The market did not give ESPR a break yesterday with a stock selloff on news of the CEO change. We would have thought the market would have seen this as a positive development given the U.S. product revenue challenges especially given SG&A spend. It is interesting at the quarterly call 2 weeks ago, Stifel's analyst Derek Archila congratulated EPSR on the "progress". Then he downgraded the stock the next day.
With today's CEO change announcement, we now know that successful international corporate development deals, were not enough for the ESPN Board. Very poor revenue in the U.S. was the death sentence for the prior CEO, Tim Mayleben, who was with ESPR for more than 11 years. Product revenue decreased from $8.2M (Q4 '20) to $6.4M (Q1 '21) (See our IQ cards for Nexletol and Nexlizet).
We discuss ESPR's spend and cash situation in view of their U.S. product revenue struggles in our more comprehensive forum post on BPIQ.com. Plus, Amp Biotech Research discusses whether it is buying, selling or holding ESPR stock given the latest developments. Just go to the BPIQ.com home page and sign up for a subscription (currently 30 days free (no credit card) and lock in intro rate thereafter).