Xeris Biopharma Delivers Record Fourth Quarter and Full-Year 2024 Results; and Announces 2025 Guidance
Achieved record quarterly and full-year total revenue of
Recorlev® revenue more than doubled versus prior year and grew
Ended Q4 with over
Provides full-year 2025 total revenue guidance of
Hosting conference call and webcast today at 8:30 a.m. ET
“The Xeris team executed an exceptional 2024 with record revenue topping
“Xeris has never been financially stronger. Record quarterly revenue exceeding
Fourth Quarter 2024 Highlights |
|||||||||||
|
Three months ended
|
|
Change |
||||||||
|
2024 |
|
2023 |
|
$ |
% |
|||||
Product revenue (in thousands): |
|
|
|
|
|
|
|||||
Gvoke |
$ |
23,262 |
|
$ |
18,639 |
|
$ |
4,623 |
|
24.8 |
|
Recorlev |
|
22,614 |
|
|
9,806 |
|
|
12,808 |
|
130.6 |
|
Keveyis |
|
11,124 |
|
|
14,064 |
|
|
(2,940 |
) |
(20.9 |
) |
Product revenue, net |
|
57,000 |
|
|
42,509 |
|
|
14,491 |
|
34.1 |
|
Royalty, contract and other revenue |
|
3,099 |
|
|
1,881 |
|
|
1,218 |
|
64.8 |
|
Total revenue |
$ |
60,099 |
|
$ |
44,390 |
|
$ |
15,709 |
|
35.4 |
|
-
Gvoke®: Fourth quarter net revenue was
– an increase of approximately$23.3 million 25% compared to the fourth quarter of 2023. Gvoke prescriptions grew18% compared to the same period in 2023. Gvoke’s share of the retail prescriptions glucagon market averaged35% in the fourth quarter. -
Recorlev®: Fourth quarter net revenue was
– an increase of approximately$22.6 million 131% compared to the fourth quarter of 2023. This growth was driven by the average number of patients on Recorlev increasing123% from the same period in 2023. On a sequential basis, Recorlev net revenue increased or$4.9 million 28% versus the prior quarter. -
Keveyis®: Fourth quarter net revenue was
– a decrease of approximately$11.1 million 21% compared to the fourth quarter of 2023. This decrease was primarily driven by a reduction in product shipments in the period. -
Royalty, contract and other revenue: In the fourth quarter, we successfully formulated a unique XeriSol® formulation of glucagon for Beta Bionics, Inc., resulting in the recognition of
in revenue.$3.0 million
Year-to-Date 2024 Financial Results |
|||||||||||
|
Years Ended December 31, |
|
Change |
||||||||
|
2024 |
|
2023 |
|
$ |
% |
|||||
Product revenue (in thousands): |
|
|
|
|
|
|
|||||
Gvoke |
$ |
82,829 |
|
$ |
67,045 |
|
$ |
15,784 |
|
23.5 |
|
Recorlev |
|
64,277 |
|
|
29,547 |
|
|
34,730 |
|
117.5 |
|
Keveyis |
|
49,530 |
|
|
56,772 |
|
|
(7,242 |
) |
(12.8 |
) |
Product revenue, net |
|
196,636 |
|
|
153,364 |
|
|
43,272 |
|
28.2 |
|
Royalty, contract and other revenue |
|
6,434 |
|
|
10,550 |
|
|
(4,116 |
) |
(39.0 |
) |
Total revenue |
$ |
203,070 |
|
$ |
163,914 |
|
$ |
39,156 |
|
23.9 |
|
-
Gvoke®: Net revenue was
for the year ended December 31, 2024 – an increase of approximately$82.8 million 24% compared to prior year. Gvoke prescriptions for the year were approximately 265,000, growing approximately23% compared to the same period in 2023. -
Recorlev®: Net revenue was
for the year ended December 31, 2024 – an increase of approximately$64.3 million 118% compared to prior year. This growth was driven by an increase in the number of patients on therapy. -
Keveyis®: Net revenue was
for the year ended December 31, 2024 – a decrease of approximately$49.5 million 13% compared to prior year. This decrease was primarily driven by a reduction of average patients on therapy.
Cost of goods sold (COGS) increased
For the year-end December 31, 2024, COGS increased
Research and development (R&D) expenses was relatively flat in the fourth quarter 2024 compared to the same period last year. Expenses in the quarter supported our pipeline, notably XP-8121, and personnel related expenses to support our pipeline and continued investment in our technology platforms and partnerships.
R&D expenses for the year ended December 31, 2024 increased by
Selling, general and administrative (SG&A) expenses increased
SG&A expenses increased by
Net Loss for the fourth quarter was
Adjusted EBITDA1 for the fourth quarter was
Cash, cash equivalents, and short-term investments at December 31, 2024 was
Conference Call and Webcast Details
Xeris will host a conference call and webcast at 8:30 a.m. Eastern Time today to discuss the Company's financial and operational results. To pre-register for the conference call, please use the following link: https://www.netroadshow.com/events/login?show=ecd4fc1e&confId=76382
After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. The Company recommends registering a minimum of ten minutes prior to the start of the call. Following the conference call, a replay will be available until Thursday, March 20, 2025 at US:1 929 458 6194, US Toll Free: 1 866 813 9403,
To join the webcast, please visit “Events” on investor relations page of the Company’s website at www.xerispharma.com or use this link:
Note Regarding Use of Non-GAAP Financial Measures
This press release includes financial results prepared in accordance with generally accepted accounting principles in
Adjusted EBITDA is GAAP net income (loss) before income tax (benefit) expense, plus interest and other income, less depreciation and amortization, interest expenses, share based compensation, debt refinancing fees and loss on debt extinguishment relating to the exchange in September 2023 of
We are unable to reconcile our forward-looking guidance for Adjusted EBITDA to its most directly comparable GAAP measure. This is because the company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain components of such GAAP metric and reconciliations due to market-related assumptions such as information regarding future compensation charges, future changes in the market price of our common stock or other costs which may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures.
About Xeris
Xeris (Nasdaq: XERS) is a fast-growing biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies. Xeris has three commercially available products: Recorlev®, for the treatment of endogenous Cushing’s syndrome; Gvoke®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia; and Keveyis®, a proven therapy for primary periodic paralysis. Xeris also has a pipeline of development programs led by XP-8121, a Phase 3-ready, once-weekly subcutaneous injection for hypothyroidism, as well as multiple early-stage programs leveraging Xeris’ technology platforms, XeriSol® and XeriJect®, for its partners.
Xeris Biopharma Holdings is headquartered in
Forward-Looking Statements
Any statements in this press release other than statements of historical fact are forward-looking statements. Forward-looking statements include, but are not limited to, statements about future expectations, plans and prospects for Xeris Biopharma Holdings, Inc. including statements regarding guidance for 2025, including the potential for revenue growth and Adjusted EBIDTA, the potential for 2025 to be financially transformative, our ability to drive more value for patients and shareholders, the market and therapeutic potential of its products and product candidates, the potential utility of its formulation platforms, the advancement of its pipeline (including XP-8121), and other statements containing the words “will,” “would,” “continue,” “expect,” “should,” “anticipate” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on numerous assumptions and assessments made in light of Xeris’ experience and perception of historical trends, current conditions, business strategies, operating environment, future developments, geopolitical factors and other factors it believes appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. The various factors that could cause Xeris’ actual results, performance or achievements, industry results and developments to differ materially from those expressed in or implied by such forward-looking statements, include, but are not limited to, its financial position and need for financing, including to fund its product development programs or commercialization efforts, whether its products will achieve and maintain market acceptance in a competitive business environment, its reliance on third-party suppliers, including single-source suppliers, its reliance on third parties to conduct clinical trials, the ability of its product candidates to compete successfully with existing and new drugs, its and collaborators’ ability to protect its intellectual property and proprietary technology, and general macroeconomic conditions. No assurance can be given that such expectations will be realized and persons reading this communication are, therefore, cautioned not to place undue reliance on these forward-looking statements. Additional risks and information about potential impacts of financial, operational, economic, competitive, regulatory, governmental, technological, and other factors that may affect Xeris can be found in Xeris’ filings, including its most recently filed Quarterly Report on Form 10-Q with the
1 Adjusted EBITDA is a non-GAAP financial measure. See "Note Regarding Use of Non-GAAP Financial Measures" and the corresponding financial tables at the end of this press release for definitions and reconciliations of non-GAAP measures.
XERIS BIOPHARMA HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(in thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Years Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
|
||||||||
Product revenue, net |
$ |
57,000 |
|
|
$ |
42,509 |
|
|
$ |
196,636 |
|
|
$ |
153,364 |
|
Royalty, contract and other revenue |
|
3,099 |
|
|
|
1,881 |
|
|
|
6,434 |
|
|
|
10,550 |
|
Total revenue |
|
60,099 |
|
|
|
44,390 |
|
|
|
203,070 |
|
|
|
163,914 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
9,478 |
|
|
|
7,570 |
|
|
|
36,832 |
|
|
|
28,645 |
|
Research and development |
|
6,092 |
|
|
|
6,382 |
|
|
|
25,560 |
|
|
|
22,341 |
|
Selling, general and administrative |
|
40,139 |
|
|
|
37,568 |
|
|
|
163,481 |
|
|
|
146,095 |
|
Amortization of intangible assets |
|
2,711 |
|
|
|
2,711 |
|
|
|
10,843 |
|
|
|
10,843 |
|
Total costs and expenses |
|
58,420 |
|
|
|
54,231 |
|
|
|
236,716 |
|
|
|
207,924 |
|
Loss from operations |
|
1,679 |
|
|
|
(9,841 |
) |
|
|
(33,646 |
) |
|
|
(44,010 |
) |
Other expenses |
|
(6,792 |
) |
|
|
(3,785 |
) |
|
|
(23,458 |
) |
|
|
(19,494 |
) |
Net loss before benefit from income taxes |
|
(5,113 |
) |
|
|
(13,626 |
) |
|
|
(57,104 |
) |
|
|
(63,504 |
) |
Benefit from income taxes |
|
— |
|
|
|
236 |
|
|
|
2,268 |
|
|
|
1,249 |
|
Net loss |
$ |
(5,113 |
) |
|
$ |
(13,390 |
) |
|
$ |
(54,836 |
) |
|
$ |
(62,255 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share - basic and diluted |
$ |
(0.03 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic and diluted |
|
149,092,881 |
|
|
|
138,124,878 |
|
|
|
146,772,758 |
|
|
|
137,674,857 |
|
XERIS BIOPHARMA HOLDINGS, INC. Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA |
|||||||||||||||
(in thousands, unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Years Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
GAAP Net Loss |
$ |
(5,113 |
) |
|
$ |
(13,390 |
) |
|
$ |
(54,836 |
) |
|
$ |
(62,255 |
) |
Adjustments |
|
|
|
|
|
|
|
||||||||
Interest and other income |
|
(910 |
) |
|
|
(1,107 |
) |
|
|
(5,321 |
) |
|
|
(4,751 |
) |
Interest expense |
|
7,703 |
|
|
|
7,018 |
|
|
|
30,485 |
|
|
|
26,609 |
|
Income tax (benefit) expense |
|
— |
|
|
|
(236 |
) |
|
|
(2,268 |
) |
|
|
(1,249 |
) |
Depreciation and amortization |
|
3,024 |
|
|
|
3,057 |
|
|
|
12,070 |
|
|
|
12,330 |
|
EBITDA |
|
4,704 |
|
|
|
(4,658 |
) |
|
|
(19,870 |
) |
|
|
(29,316 |
) |
Adjustments |
|
|
|
|
|
|
|
||||||||
Share-based compensation (a) |
|
3,595 |
|
|
|
2,767 |
|
|
|
18,363 |
|
|
|
10,716 |
|
Debt refinancing fees (b) |
|
— |
|
|
|
— |
|
|
|
2,690 |
|
|
|
— |
|
Loss on debt extinguishment, net (b) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,837 |
|
Adjusted EBITDA |
|
8,299 |
|
|
|
(1,891 |
) |
|
|
1,183 |
|
|
|
(15,763 |
) |
(a) Includes non-cash, stock-based compensation, net of forfeitures. |
|
(b) Represents non-recurring fees related to financing activities. Including (1) debt refinancing fees which related to advisory and legal fees to refinance the term loan in 2024 and (2) loss on debt extinguishment related to the exchange in September 2023 of |
XERIS BIOPHARMA HOLDINGS, INC. |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands) |
|||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||
|
|
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
71,621 |
|
|
$ |
67,449 |
|
Short-term investments |
|
— |
|
|
|
5,002 |
|
Trade accounts receivable, net |
|
40,415 |
|
|
|
39,197 |
|
Inventory |
|
48,175 |
|
|
|
38,838 |
|
Prepaid expenses and other current assets |
|
7,451 |
|
|
|
5,778 |
|
Total current assets |
|
167,662 |
|
|
|
156,264 |
|
Property and equipment, net |
|
5,562 |
|
|
|
5,971 |
|
Intangible assets, net |
|
98,921 |
|
|
|
109,764 |
|
Goodwill |
|
22,859 |
|
|
|
22,859 |
|
Operating lease right-of-use assets |
|
22,649 |
|
|
|
23,204 |
|
Other assets |
|
5,407 |
|
|
|
4,540 |
|
Total assets |
$ |
323,060 |
|
|
$ |
322,602 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
2,290 |
|
|
$ |
11,565 |
|
Current portion of long-term debt |
|
15,102 |
|
|
|
— |
|
Current operating lease liabilities |
|
6,080 |
|
|
|
3,495 |
|
Other accrued liabilities |
|
27,716 |
|
|
|
23,510 |
|
Accrued trade discounts and rebates |
|
29,084 |
|
|
|
22,149 |
|
Accrued returns reserve |
|
19,082 |
|
|
|
14,198 |
|
Current portion of contingent value rights |
|
— |
|
|
|
19,109 |
|
Other current liabilities |
|
1,089 |
|
|
|
1,167 |
|
Total current liabilities |
|
100,443 |
|
|
|
95,193 |
|
Long-term debt, net of unamortized debt issuance costs |
|
217,006 |
|
|
|
190,932 |
|
Non-current contingent value rights |
|
— |
|
|
|
1,379 |
|
Non-current operating lease liabilities |
|
33,259 |
|
|
|
34,764 |
|
Deferred tax liabilities |
|
— |
|
|
|
2,268 |
|
Other liabilities |
|
1,967 |
|
|
|
4,848 |
|
Total liabilities |
|
352,675 |
|
|
|
329,384 |
|
Total stockholders’ equity (deficit) |
|
(29,615 |
) |
|
|
(6,782 |
) |
Total liabilities and stockholders’ equity (deficit) |
$ |
323,060 |
|
|
$ |
322,602 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250306430605/en/
Investor Contact
Allison Wey
Senior Vice President, Investor Relations and Corporate Communications
awey@xerispharma.com
Source: Xeris Biopharma Holdings, Inc.