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What were the key takeaways from Esperion's earnings call?

- **Revenue Surge**: Total revenue up 69% YoY to $87.3M, driven by U.S. net product (+31% YoY) and collaboration (+128% YoY). 
- **Pipeline Breakthrough**: ESP-2001 PSC trial set for Q1 2026 IND filing. 
- **Japan Expansion**: Otsuka launch imminent; Daiichi Sankyo Europe royalty growth 21% QoQ. 
- **Gross Margin Turnaround**: 2026 tech transfer to DSE to drive margin expansion. 
- **Reimbursement Efficiency**: Medicare approval rate 87%, commercial 86%, with co-pay reductions of 47% YoY.

**【CEO Opening Remarks】**
- Total revenue for Q3 2025 grew 69% YoY to $87.3 million, driven by U.S. net product revenue of $40.7 million (+31% YoY) and collaboration revenue of $46.7 million (+128% YoY). 
- Bempedoic acid products (NEXLETOL/NEXLIZET) saw 9% sequential growth in retail prescriptions, with 30,000+ prescribers now onboarding. 
- International expansion highlighted by Japan's preliminary pricing approval for NEXLETOL and NEXLIZET, and European partnerships (Daiichi Sankyo Europe, Otsuka Pharmaceutical) driving 21% sequential royalty growth. 
- Pipeline advancement: ESP-2001 for primary sclerosing cholangitis (PSC) entered IND-enabling studies, targeting Q1 2026 first-in-human trial.

**【CFO Financial Commentary】**
- GAAP net income of $420 million, Non-GAAP EPS exceeded expectations at $1.00. 
- R&D expenses rose 36% YoY to $14.1 million, SG&A increased 5% to $41.8 million due to litigation and media costs. 
- $75 million equity offering in Q3 to support strategic initiatives, maintaining full-year 2025 operating expense guidance of $215-$235 million.

**【Q&A Highlights】**
- **Gross Margin Progression**: Tech transfer to Daiichi Sankyo Europe expected to begin Q1 2026, driving 2026 gross margin improvement. 
- **Japan Launch Timing**: Otsuka's NEXLETOL/NEXLIZET expected to launch within 2-3 weeks of final pricing approval, targeting Japan's 3rd-largest lipid market. 
- **Pipeline Momentum**: ESP-2001 PSC trial enrollment planning with FDA, prioritizing centers with high PSC prevalence. 
- **Reimbursement Trends**: Medicare approval rate improved to 87% (from 86% Q2), with $29 co-pay for 30-day supply vs. $64 Q1. 
- **340B Impact**: Minimal (negligible) impact on U.S. revenue, no material effect on 2026 outlook.

Esperion Therapeutics, Inc. (ESPR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ESPR

ESPR fundamentals

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