Esperion Therapeutics Inc (ESPR) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by. Welcome to Esperion's third quarter 2025 financial results. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，大家好，感謝你們的耐心等待。歡迎閱讀 Esperion 2025 年第三季財務業績報告。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Alina Venezia, Head of Investor Relations for Esperion Therapeutics. Please go ahead.

現在我謹將會議交給 Esperion Therapeutics 的投資人關係主管 Alina Venezia。請繼續。

Thank you, operator. Good morning, and welcome to Esperion's third quarter 2025 earnings conference call. With us on today's call are Sheldon Koenig, President and CEO; and Ben Halladay, CFO. Other members of the executive team will be available for Q&A following our prepared remarks. We issued a press release earlier this morning detailing the content of today's call.

謝謝接線生。早上好，歡迎參加 Esperion 2025 年第三季財報電話會議。今天參加電話會議的有總裁兼執行長 Sheldon Koenig 和財務長 Ben Halladay。在我們的發言結束後，其他執行團隊成員將接受提問。今天早些時候，我們發布了一份新聞稿，詳細介紹了今天電話會議的內容。

A copy can be found on the Investor page of our website, together with a copy of the presentation that we will also be referencing. I want to remind callers that the information discussed on the call today is covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act. I caution listeners that management will be making forward-looking statements. Actual results could differ materially from those stated or implied by our forward-looking statements due to the risks and uncertainties associated with the business. These forward-looking statements are qualified in their entirety by the cautionary statements contained in today's press release and in our SEC filings.

您可以在我們網站的投資者頁面上找到該報告的副本，以及我們將要引用的簡報的副本。我想提醒各位來電者，今天電話會議中討論的資訊受《私人證券訴訟改革法案》安全港條款的保護。我提醒各位聽眾，管理階層將發表一些前瞻性聲明。由於業務相關的風險和不確定性，實際結果可能與我們的前瞻性聲明中明示或暗示的結果有重大差異。這些前瞻性陳述完全受今天新聞稿和我們向美國證券交易委員會提交的文件中所包含的警示性聲明的限制。

The content of this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, November 6, 2025. We undertake no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call and webcast. As a reminder, this conference call and webcast are being recorded and archived. We will begin the call with prepared remarks and then open up the line for your questions.

本次電話會議的內容包含時效性訊息，僅在本次直播當天（2025 年 11 月 6 日）有效。我們不承擔任何義務在本次電話會議和網路直播日期之後，對任何前瞻性聲明進行修訂或更新，以反映之後發生的事件或情況。再次提醒，本次電話會議和網路直播將被錄音並存檔。我們將首先發表準備好的講話，然後開放提問環節。

I'll now turn the call over to Sheldon.

現在我將把電話交給謝爾頓。

Thank you, Alina. Good morning, everyone, and thank you for joining us. Once again, we are very pleased to be reporting another strong quarter. Total revenue for the third quarter 2025 grew 69% year over year to $87.3 million. Looking at our strong US performance, we saw nearly double-digit sequential quarterly prescription growth with US net product revenue growing 31% year over year to $40.7 million. During the third quarter, we continued to lay the groundwork for the future by investing in enhanced patient access programs that are intended to drive prescription growth and revenue in the months and years ahead.

謝謝你，阿麗娜。各位早安，感謝各位的參與。我們再次非常高興地宣布，本季業績表現強勁。2025 年第三季總營收年增 69%，達到 8,730 萬美元。從我們強勁的美國市場表現來看，處方藥季度環比成長接近兩位數，美國淨產品收入年增 31%，達到 4,070 萬美元。第三季度，我們繼續為未來奠定基礎，投資於增強患者准入計劃，旨在推動未來幾個月和幾年內的處方成長和收入。

While this impacted sequential growth this quarter, these were important onetime costs that we are confident will provide significant return on investment. That said, this was also our strongest third quarter of record, a particularly meaningful achievement given that this period has historically delivered more modest growth due to summer months and both patient and physician vacations.

雖然這影響了本季的環比成長，但這些都是重要的一次性成本，我們相信這些成本將帶來顯著的投資回報。儘管如此，這也是我們有史以來業績最好的第三季度，考慮到夏季月份以及患者和醫生休假，這段時間歷來增長較為溫和，因此這是一個特別有意義的成就。

This outstanding performance reflects the strength of our execution and the growing recognition of bempedoic acid as a differentiated treatment for patients, especially those who cannot tolerate statins. Our commercial strategy is resonating. Prescriber engagement is up. Patient access is expanding and our creative campaigns are winning industry recognition. In addition to our commercial momentum, we made important strategic progress this quarter.

這一傑出的表現反映了我們強大的執行力，以及人們對貝培多酸作為一種差異化治療藥物的日益認可，尤其適用於那些無法耐受他汀類藥物的患者。我們的商業策略正在產生共鳴。處方醫生參與度有所提高。病患就醫途徑正在擴大，我們的創意行銷活動也贏得了業界的認可。除了商業上的良好勢頭，我們本季在策略方面也取得了重要進展。

We finalized agreements with four generic manufacturers, including Dr. Reddy's, not to market generic versions of NEXLETOL and NEXLIZET prior to April 2040, which supports the long-term value for our blockbuster franchise. We also saw our bempedoic acid products included in the ESC/EAS guidelines, a significant validation of their clinical benefit and a strong signal for expanded use. We expect similar inclusion in US guidelines in early 2026, further reinforcing our leadership in cardiovascular risk reduction in both primary and secondary prevention for patients who need alternatives to statins.

我們與包括 Dr. Reddy's 在內的四家仿製藥生產商達成最終協議，在 2040 年 4 月之前不得銷售 NEXLETOL 和 NEXLIZET 的仿製藥版本，這有利於我們重磅產品系列的長期價值。我們還看到我們的貝培多酸產品被納入 ESC/EAS 指南，這極大地驗證了其臨床益處，並強烈表明了其擴大使用的可能性。我們預計美國指南將在 2026 年初納入類似內容，進一步鞏固我們在心血管風險降低領域的領先地位，無論是一級預防還是二級預防，都能為需要他汀類藥物替代方案的患者提供幫助。

Turning to our progress in the US market. During the third quarter, we outpaced the broader adjunct lipid-lowering market, delivering growth that exceeded all other non-statin products in the category, including branded products. This momentum reflects both the clinical relevance of our bempedoic acid products and the effectiveness of our winning commercial strategy. I want to take a moment to recognize the outstanding work of our commercial team.

接下來談談我們在美國市場的進展。第三季度，我們的表現超過了整個輔助降脂市場，實現了比該類別中所有其他非他汀類產品（包括品牌產品）更高的成長。這一勢頭既反映了我們貝培多酸產品的臨床相關性，也反映了我們成功的商業策略的有效性。我想藉此機會表揚一下我們商務團隊的出色工作。

From sales and marketing to reimbursement and market access, their execution has been nothing short of exceptional, a textbook example of what commercial excellence looks like in our industry. Our continued growth is a direct result of making smart strategic choices, striking the right balance between in-person and digital engagement, investing in top-tier talent and high-impact programs and delivering bold award-winning marketing campaigns that resonate with our audience. Their dedication and agility have been instrumental in driving performance and positioning us for sustained growth.

從銷售和行銷到報銷和市場准入，他們的執行力堪稱卓越，是我們行業商業卓越的教科書式範例。我們持續成長的直接原因是做出了明智的策略選擇，在面對面和數位互動之間取得了適當的平衡，投資於頂尖人才和高影響力項目，並推出了能夠引起受眾共鳴的、大膽的、屢獲殊榮的營銷活動。他們的敬業精神和敏捷性對提升業績和實現持續成長起到了至關重要的作用。

In further support of these achievements, we are excited to welcome John Harlow to our team as Chief Commercial Officer effective November 17. John joins us with more than two decades of experience building and scaling commercial organizations across both large and emerging pharmaceutical companies. Most recently, he was Chief Commercial Officer at Melinta Therapeutics, where he led a team of 80 professionals across all commercial functions, where he nearly doubled revenue, delivering approximately 85% growth in 2024 from 2020. His proven ability to drive performance and inspire teams will be invaluable as we expand our reach, scale our operations and unlock the full potential of our portfolio.

為了進一步支持這些成就，我們很高興地歡迎 John Harlow 加入我們的團隊，擔任首席商務官，自 11 月 17 日起生效。John 加入我們，他擁有超過 20 年的經驗，曾在大型和新興製藥公司建立和擴展商業組織。最近，他擔任 Melinta Therapeutics 的首席商務官，領導一支由 80 名專業人員組成的團隊，負責所有商業職能，使收入幾乎翻了一番，預計 2024 年的收入將比 2020 年增長約 85%。他卓越的業績驅動能力和激勵團隊的能力，對於我們擴大業務範圍、擴大營運規模以及釋放產品組合的全部潛力來說，將是無比寶貴的。

Turning now to our commercial progress. Last quarter, we launched several strategic marketing initiatives, including a targeted campaign aimed at patients who are statin intolerant, a population that represents a significant unmet need.

現在來談談我們的商業進展。上個季度，我們推出了幾項策略行銷舉措，其中包括一項針對對他汀類藥物不耐受患者的定向行銷活動，這群人代表著巨大的未滿足需求。

Our research indicates that nearly 50% of individuals who begin statin therapy either discontinued treatment or had over a 6-month gap in therapy within two years. This gap leaves many patients vulnerable to cardiovascular events and presents a substantial market opportunity for NEXLETOL and NEXLIZET. To address this, we introduced our, Can’t take a statin? Make NEXLIZET happen! campaign. This initiative has already begun to elevate brand awareness among our key demographics with health care professionals reporting a significant increase in their prescription -- their perception of rating of NEXLETOL and NEXLIZET for statin-intolerant patients based on quantitative data.

我們的研究表明，近 50% 的開始服用他汀類藥物的人在兩年內要么停止治療，要么治療中斷超過 6 個月。這一差距導致許多患者容易發生心血管事件，並為 NEXLETOL 和 NEXLIZET 提供了巨大的市場機會。為了解決這個問題，我們推出了“不能服用他汀類藥物嗎？”讓 NEXLIZET 成為現實！活動。這項措施已經開始提升我們主要目標族群的品牌認知度，醫療保健專業人員報告稱，他們的處方量顯著增加——他們根據定量數據對NEXLETOL和NEXLIZET用於他汀類藥物不耐受患者的評價。

These findings further support the transition from awareness to use and the impact of our powerful marketing. On September 22, we launched a pilot promotional ads on connected TV platforms such as Hulu and Disney+. Building on that momentum, we began airing branded commercials during Grey's Anatomy on Disney+ and Hulu starting October 10. These ads feature our award-winning lipid lurkers and are designed to spotlight the issue of statin intolerance while positioning NEXLETOL and NEXLIZET as compelling alternatives. We anticipate these commercials will generate approximately 18 million impressions, specifically targeting adults over the age of 50 who have a history of statin use, but have not been on therapy for at least a year. As of mid-October, we have already had greater than 6 million views of the full length of the commercial.

這些發現進一步證實了從認知到使用的轉變以及我們強大的行銷手段的影響。9月22日，我們在Hulu和Disney+等連網電視平台上推出了試點推廣廣告。乘著這股勢頭，我們從 10 月 10 日起在 Disney+ 和 Hulu 上播出《實習醫生格蕾》期間開始投放品牌廣告。這些廣告以我們屢獲殊榮的脂質潛伏劑為特色，旨在突出他汀類藥物不耐受的問題，同時將 NEXLETOL 和 NEXLIZET 定位為引人注目的替代品。我們預計這些廣告將產生約 1800 萬次曝光，專門針對 50 歲以上、有他汀類藥物使用史但至少一年未接受治療的成年人。截至 10 月中旬，該廣告的完整版觀看次數已超過 600 萬次。

We remain deeply committed to expanding the reach of these successful programs and are confident in their continued contribution to our growth trajectory. In addition to driving demand for our bempedoic acid products, we have made meaningful progress improving the access environment for patients and physicians alike. In the third quarter, we achieved an 87% average approval rate for Medicare coverage with out-of-pocket costs of $29 for a 30-day supply compared to $64 for a 30-day supply in the first quarter of 2025. In the third quarter, we averaged an 86% approval rate for commercial coverage with an out-of-pocket cost of $36 for a 30-day supply compared to $55 for the first quarter of 2025. In addition, the benefits of these co-pay programs have improved patients fulfilling their prescriptions by 17%.

我們將繼續致力於擴大這些成功項目的覆蓋範圍，並相信它們將繼續為我們的發展軌跡做出貢獻。除了推動對我們貝培多酸產品的需求外，我們還在改善患者和醫生獲取藥物的環境方面取得了實質進展。第三季度，我們獲得了 87% 的 Medicare 保險平均批准率，30 天用量的自付費用為 29 美元，而 2025 年第一季 30 天用量的自付費用為 64 美元。第三季度，我們的商業保險平均核准率為 86%，30 天用量的自付費用為 36 美元，而 2025 年第一季則為 55 美元。此外，這些共同支付計劃的益處使患者完成處方的比例提高了 17%。

These are meaningful cost reductions that underscore the growing payer confidence in our therapies and the fact that patient access for NEXLETOL and NEXLIZET has never been easier. Importantly, we added an enhanced coverage with two major Medicare providers beginning October 1. While this coverage required near-term investment, we believe it will drive volume into the future that will more than compensate for these onetime costs.

這些意義重大的成本降低凸顯了支付方對我們療法的日益增長的信心，以及患者獲得 NEXLETOL 和 NEXLIZET 的便利程度從未如此之高。重要的是，從 10 月 1 日起，我們與兩家主要的醫療保險提供者加強了合作。雖然這項保障需要短期投資，但我們相信它將在未來推動業務量成長，從而彌補這些一次性成本。

We now have greater than 90% of commercial lives and more than 80% of Medicare beneficiaries covered with all national commercial and Medicare payers covering all indications. This combined progress, including expanded payer coverage, reduced prior authorization barriers, enhanced reimbursement support resources and our balanced approach to direct and digital marketing resulted in a 9% increase in total retail prescription equivalents from Q2 2025 and a 7% increase in the number of health care professionals prescribing NEXLETOL and NEXLIZET, bringing our total prescriber base to more than 30,000 health care practitioners.

目前，我們的商業人壽保險覆蓋率超過 90%，醫療保險受益人覆蓋率超過 80%，所有國家商業和醫療保險支付方均涵蓋所有適應症。綜合各項進展，包括擴大支付方覆蓋範圍、減少事先授權障礙、增強報銷支援資源以及我們對直接行銷和數位行銷採取的平衡方法，使得從 2025 年第二季度開始，零售處方總量增加 9%，開具 NEXLETOL 和 NEXLIZET 處方的醫療保健專業人員數量增加 7%，使我們的處方醫生總數達到 30,000 多名醫療保健人員數量增加 30,000 多名醫療保健人員。

This growth validates the rising confidence among clinicians and the expanding role our therapies are playing in addressing the unmet needs of statin-intolerant patients. The combined strength of our statin intolerance campaign, improving payer dynamics and the continued success of our Lipid Lurkers campaigns position us well for sustained momentum in the quarters ahead.

這一增長證實了臨床醫生日益增長的信心，以及我們的療法在滿足他汀類藥物不耐受患者未被滿足的需求方面所發揮的越來越大的作用。我們針對他汀類藥物不耐受症的宣傳活動、不斷改善的支付方動態以及針對脂質潛伏者的宣傳活動的持續成功，這些因素的綜合作用使我們在未來幾個季度能夠保持良好的發展勢頭。

A very important advancement during the third quarter was the inclusion of bempedoic acid as a Class 1 Level A recommendation in the 2025 ESC/EAS guidelines. This endorsement by Europe's leading cardiovascular societies validates the clinical impact of our therapy for patients unable to tolerate statins and reinforces our commitment to expanding access to innovative lipid-lowering solutions. As I noted earlier, we believe this recognition will be reflected similarly in the forthcoming US guidelines expected in Q1 2026. In preparation, we are laying the foundation to leverage this growth opportunity by increasing patient support programs, market access contract activation, engagement with integrated delivery networks and direct-to-consumer initiatives such as our connected TV campaign.

第三季的一項非常重要的進展是，貝培多酸被納入 2025 年 ESC/EAS 指南，成為 1 類 A 級推薦藥物。歐洲領先的心血管學會的認可，證實了我們的療法對無法耐受他汀類藥物的患者的臨床療效，並強化了我們致力於擴大創新降脂解決方案的可及性的承諾。正如我之前提到的，我們相信這項認可將在預計於 2026 年第一季發布的美國指導方針中得到類似的體現。為了做好準備，我們正在透過增加患者支援計劃、激活市場准入合約、與綜合醫療服務網絡合作以及開展直接面向消費者的舉措（例如我們的聯網電視宣傳活動）來奠定基礎，從而抓住這一增長機會。

Turning now to the progress we are making through our international partners around the world, where we continue to see significant growth in both geographic expansion and in-licensing product sales.

現在讓我們來看看我們透過與世界各地國際合作夥伴的合作所取得的進展，我們在地域擴張和產品授權銷售方面都持續取得了顯著增長。

Let's start with Europe, where our partner, Daiichi Sankyo Europe continues to deliver robust revenue growth and expand market share for both NILEMDO and NUSTENDI. We expect the recent inclusion of ESC/EAS guidelines to support its expanded utilization across the 30 countries of the European Union, where Daiichi Sankyo Europe already has in excess of 600,000 patients who have been treated with our therapies in Europe. DSE also expanded their geographic reach with the launch of NILEMDO in Denmark, Sweden and Finland. Third quarter royalty revenue from DSE increased 21% sequentially to $16.4 million compared with the second quarter of 2025.

我們先從歐洲說起，我們的合作夥伴第一三共歐洲公司繼續為 NILEMDO 和 NUSTENDI 帶來強勁的收入成長並擴大市場份額。我們預計 ESC/EAS 指南的近期納入將支持其在歐盟 30 個國家的擴大應用，而第一三共歐洲公司在歐洲已經為超過 60 萬名患者提供了我們的療法。DSE 也透過在丹麥、瑞典和芬蘭推出 NILEMDO 擴大了其地理覆蓋範圍。與 2025 年第二季相比，DSE 第三季特許權使用費收入季增 21%，達到 1,640 萬美元。

In August 2025, DSE announced the development of oral triple combination liquid-lowering tablets with the Santorini study simulation showing improved LDL-C goal attainment aligned with the 2025 ESC/EAS guidelines. We continue to make progress advancing multiple processes for the technology transfer for manufacturing of NILEMDO and NUSTENDI to DSE with expectations for DSE to ramp up beginning in early 2026, and with certain working capital benefits expected in 2025. In September, we are delighted to report that our Japanese partner, Otsuka Pharmaceutical, received marketing approval from the Japanese Ministry of Health, Labour and Welfare for NEXLETOL as a treatment for hypercholesterolemia and familial hypercholesterolemia.

2025 年 8 月，DSE 宣布開發口服三重降血脂片劑，Santorini 研究模擬顯示，LDL-C 目標達成率有所提高，符合 2025 年 ESC/EAS 指南。我們繼續推進 NILEMDO 和 NUSTENDI 製造技術向 DSE 的多項技術轉移流程，預計 DSE 將於 2026 年初開始增產，並預計在 2025 年獲得一定的營運資金收益。9 月，我們很高興地宣布，我們的日本合作夥伴大塚製藥獲得了日本厚生勞動省的上市許可，其產品 NEXLETOL 可用於治療高膽固醇血症和家族性高膽固醇血症。

Most recently, Otsuka received favorable preliminary pricing approval from the National Health Insurance in Japan, which will trigger significant milestone payments from Otsuka upon final pricing approval. This favorable pricing is particularly encouraging as the Japanese market is the world's third largest cardiovascular prevention market, and the royalties on Japanese product sales will be a meaningful revenue contributor over time.

最近，大塚製藥獲得了日本國民健康保險的初步定價批准，一旦最終定價獲得批准，大塚製藥將支付一筆可觀的里程碑款項。這項優惠定價尤其令人鼓舞，因為日本市場是世界第三大心血管疾病預防市場，而且從長遠來看，日本產品銷售的特許權使用費將成為重要的收入來源。

We are also expanding our international reach in a variety of other regional markets where cumulatively, we are building meaningful revenue streams through commercial partnerships. Our Canadian partner, HLS Therapeutics, has already filed new drug submissions to Health Canada for NEXLETOL and NEXLIZET and are on track for market approval by year-end 2025. Our partner in Israel, Neopharm Israel, also expects market approval of NEXLETOL and NEXLIZET by year-end 2025.

我們也拓展國際業務，進軍其他多個區域市場，透過商業合作，逐步建立有意義的收入來源。我們的加拿大合作夥伴 HLS Therapeutics 已向加拿大衛生部提交了 NEXLETOL 和 NEXLIZET 的新藥申請，並預計在 2025 年底前獲得市場批准。我們在以色列的合作夥伴 Neopharm Israel 也預計 NEXLETOL 和 NEXLIZET 將於 2025 年底獲得市場批准。

CSL Seqirus, our partner in Australia and New Zealand, filed a marketing submission for NEXLETOL and NEXLIZET in July and expects to receive market approval in the fourth quarter of 2026. The progress with these international partnerships is expected to deliver a steady cadence of approvals and product launches over the coming months and year that will provide a growing royalty stream and a few potential milestone payments, all of which support our strategic focus to drive revenue growth and profitability.

我們在澳洲和紐西蘭的合作夥伴 CSL Seqirus 於 7 月提交了 NEXLETOL 和 NEXLIZET 的上市申請，預計將於 2026 年第四季獲得市場批准。預計這些國際合作的進展將在未來幾個月和一年內帶來穩定的審批和產品發布，從而帶來不斷增長的特許權使用費收入和一些潛在的里程碑付款，所有這些都將支持我們推動收入增長和盈利能力的戰略重點。

Turning to our pipeline, where our strategy is to expand into high-need, high-value indications that highlight the broader potential of our novel ACLY biology beyond cardiovascular disease. Here, we were excited to nominate ESP-2001, our highly specific ACLY inhibitor as our first preclinical development candidate for the treatment of primary sclerosing cholangitis, or PSC.

再來看看我們的研發管線，我們的策略是拓展到高需求、高價值的適應症領域，以凸顯我們新型 ACLY 生物學在心血管疾病之外的更廣泛潛力。在此，我們非常興奮地提名我們高度特異性的 ACLY 抑制劑 ESP-2001 作為我們治療原發性硬化性膽管炎 (PSC) 的首個臨床前開發候選藥物。

With this candidate selection, we will begin IND-enabling studies with a goal to file an IND with the FDA to initiate first-in-human clinical studies in 2026. PSC is a devastating condition with no approved treatment, and our preclinical data suggests ESP-2001 has the potential to meaningfully impact disease progression. We're proud to advance a candidate that reflects the capabilities of our next-generation ACLY inhibitor program and our commitment to addressing areas of high unmet need.

透過此次候選藥物的篩選，我們將開始 IND 申報研究，目標是向 FDA 提交 IND 申請，以便在 2026 年啟動首次人體臨床試驗。PSC 是一種毀滅性的疾病，目前尚無核准的治療方法，而我們的臨床前數據顯示 ESP-2001 有可能對疾病進展產生有意義的影響。我們很自豪地推進這項候選藥物，它體現了我們下一代 ACLY 抑制劑計劃的能力，以及我們致力於解決高度未滿足需求領域的決心。

With that overview of the business, let me turn the call over to Ben for a detailed review of our financial progress during the third quarter. Ben?

以上是對公司業務的概述，接下來我將把電話交給 Ben，讓他詳細回顧我們第三季的財務進展。本？

Thank you, Sheldon. Good morning, everyone, and thank you for joining us today. Our third quarter 2025 financial results can be found in the press release we issued this morning, and more detail will be included in our upcoming 10-Q. Second (sic - Third) quarter 2025 total revenue was $87.3 million, an increase of 69%. US net product revenue was $40.7 million compared to $31.1 million for the comparable period in 2024, an increase of 31%.

謝謝你，謝爾頓。各位早安，感謝大家今天收看我們的節目。您可以在我們今天早上發布的新聞稿中找到我們 2025 年第三季的財務業績，更多詳情將在我們即將發布的 10-Q 文件中公佈。2025 年第二季（原文如此，應為第三季）總營收為 8,730 萬美元，成長 69%。美國淨產品收入為 4,070 萬美元，而 2024 年同期為 3,110 萬美元，成長了 31%。

Collaboration revenue was $46.7 million compared to $20.5 million for the comparable period in 2024, an increase of approximately 128%, driven by increases in royalty sales within our partner territories and product sales to our collaboration partners from our supply agreement. Turning to the rest of the P&L. For the second (sic - third) quarter of 2025, research and development expenses were $14.1 million compared to $10.4 million for the comparable period in 2024, an increase of 36%.

合作收入為 4,670 萬美元，而 2024 年同期為 2,050 萬美元，成長約 128%，這主要得益於我們在合作夥伴區域內的特許權使用費銷售額的增長以及根據我們的供應協議向合作夥伴銷售的產品。接下來來看損益表的其餘部分。2025 年第二季（原文如此，應為第三季）的研發費用為 1,410 萬美元，而 2024 年同期為 1,040 萬美元，成長了 36%。

Selling, general and administrative expenses were $41.8 million compared to $40 million for the comparable period in 2024, an increase of 5%. The increase quarter over quarter was primarily related to the increased legal costs associated with the ANDA litigation and increased media costs. We are extremely pleased with our third quarter developments and are planning the business differently with a focus on laying the groundwork to significantly increase our sales and marketing efforts to accelerate our revenue growth as we prepare to introduce our Vision 2040.

銷售、一般及行政費用為 4,180 萬美元，而 2024 年同期為 4,000 萬美元，成長了 5%。季度環比成長主要與 ANDA 訴訟相關的法律成本增加以及媒體成本增加有關。我們對第三季的發展非常滿意，並正在以不同的方式規劃業務，重點是為大幅增加銷售和行銷力度奠定基礎，以加速收入成長，為推出我們的 2040 年願景做好準備。

During the quarter, we made meaningful progress to extend our IP runway and now anticipate inclusion in the US guideline recommendations in the first quarter of 2026, which provides substantial opportunity to solidify our position as a premier therapy and build on our blockbuster franchise.

本季度，我們在延長智慧財產權儲備方面取得了實質進展，預計將於 2026 年第一季度被納入美國指南建議，這將為鞏固我們作為一流療法的地位並鞏固我們的重磅產品系列提供巨大的機會。

In October, we closed on a $75 million follow-on equity offering, which provided net proceeds of approximately $72.6 million. This equity offering was not a result of any changes in our liquidity outlook, but rather a strategic decision to ensure the company is well capitalized in order to make the most of these developments. We are reiterating our full year 2025 operating expense guidance, which is expected to be approximately $215 million to $235 million, including $15 million in noncash expenses related to stock compensation.

10 月份，我們完成了 7,500 萬美元的後續股權發行，淨收益約為 7,260 萬美元。此次股權發行並非由於我們的流動性前景發生變化，而是為了確保公司擁有充足的資本，從而充分利用這些發展機會而做出的策略決策。我們重申 2025 年全年營運支出預期，預計約為 2.15 億美元至 2.35 億美元，其中包括與股票補償相關的 1,500 萬美元非現金支出。

With that, I will now turn the call back over to Sheldon for closing remarks. Sheldon?

接下來，我將把電話交還給謝爾頓，請他作總結發言。謝爾頓？

In closing, thank you, Ben. This was a quarter defined by strong execution, strategic progress and growing momentum across every facet of our business. From commercial performance and market access to international expansion and pipeline advancement, we are laying the groundwork for our future growth and delivering on our mission to transform cardiovascular preventative care for patients. We remain focused, energized and confident in our ability to drive sustained growth and long-term shareholder value. We look forward to a strong fourth quarter and to introduce our Vision 2040 in the new year. Thank you for your continued support and belief in our vision. We look forward to updating you on our progress in the quarters ahead.

最後，謝謝你，本。本季度，我們業務的各個方面都展現出強勁的執行力、策略性的進展和不斷增長的勢頭。從商業表現和市場准入到國際擴張和產品線推進，我們正在為未來的成長奠定基礎，並履行我們改變心血管疾病預防保健的使命。我們依然保持專注、充滿活力和信心，相信我們有能力推動持續成長和實現長期股東價值。我們期待第四季度業績強勁成長，並在新的一年推出我們的「2040願景」。感謝您一直以來對我們願景的支持與信任。我們期待在接下來的幾個季度向您報告我們的進展。

Operator, we are now ready to open the call for questions.

接線員，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Jessica Fye, JPMorgan.

潔西卡費伊，摩根大通。

This is on [Abdulla] for Jess. Just one question from us. What were the drivers behind the gross margins for this quarter? And how can we expect this to progress moving forward?

這是[Abdulla]為Jess做的。我們只有一個問題。本季毛利率背後的驅動因素是什麼？我們如何預期這件事會如何發展？

Yeah. Thanks for the question. So the gross margin drivers were the same dynamic we've seen in previous quarters, right? We have low-margin tablet sales to our partners. And the margin that you see is really reiterates the importance of the tech transfer and moving that manufacturing off of our books, which we still expect to complete by the end of the year and early into next year. So going forward, I would expect the gross margins to get better over the course of 2026 and be much more in line with where you would expect a pharmaceutical company of this type to be.

是的。謝謝你的提問。所以毛利率的驅動因素與前幾季我們看到的動態相同，對嗎？我們向合作夥伴銷售利潤率較低的平板電腦。而您看到的利潤率確實再次強調了技術轉移和將該製造業務從我們的帳面上移除的重要性，我們仍然預計在今年年底和明年年初完成這項工作。因此，展望未來，我預計到 2026 年毛利率將有所改善，並更符合人們對這類製藥公司的預期水準。

[Dennis Ding], Jefferies.

[丹尼斯丁]，傑富瑞。

This is Georgia Bank on for Dennis Ding. Can you comment a bit more on achieving sustainable profitability in Q1 of 2026? And should this include any incoming milestones?

這裡是喬治亞銀行，為您帶來丹尼斯丁的報導。能否再詳細談談如何在 2026 年第一季實現可持續獲利？這是否應包括任何即將到來的里程碑？

So I'll start with the second half. We don't include milestones when we mention profitability. We -- I think last quarter mentioned a lot about sustainable ongoing profitability, and that's where our sort of mantra headset is. When we look at how we're tracking towards some of the statements you made before, candidly, we're tracking right in line with the forecast and outlook that we had used to make those statements. So we are still confident in achieving profitability.

那我就從下半部開始吧。我們在談獲利能力時，不把里程碑事件算在內。我認為上個季度我們多次提到可持續的持續獲利能力，而這正是我們奉行的核心理念。當我們回顧一下我們目前的發展情況，坦白說，我們目前的發展與我們先前做出這些預測和展望時的情況完全一致。因此，我們仍然有信心獲利。

I think when you look at some of the expenses incurred in Q3, a lot of them were onetime or nonrecurring, which drove down some of that net income number. And again, we would not expect those to repeat next year, which may affected Q3, but does not affect our outlook on the company.

我認為，當你查看第三季度發生的一些支出時，你會發現其中許多都是一次性或非經常性支出，這拉低了部分淨收入。我們再次強調，我們預計這些情況明年不會重演，這可能會影響第三季業績，但不會影響我們對公司的展望。

Jason Zemansky, Bank of America.

傑森‧澤曼斯基，美國銀行。

On the progress. Just a question in terms of reimbursement per script. It looks like you said scripts were up 9% quarter over quarter, but US revenues were fairly flat. Was there a onetime hit here? Sorry, if I missed it? And I guess, what does it mean moving forward in terms of reimbursement there?

關於進展情況。關於每張處方的報銷問題，我有個疑問。您似乎提到劇本收入環比增長了 9%，但美國收入基本上持平。這裡發生過一次性攻擊嗎？抱歉，如果我錯過了？那麼，就未來的報銷而言，這意味著什麼？

Thank you, Jason. First of all, again, I want to emphasize and you picked it up, our reimbursement rate is -- first of all, is increasing, and it's really due to the strong coverage that we have in both commercial and the Medicare side of the business. There were onetime hits. We actually -- and we mentioned this in our prepared remarks, -- we really want to set that stage for future growth of the organization. And even thinking about the ANDA filing wins, et cetera, we've been talking about how we're planning to 2040 and hence, why we mentioned this Vision 2040, which we'll talk about more in the next couple of months and so forth.

謝謝你，傑森。首先，我想再次強調，正如你所看到的，我們的報銷率正在上升，這實際上是因為我們在商業保險和醫療保險業務方面都擁有強大的覆蓋範圍。也曾有曇花一現的熱門歌曲。實際上——我們在準備好的發言稿中也提到過——我們真的希望為組織的未來發展奠定基礎。即使考慮到 ANDA 申請的成功等等，我們一直在討論如何規劃到 2040 年，因此，我們提到了“2040 年願景”，我們將在接下來的幾個月裡對此進行更深入的探討等等。

But the onetime hits where we actually made some investments with two of our larger Medicare plans to get more preferred access, which began on October 1, but we have to do some accounting to account for those adjustments starting in the third quarter. And we decided to do that for the benefit and the future of growth.

但有一次，我們確實對兩個較大的醫療保險計劃進行了一些投資，以獲得更優惠的准入，這從 10 月 1 日開始，但我們必須進行一些會計處理，以反映從第三季度開始的這些調整。我們決定這樣做是為了公司的利益和未來的發展。

The other thing that we did is we also introduced a new e-voucher for our 90 count prescriptions. And what we saw there is when we initiated that program, we have seen less abandonment from patients. And basically, what it did is it provided equilibrium on the co-pay amount, whether it's a 30-day fill or a 90-day fill. And that was very important for us. So these were onetime commitments that we've made.

我們還推出了一種新的電子代金券，用於購買 90 片裝的處方藥。我們發現，自從我們啟動這個計畫以來，患者的棄診率有所下降。基本上，它的作用是使共同支付金額保持平衡，無論是 30 天的處方還是 90 天的處方。這對我們來說非常重要。所以這些都是我們做出的一次性承諾。

And what's really interesting, I'll just put this out here right now. If you look at where we are in the fourth quarter on a like-for-like basis compared to this time last quarter, we're already seeing our gross sales increase by about 30%. So these things are already paying off for us, and we're happy we made these decisions for the future. Thank you.

還有一件非常有趣的事情，我現在就把它說出來。如果將我們第四季與上個季度同期進行比較，我們會發現我們的總銷售額已經成長了約 30%。所以這些舉措已經開始為我們帶來回報，我們很高興為未來做出了這些決定。謝謝。

Kristen Kluska, Cantor Fitzgerald.

克里斯汀·克魯斯卡，坎托·費茲傑拉。

I know it's early days, so this isn't going to be reflected in the revenues. But now that the ESC guidelines have been changed for a little bit over two months, I'm curious if your partner has given any feedback about the level of incoming requests that they've gotten or how their reps dialogue has changed and the reception since that's occurred. And just trying to also understand again how this is going to really help give you a preview of what could come in the US early next year.

我知道現在還處於早期階段，所以這不會反映在收入上。但現在 ESC 指南已經更改了兩個多月，我很好奇您的合作夥伴是否就他們收到的申請數量、他們的代表的對話方式以及自更改以來的反饋情況提供了任何反饋。我只是想再次了解一下，這將如何真正幫助大家預覽明年年初美國可能發生的事情。

Yeah. Thank you, Kristen. So actually, I just spoke to the CEO of Daiichi Sankyo in Europe. And I was saying this on the call yesterday. I don't know if this is the most professional thing to say, but it's not often that he's very -- German and he said, we are over the moon.

是的。謝謝你，克里斯汀。實際上，我剛剛和第一三共歐洲區的執行長談過了。我昨天在電話會議上也說過這句話。我不知道這麼說是否最專業，但他很少這麼——德國人，他說，我們欣喜若狂。

This is a very US expression. We are over the moon by the excitement that we've seen with physicians, key opinion leaders, et cetera, related to the guidelines, and they see it as already being very, very meaningful. He actually showed me some of the early trends. And to your point, it is early in some of their leading countries where they continue to show these positive inflections and it's only going to get better because of the guidelines.

這是非常美國式的表達。看到醫生、意見領袖等對這些指南表現出如此的熱情，我們感到無比欣慰，他們認為這些指南已經非常、非常有意義。他實際上向我展示了一些早期趨勢。正如你所說，在一些領先的國家，疫情仍在持續好轉，而且由於這些指導方針的實施，情況只會越來越好。

The guidelines really came across as representing bempedoic acid as a foundational therapy. And as what we've mentioned before, the way the guidelines were presented at ESC, they specifically said they added bempedoic acid based on two items, and that is practice-changing and compelling data, which is a result of the CLEAR Outcomes study.

這些指南確實給人一種感覺，那就是把貝培多酸視為一種基礎療法。正如我們之前提到的，在 ESC 會議上提出的指南中，他們特別指出，他們根據兩項內容添加了貝培多酸，而這兩項內容是改變實踐且令人信服的數據，這是 CLEAR Outcomes 研究的結果。

We think that's a great indicator for what we're going to see here in the US for our guidelines. As a matter of fact, our US representatives have an approved piece where they're educating physicians on the EU guidelines because maybe many US physicians, especially cardiologists, they look at EU guidelines because they have a goal of 55 milligrams per deciliter for high-risk patients.

我們認為這很好地預示了我們在美國即將看到的指導方針。事實上，我們的美國代表有一份經批准的文件，其中他們正在向醫生們講解歐盟指南，因為可能很多美國醫生，特別是心臟病專家，都會參考歐盟指南，因為歐盟指南為高風險患者設定了每分升 55 毫克的目標值。

So it's a great lead-in for us of when the US guidelines come out, which we think is going to be early first quarter, and they're going to use the meeting at ACC as a training ground. So again, some of these onetime investments that we've made, that's why we made them to set us up for that longer sustained pathway of growth.

所以，這對我們來說是一個很好的鋪墊，讓我們為美國指導方針的出台做好準備，我們認為這將在第一季初發布，他們將把 ACC 會議作為訓練機會。所以，我們之所以進行這些一次性投資，是為了讓我們能夠走上更長久、更永續的成長道路。

Okay. And then just as it comes to Otsuka and the opportunity in Japan, now that there's preliminary pricing, what's really the next step for them with the authorities there? And then what is your expectation on the timing of when this could occur?

好的。那麼，就大塚製藥在日本的機會而言，既然已經有了初步定價，他們與日本當局的下一步真正是什麼？那麼，您預計這件事會在什麼時候發生？

Yeah. So with Otsuka, we -- to your point, we received preliminary pricing and that preliminary pricing, I will know we are very, very happy with it. It's fantastic. It's a great outcome for us. The next steps for them is they're waiting for final pricing and then shortly after the final pricing is when they will launch.

是的。所以，正如您所說，我們已經收到了大塚的初步報價，而根據這個初步報價，我知道我們會非常非常滿意。太棒了。這對我們來說是個非常好的結果。接下來，他們將等待最終定價，並在最終定價公佈後不久推出產品。

And that launch will come, I would say, just a few days after the final approved pricing. We would expect all of that to happen probably in the next two to three weeks, just pending sort of administrative paperwork on their end. And then from there, it's off to the races for them. As Sheldon mentioned, this is the third largest lipid market in the world. And it's really just this regulatory hurdle is the last step for them to start getting out there and selling this product.

我認為，產品發表會在最終定價公佈後幾天內進行。我們預計所有這些事情可能會在未來兩到三週內發生，只是需要他們那邊處理一些行政文件。然後，他們就正式開始比賽了。正如謝爾頓所提到的，這是世界第三大脂質市場。而這道監管障礙其實是他們開始向市場推廣和銷售該產品的最後一步。

I would just add, we're excited personally because Ben and I will be heading out to Tokyo later this year to celebrate with them and help them and observe the launch. So it's really exciting.

我還要補充一點，我們個人非常興奮，因為我和本將於今年晚些時候前往東京與他們一起慶祝，幫助他們，並​​見證發布會。所以這真的很令人興奮。

Paul Choi, Goldman Sachs.

Paul Choi，高盛。

I want to maybe just ask on what you're seeing with regard to 340B utilization of NEXLETOL and NEXLIZET and how you're thinking about that dynamic potentially evolving in 2026? And my second question is just with regard to the pipeline and PSC. I know you guys are still working on IND filing, but just how do you think about the number of centers? And just if you had to sort of put some bookends around what enrollment timing might look like? Any clarity there would be helpful.

我想問一下，您如何看待 340B 計劃中 NEXLETOL 和 NEXLIZET 的使用情況，以及您認為這種動態在 2026 年可能會如何發展？我的第二個問題是關於管道和PSC的。我知道你們還在準備IND申報，但是你們對中心數量有什麼想法？如果要大致估算一下入學時間的話？如果能對此進行更清晰的解釋，將不勝感激。

Thanks, Paul. Good to hear from you. So on the 340B side, honestly, it's a miniscule unnoticeable portion of the business. And so as far as the dynamics going forward is it would have a non-impact on our outlook or on our revenues. It's not a factor in how we operate.

謝謝你，保羅。很高興收到你的來信。所以說實話，340B 這部分業務在整個業務中佔比極小，幾乎可以忽略不計。因此，就未來的發展趨勢而言，它不會對我們的前景或收入產生任何影響。這不會影響我們的營運方式。

Thanks, Ben. Paul, regarding PSC, first of all, again, we're super excited about announcing ESP-2001. Just a little color. We actually were at a patient support group that they have. PSC did a symposium in Denver, where we were the highlighted company to speak about this potential drug for patients who they just need something with such an unmet need.

謝謝你，本。Paul，關於 PSC，首先，我們再次非常興奮地宣布 ESP-2001 的發布。只需一點色彩。我們當時其實是在參加他們組織的一個病人互助小組。PSC 在丹佛舉辦了一場研討會，我們作為重點公司在會議上介紹了這種潛在藥物，該藥物旨在滿足那些急需此類未滿足需求的患者。

And we've talked many times about how our drug is very differentiated, et cetera. As it relates to the amount of centers that we will need, we're still in the planning phase for that. I can tell you right now, we're planning to meet with the FDA just to think about also what are the necessary endpoints, et cetera. So we're in that preliminary aspect. We just had a Board meeting. We went over that plan actually yesterday.

我們已經多次談到我們的藥物有多麼與眾不同等等。至於我們需要多少個中心，我們目前仍處於規劃階段。我可以立即告訴你，我們正計劃與 FDA 會面，討論一下必要的終點指標等等。所以我們現在還處於初步階段。我們剛剛召開了董事會。我們昨天其實已經討論過這個計劃了。

So we'll continue to update you and others where we are, but we're trying to move this as quickly as possible because there is such an unmet need. And again, with ESP-2001, we have a drug that not only treats symptoms, et cetera, but repairs injury. And I think that's what's so most important. If we can prolong or even eliminate the fact for a patient to receive a liver transplantation, that's transformational in this disease. So stay tuned, and we'll be giving more information as we continue to receive it ourselves.

所以我們會繼續向您和其他人更新最新進展，但我們正在努力盡快推進這項工作，因為目前存在著巨大的未滿足需求。再次強調，ESP-2001 不僅能治療症狀等等，還能修復損傷。我認為這才是最重要的。如果我們能夠延長甚至消除患者接受肝臟移植的可能性，那將對這種疾病產生變革性的影響。請關注，我們將在收到更多資訊後及時發布。

Serge Belanger, Needham.

Serge Belanger，尼德姆。

First question regarding the prescriber base. I think you continue to expand it. It was up 7% this quarter. What's the split between specialists and primary care physicians? And as you keep adding, is that -- are those proportions changing towards one side or another? And then a couple of quick ones for Ben. Any updates on the DSE manufacturing process? And should we expect guidance for 2026?

第一個問題是關於處方醫生群體的。我認為你應該繼續拓展它。本季上漲了7%。專科醫師和全科醫師的比例是多少？隨著你不斷添加，這些比例會向一邊還是向另一邊變化？然後是給本的幾個簡短問題。DSE製造流程有任何最新進展嗎？我們是否可以期待2026年的業績指引？

Serge, thanks for the question. I'll answer your first, turn it over to Ben for the second. So it's pretty steady right now as it relates to the segmentation, if you will, of prescribers. It's 60% primary care and about 40% cardiologists with a very small sliver of endocrinologists. That's exactly where we would have expected it.

塞爾吉，謝謝你的提問。我來回答你的第一個問題，第二個問題交給本。所以就處方醫師的細分而言，目前情況相當穩定。其中 60% 是初級保健醫生，約 40% 是心臟科醫生，內分泌專家只佔一小部分。這正是我們預料之中的位置。

Even if you go back to the old days and you look at Zetia, now ezetimibe as an analog, a program I managed for a number of years, it was 60% primary care physicians, 40% cardiologists. And again, that's where the real opportunity is with these primary care physicians. The one other thing I'll just say before I turn it over to Ben, what really resonates with primary care physicians as well is our messaging related to primary prevention. And this is something that they're very interested in. And it's combine that with our statin intolerance strategy, it's really been gaining traction, as we mentioned in our prepared remarks.

即使回到過去，看看 Zetia（現在的依澤替米貝）這個類似藥物，我曾經管理過一個計畫好幾年，其中 60% 是初級保健醫生，40% 是心臟病專家。再次強調，真正的機會就在於這些基層醫師。在把發言權交給本之前，我還要補充一點，真正能引起基層醫療醫生共鳴的是我們關於一級預防的信息。他們對此非常感興趣。而將這一點與我們針對他汀類藥物不耐症的策略結合起來，正如我們在準備好的發言稿中提到的那樣，已經取得了顯著成效。

Yeah. So on the tech transfer, it's progressing nicely. We expect that manufacturing to ramp up early next year. And I think I said earlier, I would expect gross margin to dramatically improve over the course of 2026 to be in line with where you'd expect a small molecule oral medication to be. That will -- it won't be an overnight flip, but I do think it will get better and better.

是的。技術轉移方面進展順利。我們預計明年年初製造業將逐步恢復生產。我想我之前說過，我預計到 2026 年毛利率將大幅提高，達到小分子口服藥物應有的水平。那不會是一夜之間發生翻天覆地的變化，但我認為情況會越來越好。

We are starting to see some of the working capital benefits associated with it now and into next year. And so we're looking forward to the benefits of that tech transfer. On guidance, we haven't made formal decision or announced anything as of yet. I think we're still batting that around internally. So we'll see is the answer there.

我們現在以及明年已經開始看到它帶來的一些營運資金的好處。因此，我們期待這項技術轉移帶來的好處。關於指導方針，我們目前尚未做出正式決定或發布任何消息。我認為我們內部還在討論這個問題。所以，答案我們拭目以待。

Joe Pantginis, H.C. Wainwright.

喬·潘特吉尼斯，H.C. 溫賴特。

This is Sara on for Joe. Kind of just wanted to follow up a bit on the prescription momentum. You guys have been seeing consistently double-digit script growth. I just wanted to get some maybe granularity on what you're seeing in the field right now that kind of gives you the confidence that the momentum will continue into the new year, especially with that January deductible reset that's historically been a headwind.

我是薩拉，替喬報道。我只是想稍微跟進一下處方藥的銷售情況。你們的劇本數量一直保持著兩位數的成長。我只是想更詳細地了解一下您目前在市場上看到的情況，這讓您有信心這種勢頭將延續到新的一年，尤其是在1月份免賠額重置之後，這在歷史上一直是一個不利因素。

Yeah. Great. Thank you. So what we're hearing from the field and just to add some color, we actually do business reviews every Friday with all of our field managers. And I think the feedback that we hear the most that really gives us confidence is the fact that I've been doing in this business for 30-some years, and it's the first time that I'm never hearing that it's hard to get the drug.

是的。偉大的。謝謝。所以，我們從第一線了解到的情況是，為了增加一些細節，我們實際上每週五都會與所有第一線經理進行業務回顧。我認為最能為我們帶來信心的回饋是，我從事這個行業 30 多年了，這是我第一次從未聽到有人說很難獲得這種藥物。

The reimbursement is just so pristine that it's not difficult to get the drug. The message is easy. Talking to a physician and talking to them about the fact that, hey, doctor, if you have a patient who can't take a statin or can only take a low dose of a statin, you have an option now, an oral therapy with NEXLIZET or NEXLETOL. And that's really what's given us confidence.

報銷政策非常完善，所以很容易就能拿到藥。訊息很簡單。與醫生交談，並告訴他們，嘿，醫生，如果你的病人不能服用他汀類藥物或只能服用低劑量的他汀類藥物，現在你有了另一種選擇，那就是使用 NEXLIZET 或 NEXLETOL 進行口服治療。而這正是我們信心的來源。

We also have these attribute trackers that we do. So we're able to do market research that also gives us qualitative feedback that points to why physicians will write more and will continue to write more. And Lisa, I don't know if you want to add anything else. But -- we have Lisa Schafer, who heads up our marketing group also here.

我們也使用這些屬性追蹤器。因此，我們能夠進行市場調查，並從中獲得定性回饋，從而了解醫生為什麼會寫更多文章，以及為什麼會繼續寫更多文章。麗莎，我不知道你是否還有什麼要補充的。但是——我們還有 Lisa Schafer，她領導著我們的行銷團隊，她也在這裡。

Yeah. The other thing that I would add is just around the ESC guidelines. So that is something that the cardiologists are really receptive to with the Level 1A recommendation and that will continue into next year because the guidelines for the US will come out. So we have a lot of great tailwinds coming into fourth quarter and definitely expect it to continue next year in 1Q.

是的。我還要補充一點，是關於ESC指南的。所以心臟科醫生們對 1A 級建議非常接受，這種情況將持續到明年，因為美國的指南即將出台。因此，我們進入第四季度有很多利好因素，而且我們肯定預計明年第一季這種情況會繼續下去。

I'm showing no further questions at this time. I'd like to turn it back to Sheldon Koenig for closing remarks.

我目前沒有其他問題要問。我想把時間交還給謝爾頓·科尼格，讓他做總結發言。

We're all doing the slides today, folks. So in closing, this was a -- thank you. It was a quarter defined by strong execution, strategic progress and growing momentum across every facet of our business. From commercial performance and market access to international expansion and pipeline advancement, we are laying the groundwork for our future growth and delivering on our mission to transform cardiovascular prevention for patients.

各位，今天我們都要做幻燈片簡報。最後，我要說——謝謝。本季我們業務的各個方面都展現出強勁的執行力、策略性的進展和不斷增長的勢頭。從商業表現和市場准入到國際擴張和產品線推進，我們正在為未來的成長奠定基礎，並履行我們改變心血管疾病預防現狀的使命。

I want to remind everyone that next week on November 11 at 2:00 PM Eastern Time, we'll be hosting a virtual key opinion leader event on the role of bempedoic acid for the treatment of statin-intolerant patients that will feature discussion with a number of lipidology experts. We hope you can join us for that, what we expect will be an interesting and very informative event.

我想提醒大家，下週 11 月 11 日下午 2 點（美國東部時間），我們將舉辦一場關於貝培多酸在治療他汀類藥物不耐受患者中的作用的虛擬關鍵意見領袖活動，屆時將有多位脂質學專家進行討論。我們希望您能參加，預計這將是一次有趣且內容豐富的活動。

We're also looking forward to participating in a number of upcoming conferences, including Jefferies London and the Piper Sandler Healthcare Conferences, where we hope to have the opportunity to connect with many of you then. In the meantime, if you have any questions or would like to have a call with the team, just reach out to our Head of Investor Relations, Alina Venezia, and have a great day. Thank you so much.

我們也期待參加即將舉行的多場會議，包括 Jefferies London 和 Piper Sandler Healthcare Conferences，希望屆時有機會與大家交流。同時，如果您有任何疑問或想與團隊通話，請聯絡我們的投資者關係主管 Alina Venezia，祝您有美好的一天。太感謝了。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。