Xeris Biopharma (XERS) Q2 2024 earnings summary

Executive summary

• Q2 2024 total revenue reached $48.1 million, up 26–26.5% year-over-year, driven by strong growth in Gvoke and Recorlev, with Keveyis revenue declining due to generic competition.

• Net loss for Q2 2024 was $15.0 million, an improvement from $19.8 million in Q2 2023, reflecting higher revenue and controlled expenses.

• Full-year 2024 revenue guidance was raised to $190–200 million, reflecting confidence in continued growth.

• Leadership transition included the appointment of John Shannon as CEO and Kevin McCulloch as President and COO.

• The company remains focused on commercial execution, financial discipline, and advancing proprietary formulation platforms.

Financial highlights

• Q2 2024 product revenue was $46.5 million, with Gvoke up 28% year-over-year, Recorlev up 86%, and Keveyis down 6.8–7%.

• Net loss for Q2 2024 was $15.0 million ($0.10/share); operating loss narrowed to $8.2 million.

• Cash, cash equivalents, and short-term investments at June 30, 2024 totaled $77.6 million.

• Total costs and expenses rose 4.2% to $56.3 million in Q2 2024, mainly due to higher SG&A costs.

• Gross margin improved as cost of goods sold as a percent of product revenue decreased to 16.7% in Q2 2024.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $190–200 million from previous $175–200 million.

• Year-end 2024 cash balance guidance narrowed to $60–75 million.

• Management expects to continue incurring net losses for at least the next 12 months but current cash resources are sufficient for operations.

• No plans to raise incremental debt or equity that would dilute shareholders.

• Anticipates end-of-Phase 2 FDA meeting for XP-8121 before year-end.