Xeris Biopharma Holdings (NASDAQ:XERS) revealed a robust growth trajectory in its first quarter, with total product revenue surging 25% compared to the previous year's quarter.
Paul Edick, CEO of Xeris, cited significant momentum in Recorlev sales, the steadfastness of Keveyis in the market, and the expanding market share of Gvoke as key drivers of the firm’s performance over the quarter.
“We grew total product revenue 25% in the first quarter compared to last year, despite an estimated $3 million negative impact to Gvoke revenue from the Change Healthcare cyberattack,” Edick noted.
“With these results, a strong start to the second quarter, along with our new technology partnership with Beta Bionics, we are confident in tightening our 2024 total revenue guidance to $175 million to $200 million.”
Total 1Q revenue reached $40.6 million, a 22.4% increase from the same year-ago period.
The highlights of the first quarter ending March 31, 2024 include a surge in product revenue across key offerings.
Gvoke net revenue reached $16.6 million, marking a 10% increase from the first quarter of 2023.
Keveyis continued its strong performance, with net revenue at $13.1 million, a 3% increase from the same period last year.
Recorlev net revenue hit $10.6 million, reflecting a substantial $6.1 million increase from the first quarter of 2023.
Xeris also provided insights into its pipeline program, notably the successful completion of the Phase 2 clinical study for XeriSol levothyroxine (XP-8121), with data expected to be available by mid-2024.
Xeris also disclosed its forays into technology partnerships, including an exclusive collaboration and license agreement with Beta Bionics for the development and commercialization of a novel liquid stable glucagon formulation. Additionally, the company entered into an exclusive worldwide license agreement with Amgen for the development of a subcutaneous formulation of teprotumumab using Xeris' XeriJect technology in Thyroid Eye Disease (TED).
Xeris reported a net loss of $19 million, or $0.14 per share, for the first quarter of 2024. However, the company showcased a strong financial position with cash, cash equivalents, and short-term investments totaling $87.4 million as of March 31, 2024, compared to $72.5 million at the end of December 2023.