Xeris Biopharma Reports Third Quarter 2024 Financial Results
Achieved record total revenue of
Product revenue increased 27% versus prior year and 14% over the prior quarter
Ended Q3 with
Raises full-year guidance of total net revenue to
Hosting conference call and webcast today at
“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
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 as compared to$17.7 million in the third quarter of 2023 – an increase of approximately 29%. Gvoke prescriptions topped 70,000 for the first time, growing 20% compared to the same period in 2023. Gvoke’s share of the retail TRx glucagon market grew to approximately 36% at the end of October. -
Recorlev®: Third quarter net revenue was
$17.7 million – an increase of 119% compared to the third quarter of 2023. This growth was driven by the average number of patients on Recorlev increasing 125% from the same period in 2023. On a sequential basis, Recorlev net revenue increased 33% versus prior quarter. -
Keveyis®: Third quarter net revenue was
$12.2 million as compared to$15.9 million in the third quarter of 2023 - a decrease of approximately 23% driven by a reduction in patients on therapy. On a sequential basis, net revenue decreased 7% 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 for the nine months endedSeptember 30, 2024 , a 23% increase compared to prior year. Gvoke prescriptions for the nine months were approximately 194,000, growing approximately 24% compared to the same period in 2023. -
Recorlev®: Net revenue was
$41.7 million for the nine months endedSeptember 30, 2024 , a 111% increase from last year, driven by an increase in the number of patients on therapy. -
Keveyis®: Net revenue was
$38.4 million for the nine months endedSeptember 30, 2024 , a 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
Cash, cash equivalents, and short-term investments at
Conference Call and Webcast Details
Xeris will host a conference call and webcast today at
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
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.
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
|
|||||||||||||||
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 |
|
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands) |
|||||||
|
|
|
|
||||
|
(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 |
|
|
|
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
Senior Vice President, Investor Relations and Corporate Communications
awey@xerispharma.com
312-736-1237
Source: