Revenue trajectory remains highly erratic, with gross margins fluctuating significantly between a low of 36.5% in 2025Q3 and a peak of 92.7% in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 418.24M | 403.13M | 332.31M | 116.33M | 75.47M | 78.45M | 227.55M | 148.36M | 184.47M | 0 | 0 | 0 | 0 | 4.98B | 0 | 0 | 0 | 0 | 2K | 0 |
| Revenue Growth % | 61.13% | 21.31% | 185.66% | 54.14% | -3.79% | -65.52% | 53.37% | -19.57% | - | - | - | - | -100% | - | - | - | - | -100% | - | - |
| Cost of Goods Sold | 146.39M | 129.22M | 68.6M | 43.27M | 26.97M | 14.22M | 2.39M | 0 | 265K | 258K | 252K | 236K | 0 | 0 | 0 | 0 | 0 | 0 | 786K | 683.22K |
| COGS % of Revenue | - | 32.05% | 20.64% | 37.19% | 35.73% | 18.12% | 1.05% | - | 0.14% | - | - | - | - | - | - | - | - | - | 39300% | - |
| Gross Profit | 271.85M | 273.91M | 263.71M | 73.07M | 48.51M | 64.23M | 225.16M | 148.36M | 184.21M | -258K | -252K | -236K | 0 | 4.98B | 0 | 0 | 0 | 0 | -784K | -683.22K |
| Gross Margin % | 65% | 67.95% | 79.36% | 62.81% | 64.27% | 81.88% | 98.95% | 100% | 99.86% | - | - | - | - | 100% | - | - | - | - | -39200% | - |
| Gross Profit Growth % | - | 3.87% | 260.92% | 50.63% | -24.48% | -71.47% | 51.76% | -19.46% | 71498.84% | -2.38% | -6.78% | - | -100% | - | - | - | - | 100% | -14.75% | - |
| Operating Expenses | 196.07M | 213.64M | 209.31M | 228.63M | 228.01M | 290.96M | 346.55M | 241.47M | 204.59M | 168.98M | 76.15M | 50.04M | 36.22M | 22.76M | 10.2M | 10.16M | 29.24M | 29.33M | 26.79M | 11.69M |
| OpEx % of Revenue | - | 52.99% | 62.99% | 196.53% | 302.1% | 370.9% | 152.3% | 162.75% | 110.9% | - | - | - | - | 0.46% | - | - | - | - | 1339400% | - |
| Selling, General & Admin | 165.91M | 165.79M | 163.07M | 142.52M | 109.08M | 184.99M | 199.62M | 65.85M | 33.1M | 21.38M | 18.28M | 20.24M | 10.92M | 6.74M | 2.21M | 2.36M | 5.96M | 5.02M | 2.95M | 2.52M |
| SG&A % of Revenue | - | 41.12% | 49.07% | 122.51% | 144.53% | 235.81% | 87.72% | 44.39% | 17.94% | - | - | - | - | 0.14% | - | - | - | - | 147450% | - |
| Research & Development | 44.28M | 47.85M | 46.24M | 86.11M | 118.93M | 105.97M | 146.94M | 175.61M | 171.49M | 147.6M | 57.87M | 29.8M | 25.3M | 16.01M | 8M | 7.81M | 21.99M | 21.45M | 21.79M | 8.48M |
| R&D % of Revenue | - | 11.87% | 13.91% | 74.02% | 157.57% | 135.09% | 64.57% | 118.37% | 92.96% | - | - | - | - | 0.32% | - | - | - | - | 1089450% | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 119K | 194.01K | -83.65K | -75.81K | 0 | 0 | 5M | 3.2M |
| Operating Income | 75.79M | 60.27M | 54.4M | -155.56M | -179.5M | -226.73M | -121.4M | -93.1M | -204.59M | -168.98M | -76.15M | -50.04M | -36.22M | -22.76M | -10.2M | -10.16M | -27.95M | -27.32M | -27.57M | -12.37M |
| Operating Margin % | 18.12% | 14.95% | 16.37% | -133.72% | -237.83% | -289.02% | -53.35% | -62.75% | -110.9% | - | - | - | - | -0.46% | - | - | - | - | -1378600% | - |
| Operating Income Growth % | - | 10.79% | 134.97% | 13.34% | 20.83% | -86.77% | -30.39% | 54.49% | -21.07% | -121.91% | -52.18% | -38.14% | -59.17% | -123.04% | -0.39% | 63.63% | -2.31% | 0.93% | -122.92% | - |
| EBITDA | 75.89M | 60.38M | 54.47M | -155.4M | -179M | -226.12M | -120.85M | -92.78M | -204.32M | -168.72M | -75.9M | -49.8M | -36.06M | -22.69M | -10.06M | -9.99M | -29.24M | -29.33M | -29.62M | -13.05M |
| EBITDA Margin % | 18.15% | 14.98% | 16.39% | -133.58% | -237.17% | -288.24% | -53.11% | -62.54% | -110.76% | - | - | - | - | -0.46% | - | - | - | - | -1481100% | - |
| EBITDA Growth % | 290.33% | 10.86% | 135.05% | 13.19% | 20.84% | -87.11% | -30.25% | 54.59% | -21.1% | -122.3% | -52.39% | -38.1% | -58.96% | -125.43% | -0.79% | 65.84% | 0.32% | 0.99% | -126.96% | - |
| D&A (Non-Cash Add-back) | 106K | 105K | 63K | 164K | 500K | 612K | 547K | 319K | 265K | 258K | 252K | 236K | 160K | 70.55K | 139.43K | 178.47K | -1.29M | -2.01M | -2.05M | -683.22K |
| EBIT | 77.13M | 60.27M | 7.51M | -150.27M | -176.85M | -222.75M | -120.88M | -89.05M | -204.59M | -166.79M | -74.6M | -49.26M | -36.22M | -25.15M | -10.26M | -10.24M | 0 | 0 | -27.57M | -12.37M |
| Net Interest Income | -44.27M | -81.1M | -59.25M | -58.98M | -56.81M | -46.35M | -22.67M | -8.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.1M | 3.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 45.38M | 84.6M | 59.25M | 58.98M | 56.81M | 46.35M | 22.67M | 8.12M | 100K | 198K | 376K | 520K | 270K | 936.58K | 1.49M | 577.16K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -81.37M | -81.11M | -106.15M | -53.69M | -54.16M | -42.38M | -22.16M | -4.06M | 2.77M | 1.99M | 1.17M | 256K | -151K | -3.33M | -1.54M | -652.97K | -780K | 2.38M | -3.8M | 0 |
| Pretax Income | -5.58M | -20.84M | -51.74M | -209.25M | -233.66M | -269.11M | -143.55M | -97.17M | -201.81M | -166.99M | -74.98M | -49.78M | -36.38M | -26.09M | -11.74M | -10.82M | -28.73M | -24.93M | -31.37M | 0 |
| Pretax Margin % | -1.33% | -5.17% | -15.57% | -179.87% | -309.58% | -343.04% | -63.09% | -65.49% | -109.4% | - | - | - | - | -0.52% | - | - | - | - | -1568550% | - |
| Income Tax | 1.84M | 1.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 229K | 0 | 0 | 0 | 0 | 0 | 4.1M | -331.84K |
| Effective Tax Rate % | -32.98% | -8.83% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.63% | 0% | 0% | 0% | 0% | 0% | -13.08% | - |
| Net Income | -7.42M | -22.68M | -51.74M | -209.25M | -233.66M | -269.11M | -143.55M | -97.17M | -201.81M | -166.99M | -74.98M | -49.78M | -36.38M | -26.09M | -11.74M | -10.82M | -28.73M | -24.93M | -27.58M | -10.67M |
| Net Margin % | -1.77% | -5.63% | -15.57% | -179.87% | -309.58% | -343.04% | -63.09% | -65.49% | -109.4% | - | - | - | - | -0.52% | - | - | - | - | -1378800% | - |
| Net Income Growth % | 95.16% | 56.17% | 75.27% | 10.45% | 13.17% | -87.47% | -47.74% | 51.85% | -20.85% | -122.72% | -50.61% | -36.86% | -39.43% | -122.18% | -8.55% | 62.34% | -15.22% | 9.59% | -158.44% | - |
| Net Income (Continuing) | -7.42M | -22.68M | -51.74M | -209.25M | -233.66M | -269.11M | -143.55M | -97.17M | -201.81M | -166.99M | -74.98M | -49.78M | -36.38M | -26.09M | -11.74M | -10.82M | -28.73M | -24.93M | -27.58M | -10.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.03 | -0.11 | -0.28 | -2.03 | -4.33 | -11.03 | -6.05 | -4.02 | -7.54 | -6.98 | -3.33 | -2.26 | -2.22 | -1.70 | -1.22 | -1.13 | -6.86 | -6.38 | -9.35 | -7.94 |
| EPS Growth % | 91.97% | 60.71% | 86.21% | 53.12% | 60.74% | -82.31% | -50.5% | 46.68% | -8.02% | -109.61% | -47.35% | -1.8% | -30.59% | -39.34% | -7.96% | 83.53% | -7.52% | 31.76% | -17.76% | - |
| EPS (Basic) | - | -0.11 | -0.28 | -2.03 | -4.33 | -11.03 | -6.05 | -4.02 | -7.54 | -6.98 | -3.33 | -2.26 | -2.22 | -1.71 | -1.22 | -1.13 | -6.86 | -6.38 | -9.35 | -7.94 |
| Diluted Shares Outstanding | 251.35M | 207.87M | 187.18M | 103.11M | 66.41M | 28.9M | 27.47M | 27.09M | 26.75M | 23.93M | 22.54M | 22.02M | 16.37M | 15.34M | 9.61M | 9.61M | 4.19M | 3.91M | 2.95M | 1.34M |
| Basic Shares Outstanding | 251.35M | 207.87M | 187.18M | 103.11M | 66.41M | 28.9M | 27.47M | 27.09M | 26.75M | 23.93M | 22.54M | 22.02M | 16.37M | 15.29M | 9.61M | 9.61M | 4.19M | 3.91M | 2.95M | 1.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercial ramp-up execution risk
As reported in financial statements, Esperion's revenue trajectory remains highly erratic, with quarterly growth fluctuating between a 52.8% contraction in 2025Q1 and a 143.7% expansion in 2025Q4, largely driven by the lumpy recognition of collaboration milestones rather than consistent, organic product demand across the US portfolio.
The reliance on non-recurring milestone payments complicates the assessment of true commercial momentum for Nexletol and Nexlizet. Investors should monitor the divergence between headline revenue and core product sales to determine if the underlying patient base is expanding at a sustainable rate.
Based on reported figures, gross margins have exhibited significant instability, ranging from a low of 36.5% in 2025Q3 to a peak of 92.7% in 2024Q1, suggesting that the company's manufacturing and pricing mix is currently sensitive to shifts in product volume and accounting accruals.
This margin volatility indicates that Esperion has yet to achieve the economies of scale typical of a mature pharmaceutical firm. The inability to maintain a consistent gross margin profile suggests that pricing power may be constrained by competitive pressures or aggressive rebate requirements in the US market.
According to recent SEC filings, Esperion's operating income remains inconsistent, swinging from a $85.2M profit in 2025Q4 to a $10.0M loss in 2025Q3, which highlights a failure to consistently scale operating expenses against the company's volatile gross profit generation during this commercialization phase.
The persistent high level of SG&A relative to revenue suggests that the company is still heavily investing in its sales force to drive adoption. Until revenue growth consistently outpaces these fixed commercial costs, the path to sustainable operating leverage appears uncertain and warrants further investigation.
As evidenced by the income statement data, the company's profitability is frequently bolstered by non-operating items and milestone recognition, as seen in the 2025Q4 net income of $61.8M, which contrasts sharply with the $31.3M net loss reported in the immediately preceding quarter.
Short-sellers would likely focus on the reliance on these lumpy revenue sources to mask core operational losses. The lack of consistent, cash-generative performance suggests that the current earnings profile may not be representative of the company's long-term ability to fund operations through product sales alone.
Quick answers to the most common questions about buying ESPR stock.
For fiscal year 2025, Esperion Therapeutics, Inc. (ESPR) reported total revenue of $403.1M.
Esperion Therapeutics, Inc. (ESPR) reported a net loss of $22.7M for the fiscal year ending 2025.
Esperion Therapeutics, Inc. (ESPR) reported an operating income of $60.3M, resulting in an operating profit margin of 15.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Esperion Therapeutics, Inc. (ESPR) generated $273.9M in gross profit for the year, representing a gross profit margin of 67.9%. This demonstrates the company's core pricing power and production efficiency.