245 million, including $25 million in non-cash expenses related to stock compensation. Total operating expenses guidance for 2023 includes $100-$110 million in R&D expenses and $125-$135 million in SG&A expenses.
Esperion Therapeutics, Inc. Price and EPS Surprise
In the past 90 days, the Zacks Consensus Estimate for Allogene Therapeutics’ 2023 loss per share has narrowed from $2.83 to $2.31. In the past year, shares of Allogene Therapeutics have fallen by 8.1%.
ALLO beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 5.08%.
In the past 90 days, the Zacks Consensus Estimate for Anixa Therapeutics’ 2023 loss per share has narrowed from 62 cents to 43 cents. In the past year, shares of Anixa Therapeutics have increased by 27.4%.
ANIX beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 24.04%.
In the past 90 days, the Zacks Consensus Estimate for ADMA Biologics’ 2023 loss per share has narrowed from 19 cents to 14 cents. In the past year, shares of ADMA Biologics have increased by 142.7%.
ADMA beat estimates in three out of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 2.88%.
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Esperion (ESPR) Q1 Earnings Miss Estimates, Sales Beat, Stock Up
Esperion Therapeutics (ESPR - Free Report) incurred a loss of 79 cents per share in the first quarter of 2023, wider than the Zacks Consensus Estimate as well as our estimate of a loss of 65 cents per share and 72 cents, respectively. The company incurred a loss of 93 cents per share in the year-ago period.
Esperion generated revenues of $24.3 million, up 29.2% year over year. However, the reported figure beat the Zacks Consensus Estimate of $21 million as well as our estimate of $21.1 million.
Esperion’s shares climbed 5.2% on Tuesday in response to the strong revenue performance. Shares of Esperion have plunged 70.6% in the past year against the industry’s 3.3% rise.
Image Source: Zacks Investment Research
Quarter in Detail
Esperion has two FDA-approved drugs — Nexletol and Nexlizet — in its commercial portfolio that are approved for treating elevated LDL-C (bad cholesterol). These two oral drugs are marketed as Nilemdo and Nustendi in Europe and several other ex-U.S. markets in partnership with Daiichi Sankyo. Esperion records royalties on sales of its drugs in Europe and other ex-U.S. markets.
In Japan, Esperion has an agreement for the development and commercialization of Nexletol and Nexlizet tablets with Otsuka Pharmaceuticals.
Product revenues, solely from the United States, were $17 million in the first quarter, up approximately 27% year over year. This increase in sales was fueled by retail prescription growth of 15% in the United States. Additionally, new-to-brand subscriptions grew by 56% from the previous quarter. Product revenues were up 13.3% sequentially.
Esperion recorded collaboration revenues, which include combined royalty and partner revenues, of $7.3 million during the reported quarter, up 33% year over year. This improvement was due to increased tablet sales to Esperion’s international partners and sales growth within partner territories.
Research and development (R&D) expenses increased 29% from the year-ago period’s levels to $31.4 million due to costs related to the announcement and presentation of Esperion’s CLEAR cardiovascular outcomes (CVOT) study results, along with associated close-out activities and regulatory submission preparation.
Selling, general and administrative (SG&A) expenses were down 2% year over year to $29.9 million, reflecting the positive impact of its cost-savings programs as part of its transformational plan announced in 2021.
As of Mar 31, 2023, Esperion had cash, cash equivalents, restricted cash and investment securities of $162.3 million compared with $166.9 million as of Dec 31, 2022. This cash is inclusive of the recent $56 million raised in a registered direct offering in March before deducting placement agencies and related offering expenses.
2023 Guidance
Esperion reiterated its 2023 financial outlook in the earnings release for the first quarter. The company still expects full-year 2023 operating expenses in the range of $225-$245 million, including $25 million in non-cash expenses related to stock compensation. Total operating expenses guidance for 2023 includes $100-$110 million in R&D expenses and $125-$135 million in SG&A expenses.
Esperion Therapeutics, Inc. Price and EPS Surprise
Esperion Therapeutics, Inc. price-eps-surprise | Esperion Therapeutics, Inc. Quote
Zacks Rank and Stocks to Consider
Esperion currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Allogene Therapeutics (ALLO - Free Report) , Anixa Biosciences (ANIX - Free Report) and ADMA Biologics, Inc. (ADMA - Free Report) , all carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the Zacks Consensus Estimate for Allogene Therapeutics’ 2023 loss per share has narrowed from $2.83 to $2.31. In the past year, shares of Allogene Therapeutics have fallen by 8.1%.
ALLO beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 5.08%.
In the past 90 days, the Zacks Consensus Estimate for Anixa Therapeutics’ 2023 loss per share has narrowed from 62 cents to 43 cents. In the past year, shares of Anixa Therapeutics have increased by 27.4%.
ANIX beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 24.04%.
In the past 90 days, the Zacks Consensus Estimate for ADMA Biologics’ 2023 loss per share has narrowed from 19 cents to 14 cents. In the past year, shares of ADMA Biologics have increased by 142.7%.
ADMA beat estimates in three out of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 2.88%.