Xeris Biopharma Anticipates Solid Revenue Growth for 2024
Xeris Biopharma Holdings, Inc. (NASDAQ: XERS) recently shared positive developments regarding its financial outlook for the year ahead. The company expects total revenues to reach an impressive $203 million in 2024, surpassing its prior guidance that estimated revenues between $198 million and $202 million. This predicted growth underscores Xeris' strong performance and commitment to its strategic goals.
Strong Cash Position
Beyond revenue projections, Xeris forecasts having over $71 million in cash and short-term investments by the end of 2024. This anticipated cash position, combined with positive cash flow expected in the fourth quarter, places Xeris in a strong financial position to support its ongoing operations and development initiatives.
Remarkable Revenue Achievements
John Shannon, CEO of Xeris, emphasized the company's trajectory, stating, "We achieved another record quarter of exceptional total revenue growth with revenues expected to be $60 million for the fourth quarter and $203 million for the full year representing growth of 35% and 24%, respectively." He attributes this success to the increasing demand for their products, particularly Recorlev and Gvoke.
Fourth Quarter Highlights
In addition to the overall revenue growth, several key developments for Xeris in the fourth quarter are worth noting:
Recorlev® Performance
Recorlev, a treatment for endogenous Cushing’s syndrome, has seen a record number of new patient starts and referrals, highlighting its growing acceptance in the market.
Gvoke® Market Presence
Gvoke has secured an impressive market share of approximately 35%, establishing itself as a go-to solution for treating severe hypoglycemia.
Keveyis® Stability
The therapy for primary periodic paralysis, Keveyis, has maintained a consistent patient base akin to the third quarter of 2024, indicating steady demand.
Collaboration with Beta Bionics
Xeris has successfully formulated a new XeriSol® glucagon formulation for bi-hormonal pumps. This innovative approach resulted in a milestone payment of $3 million during the fourth quarter, evidencing the potential for further partnerships.
Changes with Amgen
In a more complex development, Amgen has decided to terminate its exclusive worldwide license agreement with Xeris. The company emphasized that this decision stemmed from a review of their broader portfolio and was not a reflection of Xeris’ performance or the capabilities of its XeriJect® technology.
About Xeris Biopharma Holdings
Xeris Biopharma is dedicated to enhancing patient care through innovative biopharmaceutical solutions. Their notable offerings include:
- Recorlev®: A specialized treatment aimed at managing endogenous Cushing’s syndrome.
- Gvoke®: A ready-to-use glucagon product for acute hypoglycemia.
- Keveyis®: Effective for primary periodic paralysis.
In addition to these products, Xeris is advancing its development pipeline, focusing on XP-8121, a Phase 3-ready, once-weekly subcutaneous injection for hypothyroidism, alongside various early-stage programs with their unique delivery technologies.
Frequently Asked Questions
What is Xeris Biopharma's projected revenue for 2024?
Xeris Biopharma expects to generate $203 million in total revenue for the year 2024.
How much cash does Xeris anticipate by the end of 2024?
The company projects to have over $71 million in cash and short-term investments by 2024's end.
What products contributed to Xeris' revenue growth?
The growth is driven primarily by the demand for Recorlev and Gvoke.
What recent collaborations has Xeris engaged in?
Xeris has collaborated with Beta Bionics for the development of a glucagon formulation for bi-hormonal pump systems.
What changes occurred regarding the relationship with Amgen?
Amgen recently terminated its exclusive license agreement with Xeris, an action driven by Amgen’s corporate portfolio decisions, and it is not expected to affect Xeris' outlook significantly.
