Xeris Biopharma (XERS) Piper Sandler 36th Annual Healthcare Conference summary

Company overview and commercial performance

• Fast-growing biopharma with three commercial products and projected $200M revenue this year.

• Gvoke, Recorlev, and KEVEYIS serve distinct markets, with Recorlev showing over 100% year-over-year growth last quarter.

• KEVEYIS remains resilient despite generic competition, supported by strong patient and provider services.

• Pipeline anchored by proprietary formulation technology, with XP-8121 as a phase III-ready asset.

Recorlev market dynamics and growth drivers

• Recorlev is the only product indicated for Cushing's syndrome, addressing both pituitary and adrenal causes.

• Growth is driven by new patient starts and increased awareness of hypercortisolism among practitioners.

• Recent studies link stubborn diabetes and cardiovascular disease to hypercortisolism, expanding the addressable market.

• Expanded commercial footprint by 50%, now covering most adult endocrinologists and targeting new subspecialties.

• Payer landscape is complex but manageable, with established support infrastructure from prior orphan drug experience.

Gvoke market opportunity and challenges

• Gvoke targets 15M high-risk diabetes patients, but only about 1M currently use any glucagon rescue product.

• Growth is steady, driven by ongoing awareness efforts and updated clinical guidelines.

• Main barrier to adoption is prescriber forgetfulness, not product competition or access.

• Significant room for market expansion remains, with low current penetration.