Xeris Biopharma Announces Q2 2024 Financial Results

Xeris Biopharma Holdings, Inc., a rapidly expanding biopharmaceutical company, reported its financial accomplishments for the second quarter and the first six months ending June 30, 2024. The company's total revenue for the quarter was impressive at $48 million, with product revenue contributing over $46 million, reflecting a 26% year-over-year growth, driven by robust demand for its three main products: Recorlev, Gvoke, and Keveyis.

John Shannon, CEO of Xeris Biopharma, expressed satisfaction with the company's performance, attributing the strong results to the consistent demand for their diverse product portfolio. He highlighted that this quarter marked the eleventh consecutive quarter of over 20% growth in product revenue. Based on the current trajectory, the company has revised its full-year revenue guidance to a range of $190-$200 million, up from the previous range of $175-$200 million. Similarly, the company anticipates closing the year with cash reserves at the higher end of their revised estimate of $60-$75 million.

For the second quarter of 2024, Gvoke generated net revenue of $20.0 million, up by 28% from the same period in 2023, supported by over 65,000 prescriptions. Recorlev's revenue saw a substantial increase of 86% to $13.3 million, driven by a 124% rise in the number of patients. However, Keveyis experienced a 7% decline in revenue to $13.1 million partly due to generic competition.

In addition to its commercial products, Xeris is also advancing its technology programs. The company announced positive results from its Phase 2 study of XP-8121 for hypothyroidism and has scheduled an end-of-Phase 2 meeting with the FDA by year-end. Xeris also entered into a collaboration with Beta Bionics, Inc. to develop a unique glucagon product for use in Beta Bionics’ bi-hormonal pump systems.

For the first half of 2024, Xeris reported a total revenue of $88.7 million, reflecting a 24.6% increase year-over-year. Gvoke's six-month revenue was $36.6 million, a 19% rise from the previous year, backed by approximately 124,000 prescriptions. Revenue for Recorlev doubled to $24.0 million, while Keveyis faced a slight dip to $26.2 million due to competitive pressures.

The company's cost of goods sold remained stable for the quarter but grew by $0.9 million for the six-month period due to higher sales. Research and development expenses slightly decreased for the quarter but increased by $2.7 million for the half-year, owing to higher spending on pipeline projects and personnel. Selling, general and administrative expenses rose by $2.4 million for the quarter and $7.1 million for the half-year, primarily due to increased personnel costs.

Xeris reported a net loss of $15.0 million for the quarter, or $0.10 per share, and a net loss of $34.0 million, or $0.24 per share, for the first six months of 2024. Despite these losses, the company’s financial position remains strong with cash, cash equivalents, and short-term investments totaling $77.6 million as of June 30, 2024.

Looking ahead, Xeris is set to participate in several upcoming investor conferences in September 2024, including the Wells Fargo Healthcare Conference, HC Wainwright Global Investor Conference, and Cantor Global Healthcare Conference.

Xeris Biopharma continues to focus on developing and commercializing innovative therapies to address significant unmet medical needs. The company’s current product lineup includes Gvoke, a liquid glucagon for severe hypoglycemia; Keveyis, a treatment for primary periodic paralysis; and Recorlev for endogenous Cushing’s syndrome. The company remains committed to advancing its product pipeline and leveraging its proprietary formulation technologies, XeriSol and XeriJect, to support long-term growth and success.