Xeris Biopharma Reports Third Quarter 2024 Financial Results
Xeris Biopharma reported record Q3 2024 total revenue of $54.3M, with product revenue reaching $52.9M, marking a 27% increase year-over-year and 14% quarter-over-quarter growth. Gvoke revenue grew 29% to $22.9M, while Recorlev revenue surged 119% to $17.7M. However, Keveyis revenue declined 23% to $12.2M. The company raised its full-year revenue guidance to $198M-$202M and ended Q3 with $69.4M in cash. Net loss for Q3 was $15.7M or ($0.11) per share.
Xeris Biopharma ha riportato un fatturato record per il terzo trimestre del 2024, pari a 54,3 milioni di dollari, con un fatturato da prodotto che ha raggiunto 52,9 milioni di dollari, segnando un incremento del 27% rispetto all'anno precedente e una crescita del 14% rispetto al trimestre precedente. I ricavi di Gvoke sono aumentati del 29% arrivando a 22,9 milioni di dollari, mentre i ricavi di Recorlev sono esplosi del 119%, arrivando a 17,7 milioni di dollari. Tuttavia, i ricavi di Keveyis sono diminuiti del 23%, attestandosi a 12,2 milioni di dollari. L'azienda ha rivisto al rialzo le previsioni di fatturato per l'intero anno a 198-202 milioni di dollari e ha chiuso il terzo trimestre con 69,4 milioni di dollari in cassa. La perdita netta per il terzo trimestre è stata di 15,7 milioni di dollari, corrispondente a 0,11 dollari per azione.
Xeris Biopharma reportó ingresos récord de 54,3 millones de dólares en el tercer trimestre de 2024, con ingresos por productos que alcanzaron 52,9 millones de dólares, lo que representa un aumento del 27% interanual y un crecimiento del 14% en comparación con el trimestre anterior. Los ingresos de Gvoke crecieron un 29% hasta 22,9 millones de dólares, mientras que los ingresos de Recorlev se dispararon un 119% hasta 17,7 millones de dólares. Sin embargo, los ingresos de Keveyis disminuyeron un 23% hasta 12,2 millones de dólares. La compañía elevó su guía de ingresos para el año completo a 198-202 millones de dólares y finalizó el tercer trimestre con 69,4 millones de dólares en efectivo. La pérdida neta para el tercer trimestre fue de 15,7 millones de dólares, es decir, 0,11 dólares por acción.
Xeris Biopharma는 2024년 3분기 총 수익이 5,430만 달러에 달했으며, 제품 수익은 5,290만 달러에 이르러, 전년 대비 27% 증가하고, 전분기 대비 14% 성장했다고 보고했습니다. Gvoke의 수익은 29% 증가하여 2,290만 달러에 도달하였고, Recorlev의 수익은 119% 증가하여 1,770만 달러로 급증했습니다. 그러나 Keveyis의 수익은 23% 감소하여 1,220만 달러로 나타났습니다. 이 회사는 연간 수익 전망을 1억 9800만 달러 - 2억 200만 달러로 상향 조정했으며, 3분기를 6,940만 달러의 현금으로 마감했습니다. 3분기의 순손실은 1,570만 달러 또는 주당 0.11 달러였습니다.
Xeris Biopharma a annoncé un chiffre d'affaires record pour le troisième trimestre 2024 de 54,3 millions de dollars, avec des revenus produits atteignant 52,9 millions de dollars, marquant une augmentation de 27 % par rapport à l'année précédente et une croissance de 14 % par rapport au trimestre précédent. Les revenus de Gvoke ont augmenté de 29 % pour atteindre 22,9 millions de dollars, tandis que les revenus de Recorlev ont explosé de 119 % pour atteindre 17,7 millions de dollars. Cependant, les revenus de Keveyis ont diminué de 23 % pour atteindre 12,2 millions de dollars. L'entreprise a rehaussé ses prévisions de revenus pour l'année entière à 198-202 millions de dollars et a clôturé le troisième trimestre avec 69,4 millions de dollars en liquidités. La perte nette pour le troisième trimestre était de 15,7 millions de dollars, soit 0,11 dollar par action.
Xeris Biopharma berichtete im dritten Quartal 2024 einen Rekordumsatz von 54,3 Millionen Dollar, wobei die Produktumsätze 52,9 Millionen Dollar erreichten und somit ein Anstieg von 27% im Vergleich zum Vorjahr sowie ein Wachstum von 14% im Vergleich zum vorherigen Quartal verzeichneten. Der Umsatz von Gvoke stieg um 29% auf 22,9 Millionen Dollar, während der Umsatz von Recorlev um 119% auf 17,7 Millionen Dollar anstieg. Allerdings sank der Umsatz von Keveyis um 23% auf 12,2 Millionen Dollar. Das Unternehmen hat seine Umsatzprognose für das Gesamtjahr auf 198-202 Millionen Dollar angehoben und beendete das dritte Quartal mit 69,4 Millionen Dollar Eigenkapital. Der Nettverlust im dritten Quartal betrug 15,7 Millionen Dollar oder 0,11 Dollar pro Aktie.
- Record total revenue of $54.3M in Q3 2024
- Product revenue grew 27% YoY, marking 12th consecutive quarter of >20% growth
- Gvoke revenue increased 29.4% to $22.9M
- Recorlev revenue surged 118.9% to $17.7M
- Raised full-year revenue guidance to $198M-$202M
- Keveyis revenue declined 23.1% to $12.2M
- Net loss of $15.7M in Q3 2024
- Increased SG&A expenses by $7.7M
- Cost of goods sold increased by $5.4M
- $3.6M write-off of Gvoke components due to manufacturing process changes
Insights
The Q3 results demonstrate robust growth with
The raised full-year guidance to
Market performance metrics are particularly strong, with Gvoke capturing
Achieved record total revenue of
Product revenue increased
Ended Q3 with
Raises full-year guidance of total net revenue to
Hosting conference call and webcast today at 8:30 a.m. ET
“We are proud to report our record-breaking quarter with total revenue of our
“While delivering exceptional revenue growth, we held our total operating expenses relatively flat to last quarter when you exclude non-routine charges,” said Steven Pieper, CFO of Xeris. “We will continue to drive robust revenue growth, maintain our strong margin profile, and diligently manage expenses, which gives us confidence that the business is financially sound and does not require any dilutive financing to fund our growth.”
Third Quarter 2024 Highlights
|
Three Months Ended
|
|
Change |
||||||||
|
2024 |
|
2023 |
|
$ |
% |
|||||
Product revenue (in thousands): |
|
|
|
|
|
|
|||||
Gvoke |
$ |
22,942 |
|
$ |
17,735 |
|
$ |
5,207 |
|
29.4 |
|
Recorlev |
|
17,726 |
|
|
8,097 |
|
|
9,629 |
|
118.9 |
|
Keveyis |
|
12,193 |
|
|
15,865 |
|
|
(3,672 |
) |
(23.1 |
) |
Product revenue, net |
|
52,861 |
|
|
41,697 |
|
|
11,164 |
|
26.8 |
|
Royalty, contract and other revenue |
|
1,407 |
|
|
6,623 |
|
|
(5,216 |
) |
(78.8 |
) |
Total revenue |
$ |
54,268 |
|
$ |
48,320 |
|
$ |
5,948 |
|
12.3 |
|
Commercial Products
-
Gvoke®: Third quarter net revenue was
$22.9 million $17.7 million 29% . Gvoke prescriptions topped 70,000 for the first time, growing20% compared to the same period in 2023. Gvoke’s share of the retail TRx glucagon market grew to approximately36% at the end of October. -
Recorlev®: Third quarter net revenue was
$17.7 million 119% compared to the third quarter of 2023. This growth was driven by the average number of patients on Recorlev increasing125% from the same period in 2023. On a sequential basis, Recorlev net revenue increased33% versus prior quarter. -
Keveyis®: Third quarter net revenue was
$12.2 million $15.9 million 23% driven by a reduction in patients on therapy. On a sequential basis, net revenue decreased7% due to pharmacy reimbursement changes.
Year-to-Date 2024 Financial Results
|
Nine Months Ended
|
|
Change |
||||||||
|
2024 |
|
2023 |
|
$ |
% |
|||||
Product revenue (in thousands): |
|
|
|
|
|
|
|||||
Gvoke |
$ |
59,567 |
|
$ |
48,406 |
|
$ |
11,161 |
|
23.1 |
|
Recorlev |
|
41,663 |
|
|
19,741 |
|
|
21,922 |
|
111.0 |
|
Keveyis |
|
38,406 |
|
|
42,708 |
|
|
(4,302 |
) |
(10.1 |
) |
Product revenue, net |
|
139,636 |
|
|
110,855 |
|
|
28,781 |
|
26.0 |
|
Royalty, contract and other revenue |
|
3,335 |
|
|
8,669 |
|
|
(5,334 |
) |
(61.5 |
) |
Total revenue |
$ |
142,971 |
|
$ |
119,524 |
|
$ |
23,447 |
|
19.6 |
|
-
Gvoke®: Net revenue was
$59.6 million 23% increase compared to prior year. Gvoke prescriptions for the nine months were approximately 194,000, growing approximately24% compared to the same period in 2023. -
Recorlev®: Net revenue was
$41.7 million 111% increase from last year, driven by an increase in the number of patients on therapy. -
Keveyis®: Net revenue was
$38.4 million 10% decrease from last year due to a reduction in patients on therapy.
Cost of goods sold increased
Research and development (R&D) expenses increased slightly by
Selling, general and administrative (SG&A) expenses increased by
Net Loss for the three months ended September 30, 2024, was
Cash, cash equivalents, and short-term investments at September 30, 2024 was
Conference Call and Webcast Details
Xeris will host a conference call and webcast today at 8:30 a.m. Eastern Time to discuss the Company’s financial and operational results.
To pre-register for the call, please go to the following link: https://www.netroadshow.com/events/login?show=6c5018a9&confId=72180 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 Friday, November 22, 2024 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: https://events.q4inc.com/attendee/232807470
About Xeris
Xeris (Nasdaq: XERS) is a growth-oriented biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies. Xeris has three commercially available products; Gvoke®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia, Keveyis®, a proven therapy for primary periodic paralysis, and Recorlev® for the treatment of endogenous Cushing’s syndrome. Xeris also has a robust pipeline of development programs to extend the current marketed products into important new indications and uses and bring new products forward using its proprietary formulation technology platforms, XeriSol® and XeriJect®, supporting long-term product development and commercial success.
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 the financial outlook for 2024, projections regarding year-end 2024 cash estimates and total revenue, the potential for growth of revenue, 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, and its and collaborators’ ability to protect its intellectual property and proprietary technology. 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 filed with the Securities and Exchange Commission, the contents of which are not incorporated by reference into, nor do they form part of, this communication. Forward-looking statements in this communication are based on information available to us, as of the date of this communication and, while we believe our assumptions are reasonable, actual results may differ materially. Subject to any obligations under applicable law, we do not undertake any obligation to update any forward-looking statement whether as a result of new information, future developments or otherwise, or to conform any forward-looking statement to actual results, future events, or to changes in expectations.
XERIS BIOPHARMA HOLDINGS, INC. |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(in thousands, except share and per share data) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Product revenue, net |
$ |
52,861 |
|
|
$ |
41,697 |
|
|
$ |
139,636 |
|
|
$ |
110,855 |
|
Royalty, contract and other revenue |
|
1,407 |
|
|
|
6,623 |
|
|
|
3,335 |
|
|
|
8,669 |
|
Total revenue |
|
54,268 |
|
|
|
48,320 |
|
|
|
142,971 |
|
|
|
119,524 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
13,593 |
|
|
|
8,201 |
|
|
|
27,354 |
|
|
|
21,075 |
|
Research and development |
|
5,888 |
|
|
|
5,034 |
|
|
|
19,468 |
|
|
|
15,959 |
|
Selling, general and administrative |
|
44,969 |
|
|
|
37,287 |
|
|
|
123,342 |
|
|
|
108,527 |
|
Amortization of intangible assets |
|
2,711 |
|
|
|
2,711 |
|
|
|
8,132 |
|
|
|
8,132 |
|
Total costs and expenses |
|
67,161 |
|
|
|
53,233 |
|
|
|
178,296 |
|
|
|
153,693 |
|
Loss from operations |
|
(12,893 |
) |
|
|
(4,913 |
) |
|
|
(35,325 |
) |
|
|
(34,169 |
) |
Other expense |
|
(6,169 |
) |
|
|
(7,614 |
) |
|
|
(16,666 |
) |
|
|
(15,709 |
) |
Net loss before benefit from income taxes |
|
(19,062 |
) |
|
|
(12,527 |
) |
|
|
(51,991 |
) |
|
|
(49,878 |
) |
Income tax benefit |
|
3,324 |
|
|
|
338 |
|
|
|
2,268 |
|
|
|
1,013 |
|
Net loss |
$ |
(15,738 |
) |
|
$ |
(12,189 |
) |
|
$ |
(49,723 |
) |
|
$ |
(48,865 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share - basic and diluted |
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.36 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic and diluted |
|
148,993,823 |
|
|
|
138,059,781 |
|
|
|
145,962,198 |
|
|
|
137,523,202 |
|
XERIS BIOPHARMA HOLDINGS, INC. |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
|
(unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
59,232 |
|
|
$ |
67,449 |
|
Short-term investments |
|
10,170 |
|
|
|
5,002 |
|
Trade accounts receivable, net |
|
41,138 |
|
|
|
39,197 |
|
Inventory |
|
45,119 |
|
|
|
38,838 |
|
Prepaid expenses and other current assets |
|
7,140 |
|
|
|
5,778 |
|
Total current assets |
|
162,799 |
|
|
|
156,264 |
|
Property and equipment, net |
|
5,613 |
|
|
|
5,971 |
|
Intangible assets, net |
|
101,632 |
|
|
|
109,764 |
|
Goodwill |
|
22,859 |
|
|
|
22,859 |
|
Operating lease right-of-use assets |
|
22,758 |
|
|
|
23,204 |
|
Other assets |
|
5,443 |
|
|
|
4,540 |
|
Total assets |
$ |
321,104 |
|
|
$ |
322,602 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
7,451 |
|
|
$ |
11,565 |
|
Current portion of long-term debt |
|
15,057 |
|
|
|
— |
|
Current operating lease liabilities |
|
6,042 |
|
|
|
3,495 |
|
Other accrued liabilities |
|
23,543 |
|
|
|
23,510 |
|
Accrued trade discounts and rebates |
|
20,519 |
|
|
|
22,149 |
|
Accrued returns reserve |
|
17,723 |
|
|
|
14,198 |
|
Current portion of contingent value rights |
|
— |
|
|
|
19,109 |
|
Other current liabilities |
|
678 |
|
|
|
1,167 |
|
Total current liabilities |
|
91,013 |
|
|
|
95,193 |
|
Long-term debt, net of unamortized debt issuance costs |
|
216,227 |
|
|
|
190,932 |
|
Non-current contingent value rights |
|
— |
|
|
|
1,379 |
|
Non-current operating lease liabilities |
|
33,639 |
|
|
|
34,764 |
|
Deferred tax liabilities |
|
— |
|
|
|
2,268 |
|
Other liabilities |
|
8,548 |
|
|
|
4,848 |
|
Total liabilities |
|
349,427 |
|
|
|
329,384 |
|
Total stockholders’ equity (deficit) |
|
(28,323 |
) |
|
|
(6,782 |
) |
Total liabilities and stockholders’ equity (deficit) |
$ |
321,104 |
|
|
$ |
322,602 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241108040671/en/
Investor Contact
Allison Wey
Senior Vice President, Investor Relations and Corporate Communications
awey@xerispharma.com
312-736-1237
Source: Xeris Biopharma Holdings, Inc.
FAQ
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