Xeris Biopharma Inc has announced its second-quarter financial results, revealing record net revenue of $25.3 million.
The record figure represents a 15% increase from the first quarter and a 34% increase from the second quarter of 2021.
The revenue boost was driven by greater sales of Xeris’ commercial products. Specifically, second-quarter net revenue from Gvoke was $11.5 million, roughly 30% more than the $8.8 million it generated in the second quarter of 2021. Gvoke prescriptions topped 34,000 for the first time, growing more than 60% year over year, and its share of the retail TRx glucagon market grew to approximately 22% by the end of July, the company said.
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Meanwhile, net revenue from Keveyis increased 28% year over year to $12.8 million, and the number of patients on Keveyis increased 5% from the same period in 2021. Recorlev, which Xeris launched in February, brought in net revenue of $1 million.
“We continue to execute our growth strategy and are pleased to have posted record net revenue in the second quarter,” CEO Paul Edick said in a statement. “Demand for Gvoke HypoPen remains strong and its market share continues to outpace the overall glucagon market; Keveyis reported its best quarter to date; and newly launched Recorlev is off to a great start.”
He continued, ”We continue to drive education and awareness of all three products and remain confident in the long-term growth opportunity of each. Our strong performance year-to-date and expectations for the remainder of the year gives us confidence that we will achieve our guidance of net product revenue to $105 million to $120 million for the full year 2022, year-end cash balance of $90 million-$110 million and cash flow breakeven by year-end 2023.”
As of June 30, cash, cash equivalents and short-term investments stood at $111.6 million, compared to $102.4 million at the end of 2021. Net loss for the three months ended June 30 was $26.2 million, $0.19 per share.
Looking ahead, the company announced that the third and final cohort of a trial of XeriSol levothyroxine was successfully dosed during the second quarter. The company expects to report topline data from a range of doses and dose proportionality early in the fourth quarter.
Xeris also said it will participate in the HC Wainwright 24th Annual Global Investment Conference, held September 12-14 in New York.
Xeris is a growth-oriented biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies. It has three commercially available products: Gvoke, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia; Keveyis, the first and only FDA-approved therapy for primary periodic paralysis; and Recorlev for the treatment of endogenous Cushing's syndrome.
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