Xeris Biopharma has reported another quarter of record revenue driven by continued strong demand for the biopharmaceutical company’s products Gvoke, Keveyis, and Recorlev.
For the quarter, which ended on June 30, 2023, the company achieved sales of $38 million, up 50% year-over-year and 14% sequentially.
Gvoke’s 2Q revenue was $15.6 million, up about 36% from $11.5 million in the year-ago quarter.
Xeris Biopharma noted that during 2Q, Gvoke prescriptions topped 51,000 for the first time, which represents an increase of 50% from the same quarter last year.
Keveyis revenue grew 10% year-over-year to $14.1 million, with the average number of patients using the product increasing 11% from the same period in 2022.
Recorlev sales jumped by $6.2 million year-over-year to $7.2 million during 2Q, with the average number of patients on Recorlev increasing by 400%.
The company also tightened its full-year 2023 guidance and said it remains on track to achieve cash flow breakeven by the end of 2023.
“Our differentiated business model, exceptional year-to-date performance, and expectations for the remainder of the year gives us the confidence to tighten our 2023 guidance by raising the low end of the total revenue range to $145 to $165 million from $135 to $165 million; reducing cash utilization range to $57 to $67 million from $57 to $77 million; [and] improving year-end cash range to $55 to $65 million,” Xeris Biopharma CEO Paul Edick said in a statement.
“And, we expect to be at the cash flow breakeven point in the fourth quarter and continue being a self-sustaining enterprise.”
Xeris Biopharma exited the quarter with more than $80 million in cash, cash equivalents and short-term investments.
Its net loss for the quarter was $19.8 million, or a loss per share of $0.14.
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