Esperion Therapeutics Inc (ESPR) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome. (Operator Instructions) Please be advised that today's conference call will be recorded. I would now like to hand the conference over to Tiffany Aldrich, Head of Corporate Communications for Esperion Therapeutics. Please go ahead.

女士們、先生們，感謝你們的耐心等待，歡迎各位。（操作員說明）請注意，今天的電話會議將會被錄音。現在我謹將會議交給 Esperion Therapeutics 公司企業傳播主管 Tiffany Aldrich。請繼續。

Thank you, operator. Good morning, and welcome to Esperion's fourth quarter and full year 2025 earnings conference call. With us today 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。早安，歡迎參加 Esperion 2025 年第四季及全年財報電話會議。今天在場的有總裁兼執行長 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.

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。

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 risks and uncertainties and 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.

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, March 10, 2026. 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 the line for your questions.

本次電話會議的內容包含時效性訊息，僅在本次直播當日（2026 年 3 月 10 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, Tiffany. Good morning, everyone, and thank you for joining us. 2025 was a defining and transformative year for our company, representing our strongest performance to date. We fortified our financial foundation continued our strong commercial execution and reinforced our commitment to the patients who inspire everything we do. Because of this work, we entered 2026 with strong momentum and a clear path forward.

謝謝你，蒂芙尼。各位早安，感謝各位的參與。 2025年對我們公司來說是具有里程碑意義和變革意義的一年，也是我們迄今為止業績最強勁的一年。我們鞏固了財務基礎，繼續保持強勁的商業執行力，並重申了對患者的承諾，因為患者激勵著我們所做的一切。正因為有了這項工作，我們才得以帶著強勁的發展勢頭和清晰的前進方向進入 2026 年。

We recently introduced our Vision 2040, which defines our long-term ambition and the road map to achieve it. I'm proud to say we are already executing on that vision. Our planned acquisition of Corstasis Therapeutics significantly enhances our company and demonstrates our Vision 2040 strategy in action. It is a transformational step that will give us two powerful global franchises to grow.

我們最近推出了“2040願景”，它定義了我們的長期目標以及實現目標的路線圖。我很自豪地說，我們已經在朝著這個願景努力了。我們計劃收購 Corstasis Therapeutics，這將大大增強我們公司的實力，並體現我們「2040願景」策略的實際應用。這是一個變革性的舉措，它將使我們擁有兩個強大的全球特許經營權，從而實現成長。

Our global bempedoic acid portfolio and NDMS, a first-in-class intranasal diuretic addressing meaningful needs in heart failure care. This combination of addressing bad cholesterol and heart failure will align with our existing cardiology footprint, accelerate growth and most importantly, offer patients more impactful patient-friendly options across the continuum of cardiometabolic disease.

我們的全球貝培多酸產品組合和 NDMS，一種首創的鼻內利尿劑，可滿足心臟衰竭治療中的重要需求。將解決壞膽固醇和心臟衰竭問題結合起來，將與我們現有的心臟病學業務相契合，加速增長，最重要的是，為患者提供更多有影響力的、對患者友好的選擇，涵蓋心血管代謝疾病的各個階段。

The acquisition of Corstasis is a catalyst for additional long-term value and a testament to our commitment to building a larger and sustainably profitable company. Our priority is to grow these two franchises to their multibillion-dollar potential.

收購 Corstasis 將成為公司長期價值成長的催化劑，也證明了我們致力於打造一家規模更大、可持續獲利的公司的承諾。我們的首要任務是將這兩個品牌發展到數十億美元的規模。

Turning to the progress we've made building the US bempedoic acid franchise, we achieved strong prescription growth and broadened payer coverage as we focused our sales and marketing efforts on statin-intolerant patients, which represents a significant market opportunity.

再來看看我們在美國貝培多酸特許經營方面取得的進展，我們實現了強勁的處方增長，並擴大了支付方的覆蓋範圍，因為我們將銷售和營銷工作重點放在了對他汀類藥物不耐受的患者身上，這代表著一個巨大的市場機會。

Together, this allowed us to drive Q4 year-over-year sales by 38%, increased retail prescription equivalents by 34% and expand the number of unique health care practitioners prescribing NEXLETOL and Nexive by nearly 25%.

綜合來看，這使得我們第四季的銷售額年增了 38%，零售處方量增加了 34%，開立 NEXLETOL 和 Nexive 處方的醫療保健從業人員數量增加了近 25%。

We anticipate 2026 to continue this momentum, driven by our strong reimbursement and expect favorable positioning in the US dyslipidemia guidelines, which should be released imminently. In addition, the American College of Cardiology Scientific Statement on Inflammation and Cardiovascular Disease formally recognize the length between inflammation measured by hsCRP and ASCVD.

我們預計 2026 年將繼續保持這一勢頭，這得益於我們強大的報銷能力，並期望在美國血脂異常指南中獲得有利地位，該指南應該很快就會發布。此外，美國心臟學會關於發炎和心血管疾病的科學聲明正式承認了 hsCRP 測量的發炎與 ASCVD 之間的時間間隔。

The authors provide a call to action to implement broad screening of hsCRP for primary and secondary prevention patients in combination with LDL cholesterol screening. Importantly, the American Heart Association corroborated this recognition in its hsCRP toolkit for professionals, in which bempedoic acid is recognized as an agent to reduce hsCRP.

作者呼籲採取行動，對一級和二級預防患者進行廣泛的 hsCRP 篩檢，並結合 LDL 膽固醇篩檢。重要的是，美國心臟協會在其專業人士的 hsCRP 工具包中證實了這一觀點，其中貝培多酸被認為是一種可以降低 hsCRP 的藥物。

I will remind everyone that NEXLETOL and NEXLIZET are the only nonstatins proven to reduce hsCRP by up to 46%. Looking ahead, we are advancing our two triple combination programs and expect to complete the clinical and regulatory requirements to commercialize in 2027.

我要提醒大家，NEXLETOL 和 NEXLIZET 是目前唯一被證實能將 hsCRP 降低高達 46% 的非他汀類藥物。展望未來，我們正在推進兩項三聯療法項目，預計將於 2027 年完成臨床和監管方面的商業化要求。

Based on published data, triple combination therapies have demonstrated the potential to reduce LDL-cholesterol up to 70%, a level of efficacy that could rival current injectable and emerging oral treatments. Now turning to our continued international expansion.

根據已發表的數據，三重療法已顯示出將低密度脂蛋白膽固醇降低高達 70% 的潛力，其療效可與目前的注射劑和新興的口服療法相媲美。現在談談我們持續的國際擴張。

Our global partners delivered yet another year of substantial growth. Daiichi Sankyo Europe increased fourth quarter royalty revenue by 51% compared with fourth quarter of 2024. The expanded access to 30 countries, including receiving favorable payer reimbursement and launching in France and have treated more than 700,000 patients to date.

我們的全球合作夥伴又一年實現了顯著成長。第一三共歐洲公司第四季特許權使用費收入比 2024 年第四季成長了 51%。擴大了在 30 個國家的市場准入，包括獲得有利的支付方報銷，並在法國推出，迄今已治療了超過 70 萬名患者。

During the fourth quarter, our Japanese partner, Otsuka, successfully launched NEXLETOL in Japan following regulatory approval and a highly favorable national health insurance price listing. Early market reception has exceeded even the most optimistic expectations with Japan representing the world's third largest market for cardiovascular disease prevention.

第四季度，我們的日本合作夥伴大塚製藥在日本成功推出了NEXLETOL，此前該公司獲得了監管部門的批准，並獲得了非常優惠的國家健康保險價格。早期市場反應甚至超越了最樂觀的預期，日本是全球第三大心血管疾病預防市場。

And given the strong pricing environment, we believe this momentum positions us for significant and sustained growth in 2026 and beyond. Additional launches and regulatory progress continue across Canada, Israel, Australia and New Zealand.

鑑於強勁的價格環境，我們相信這一勢頭將使我們在 2026 年及以後實現顯著且持續的成長。在加拿大、以色列、澳洲和紐西蘭，更多產品的上市和監管進展仍在繼續。

Moving on to our pipeline progress. We continue to advance a new generation of highly specifically ACL Y inhibitors, targeting serious metabolic and inflammatory diseases. We nominated ESP 2001 as our next development candidate for the treatment of primary sclerosing cholangitis, or PSC, a devastating disease with no approved therapies.

接下來談談我們的管線建設進展。我們持續推進新一代高特異性 ACL Y 抑制劑的研發，以治療嚴重的代謝和發炎性疾病。我們提名 ESP 2001 作為我們下一個用於治療原發性硬化性膽管炎（PSC）的候選藥物，PSC 是一種毀滅性的疾病，目前尚無核准的療法。

ESP 2001 is now advancing through IND enabling studies and we plan to be in the clinic by the end of this year. Collectively, our progress across commercial execution, pipeline advancement and global expansion reinforces the strength of the strategy we have put in place and sets us up for a powerful next phase of growth.

ESP 2001 目前正處於 IND 申報研究階段，我們計劃在今年年底前進入臨床試驗階段。我們在商業執行、產品線推進和全球擴張方面取得的進展，鞏固了我們所製定策略的優勢，並為我們進入下一個強勁的成長階段奠定了基礎。

Now let me turn to a review of our exciting agreement to acquire Corstasis Therapeutics. This transaction will provide us with global rights to its FDA-approved therapy NVMes, a first-in-class intranasal diuretic approved in September 2025 and for the treatment of edema associated with congestive heart failure, hepatic disease and renal disease. This acquisition is a highly strategic and transformational step for Esperion.

現在，讓我來回顧一下我們收購 Corstasis Therapeutics 的令人興奮的協議。這項交易將使我們獲得其 FDA 批准的療法 NVMes 的全球權利，NVMes 是一種首創的鼻內利尿劑，於 2025 年 9 月獲得批准，用於治療與充血性心臟衰竭、肝病和腎病相關的水腫。此次收購對 Esperion 而言是一項極具戰略意義和變革性的舉措。

It will expand our presence beyond chronic lipid management into a large complementary cardiometabolic market and meaningfully accelerate our growth trajectory. In addition, Corstasis is advancing a subcutaneous pipeline, including a multidose pen injector, which has the potential to unlock additional market opportunities.

這將使我們的業務範圍從慢性血脂管理擴展到龐大的互補性心血管代謝市場，並顯著加速我們的成長軌跡。此外，Corstasis 正在推動皮下注射產品線的研發，其中包括多劑量注射筆，這有可能帶來更多市場機會。

Enbumyst is available now to address a significant unmet need and aligns directly with our US cardiology-focused commercial infrastructure, enabling immediate cross-selling synergies with the physicians already prescribing NEXLETOL and NEXLIZET.

Enbumyst 現已上市，旨在滿足一項重大的未滿足需求，並與我們以美國心臟病學為中心的商業基礎設施直接契合，從而能夠與已經開具 NEXLETOL 和 NEXLIZET 處方的醫生立即產生交叉銷售協同效應。

NTMs was developed in partnership with cardiologists specializing the heart failure who recognize the fact that one in four patients are readmitted to hospital within 30 days, driving significant health care costs despite current products in the market attempting to address this.

NTMs 是與專門治療心臟衰竭的心臟科醫生合作開發的，他們認識到四分之一的患者會在 30 天內再次入院，儘管市場上現有的產品試圖解決這個問題，但仍會造成巨大的醫療保健成本。

To reduce readmission rates and provide an easy-to-use at-home treatment, these cardiologists develop Enbumyst, a differentiated patient-friendly alternative to oral and injectable diuretics. As the only nasal spray loop diuretic, it bypasses GI absorption issues, offers rapid onset and supports at-home management of fluid overload.

為了降低再入院率並提供易於使用的家庭治療，這些心臟科醫生開發了 Enbumyst，這是一種與口服和注射利尿劑不同的、對患者友好的替代方案。作為唯一一種鼻噴袢利尿劑，它繞過了胃腸道吸收問題，起效迅速，並有助於在家中管理體液超負荷。

This treats a compelling opportunity to reduce hospital admissions and readmissions, an area of profound unmet need in heart failure, where nearly two third of the 1 million hospitalizations each year are primarily for diuresis, many of which may be avoidable.

這為減少住院和再入院提供了一個絕佳的機會，這是心臟衰竭領域一個亟待解決的重大問題，每年 100 萬例住院病例中，近三分之二主要是為了利尿，其中許多病例是可以避免的。

Financially, this acquisition provides Esperion with a highly attractive entry point into a $4-plus billion US outpatient market -- heart failure market and significant runway for utilization growth. Moving forward, our plan is to fully leverage our commercial team's cardiovascular sales presence to scale adoption and accelerate revenue contribution.

從財務角度來看，此次收購為 Esperion 提供了一個極具吸引力的切入點，使其能夠進入價值超過 40 億美元的美國門診市場——心臟衰竭市場，並擁有巨大的利用率成長空間。展望未來，我們的計劃是充分利用我們商業團隊在心血管領域的銷售實力，擴大市場接受度，並加速收入貢獻。

We are also planning our strategy to launch Enbumyst in ex-US markets as we have global rights. The transaction is expected to close in the second quarter of 2026. Enbumyst strengthens our foundation, expands our commercial reach and uniquely positions us to attack the growing global cardiometabolic disease epidemic now and into the future.

我們也計劃在美國以外的市場推出 Enbumyst，因為我們擁有全球版權。該交易預計將於2026年第二季完成。Enbumyst 鞏固了我們的基礎，擴大了我們的商業範圍，並使我們擁有獨特的優勢，能夠應對當前和未來日益嚴重的全球心血管代謝疾病流行。

With that, let me turn the call over to our Chief Financial Officer, Ben Halladay, for a review of our financials.

接下來，我將把電話交給我們的財務長本·哈拉迪，讓他來回顧一下我們的財務狀況。

Thank you, Sheldon. Good morning, everyone, and thank you for joining us today. Our fourth quarter and full year 2025 financial results can be found in the press release we issued this morning and more detail will be included in our upcoming 10-K.

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 年第四季度和全年的財務業績，更多詳情將在我們即將發布的 10-K 文件中公佈。

2025 was the company's best year on record, and our financial results reflect the important advances the team has made. We continue to make progress through 2025 towards sustained profitability and our commitment to growing the bempedoic acid franchise has laid the groundwork that enabled us to enter into new markets and diversify our revenue streams.

2025 年是公司有史以來業績最好的一年，我們的財務表現反映了團隊的重要進展。到 2025 年，我們將繼續朝著持續盈利的目標邁進，我們對發展貝培多酸特許經營權的承諾已經為我們進入新市場和實現收入來源多元化奠定了基礎。

We ended the year with $55 million less in debt by paying off the 2025 convertible notes stub. And thanks to our disciplined approach to expense management, we ended the year with $167.9 million in cash. We are still in a strong cash position, and we are well capitalized to successfully implement the Enbumyst launch.

透過償還 2025 年到期的可轉換債券，我們年底的債務減少了 5,500 萬美元。由於我們採取了嚴格的費用管理措施，我們年底時現金餘額為 1.679 億美元。我們目前現金流充裕，資金充足，完全有能力成功推出 Enbumyst。

Fourth quarter 2025 total revenue was $168.4 million, an increase of 144% and US net product revenue was $43.7 million compared to $31.6 million for the comparable period in 2024, an increase of approximately 38%.

2025 年第四季總營收為 1.684 億美元，成長 144%；美國淨產品營收為 4,370 萬美元，而 2024 年同期為 3,160 萬美元，成長約 38%。

Collaboration revenue was $124.7 million compared to $37.6 million for the comparable period in 2024, an increase of approximately 232%, driven by a onetime payment of $90 million received from Otsuka related to regulatory approval and favorable NHI price listing, increases in royalty sales within our partner territories and product sales to our collaboration partners from our supply agreements.

合作收入為 1.247 億美元，而 2024 年同期為 3,760 萬美元，成長約 232%，而 2024 年同期為 3,760 萬美元，成長約 232%，而 2024 年同期為 3,760 萬美元，成長約 232%，而 2024 年同期為 3,760 萬美元，成長約 232%，這主要得益於從大塚製藥一次性收到的 9,000 萬美元，該款項與監管部門的批准與有利的國民健康保險價格有關

Turning to the rest of the P&L. For the fourth quarter 2025, research and development expenses were $13.9 million compared to $11 million for the comparable period in 2024, an increase of approximately 26%. Selling, general and administrative expenses were $41.4 million compared to $36.9 million for the comparable period in 2024, an increase of 12%.

接下來來看損益表的其餘部分。2025 年第四季研發費用為 1,390 萬美元，而 2024 年同期為 1,100 萬美元，成長約 26%。銷售、一般及行政費用為 4,140 萬美元，而 2024 年同期為 3,690 萬美元，成長了 12%。

The increase quarter-over-quarter was primarily related to increased legal costs associated with the ANDA litigation. As mentioned before, we ended 2025 with $167.9 million in cash and cash equivalents and a balance sheet that continues to improve every year.

季度環比成長主要與 ANDA 訴訟相關的法律成本增加有關。如前所述，截至 2025 年底，我們擁有 1.679 億美元的現金及現金等價物，且資產負債表逐年改善。

Our strong stable balance sheet gives us the opportunity to build not only our NEXLETOL and NEXLIZET franchise, but to integrate Corstasis and successfully launch Enbumyst as well. Our new operating expense guidance updated to reflect modest increases shows the strong synergies we expect between our product lines. We now project full year 2026 operating expenses to be in the range of $225 million to $255 million, including $15 million in non-cash expenses related to stock compensation.

我們穩健的資產負債表不僅讓我們有機會打造 NEXLETOL 和 NEXLIZET 產品線，還能整合 Corstasis 並成功推出 Enbumyst。我們更新後的最新營運費用預期反映了適度成長，這表明我們預期各產品線之間將產生強大的協同效應。我們現在預計 2026 年全年營運支出將在 2.25 億至 2.55 億美元之間，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.

接下來，我將把電話交還給謝爾頓，請他作總結發言。

Thank you, Ben. In closing, 2025 marked a year of meaningful execution, strategic expansion and business transformation, and we are truly a new Esperion. We strengthened every core dimension of our company from commercial performance to global partnerships, from scientific leadership to long-term strategy.

謝謝你，本。總而言之，2025 年是意義重大的執行、策略擴張和業務轉型的一年，我們真正成為了一個全新的 Esperion。我們從商業績效到全球合作，從科學領導力到長期策略，全面加強了公司的各個核心面向。

And now we have an agreement to add a synergistic high-value asset with a planned acquisition of Corstasis. We expect this transaction to be a growth accelerant and a foundational building block of our Vision 2040 strategy.

現在我們已達成協議，透過計劃收購 Corstasis，增加一項具有協同效應的高價值資產。我們預計此次交易將成為成長的加速器，並成為我們「2040願景」策略的基礎組成部分。

We are energized by the opportunities ahead and remain relentlessly focused on delivering innovative therapies to patients, value to shareholders and sustainable long-term growth for our business. Thank you for joining us this morning.

我們對未來的機會充滿信心，並將繼續不懈努力，致力於為患者提供創新療法，為股東創造價值，並實現業務的可持續長期成長。感謝您今天早上收看我們的節目。

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) Joe Pantginis, H.C. Wainwright.

（操作說明）喬潘特吉尼斯，H.C. 溫賴特。

Good morning, thanks for taking my question. So I just wanted to go back and maybe review or get reminded again with regard to Corstasis, which was a nice addition to the sales bag for your field force. So just curious, with the device itself, what is your ability or what is the capacity now with regard to, say, approximate numbers of patients to treat and any capacity needed moving forward? And then what are the potential next steps that are required for the auto-injector? Thanks a lot.

早上好，謝謝您回答我的問題。所以我想回顧一下 Corstasis，或再次了解它，它對於你們的銷售團隊來說是一個很好的補充。所以我很好奇，就設備本身而言，你們目前的能力或容量如何，例如，大約可以治療多少名患者，以及未來需要增加多少容量？那麼，自動注射器可能需要哪些後續步驟呢？多謝。

Great. Thanks, Joe. So as it relates to capacity, we're fine. We're in good shape there. There's nothing really needed. We've got product and we're ready to go. There are physicians right now, some of which are using it, but there's never really a full-scale launch.

偉大的。謝謝，喬。所以就容量而言，我們沒問題。我們那邊情況良好。其實沒什麼特別需要的。產品已備齊，準備就緒。目前有一些醫生正在使用它，但從未真正全面推廣。

And that's what we are working on and thinking about, obviously, we have to wait for the deal to close, which, as we've mentioned before, will sometimes be in early April. And then your second question was related to next steps of the auto injector.

這就是我們正在努力和思考的事情，顯然，我們必須等待交易完成，正如我們之前提到的，這有時會在四月初完成。然後，你的第二個問題與自動噴油嘴的後續步驟有關。

Auto injector.

自動噴油嘴。

Yeah. So we'll plan to update you probably after the deal closes of where we are in the pipeline, but it is something we want to mention because it is coming. And the reason why we're mentioning it is that it just gives physicians choice. What I will say is that one thing that we've heard already from key opinion leaders is the ease of use of this drug. And that's what patients need.

是的。所以，我們可能會在交易完成後再向您報告我們目前的進展情況，但這是我們想提一下的事情，因為它即將到來。我們之所以提到這一點，是因為它能給醫生更多選擇。我想說的是，我們已經從一些關鍵意見領袖那裡聽到的一點是，這種藥物使用起來非常方便。而這正是患者所需要的。

As you know, patients suffering from heart failure, it's very alarming, people can't breathe, they can't sleep, et cetera. And to be able to just something in your nose and get released, that's a big deal. So we're focused on that now. And again, the auto-injector will be something in the future that will allow optionality.

如您所知，患有心臟衰竭的病人情況非常危急，他們呼吸困難，無法入睡等等。能夠把東西塞進鼻子裡然後被釋放出來，這可是件大事。所以我們現在正專注於此。再次強調，自動噴油嘴在未來將是一種可選擇的技術。

Kristen Kluska, Cantor Fitzgerald.

克里斯汀·克魯斯卡，坎托·費茲傑拉。

Good morning everybody. Thanks for taking my questions. So I wanted to ask one on the ACC guidelines. When looking at their abstract heads online, it certainly gives the hint that we're going to be getting something soon. So just curious if you could talk about the latest that you've been hearing on that front given the conference is in two and half weeks here?

大家早安。謝謝您回答我的問題。所以我想問一個關於ACC指南的問題。從網路上看到的他們抽象的頭像來看，確實暗示著我們很快就會看到一些新東西。所以，鑑於會議還有兩周半就要召開了，我很好奇您能否談談您最近聽到的這方面的最新消息？

And then also, what you as a company are doing to prepare for that conference. I know that this will also be an opportunity for the clinicians to get training at the conference, but what can Esperion do to prepare from that side?

此外，貴公司為籌備這次會議做了哪些工作。我知道這對臨床醫生來說也是一個在會議上接受訓練的機會，但 Esperion 在這方面可以做些什麼準備呢？

Yeah. Thanks, Kristen. Let me start off and then I'll kick it over to John to talk about what we're doing as an organization. So the Intel was always the fact that we are beginning the guidelines sometime in the first quarter. At one point, we were told early in the first quarter.

是的。謝謝你，克里斯汀。我先來，然後把麥克風交給約翰，讓他談談我們作為一個組織正在做的事情。所以英特爾一直強調的是，我們將在第一季開始實施這些指導方針。在第一季初，我們曾被告知過這件事。

Obviously, here we are in March. Our best intelligence right now is that it will come out before ACC and it will probably come out a week before ACC. We've seen some advertisements online that other people have probably seen by ACC talking about a satellite symposium that they're going to hold sometime in the March 19, March 20.

顯然，現在已經是三月了。我們目前掌握的最佳情報是，它將在 ACC 之前發布，而且可能會在 ACC 之前一周發布。我們在網路上看到了一些廣告，其他人可能也看到了，是 ACC 發布的，內容是關於他們將在 3 月 19 日或 20 日舉辦的衛星研討會。

And we're thinking that's probably when they could be released. So before I turn it over to John, the one thing, again, we don't know what they say, but we feel very confident that we should be well represented. And we also believe that there'll be harmonization between what we saw in Europe and US guidelines.

我們認為那很可能就是他們獲釋的時間。所以在我把麥克風交給約翰之前，還有一件事，我們不知道他們會說什麼，但我們非常有信心我們會得到很好的代表。我們也相信，歐洲和美國的指導方針之間將會達成協議。

And you heard what I said in our prepared remarks, around hsCRP. There's been a lot of references to bempedoic acid even before the guidelines in different areas about where we fit as a therapy, which have all pointed to positive signals. But let me turn it over to John to talk about how we're preparing for it.

你們都聽到了我事先準備好的演講稿，內容是關於高敏C反應蛋白（hsCRP）的。甚至在相關指南出台之前，各個領域就有很多關於貝培多酸的提及，探討了它作為一種療法的定位，而這些提及都指向了積極的信號。但讓我把麥克風交給約翰，讓他來談談我們是如何為此做準備的。

Kristen, as you can imagine, the team has been preparing for quite some time for this event, and we have a very in-depth cross-functional plan for the entire organization and the medical community as soon as the guidelines are released, it will range from materials for our customer-facing field members, both medical as well as commercial and the sales team as well as a broad digital program and outreach. So we're ready and waiting.

克里斯汀，正如你所想，團隊已經為這次活動準備了相當長一段時間，一旦指導方針發布，我們將為整個組織和醫療界制定一個非常深入的跨職能計劃，該計劃將涵蓋面向我們面向客戶的現場成員（包括醫療和商業人員以及銷售團隊）的材料，以及廣泛的數字計劃和推廣活動。我們已經準備就緒，靜候佳音。

Thanks. And on that note, given that we kind of got a little bit of a preview about what you expect in Europe, curious if you've talked to your partners about what has happened to them in the months after and in terms of whether the number -- obviously, you guys as an organization are working closely with physicians, but how much of this was inbound from people that were newly introduced or perhaps getting reintroduced.

謝謝。說到這裡，鑑於我們已經對你們在歐洲的預期有所了解，我很好奇你們是否與合作夥伴討論過此後幾個月的情況，以及就人數而言——顯然，你們作為一個組織與醫生密切合作，但其中有多少是新加入的，或者可能是重新加入的。

I know you also launched in the midst of the pandemic here. So is there a potential that people are going to be coming internally to you because they'll be reintroduced to the product to these new guidelines?

我知道你們也是在疫情期間創立的。那麼，是否有可能因為人們需要根據這些新準則重新接觸產品，所以會有人主動來找你？

So I think what we saw when we actually talked about the CLEAR Outcome study going back to 2023. You saw this huge bolus of awareness. And some of the things that John talked about, some of the things we'll be doing after ACC. We view this as another opportunity to get a lot of awareness. Similar to what Daiichi Sankyo, when the European guidelines were released.

所以我覺得，當我們回顧 2023 年的 CLEAR Outcome 研究時，我們看到的情況是這樣的。你看到了這股巨大的覺醒浪潮。約翰談到的一些事情，也是我們在 ACC 之後要做的事。我們認為這是提高公眾意識的另一個機會。與第一三共在歐洲指南發佈時的做法類似。

I've told the story before where key opinion leaders in Europe said, congratulations to Daiichi Sankyo and their Chief Executive Officer said, well, because of the guidelines, he says, well, it's the first time ever that I hear somebody else talking about what a great product. This is other than you.

我之前講過這個故事，歐洲的一些關鍵意見領袖對第一三共表示祝賀，而他們的首席執行官則表示，由於這些指導方針，他說，這是他第一次聽到別人談論多麼棒的產品。這跟你無關。

And I think that's what's important is that now you have these third-party guideline writers who are very respected who will be talking about our placement in the guidelines and where we should be utilized. And I think that's going to bring more physicians to the table. It's also going to help physicians really understand that.

我認為重要的是，現在有這些備受尊敬的第三方指南編寫者，他們將討論我們在指南中的位置以及我們應該在哪些方面發揮作用。我認為這將吸引更多醫生參與其中。這也有助於醫生們真正理解這一點。

I do need to be thinking about this therapy with this type of patient in this type of diagnosis, et cetera. So it's nothing but what I would say, upside for us as it relates to awareness prescribing, you name it, and we'll be ready.

我確實需要考慮這種療法對這類患者在這種診斷下的適用性等等。所以，就提高處方意識而言，這對我們來說只有好處，等等，只要你能想到的，我們都會做好準備。

The one thing John and his team after the European guidelines came out, we are out there four days after those guidelines with a detail telling physicians in the United States what Europe had done. It just shows you how quickly we can react and be ready. So we will take full advantage of this meeting as a very large awareness event just like we did in 2023.

在歐洲指南出台後，約翰和他的團隊做的第一件事就是，我們在指南出台四天後就發布了一份詳細的報告，告訴美國的醫生歐洲採取了哪些措施。這正好說明了我們能夠多麼迅速地做出反應並做好準備。因此，我們將充分利用這次會議，將其作為非常大型的宣傳活動，就像我們在 2023 年所做的那樣。

Georgia Bank, Jefferies.

喬治亞銀行，傑富瑞集團。

Thank you. Georgia Bank on the line for Jefferies, thanks for taking my questions. I guess piggybacking on the conversation around the EU guidelines, maybe you could just talk a little bit about the impact that you've seen in the US already from those guidelines, changes in the EU?

謝謝。喬治亞銀行代表傑富瑞銀行在線，感謝你們回答我的問題。我想藉著關於歐盟指導方針的討論，您能否談談這些指導方針以及歐盟的變化在美國已經產生的影響？

And then what kind of incremental impact would you see in the US given the guideline inclusion that's coming, as you said imminently? And any changes in the sales force going forward? And when you see opportunities to add coverage for dial back on territories that might be less profitable. Thank you.

那麼，鑑於您所說的即將納入指南，您認為美國將會出現怎樣的漸進式影響？未來銷售團隊會有任何變動嗎？當你發現有機會增加覆蓋範圍或減少在盈利能力可能較低的地區的覆蓋範圍。謝謝。

(inaudible) Yeah, sure. So George -- A good question as it relates to kind of Salesforce, coverage, so we continually evaluate the needs of the organization based on demand, productivity, profitability and the needs of our growing portfolio.

（聽不清楚）是啊，當然。所以喬治——這是一個很好的問題，因為它與 Salesforce 的覆蓋範圍有關，所以我們會根據需求、生產力、盈利能力以及我們不斷增長的產品組合的需求，持續評估組織的需求。

Once the Corstasis acquisition closes and we integrate Enbumyst into our operations, we will plan to expand the sales team modestly to ensure appropriate coverage of key settings, including the new markets such as key heart failure clinics and IDNs and health systems for that hospital discharge opportunity.

一旦 Corstasis 收購完成，我們將 Enbumyst 整合到我們的營運中，我們將計劃適度擴大銷售團隊，以確保對關鍵場所的適當覆蓋，包括新的市場，例如重要的心臟衰竭診所、IDN 和醫療系統，以抓住醫院出院的機會。

And we look forward to providing additional updates as the year progresses, and we continue to evaluate our coverage in light of the guidelines as well to make sure that we deploy our teams in places where we continue to see success.

隨著今年的推進，我們期待提供更多更新信息，並將繼續根據相關準則評估我們的覆蓋範圍，以確保我們將團隊部署到我們持續取得成功的地方。

Thanks, John. And as it relates to European guidelines and effect on US prescribing and how that sets up for the US, let me just first say, in Europe, it's more qualitative. They don't really get prescription, et cetera. But as you know, we look at patient data, and you've seen in our presentation that we delivered today and in our prepared remarks, Daiichi Sankyo now has treated over 700,000 patients with this drug.

謝謝你，約翰。至於歐洲的指導方針及其對美國處方行為的影響，以及這對美國意味著什麼，首先我想說，在歐洲，這更多的是定性的。他們實際上無法獲得處方等等。但如您所知，我們會查看患者數據，您在我們今天的演講和準備好的演講稿中也看到了，第一三共株式會社現在已經用這種藥物治療了超過 70 萬名患者。

In Germany alone, as you know, you have to use bempedoic acid before you can go to a PCSK9. And that was established even before the guidelines. The guidelines reinforced the decision by AMNOG, which is a division of IQWiG in Germany that makes these health care technology assessments.

如你所知，僅在德國，你必須先使用貝培多酸才能進行 PCSK9 治療。而且這一點甚至在指導方針出台之前就已經確定了。這些指南強化了德國醫療保健技術評估機構 (IQWiG) 下屬部門 AMNOG 的決定，該機構負責進行這些醫療保健技術評估。

We've talked about France. In France, they'll be launching -- I know that the guidelines were received very favorably there. It's the second largest market in Europe, and they're already off to a fast start. As you know, Organon has partnered with Daiichi Sankyo to launch there and also in the Nordics. From a US perspective, again, it's more qualitative. And the feedback that we've got from the field is that physicians responded very favorably to the European guidelines.

我們已經談過法國了。在法國，他們將推出——我知道這些指導方針在那裡受到了非常積極的評價。這是歐洲第二大市場，而且他們已經取得了快速發展。如您所知，Organon 已與 Daiichi Sankyo 合作，在當地以及北歐地區推出產品。從美國的角度來看，這更多的是定性的。我們從第一線得到的回饋是，醫生們對歐洲指南的反應非常正面。

And I think the sentiment was hopefully we'll see the same thing in the US. And I think that's what we're all waiting for. But as it relates to US guidelines and effect on prescribing, similar to the answer I gave to Kristen earlier, we think this is nothing but tailwinds for us.

我認為大家的願望是，希望我們也能在美國看到同樣的情況。我想，這就是我們都在等待的。但就美國指南和對處方的影響而言，就像我之前給克里斯汀的回答一樣，我們認為這對我們來說只有順風。

I mean the fact that, again, we can have a third-party advocate it's important to be in guidelines. And the fact that we would now be in guidelines is our first opportunity, that's going to be a really big deal for us. And future competition, which we get questions up, they won't be in the guidelines.

我的意思是，再次強調，我們可以有第三方倡導者，這一點在指導方針中很重要。而我們現在能夠遵循指導方針，這是我們的第一個機會，這對我們來說意義重大。至於未來的比賽，我們收到的問題，這些問題不會寫在規則裡。

Remember, one of the reasons why we think we'll have prominence in the guidelines and why we have prominence in the European guidelines is because of the 14,000-patient outcome study, which is a game-changing study. And we'll see why and how that will be interpreted into the US guidelines as well.

請記住，我們認為我們會在指南中佔據重要地位，而我們在歐洲指南中佔據重要地位的原因之一是，我們開展了一項 14,000 名患者的結局研究，這是一項具有變革意義的研究。我們也會看看美國的相關指引會如何解讀這一點。

It's undeniable and it's data that's important. And physicians will be keen to get those guidelines and apply them.

這是不容置疑的，而且數據很重要。醫生們會非常渴望獲得這些指導方針並加以應用。

Serge Belanger, Needham.

Serge Belanger，尼德姆。

Hi. Good morning, thanks for taking my questions. The first one regarding the triple combo products. Based on your FDA interactions and the development path you've taken, what kind of label do you expect for these products? Is it going to be similar to NEXLIZET?

你好。早上好，謝謝您回答我的問題。第一條是關於三合一組合產品的。根據您與 FDA 的互動以及您所採取的研發路徑，您預期這些產品會貼上什麼樣的標籤？它會和NEXLIZET類似嗎？

And then secondly, regarding guidance, I guess, for Ben, I know you don't provide top line guidance, but can you give us a little more color on the collaboration revenue line for 2026, just given that there's a couple of moving parts with Otsuka launching in Japan and the manufacturing transfer that's going to affect those numbers.

其次，關於業績指引，我想，​​Ben，我知道你不提供營收指引，但鑑於大塚製藥在日本的成立以及生產轉移等因素會影響到這些數據，你能否更詳細地介紹一下2026年的合作收入？

So let me start with the triple combination. Just as a reminder to everyone, the triple combination therapy as bempedoic acid pluses MI plus a statin. So essentially neo-plastatin. We're doing two different statins, atorvastatin and rosuvastatin. We're looking at a low dose strategy.

那麼，就讓我從三重組合開始吧。再次提醒大家，三聯療法是指貝培多酸加MI加他汀類藥物。本質上就是新塑蛋白。我們正在使用兩種不同的他汀類藥物，阿托伐他汀和瑞舒伐他汀。我們正在考慮採用低劑量策略。

If you even look at ESC and what they showed in their presentation of the guidelines, if you look at the addition of statin, such as Atorva or rosuva to NEXLIZET, you get close to a 70% reduction in LDL. We've done our own study with atorvastatin 10 milligrams and showed close to a 70% reduction in LDL.

即使你看看 ESC 以及他們在指南展示中展示的內容，如果你看看在 NEXLIZET 中添加他汀類藥物（如 Atorva 或 rosuva），你也會發現 LDL 降低近 70%。我們自己用 10 毫克阿托伐他汀進行了研究，結果顯示 LDL 降低了近 70%。

The label itself is -- will not carry the outcomes data that you see in NEXLIZET or NEXLETOL because people do the background of these drug statins and also bempedoic acid, whether it be NEXLETOL or NEXLIZET. So it's pretty much just a label without the outcomes data that will speak to efficacy. And we've already market researched this as well surge and physicians get it.

標籤本身——不會包含您在 NEXLIZET 或 NEXLETOL 中看到的結果數據，因為人們會研究這些藥物他汀類藥物以及貝培多酸的背景信息，無論是 NEXLETOL 還是 NEXLIZET。所以它基本上只是一個標籤，沒有能夠說明療效的結果數據。我們已經對此進行了市場調查，發現需求激增，醫生也理解這一點。

And what I will say is that, this is something that not only are physicians really interested in Europe, but they're really interested in here in the United States. And the reason for that is because there is more of the shift to this polypill within a therapeutic area of strategy and the fact that you can give somebody one pill that will get them to perhaps 70% LDL reduction to so many benefits as it relates to compliance, persistence, et cetera. So we're excited about it and look forward to the day where we can bring it to market. Ben?

我想說的是，這不僅是歐洲醫生們非常感興趣的話題，也是美國醫生們非常感興趣的話題。原因在於，在治療策略領域，這種複方藥丸的使用越來越普遍，而且只需給患者服用一粒藥丸，就能使其低密度脂蛋白膽固醇降低 70%，從而在依從性、堅持性等方面帶來諸多益處。所以我們對此感到興奮，並期待著將其推向市場的那一天。本？

Yeah. Good morning, Serge, thank you for the question. So when it comes to the partnership revenue line, there are a lot of moving parts this year. I mean first and foremost, we won't have another $91 million in milestones because of the regulatory work that we had in 2025.

是的。早安，塞爾吉，謝謝你的提問。因此，就合作夥伴收入而言，今年有許多變數。我的意思是，首先，由於我們在 2025 年進行的監管工作，我們不會再有 9,100 萬美元的里程碑付款。

But primarily, I think the big drivers are going to be, we expect royalties to continue increasing both from the addition of Otsuka as well as the fact that Daiichi Sankyo continues to grow in their existing markets and added France in first quarter of this year.

但主要驅動因素是，我們預期版稅收入將持續成長，這既得益於大塚製藥的加入，也得益於第一三共株式會社在其現有市場持續成長，並在今年第一季新增了法國市場。

On top of that, the tech transfer will start flowing through the P&L, and we expect that, that manufacturing will continue to ramp up over the course of this year, so that partner reimbursement line will tick down, but associated with that will actually be an increase in the gross margin based on the margins that we've discussed on these calls before.

除此之外，技術轉移將開始計入損益表，我們預計，今年的生產將繼續擴大，因此合作夥伴的報銷額將有所下降，但與此同時，根據我們之前在電話會議上討論過的利潤率，毛利率實際上會上升。

So a lot of moving pieces. But I think overall, we expect to continue to see that partner reimbursement line continue to add significant value to the company and enhance over the course of the year.

所以牽涉的環節很多。但我認為整體而言，我們預期合作夥伴報銷業務將繼續為公司創造重大價值，並在年內持續提升。

Jason Zemansky, Bank of America.

傑森‧澤曼斯基，美國銀行。

Good morning. Congrats on the quarter. So it seems in the last two quarters, while you broadened access on the payer front, there have been a number of concessions. So moving forward, can you discuss what the risks look like for additional concessions in 2026, especially given as you mentioned earlier, there are potential new competitors poised to enter the market. Thanks.

早安.恭喜你本季取得佳績。所以看來在過去的兩個季度裡，雖然你們在支付方方面擴大了准入範圍，但也做出了一些讓步。那麼展望未來，您能否討論一下 2026 年進一步讓步的風險，特別是考慮到您之前提到的，可能會有新的競爭對手準備進入市場。謝謝。

Jason, thanks for the question. But can you when you say concessions, do you -- what are you speaking to? Are you speaking to price or --

傑森，謝謝你的提問。但是，當你說做出讓步時，你究竟在對誰說話？您是在談價格嗎？--

Yes, exactly.

是的，正是如此。

Okay, yeah. No, we don't see anything as it relates to concessions. We're set with our contracts. We have a 90% coverage in commercial, 90% now in Medicare. If anything, I think it's competition that's going to have to make concessions.

好的，是的。不，我們沒有看到任何與讓步有關的內容。我們的合約已經辦妥了。我們商業保險的覆蓋率達到 90%，現在聯邦醫療保險的覆蓋率也達到 90%。我認為，如果有什麼改變的話，那就是競爭對手需要讓步。

Keep in mind, again, we have an outcome study, competition doesn't. I know you speak to the MK616 product. Keep in mind that they don't have outcomes until 2030, and payers really look for outcomes in order to avoid step edits and significant prior authorizations. So we're good. No concessions needed from us.

再次提醒大家，我們有結果研究，競爭對手沒有。我知道您指的是MK616產品。請記住，這些結果要到 2030 年才會出來，而支付方非常關注結果，以避免階梯式修改和重大的事先授權。一切都好。我們無需做出任何讓步。

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆，派珀·桑德勒。

Thanks. I just have a couple. Coming back to the triple combination, what's your market research revealed regarding the extent to which it could expand your overall bempedoic acid franchise patient footprint on both sides of the Atlantic or frankly, globally. That's number one.

謝謝。我只有幾個。回到三聯療法，你們的市場調查顯示，它在多大程度上可以擴大你們在大西洋兩岸乃至全球的貝培多酸特許經營患者覆蓋範圍？這是第一點。

Number two, as you think about the triple combo, I mean, the messaging historically has been about statin intolerance. Do you think that triple combo changes that message or models that message? And how do you square the triple combo with the historical messaging about statin intolerance and the utility bempedoic acid in that context? That's number two.

第二，當你考慮三聯療法時，我的意思是，從歷史上看，宣傳重點一直是他汀類藥物不耐受。你認為三連擊會改變或強化這個訊息嗎？那麼，如何將這三重組合與關於他汀類藥物不耐受的歷史資訊以及貝培多酸在該背景下的效用相協調呢？這是第二點。

And then lastly, regarding your Vision 2040 plan. Maybe just thinking about the sales force and how you're expanding the product offering, what is the optimal number over the next two to three years, I should say, the optimal number of products that you think your commercial organization can carry in its bag, so to speak, or put differently, what's the extent to which there's going to be other assets you're going to be bringing in over the next couple of years? Thank you.

最後，關於您的「2040願景」計畫。或許可以考慮一下銷售團隊以及如何擴展產品供應，在未來兩到三年內，你認為最佳的產品數量是多少？或者換句話說，在未來幾年內，你計劃引進哪些其他資產？謝謝。

Sure. Yeah. Let me start off with the triple combination and excitement in Europe and US and market research. So simply, it's very high, David. I mean the fat of the mature is this cardiovascular disease is still the number one killer. And even despite all the therapies that we have out there, it still is the number one killer and continues to grow.

當然。是的。首先，我想談談歐洲、美國和市場調查中三方結合帶來的興奮點。簡而言之，就是很高，大衛。我的意思是，成年人肥胖的原因是心血管疾病仍然是頭號殺手。儘管我們已經有了各種治療方法，但它仍然是頭號殺手，而且感染人數還在持續增長。

The excitement around triple combination has been very high in both Europe and the United States. As a matter of fact, it was reinforced with the European guidelines where the whole emphasis was on triple combination. And then they talk about triple combination without even having the pill.

在歐洲和美國，人們對三連發的熱情都非常高漲。事實上，歐洲的指導方針也強化了這一點，其中完全強調了三聯療法。然後他們連藥都沒吃，就開始談論三聯避孕藥了。

It's more a combination of therapies to get patients to goal. And I think we finally have reached that point where similar to diabetes, similar to hypertension, one drug does not get you to the goal that you need. You need multiple. So it's very exciting from that perspective. Regarding statin intolerance, it doesn't muddy the waters at all because remember, the definition of statin intolerance is really three.

更確切地說，是多種療法的結合，以幫助患者達到治療目標。我認為我們最終已經到了這樣一個地步：就像糖尿病和高血壓一樣，一種藥物無法讓你達到所需的目標。你需要多個。所以從這個角度來看，這非常令人興奮。關於他汀類藥物不耐受，這完全不會使情況變得複雜，因為記住，他汀類藥物不耐受的定義實際上是三點。

One, a patient who doesn't want to take a statin at all; two, a patient who can tolerate the statin; three, a patient who can take a statin, but only a low dose. And keep in mind, for triple combination, it's really about looking at that low dose statin with bempedoic acid.

第一，完全不想服用他汀類藥物的患者；第二，可以耐受他汀類藥物的患者；第三，可以服用他汀類藥物，但只能服用低劑量的患者。請記住，對於三重療法，關鍵在於觀察低劑量他汀類藥物與貝培多酸的組合。

So the definition of statin intolerance as a reminder, is not just a patient who can't take a statin at all. It's just about the dose of a statin. And keep in mind, titradiostatin only gives you a 6% additional LDL efficacy. It's meaningless. That's why it's better just to go to these other therapies.

所以要提醒的是，他汀類藥物不耐受的定義，不只是指完全無法服用他汀類藥物的病人。關鍵在於他汀類藥物的劑量。請記住，titradiostatin 只能額外提高 6% 的 LDL 療效。這毫無意義。所以最好還是選擇其他療法。

Again, something that was reinforced in the European guidelines, and I think you'll see reinforced in the US guidelines. Before I turn it over to John to talk about a number of representatives, et cetera, because I think there's maybe two questions in there, we're good now.

這一點在歐洲指南中得到了強調，我認為在美國指南中也會得到強調。在我把麥克風交給約翰，讓他談談一些代表等等之前（因為我覺得裡面可能只有兩個問題），我們現在可以走了。

We have bempedoic acid, NEXLIZET, NEXLETOL. We're doing the Corstasis acquisition. We talked about Vision 2040, having five products. Keep in mind, primary scoring cholangitis as a product is successful would be at 2030, 2031. But from a BD perspective, we're good where we are now.

我們有貝培多酸、NEXLIZET、NEXLETOL。我們正在進行對Corstasis的收購。我們討論了“2040願景”，其中包括五款產品。請記住，膽管炎作為主要評分產品的成功時間可能是 2030 年或 2031 年。但從業務拓展的角度來看，我們目前的情況還不錯。

We'll call our jets with BD. We always look at the environment, but as it relates to a number of field personnel, et cetera, just overall, I'll turn that to John.

我們將把我們的噴射機命名為BD。我們總是會關注環境，但就整體而言，涉及許多現場工作人員等等，我會把這個問題交給約翰來回答。

Yeah. Thanks, Sheldon. David, I look at the question is twofold. One is the size of the sales organization and number of reps as well as to your question, the optimal number of products within an existing bag. And it really depends upon, one, the target overlap, and the customer call points.

是的。謝謝你，謝爾頓。戴維，我認為這個問題有兩面。一是銷售組織的規模和銷售代表的數量，二是你的問題是，現有包裝袋中最佳的產品數量。這其實取決於兩點：一是目標重疊部分，二是客戶呼叫點。

It also depends upon where the product or products are within their life cycle. We still are in the early stages of the life cycle of NEXLIZET, NEXLETOL. And obviously, we're in the very beginning stages of the life cycle of Enbumyst. In two to three years from now, we could envision having a field that has two to four products in the bag. Again, it depends upon callpoint synergies as well as life cycle.

這也取決於產品在其生命週期中所處的階段。我們仍處於NEXLIZET、NEXLETOL生命週期的早期階段。顯然，我們目前仍處於 Enbumyst 生命週期的最初階段。兩到三年後，我們或許可以設想，該領域將擁有兩到四種產品。這同樣取決於呼叫點協同作用以及生命週期。

And getting beyond that four sometimes gets questionable. But we have seen it where more mature products can be in the bag. So it could be four or five. But again, we're not at that stage yet from a maturity and a product life cycle standpoint, but we'll continue to evaluate how the products fit as we evolve into our Vision 2040.

而超過四位有時就會變得值得懷疑。但我們也看到，一些更成熟的產品已經勝券在握。所以可能是四、五個。但從成熟度和產品生命週期的角度來看，我們還沒有達到那個階段，但我們將繼續評估產品如何適應我們向 2040 年願景的演進。

Paul Choi, Goldman Sachs.

Paul Choi，高盛。

Hi, thank you, good morning. And thanks for taking our question. My first question is another one just on the triple combination. And that was combinations, and I was wondering if you could any -- offer any narrowing of the range in 2027 where you might potentially file the NDAs for the two drugs.

您好，謝謝，早安。感謝您回答我們的問題。我的第一個問題仍然是關於三重組合的。以上是組合藥物的情況，我想知道您是否可以就 2027 年您可能提交這兩種藥物的新藥申請的範圍做出任何縮小預測。

And my second question is on Corstasis. Can you maybe just remind us if there are any clinical development obligations or post-market obligations at this point for Enbumyst? And then also just sort of in '26, whether you anticipate any additional clinical updates from the ongoing clinical development or presentation development programs? Thank you.

我的第二個問題是關於Corstasis的。能否請您提醒一下，目前 Enbumyst 是否有任何臨床開發義務或上市後義務？另外，在 2026 年，您是否預計正在進行的臨床開發或演示開發專案會有任何額外的臨床更新？謝謝。

Great. Thanks, Paul. And let me -- well, Ben, why don't you start with the Corstasis one.

偉大的。謝謝你，保羅。讓我——好吧，本，為什麼不先從Corstasis開始呢？

Yeah, Paul, on the Corstasis side, there are some small PMR studies that need to be done, but we've included all those in the updated expense guidance. They're minimal. It's not something that we really expect to move the needle all too much.

是的，保羅，關於Corstasis方面，還有一些小型PMR研究需要進行，但我們已經將所有這些研究納入了更新後的費用指南中。它們非常簡潔。我們並不指望它能產生太大的影響。

Thanks, Ben. And it relates to triple combination and narrowing down the date. I'm just going to say right now, Paul, we'll continue to update you. But right now, sticking to 2027. There are competitive reasons for saying that as well, but we'll definitely continue to update you on our progress.

謝謝你，本。這與三重組合和縮小日期範圍有關。保羅，我現在就說，我們會繼續向你報告最新情況。但就目前而言，還是堅持2027年。我們這麼說也有競爭方面的原因，但我們一定會繼續向您報告我們的進展。

But again, to me, the triple combination reinforces our commitment to, again, making bempedoic acid franchise as successful as possible while also making our Corstasis acquisition once approved, equally successful.

但對我來說，這三重組合再次強化了我們的承諾，即盡可能地使貝培多酸特許經營取得成功，同時，一旦獲得批准，我們也將確保對 Corstasis 的收購同樣取得成功。

Thank you. I am showing no further questions in the queue at this time. I would now like to turn the call back to Sheldon for closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我想把電話轉回給謝爾頓，請他作總結發言。

Great. Well, thank you so much. I again want to thank everyone for your ability to attend our earnings today. Again, 2025 was just a great year for us our best year ever, fourth quarter -- our best quarter ever and really appreciate all the questions as well and look forward to updating all of you in the future as we continue along here at Esperion. Thank you so much. Have a great rest of the week.

偉大的。非常感謝。我再次感謝各位今天能夠蒞臨我們的財報會。再次強調，2025 年對我們來說是非常棒的一年，是我們有史以來最好的一年，第四季也是我們有史以來最好的一個季度。非常感謝大家提出的所有問題，我們期待在未來繼續向大家報告 Esperion 的最新進展。太感謝了。祝你本週餘下的日子過得愉快。

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。