Xeris Biopharma Holdings (NASDAQ:XERS) revealed its latest quarterly results that highlighted strong revenue growth driven by its commercial products.
“We continue to demonstrate record revenue growth as we execute on our strategy,” CEO Paul Edick said in a statement.
During the quarter ended September 30, 2023, Xeris achieved a total revenue of $48.3 million, an increase of 62.6% compared to the same period in 2022.
The company attributed the growth to substantial increases in product revenue across their commercial products and successful technology partnerships.
Total product revenue reached $41.7 million, marking a 41.1% increase.
Commercially, diabetes treatment Gvoke demonstrated a net revenue of $17.7 million, a 30% increase from the third quarter of 2022. Prescription numbers for Gvoke exceeded 58,000, reflecting 52% growth compared to the same period last year.
Gvoke now has a market share in the retail TRx glucagon market of over 31%, Xeris reported.
Keveyis, a treatment for rare neuromuscular disorders, posted third-quarter net revenue of $15.9 million, a 19% increase from the same period in 2022. The average number of patients on Keveyis increased by approximately 5% during this time.
And Cushing’s syndrome treatment Recorlev saw substantial growth in the third quarter, generating a net revenue of $8.1 million, an increase of $5.6 million compared to the same period in 2022. The average number of patients on Recorlev increased by over 203%.
As a result, Xeris said it is tightening its full-year 2023 revenue guidance from $155 million-$165 million to $160 million-$165 million, which is at the high end of the original range, according to Edick.
Xeris reported a net loss of $12.2 million, or $0.09 per share, for the third quarter of 2023.
Edick said the company is confident in achieving cash flow breakeven in the fourth quarter due to disciplined expense management and strong revenue growth.
Looking ahead, Xeris Biopharma is actively advancing its pipeline program, with the Phase 2 clinical study of XeriSol levothyroxine (XP-8121) over 85% enrolled, and expected completion in the first half of 2024.
The company's technology partnerships, particularly with Horizon/Amgen, yielded positive results. Xeris successfully formulated the XeriJect formulation of TEPEZZA, triggering a $6 million milestone payment in the third quarter. Amgen has the option to license the XeriJect technology for further development.
As of September 30, 2023, Xeris had cash, cash equivalents, and short-term investments totaling $66 million.