Xeris Biopharma (XERS) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 total revenue of $54.3 million, with product revenue of $52.9 million, up 27% year-over-year, driven by strong demand for Recorlev and Gvoke, and marking the 12th consecutive quarter of over 20% product revenue growth.

• Recorlev revenue surged 119% year-over-year and Gvoke revenue grew 29% year-over-year, while Keveyis declined 23% due to lower volume and pricing pressure.

• Net loss for Q3 2024 was $15.7 million, reflecting higher operating expenses, including a $6.1 million CEO succession and restructuring charge.

• Advanced pipeline with positive phase 2 data for XP-8121 and ongoing FDA discussions for phase 3 registration.

• Ended Q3 with over $69 million in cash, cash equivalents, and short-term investments.

Financial highlights

• Q3 2024 product revenue was $52.9 million, up 27% year-over-year; total revenue was $54.3 million, up 12%.

• Year-to-date product revenue reached $139.6 million, up 26% year-over-year; total revenue was $143 million, up 20%.

• Excluding a $6 million non-recurring milestone in Q3 2023, total revenue increased 28% for the quarter and 26% year-to-date.

• Cost of goods sold increased due to a $3.6 million Gvoke component write-off for capacity expansion.

• Net loss for the nine months ended September 30, 2024 was $49.7 million.

Outlook and guidance

• Raised full-year 2024 total revenue guidance to $198 million–$202 million from previous $190 million–$200 million.

• Tightened year-end 2024 cash guidance to $68 million–$72 million.

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

• Detailed 2025 financial guidance to be provided with year-end results in March 2025.

• Focus remains on >20% product revenue growth and advancing pipeline, including Phase 3-ready XP-8121.