Xeris Biopharma (XERS) Jefferies 2024 Global Healthcare Conference summary

Financial performance and guidance

• Achieved 25% year-over-year total product revenue growth in Q1, with Gvoke, Recorlev, and Keveyis generating over $16M, $10.6M, and $13M, respectively.

• Raised annual revenue guidance to $175M–$200M, with strong momentum expected to continue through the year.

• Temporary Q1 headwind from the Change Healthcare cyberattack on Gvoke resolved by Q2.

• Partnership with Beta Bionics expected to contribute milestone revenue in the second half, though such revenue is episodic.

• $87M in cash at last quarter; R&D to increase slightly, SG&A to rise in H2 due to sales expansion, with year-end cash guidance of $55M–$75M.

Platform technologies and partnerships

• XeriSol enables stable, room-temperature liquid formulations of previously insoluble drugs, exemplified by Gvoke and a once-weekly levothyroxine in development.

• XeriJect allows high-concentration, low-viscosity injectable formulations for large molecules, supporting self-administration and faster delivery.

• Partnerships with Amgen, Regeneron, and Beta Bionics leverage these technologies; Amgen deal could yield $35M in milestones over 2–5 years.

• Regeneron partnership covers multiple products with similar milestone potential; exclusivity terms are generally narrow or absent.

• Targeting IV drugs that could benefit from subcutaneous delivery, with many companies approaching for formulation solutions.

Product performance and market dynamics

• Gvoke, based on XeriSol, is driving market growth and gaining share in the ready-to-use glucagon segment, with a large addressable population.

• Market growth for glucagon products is accelerating post-COVID, with peak sales potential estimated at $200M–$300M.

• Keveyis remains resilient post-generic entry, with minimal patient loss and price erosion; branded generics may benefit the category.

• Recorlev is experiencing strong referral growth, with insurance authorization rates above 60% and expanding use in first-line patients.

• Expansion of the Recorlev sales team aims to reach 50–60 reps, enhancing productivity and market reach.