Esperion Therapeutics, Inc.

Fourth quarter 2025 total revenue was $168.4 million, up 144% year over year. U.S. net product revenue was $43.7 million versus $31.6 million in the prior-year quarter, up approximately 38%. Collaboration revenue was $124.7 million versus $37.6 million, up approximately 232%, driven by a one-time $90 million payment from Otsuka tied to regulatory approval and favorable NHI price listing, plus higher royalty and supply revenues. Q4 R&D expense was $13.9 million, up 26%, and SG&A was $41.4 million, up 12%, with the increase mainly due to legal costs related to ANDA litigation. Esperion ended 2025 with $167.9 million in cash and cash equivalents, and management said it paid off the 2025 convertible note stub, reducing debt by $55 million. For 2026, operating expenses are projected at $225 million to $255 million, including $15 million of noncash stock-compensation expense. Management also said no additional $91 million milestone payment is expected in 2026, royalties should rise, partner reimbursement will step down as tech transfer flows through, and gross margin should benefit from the manufacturing mix.

Sheldon Koenig framed 2025 as a defining year and said Esperion enters 2026 with strong momentum and a clearer long-term strategy under Vision 2040. He repeatedly emphasized that bempedoic acid is gaining traction through stronger reimbursement, broader prescriber adoption, and anticipated U.S. guidelines, while the Corstasis acquisition broadens Esperion beyond lipid management into heart failure. His tone was optimistic and expansionary, with a focus on building a larger, sustainably profitable cardiometabolic company.

Ben Halladay said the company’s financial results reflected its “best year on record” and highlighted progress toward sustained profitability. He cited $167.9 million in year-end cash and cash equivalents, $55 million less debt after paying off the 2025 convertible note stub, and said Esperion is well capitalized to launch Enbumyst. He also gave full-year 2026 operating expense guidance of $225 million to $255 million, including $15 million in noncash stock-comp expense, and noted that collaboration revenue has multiple moving parts: no repeat of the 2025 $91 million milestone, rising royalties, a tech-transfer-driven decline in partner reimbursement, and gross margin improvement from manufacturing.

Analysts focused heavily on the Corstasis acquisition, asking about current capacity, launch readiness, and the future auto-injector; management said capacity is fine, product is ready, and a full-scale launch will follow close of the deal. Questions also centered on the pending U.S. guidelines and their potential effect on prescriptions and sales coverage; management said it expects the guidelines before ACC, is preparing a broad field and digital rollout, and sees them as a major awareness event. Analysts pressed on triple-combination labeling, the size of the opportunity, and whether it dilutes the statin-intolerance message; Esperion said the triple combo supports a low-dose statin strategy, aligns with guidelines, and does not muddy the statin-intolerance narrative. On pricing, management said it does not expect additional concessions in 2026 and believes competitors will face more pressure because Esperion already has outcomes data and broad coverage.