Xeris Biopharma Reports Second Quarter 2023 Financial Results
Achieved record revenue of
Ended Q2 with over
Tightens full-year 2023 guidance: total net revenue of
Remains on track to achieve cash flow breakeven by year-end 2023
Hosting conference call and webcast today at
“We posted another record quarter of revenue due to the continued strong demand of all three products, as well as contributions from our partnerships,” said
Second Quarter 2023 Highlights
|
Three Months Ended |
|
Change |
|
||||||
|
2023 |
|
2022 |
|
$ |
% |
|
|||
Product revenue (in thousands): |
|
|
|
|
|
|
|
|||
Gvoke |
$ |
15,638 |
|
$ |
11,479 |
|
$ |
4,159 |
36.2 |
|
Keveyis |
|
14,088 |
|
|
12,812 |
|
|
1,276 |
10.0 |
|
Recorlev |
|
7,167 |
|
|
969 |
|
|
6,198 |
nm |
|
Product revenue, net |
|
36,893 |
|
|
25,260 |
|
|
11,633 |
46.1 |
|
Royalty, contract and other revenue |
|
1,115 |
|
|
46 |
|
|
1,069 |
nm |
|
Total revenue |
$ |
38,008 |
|
$ |
25,306 |
|
$ |
12,702 |
50.2 |
|
|
||||||||||
nm - not meaningful |
|
Commercial Products
-
Gvoke®: Second quarter 2023 net revenue was
$15.6 million as compared to$11.5 million in the second quarter of 2022 – an increase of approximately 36%. Gvoke prescriptions topped 51,000 for the first time, growing 50% compared to the same period in 2022. Gvoke’s market share of the retail TRx glucagon market grew to approximately 29% at the end of July. -
Keveyis®: Second quarter net revenue was
$14.1 million – an increase of 10% compared to the same period in 2022. The average number of patients on Keveyis increased approximately 11% from the same period in 2022. -
Recorlev®: Second quarter net revenue was
$7.2 million – an increase of$6.2 million compared to the second quarter of 2022, the first full quarter since its launch. The average number of patients on Recorlev increased over 400% from the same period in 2022.
Pipeline Program
- XeriSol® levothyroxine (XP-8121): Xeris began dosing patients in its Phase 2 clinical study in the second quarter. The Company anticipates completing the study in the first half of 2024.
Year-to-Date 2023 Financial Results
|
Six Months Ended |
|
Change |
|||||||
|
2023 |
|
2022 |
|
$ |
% |
||||
Product revenue (in thousands): |
|
|
|
|
|
|
||||
Gvoke |
$ |
30,671 |
|
$ |
23,932 |
|
$ |
6,739 |
28.2 |
|
Keveyis |
|
26,843 |
|
|
22,136 |
|
|
4,707 |
21.3 |
|
Recorlev |
|
11,644 |
|
|
1,102 |
|
|
10,542 |
nm |
|
Product revenue, net |
|
69,158 |
|
|
47,170 |
|
|
21,988 |
46.6 |
|
Royalty, contract and other revenue |
|
2,046 |
|
|
209 |
|
|
1,837 |
nm |
|
Total revenue |
$ |
71,204 |
|
$ |
47,379 |
|
$ |
23,825 |
50.3 |
|
nm - not meaningful |
-
Gvoke®: Net revenue was
$30.7 million for the six months endedJune 30, 2023 , a 28% increase compared to prior year. Gvoke prescriptions for the first half of 2023 were over 97,000 TRx’s, growing 50% compared to the same period in 2022. The growth in product demand was partially offset by a decrease in net pricing. -
Keveyis®: Net revenue was
$26.8 million for the six months endedJune 30, 2023 , a 21% increase from last year. This increase was driven by a 9% increase in sales volume and an increase in net pricing. -
Recorlev®: Net revenue was
$11.6 million for the six months endedJune 30,2023 , a$10.5 million increase from last year, driven primarily by increases in the number of patients on therapy.
Cost of goods sold increased by
Research and development expenses increased by
Selling, general and administrative expenses increased by
Net Loss for the three months ended
Cash, cash equivalents, and short-term investments at
Conference Call and Webcast Details
Xeris will host a conference call and webcast today,
In addition, a live audio of the conference call will be available as a webcast. To join the webcast, please visit “Events” on investor relations page of the Company’s website at www.xerispharma.com or use this link: https://events.q4inc.com/attendee/901721849
About Xeris
Xeris (Nasdaq: XERS) is a growth-oriented biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies. Xeris has three commercially available products; Gvoke®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia, Keveyis®, the first and only FDA-approved therapy for primary periodic paralysis, and Recorlev® for the treatment of endogenous Cushing’s syndrome. Xeris also has a robust pipeline of development programs to extend the current marketed products into important new indications and uses and bring new products forward using its proprietary formulation technology platforms, XeriSol™ and XeriJect™, supporting long-term product development and commercial success.
Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) (unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Product revenue, net |
$ |
36,893 |
|
|
$ |
25,260 |
|
|
$ |
69,158 |
|
|
$ |
47,170 |
|
Royalty, contract and other revenue |
|
1,115 |
|
|
|
46 |
|
|
|
2,046 |
|
|
|
209 |
|
Total revenue |
|
38,008 |
|
|
|
25,306 |
|
|
|
71,204 |
|
|
|
47,379 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
7,555 |
|
|
|
4,810 |
|
|
|
12,874 |
|
|
|
11,083 |
|
Research and development |
|
6,087 |
|
|
|
3,718 |
|
|
|
10,925 |
|
|
|
9,968 |
|
Selling, general and administrative |
|
37,635 |
|
|
|
32,984 |
|
|
|
71,240 |
|
|
|
68,897 |
|
Amortization of intangible assets |
|
2,710 |
|
|
|
2,710 |
|
|
|
5,421 |
|
|
|
5,421 |
|
Total costs and expenses |
|
53,987 |
|
|
|
44,222 |
|
|
|
100,460 |
|
|
|
95,369 |
|
Loss from operations |
|
(15,979 |
) |
|
|
(18,916 |
) |
|
|
(29,256 |
) |
|
|
(47,990 |
) |
Other expense |
|
(4,538 |
) |
|
|
(7,608 |
) |
|
|
(8,095 |
) |
|
|
(12,656 |
) |
Net loss before benefit from income taxes |
|
(20,517 |
) |
|
|
(26,524 |
) |
|
|
(37,351 |
) |
|
|
(60,646 |
) |
Benefit from income taxes |
|
675 |
|
|
|
339 |
|
|
|
675 |
|
|
|
747 |
|
Net loss |
$ |
(19,842 |
) |
|
$ |
(26,185 |
) |
|
$ |
(36,676 |
) |
|
$ |
(59,899 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share - basic and diluted |
$ |
(0.14 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.44 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic and diluted |
|
137,338,071 |
|
|
|
135,529,968 |
|
|
|
137,250,465 |
|
|
|
135,282,749 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||
|
|
|
|
||
|
(unaudited) |
|
|
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
46,170 |
|
$ |
121,966 |
Short-term investments |
|
34,498 |
|
|
— |
Trade accounts receivable, net |
|
30,225 |
|
|
30,830 |
Inventory |
|
36,538 |
|
|
24,735 |
Prepaid expenses and other current assets |
|
8,310 |
|
|
9,287 |
Total current assets |
|
155,741 |
|
|
186,818 |
Property and equipment, net |
|
6,552 |
|
|
5,516 |
Intangible assets, net |
|
115,186 |
|
|
120,607 |
|
|
22,859 |
|
|
22,859 |
Operating lease right-of-use assets |
|
23,632 |
|
|
3,992 |
Other assets |
|
4,808 |
|
|
4,730 |
Total assets |
$ |
328,778 |
|
$ |
344,522 |
Liabilities and Stockholders’ Equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
11,621 |
|
$ |
4,606 |
Current operating lease liabilities |
|
1,935 |
|
|
1,580 |
Other accrued liabilities |
|
19,413 |
|
|
36,786 |
Accrued trade discounts and rebates |
|
17,034 |
|
|
16,818 |
Accrued returns reserve |
|
11,320 |
|
|
11,173 |
Current portion of contingent value rights |
|
16,637 |
|
|
— |
Other current liabilities |
|
1,718 |
|
|
2,658 |
Total current liabilities |
|
79,678 |
|
|
73,621 |
Long-term debt, net of unamortized debt issuance costs |
|
188,182 |
|
|
187,075 |
Non-current contingent value rights |
|
6,911 |
|
|
25,688 |
Non-current operating lease liabilities |
|
34,871 |
|
|
9,402 |
Deferred tax liabilities |
|
2,843 |
|
|
3,518 |
Other liabilities |
|
2,652 |
|
|
31 |
Total liabilities |
|
315,137 |
|
|
299,335 |
Total stockholders’ equity |
|
13,641 |
|
|
45,187 |
Total liabilities and stockholders’ equity |
$ |
328,778 |
|
$ |
344,522 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230808594869/en/
Senior Vice President, Investor Relations and Corporate Communications
awey@xerispharma.com
312-736-1237
Source: