May 07, 2024 (24/7 Market News via COMTEX) --
DENVER, Colo., May 07, 2024 (247marketnews.com)- Esperion (NASDAQ:ESPR) reported its first quarter 2024 financial results.
Total revenue increased approximately 467%, from $24.3 million for first quarter 2023, to $137.7 million, while total net income for the first quarter of 2024 was $61.0 million, compared to a net loss of $61.7 million for the first quarter of 2023.
"We are proud of our strong start to 2024 and the continued momentum and growth we again delivered in the first quarter," commented Esperion President and CEO, Sheldon Koenig. "We posted retail prescription equivalent growth of 43% year-over-year, generated our highest level of revenue yet, and ended the quarter with a cash balance that positions us to capitalize on our new label and deliver long term value growth.
"We also received FDA approval of our highly anticipated label expansions for NEXLETOL and NEXLIZET, which we believe positions us for a meaningful uptick in growth. As the only oral LDL-cholesterol (LDL-C) lowering non-statins approved for reducing cardiovascular risk in both primary and secondary prevention patients, our expanded labels will enable us to potentially reach more than 70 million new patients in need of an alternative therapy. We believe this approval brings us closer to bridging the statin gap, which encompasses an underserved patient population that is unable to reach their LDL-C goal on current therapies alone.
"We have prioritized investment in our commercial strategy, including ramping up our sales force, launching our new Lipid Lurker consumer campaign, developing a suite of new promotional materials, and initiating partnerships to provide improved interim access with the payer and patient communities. We're also pleased to report utilization management criteria updates that will be made by two major payers in the next two months that covers 40 million lives, and anticipate additional payers aligning with our new labels on a weekly basis. Looking to our global ex-U.S. franchise., our partner Daiichi Sankyo Europe (DSE) continued to drive increased sales across newly launched territories, signaling the growth potential of these products globally. In summary, with our reinforced commercial infrastructure and recent payer wins, we are poised for significant growth and I look forward to sharing our progress in the coming quarters."
The post Esperion Reports Q1 2024 Financial Results appeared first on 24/7 MarketNews.
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