• Imagine a focused biotech company like Vertex Pharmaceuticals, but instead of cystic fibrosis, its entire mission is developing breakthrough cholesterol-lowering medicines.
• It's like a specialized biotech in the cardiovascular space, similar to how Amgen or Regeneron operate, but laser-focused on developing next-generation cholesterol-lowering drugs.
• Think of it as a pharmaceutical company like a smaller Pfizer or Merck, but one that exclusively invents and sells drugs to combat high cholesterol.

• NEXLETOL (bempedoic acid): A prescription medicine used to lower low-density lipoprotein cholesterol in patients with atherosclerotic cardiovascular disease or heterozygous familial hypercholesterolemia.
• NEXLIZET (bempedoic acid and ezetimibe): A combination prescription medicine designed to lower low-density lipoprotein cholesterol, also for patients with atherosclerotic cardiovascular disease or heterozygous familial hypercholesterolemia.
• Oral, small molecule PCSK9 inhibitor program: An investigational drug program in development aimed at inhibiting PCSK9 to further reduce LDL-C levels.

Esperion Therapeutics (ESPR) primarily sells its pharmaceutical products to other companies within the healthcare supply chain.

1. Pharmaceutical Wholesalers and Distributors: These companies are crucial intermediaries that purchase Esperion's medicines, such as NEXLETOL and NEXLIZET, in bulk. They then distribute these products to pharmacies, hospitals, clinics, and other healthcare providers, ultimately reaching patients. Major public companies in this sector include:
   • McKesson Corporation (NYSE: MCK)
   • Cardinal Health, Inc. (NYSE: CAH)
   • AmerisourceBergen Corporation (NYSE: ABC)
2. Daiichi Sankyo Europe GmbH: Esperion has a significant license and collaboration agreement with Daiichi Sankyo Europe GmbH. Under this agreement, Daiichi Sankyo Europe GmbH is responsible for the commercialization of Esperion's bempedoic acid and bempedoic acid/ezetimibe fixed-dose combination products in Europe and other specified territories. This makes Daiichi Sankyo Europe GmbH a major customer for product supply and/or licensing revenue for Esperion. The parent company is Daiichi Sankyo Co., Ltd. (TYO: 4568).

Sheldon Koenig, President and Chief Executive Officer

Sheldon Koenig has served as Esperion's Chief Executive Officer since May 2021, having initially joined as Chief Operating Officer in December 2020. Prior to his tenure at Esperion, Mr. Koenig was the Executive Vice President and Chief Commercial Officer at Portola Pharmaceuticals, Inc., a company that was subsequently acquired by Alexion. He also held the position of Senior Vice President and Head of the cardiovascular franchise for Sanofi S.A. and served as Vice President and Global Brand Leader for the cardiovascular division of Merck & Co., Inc. At Merck, he was instrumental in leading the marketing efforts for the launch of ezetimibe. Mr. Koenig is also recognized as a co-founder of Nuvig Therapeutics.

Ben Halladay, Chief Financial Officer

Ben Halladay was promoted to Chief Financial Officer in November 2022. He previously served as Esperion's Senior Director, Financial Planning and Analysis, a role he held since joining the company in January 2020. Before Esperion, Mr. Halladay gained financial and business experience through various roles at National Oilwell Varco, BMC Software, and Pfizer.

John Harlow, Chief Commercial Officer

John Harlow was appointed Chief Commercial Officer in November 2025. His prior experience includes serving as Chief Commercial Officer at Melinta Therapeutics and Baudax Bio. Earlier in his career, he held Executive Vice President and Vice President roles in commercial and marketing at Recro Pharma.

Glenn Brame, Chief Technical Operations Officer

Glenn Brame joined Esperion as Chief Technical Operations Officer in February 2023. He brings over 30 years of global experience in manufacturing, quality, and supply chain operations, including leadership roles at Roche and, following its acquisition, Novartis (from Chiron Corporation).

Betty Jean (BJ) Swartz, Chief Business Officer

Betty Jean (BJ) Swartz became Chief Business Officer in September 2023. She joined Esperion in February 2021 as Vice President of Market Access, HEOR & Policy, and was subsequently named Chief Strategy Officer in March 2022.

The key risks to Esperion Therapeutics' business include its financial health and path to profitability, challenges with the commercial adoption of its lead products amid stiff competition, and a heavy reliance on a limited product portfolio.

1. Financial Health and Path to Profitability: Esperion Therapeutics faces significant financial challenges, evidenced by a history of net losses, a high operational burn rate, and negative returns on invested capital (ROIC). The company reported a substantial loss for the quarter ending September 30, 2025, and its current liabilities reportedly outstrip its current assets. The Altman Z-score, a measure of financial distress, indicates the company is in a distress zone, suggesting potential difficulties in the near future. The need for ongoing financing also carries the risk of further dilution for shareholders.
2. Commercial Adoption and Intense Competition for Key Products: Despite regulatory approvals for its lead products, NEXLETOL and NEXLIZET, and positive outcomes data from studies like CLEAR, Esperion has experienced sluggish sales growth and challenges in achieving widespread commercial adoption. The market for cholesterol-lowering drugs is highly competitive, with well-established and powerful rivals, including companies offering statins and PCSK9 inhibitors (e.g., Amgen, Sanofi/Regeneron, Novartis) that have a long history of usage and have at times adjusted pricing, creating market pressure.
3. Heavy Reliance on a Limited Product Portfolio: Esperion's business is heavily dependent on the success and commercial uptake of its two main products, NEXLETOL (bempedoic acid) and NEXLIZET (bempedoic acid and ezetimibe) tablets. This concentration on a single drug platform exposes the company to substantial risk. Any unforeseen issues related to these products, such as slower-than-expected market acceptance, increased competition, or future clinical data challenges, could have a disproportionately significant impact on the company's overall financial performance and viability.

The launch and increasing adoption of Leqvio (inclisiran) by Novartis. Leqvio is a small interfering RNA (siRNA) therapy for lowering LDL-C, approved for patients with atherosclerotic cardiovascular disease or heterozygous familial hypercholesterolemia requiring additional LDL-C reduction, similar to Esperion's target patient population. Its significant threat lies in its highly differentiated dosing regimen, requiring administration only twice a year after initial doses, offering a substantial convenience advantage over daily oral medications like Esperion's NEXLETOL and NEXLIZET.

The addressable market for Esperion Therapeutics' main products, NEXLETOL (bempedoic acid) and NEXLIZET (bempedoic acid and ezetimibe) tablets, can be understood in terms of patient population and global product sales.

In the U.S., the treatable patient population for NEXLETOL and NEXLIZET, which are approved to help prevent heart attacks and cardiovascular procedures, exceeds 70 million patients. Esperion Therapeutics' commercialization efforts primarily target the statin-intolerant or statin-resistant segment, representing approximately 30% of this overall market.

Globally, the bempedoic acid products market, which includes NEXLETOL and NEXLIZET, was valued at approximately USD 580.84 million in 2025 and is projected to reach USD 915.37 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.71%.

Additional regions contributing to the market include Japan, recognized as the third-largest global market for cardiovascular prevention, offering significant long-term growth potential for NEXLETOL. Europe has also seen the expansion of bempedoic acid therapies across 30 countries.

Esperion Therapeutics (ESPR) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Expanded Label Indications for NEXLETOL and NEXLIZET: On March 22, 2024, the U.S. FDA approved broad new labels for NEXLETOL and NEXLIZET, significantly expanding their indications. These approvals allow for cardiovascular risk reduction and expanded LDL-cholesterol lowering in both primary and secondary prevention patients, regardless of statin use. This expanded eligibility is expected to reach over 70 million adult patients in the U.S. and is anticipated to be a significant catalyst for increased sales. Additionally, a positive opinion for label expansion in Europe was received in March 2024, with final determination expected in the second quarter of 2024.
2. Enhanced U.S. Commercialization Efforts and Market Penetration: Esperion is actively boosting its commercial presence in the U.S. by increasing its sales force, developing new promotional materials, and launching consumer campaigns such as "Lipid Lurkers" and "Can't take a statin? Make NEXLIZET happen!". The company is also working to improve patient access through enhanced patient support programs and by securing favorable utilization management updates from major commercial and Medicare payers. These efforts are designed to drive sustained revenue growth by increasing prescription equivalents and expanding the number of healthcare professionals prescribing NEXLETOL and NEXLIZET.
3. International Expansion and Growth in Collaboration Revenue: Esperion leverages global partnerships, including those with Daiichi Sankyo Europe, Otsuka Pharmaceutical for Japan, HLS Therapeutics for Canada, Neopharm Israel, and CSL Seqirus for Australia and New Zealand. These collaborations contribute to revenue through royalties and milestone payments. Notable drivers include the expected meaningful growth from the Japanese market following regulatory approval and favorable National Health Insurance pricing in late 2025, with a full commercial launch expected in 2026. European expansion, marked by regulatory and reimbursement approval for NILEMDO in France and inclusion in major European guidelines, is also expected to contribute significantly.
4. Inclusion in Key Treatment Guidelines: The anticipated inclusion of bempedoic acid in updated U.S. dyslipidemia guidelines in early 2026 is expected to be a major factor in driving adoption and growth of the bempedoic acid franchise. Furthermore, the inclusion of bempedoic acid as a Class I, Level A recommendation in the 2025 ESC/EAS guidelines in Europe provides significant clinical validation and is expected to drive further uptake.
5. Acquisition of Corstasis Therapeutics and Launch of Enbumyst: Esperion's agreement to acquire Corstasis Therapeutics and launch Enbumyst (bumetanide nasal spray), a first-in-class intranasal diuretic for heart failure, is a strategic move to create a second global franchise. This acquisition aligns with Esperion's existing cardiology focus and Vision 2040 strategy, diversifying its product portfolio beyond cholesterol management and accelerating overall company growth.

Share Repurchases

• Esperion Therapeutics reported no significant share repurchases, with $0.0 million recorded for the trailing twelve months ended September 2025.

Share Issuance

• In October 2025, Esperion priced a public offering of 30,000,000 shares of common stock at $2.50 per share, anticipating approximately $75.0 million in gross proceeds.
• The company closed an underwritten public offering in January 2024, issuing 65,205,000 shares of common stock at $1.50 per share, which generated approximately $97.8 million in gross proceeds.
• In November 2021, Esperion completed an exchange of $15.0 million in principal amount of its 4.00% Convertible Senior Subordinated Notes due 2025 for shares of common stock.

Inbound Investments

• Esperion received approximately $304.7 million in cash from OMERS Life Sciences in June 2024 through a Royalty Purchase Agreement, in exchange for a capped interest in European royalties on bempedoic acid products.
• In January 2024, Esperion and Daiichi Sankyo Europe amended their collaboration, resulting in a $125 million payment from DSE to Esperion, consisting of $100 million upfront and $25 million contingent on a European Medicines Agency (EMA) decision.
• The company recognized a one-time payment of $90 million from Otsuka in Q4 2025, related to regulatory approval and a favorable National Health Insurance price listing in Japan.

Outbound Investments

• In March 2026, Esperion announced an agreement to acquire Corstasis Therapeutics for an upfront cash payment of $75 million, with potential for up to an additional $180 million in milestone payments.
• Esperion entered into a licensing agreement with Serometrix in late 2020 or early 2021 for an oral, small molecule PCSK9 inhibitor program, which included an upfront payment of $12.5 million. The collaboration was terminated in August 2023.