Esperion Provides Preliminary Fourth Quarter 2021 Financial Results and CLEAR Outcomes Program Update
January 11 2022 - 8:00AM
Esperion (NASDAQ: ESPR) today announced preliminary, unaudited
fourth-quarter 2021 financial results and reiterated full-year 2022
operating expense guidance.
“2021 was a transitional year for Esperion, as we ushered in a
new leadership team, stabilized prescription demand with innovative
selling approaches, and began to build the foundation for our next
phase of growth and pipeline expansion ahead of the read-out of the
CLEAR Outcomes trial in Q1 2023,” said Sheldon Koenig, president
and CEO of Esperion. “Most notably, we announced a transformative
restructuring and reduced our expense structure in the fourth
quarter, while strengthening our balance sheet with proceeds from
our recent public offering. We have secured the appropriate
resources to complete our unprecedented CLEAR Outcomes trial, a
significant and differentiated study we expect to substantially
accelerate adoption of our novel LDL-C lowering therapies, NEXLETOL
and NEXLIZET.”
Preliminary Q4 2021 Financial Results and FY 2022
Operating Expense Guidance
Preliminary, unaudited fourth-quarter 2021 net U.S. product
sales are expected to be between $12.0 to $12.5 million.
As of December 31, 2021, cash, cash equivalents, restricted cash
and investment securities available-for-sale totaled approximately
$309.3 million and there were approximately 60.9 million shares of
common stock outstanding, after accounting for 2.0 million treasury
shares to be purchased in the prepaid forward transaction as part
of the convertible debt financing.
The Company expects full-year 2022 operating expenses to be
approximately $220 million to $240 million, including $25 million
in non-cash expense related to stock-compensation.
The preliminary unaudited results described in this press
release are estimates only and are subject to revision until the
Company reports its full financial results for the fourth quarter
and full year 2021 in late February.
40th Annual J.P.
Morgan Healthcare ConferenceThe Company will present at
the virtual 40th Annual J.P. Morgan Healthcare Conference on
Thursday, January 13, 2022, at 10:30 a.m. Eastern Time. A live
audio webcast of this event can be accessed on the investor
relations section of the Esperion website at
http://investor.esperion.com. A replay of the webcast will be
archived on the Company’s website for 90 days following the
event.
Esperion TherapeuticsEsperion works hard to
make our medicines easy to get, easy to take and easy to have. We
discover, develop and commercialize innovative medicines and
combinations to lower cholesterol, especially for patients whose
needs aren’t being met by the status quo. Our entrepreneurial team
of industry leaders is inclusive, passionate and resourceful. We
are singularly focused on managing cholesterol so you can improve
your health easily. Esperion commercializes NEXLETOL® (bempedoic
acid) and NEXLIZET® (bempedoic acid and ezetimibe) Tablets and is
the leader in the development of convenient oral, once-daily
non-statin LDL-cholesterol lowering drugs for patients with high
levels of bad cholesterol. For more information, please visit
www.esperion.com and follow us on Twitter at
www.twitter.com/EsperionInc.
Forward-Looking StatementsThis press release
contains forward-looking statements that are made pursuant to the
safe harbor provisions of the federal securities laws, including,
without limitation, statements related to expected operational
expenses, expected revenue of our commercial products, the expected
timing for the CLEAR Outcomes study and its results, financial
condition and outlook, and other statements containing the words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“plan,” “predict,” “project,” “suggest,” “target,” “potential,”
“will,” “would,” “could,” “should,” “continue,” and similar
expressions. Any express or implied statements contained in this
press release that are not statements of historical fact may be
deemed to be forward-looking statements. Forward-looking statements
involve risks and uncertainties that could cause Esperion's actual
results to differ significantly from those projected, including,
without limitation, market and other conditions, the impact of
COVID-19 on our business, clinical activities and results, supply
chain, commercial development and launch plans, and the risks
detailed in Esperion's filings with the Securities and Exchange
Commission. All forward-looking statements included in this press
release are expressly qualified in their entirety by the foregoing
cautionary statements. Any forward-looking statements contained in
this press release speak only as of the date hereof, and Esperion
disclaims any obligation or undertaking to update or revise any
forward-looking statements contained in this press release, other
than to the extent required by law.
Contact:Ben Church/Kaitlyn
Broscobchurch@esperion.com/kbrosco@esperion.com
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