Esperion Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-12
Esperion Reports Second Quarter 2024 Financial Results
Esperion Therapeutics, Inc. (NASDAQ: ESPR) announced their financial results for the second quarter of 2024, which ended on June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change (%) | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $73.8M | $25.8M | +186% | $49.06M |
| Earnings Per Share (EPS) | -$0.33 | -$0.46 | N/A | -$0.17 |
| Net Product Revenue (U.S.) | $28.3M | $20.3M | +39% | N/A |
| Collaboration Revenue | $45.5M | $5.5M | +727% | N/A |
| Research and Development (R&D) Expense | $11.5M | $22.1M | -48% | N/A |
| Selling, General, and Administrative | $44.2M | $34.0M | +30% | N/A |
| Net Loss | $61.9M | $49.9M | N/A | N/A |
| Cash and Cash Equivalents | $189.3M | $82.2M | +130% | N/A |
Interpretation: Esperion showed significant improvement in total revenue, seeing a 186% year-over-year increase to $73.8 million, surpassing the Wall Street consensus estimate of $49.06 million. The company's EPS, however, was below the consensus estimate at -$0.33 compared to an expected -$0.17. While U.S. net product revenue grew by 39%, collaboration revenue experienced a notable spike driven primarily by increased product sales to international partners and revenue from a settlement agreement.
Revenue Performance by Segments
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change (%) |
|---|---|---|---|
| U.S. Product Revenue | $28.3M | $20.3M | +39% |
| Collaboration | $45.5M | $5.5M | +727% |
Interpretation: Revenue from U.S. products increased by 39% year-over-year, driven by prescription growth, while collaboration revenue saw an explosive 727% growth, primarily due to the recognized revenue from international settlements and expanded sales.
Comments from Company Officers
According to Sheldon Koenig, President and CEO of Esperion, the firm made substantial progress both domestically and internationally. Notable achievements include improved U.S. product revenue and expanded international reach, alongside a strategic monetization of their European royalties which enhanced their financial flexibility.
Dividends or Share Repo Programs
There were no announcements concerning dividends or share repurchase programs in the provided report.
Forward Guidance
Esperion reiterated their full-year 2024 operating expense guidance, which is projected to be approximately $225 million to $245 million, inclusive of $20 million in non-cash expenses related to stock compensation.
Stock Price Movement
Following the announcement of their earnings report, Esperion’s stock observed an increase of approximately 7.72%.
In summary, Esperion exhibited strong revenue growth primarily driven by U.S. and collaboration segments, enhanced by strategic transactions aimed at financial and operational flexibility. Despite the growth in revenue, net losses and EPS fell short of expectations, indicating areas for further improvement.
