Post by icemandios on Nov 9, 2022 13:41:40 GMT
Xeris Biopharma Reports Third Quarter 2022 Financial Results and Recent Events
Achieved record net product revenue of $29.6M – a 17% increase from Q2 ’22, and a 31% increase from same period prior year on a pro forma basis; tightens full-year total net product revenue guidance to $105M-$110M
Ended Q3 with $93.4M in cash, cash equivalents and short-term investments; raises 2022 year-end cash balance guidance from $90M-$110M to $110M-$120M
Remains on track to achieve $50M in synergies by year-end 2022 and cash flow breakeven by year-end 2023
Reported positive topline results from its Phase 1 study of subcutaneous levothyroxine (XP-8121)
Published the longer-term effects of levoketoconazole (Recorlev ® ) from extended evaluation of SONICS study in ‘European Journal of Endocrinology’
Hosting conference call and webcast today at 8:30 a.m. ET
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies, today announced financial results for the third quarter and nine months ended September 30, 2022 and other corporate highlights.
“Our third quarter and year-to-date performance reflect the continued strength of our growing commercial products coupled with disciplined management of our cash. This gives us confidence to raise our year-end cash balance guidance to $110-$120 million, reaffirm and tighten net product revenue range to $105-110 million for full-year, and reaffirm our guidance of $50 million in synergies and cash flow breakeven by year-end 2023,” said Paul R. Edick, Chairman and CEO of Xeris Biopharma. “As we finish the year and head into 2023, we expect to build upon our 2022 momentum and continue creating shareholder value through continued revenue growth, careful allocation of resources, and prudent expense management.”
Third Quarter Highlights and Recent Events
Commercial Products
Gvoke® : Third quarter 2022 net revenue was $13.7 million as compared to $11.0 million in the third quarter of 2021 – an increase of approximately 24%. Gvoke prescriptions topped 38,000 for the first time, growing more than 41% compared to the same period in 2021. Gvoke’s market share of the retail TRx glucagon market grew to approximately 23% at the end of October.
Keveyis® : Third quarter net revenue was $13.4 million – an increase of approximately 17% compared to the same period in 2021 on a pro forma basis. The number of patients on Keveyis increased 9% from the same period in 2021.
Recorlev® : Third quarter net revenue increased to $2.5 million driven primarily by increases in the number of patients on therapy. Xeris recently announced that the European Journal of Endocrinology (EJE) published the extended evaluation (EE) results of the SONICS study evaluating longer-term effects of levoketoconazole (Recorlev) on cortisol levels, biomarkers of Cushing’s syndrome (CS) comorbidities, clinical signs, and symptoms of CS, and quality of life. The manuscript also reports findings from pituitary adenoma imaging in the SONICS study.
Financial Tables
Achieved record net product revenue of $29.6M – a 17% increase from Q2 ’22, and a 31% increase from same period prior year on a pro forma basis; tightens full-year total net product revenue guidance to $105M-$110M
Ended Q3 with $93.4M in cash, cash equivalents and short-term investments; raises 2022 year-end cash balance guidance from $90M-$110M to $110M-$120M
Remains on track to achieve $50M in synergies by year-end 2022 and cash flow breakeven by year-end 2023
Reported positive topline results from its Phase 1 study of subcutaneous levothyroxine (XP-8121)
Published the longer-term effects of levoketoconazole (Recorlev ® ) from extended evaluation of SONICS study in ‘European Journal of Endocrinology’
Hosting conference call and webcast today at 8:30 a.m. ET
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies, today announced financial results for the third quarter and nine months ended September 30, 2022 and other corporate highlights.
“Our third quarter and year-to-date performance reflect the continued strength of our growing commercial products coupled with disciplined management of our cash. This gives us confidence to raise our year-end cash balance guidance to $110-$120 million, reaffirm and tighten net product revenue range to $105-110 million for full-year, and reaffirm our guidance of $50 million in synergies and cash flow breakeven by year-end 2023,” said Paul R. Edick, Chairman and CEO of Xeris Biopharma. “As we finish the year and head into 2023, we expect to build upon our 2022 momentum and continue creating shareholder value through continued revenue growth, careful allocation of resources, and prudent expense management.”
Third Quarter Highlights and Recent Events
Commercial Products
Gvoke® : Third quarter 2022 net revenue was $13.7 million as compared to $11.0 million in the third quarter of 2021 – an increase of approximately 24%. Gvoke prescriptions topped 38,000 for the first time, growing more than 41% compared to the same period in 2021. Gvoke’s market share of the retail TRx glucagon market grew to approximately 23% at the end of October.
Keveyis® : Third quarter net revenue was $13.4 million – an increase of approximately 17% compared to the same period in 2021 on a pro forma basis. The number of patients on Keveyis increased 9% from the same period in 2021.
Recorlev® : Third quarter net revenue increased to $2.5 million driven primarily by increases in the number of patients on therapy. Xeris recently announced that the European Journal of Endocrinology (EJE) published the extended evaluation (EE) results of the SONICS study evaluating longer-term effects of levoketoconazole (Recorlev) on cortisol levels, biomarkers of Cushing’s syndrome (CS) comorbidities, clinical signs, and symptoms of CS, and quality of life. The manuscript also reports findings from pituitary adenoma imaging in the SONICS study.
Financial Tables