Xeris Biopharma Boosts FY24 Revenue Guidance to $203M

Xeris Biopharma Holdings, Inc. (Nasdaq: XERS) has raised its full-year 2024 revenue guidance to $203 million, surpassing its previous estimate of $198 million to $202 million. The company's strong performance in the first quarter and positive outlook for the remainder of the year have driven this upward revision. Xeris' CEO, John Shannon, attributed the impressive results to accelerating demand for Recorlev and continued strong Gvoke demand.

Xeris' product portfolio, particularly Recorlev and Gvoke, has been the driving force behind the company's growth. Recorlev, a treatment for endogenous Cushing's syndrome, achieved a record number of new starts and referrals in Q4 2024. The average number of patients on Recorlev increased by 139% from Q1 2023 to Q1 2024 and by 18% from Q4 2023 to Q1 2024. Recorlev's net revenue increased by approximately $6.1 million (136.7%) from Q1 2023 to Q1 2024, contributing significantly to the company's overall revenue growth.

Gvoke, a ready-to-use liquid glucagon for treating severe hypoglycemia, ended the year with approximately 35% market share, indicating successful penetration in a competitive space. Gvoke's market share of the retail TRx glucagon market grew to over 36% through late April 2024, and weekly Gvoke TRxs broke the 5,000 level in late April, demonstrating strong demand. Gvoke's net revenue increased by approximately $1.6 million (10.3%) from Q1 2023 to Q1 2024, contributing to the company's overall revenue growth.

Strategic partnerships have also played a significant role in Xeris' financial performance. In May 2024, Xeris entered into an exclusive worldwide collaboration and license agreement with Beta Bionics for the development and commercialization of a new and unique formulation of liquid stable glucagon for use in bi-hormonal pumps and pump systems. This partnership triggered a milestone payment of $3 million in the fourth quarter of 2024, contributing to Xeris' total revenue for the year. Although Amgen chose to terminate its exclusive worldwide license agreement with Xeris following a broader company portfolio assessment, the termination did not have a material impact on Xeris' outlook, indicating that the partnership still contributed positively to Xeris' financial performance.

In summary, Xeris Biopharma's upward revision of its FY24 revenue guidance to $203 million reflects the company's strong performance and positive outlook. The growth of its product portfolio, particularly Recorlev and Gvoke, along with strategic partnerships, has driven this impressive financial result. As Xeris continues to execute on its commercial and pipeline strategies, investors can expect the company to maintain its momentum and deliver on its growth objectives.