Xeris Biopharma Announces Q3 2024 Financial Results

Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a biopharmaceutical company based in Chicago, announced its financial results for the third quarter and the first nine months ending September 30, 2024. The company has reported remarkable revenue growth driven by the strong performance of its products, particularly Recorlev® and Gvoke®.

For the third quarter of 2024, Xeris achieved a record revenue of $54 million, marking a 12.3% increase from $48.3 million in the same period in 2023. This surge was primarily fueled by the exceptional market reception of Recorlev® and Gvoke®. Recorlev® brought in $17.7 million, reflecting a 119% year-over-year increase, driven by a 125% rise in the number of patients. Gvoke® generated net revenue of $22.9 million, a 29% increase from the previous year's $17.7 million, with prescriptions surpassing 70,000 for the first time, and the product capturing approximately 36% of the retail TRx glucagon market by the end of October. However, there was a decline in Keveyis® revenue, which decreased by 23% to $12.2 million due to a reduction in the number of patients on therapy and changes in pharmacy reimbursements.

The company's total revenue for the first nine months of 2024 was $142.97 million, up 19.6% from $119.52 million in the same period in 2023. Gvoke®'s nine-month revenue reached $59.6 million, a 23% increase, while Recorlev® saw a 111% rise to $41.7 million. However, Keveyis® revenue declined by 10% to $38.4 million. The cost of goods sold increased by $6.3 million for the nine months, primarily due to a $3.6 million write-off of Gvoke components because of manufacturing process changes.

Research and development (R&D) expenses showed an uptick, with a $3.5 million increase for the first nine months, attributed to higher spending on pipeline and personnel-related costs. Selling, general, and administrative (SG&A) expenses rose by $14.8 million, largely due to the CEO succession plan and restructuring costs amounting to $6.1 million and increased costs associated with Recorlev® expansions.

Despite the revenue growth, the company reported a net loss of $15.7 million for the third quarter, translating to a loss of $0.11 per share. For the nine months, the net loss was $49.7 million, or $0.34 per share. Excluding the CEO succession plan and restructuring costs, the earnings per share were $(0.06) for the quarter and $(0.30) for the nine months.

Xeris has raised its revenue guidance for the full year 2024 to a range of $198-$202 million from the previous guidance of $190-$200 million, citing the strong year-to-date performance of its products. The company's CFO, Steven Pieper, highlighted the firm’s ability to sustain robust revenue growth, maintain strong margins, and effectively manage expenses, asserting that the business remains financially stable without needing dilutive financing for growth.

As of September 30, 2024, Xeris held cash, cash equivalents, and short-term investments totaling $69.4 million, compared to $72.5 million at the end of 2023. The company had 149,081,461 shares outstanding as of October 31, 2024.

Xeris continues to focus on expanding its product pipeline, including advancing its Phase 3-ready candidate, XP-8121. The company’s mission remains dedicated to enhancing patient lives through the development and commercialization of innovative therapies.