Xeris Biopharma Holdings Reports Record Q3 Revenues Driven by Strong Demand for Gvoke and Recorlev

Xeris Biopharma Holdings Reports Record Revenues Amidst Strong Product Demand

Xeris Biopharma Holdings, Inc. announces record total revenue of $54 million for the third quarter and the first nine months ending September 30, 2024, marking a 12.3% increase from $48.3 million during the same period last year. The company attributes this impressive growth primarily to a surge in product revenue, which has seen a remarkable 27% rise. This achievement signifies the twelfth consecutive quarter where Xeris has recorded over 20% growth, reflecting the strong market demand for its flagship products, Recorlev® and Gvoke®. CEO John Shannon emphasizes that strategic investments in Recorlev® are paying off, as evidenced by a staggering 118.9% increase in net revenue, which reached $17.7 million.

Gvoke® also showcases impressive performance with net revenues hitting $22.9 million, a 29% year-over-year increase. Notably, the product surpasses 70,000 prescriptions for the first time, capturing approximately 36% of the retail TRx glucagon market. This growth highlights the effectiveness of Xeris’s marketing strategies and the increasing reliance on Gvoke® as a treatment option in the diabetes market. Conversely, revenue from Keveyis® has seen a decline to $12.2 million, down 23.1% from the previous year, indicating potential challenges in that product segment.

In light of these results, Xeris raises its revenue guidance for the year to a range of $198-$202 million, an increase from the previously estimated $190-$200 million. This upward revision reflects the company's confidence in sustaining over 20% product revenue growth and advancing its pipeline, particularly with the Phase 3-ready XP-8121. CFO Steven Pieper notes that total operating expenses have remained flat, excluding non-routine charges, highlighting the company’s financial stability and its ability to maintain operations without resorting to dilutive financing.

Xeris Biopharma's commitment to innovative therapies continues to position the company favorably within the biopharmaceutical landscape. The consistent growth in product revenue, particularly from Recorlev® and Gvoke®, illustrates a robust market presence and an ability to meet the evolving needs of patients. As the company looks to the future, its focus on expanding its product offerings and advancing its pipeline solidifies its standing as a key player in the biopharmaceutical industry.