Xeris Biopharma (XERS) 8 Nov 24 2024 Q3 Earnings call transcript
Xeris Biopharma recently released its third-quarter 2024 financial results, showcasing another quarter of impressive growth and strategic advancements. The company's management team, led by CEO John Shannon and CFO Steve Pieper, highlighted the company's significant achievements and outlined a promising outlook for the future.
Strong Commercial Performance and Product Revenue Growth
Xeris Biopharma reported a total revenue of over $54 million for the third quarter, a notable increase of 27% compared to the previous year. Product revenue, specifically, stood at nearly $53 million, marking the 12th consecutive quarter of over 20% growth. This growth is attributed to the strong demand for Recorlev, Gvoke, and the continuing success of Keveyis.
Recorlev, an oral twice-daily tablet designed to normalize cortisol levels in patients with hypercortisolemia, saw a record number of new referrals and a 126% increase in new patient starts compared to the previous year. The product's best-in-class profile and focus on addressing a rapidly expanding market have significantly contributed to its success.
Gvoke, a ready-to-use glucagon auto-injector for treating severe hypoglycemia, achieved almost $23 million in revenue, representing a 29% increase. The product's ease of use and potential to save lives in emergency situations make it a valuable asset for patients with diabetes.
Keveyis, a branded product for treating partial-onset seizures, continued to demonstrate strong support from the medical and patient community, despite competition from generics. The product's durability as a branded solution underscores its value proposition and commitment to patient care.
Strategic Priorities and Financial Health
Xeris Biopharma's strategic priorities include rapid and sustained growth of its commercial franchises, enhancing financial discipline, and improving communications and transparency with stakeholders. The company's disciplined investment approach, specifically in Recorlev, has accelerated its growth, leading to an increased sales and patient support team to capitalize on market opportunities.
Xeris Biopharma's financial health is robust, with a strong cash position of over $69 million. The company's revenue guidance for 2024 has been raised to $198 million to $202 million, reflecting the momentum of its commercial franchises and the potential of its pipeline, particularly XP-8121.
Pipeline and Future Prospects
Xeris Biopharma's pipeline, led by XP-8121, a once-weekly subcu levothyroxine, is a significant focus for the company. The ongoing discussions with the FDA for a Phase III registrational program and the positive Phase II clinical data position XP-8121 well for future growth. The company's partnership programs with technology partners are also progressing, showcasing the potential for future collaborations.
Conclusion
Xeris Biopharma's third-quarter results reflect the company's strategic focus on growth, financial discipline, and stakeholder communications. With a robust product portfolio and a promising pipeline, Xeris Biopharma is well-positioned for continued success. The company's commitment to improving patient care and delivering value to its stakeholders underscores its long-term growth prospects. As Xeris Biopharma moves into the fourth quarter and beyond, investors and stakeholders can look forward to further updates on the company's strategic initiatives and financial performance.