The following is a summary of the Xeris Biopharma (XERS) Q4 2023 Earnings Call Transcript:
Financial Performance:
Xeris reported a 49% y-o-y increase in total revenue reaching $164 million in 2023 and ended the year with a cash position of over $72 million.
The company witnessed a significant increase in revenues from its three major products; Gvoke that grew by 28% to $67 million, Recorlev showing a nearly 300% y-o-y increase to $29.5 million, and Keveyis charting a 15% y-o-y increase reaching $56.8 million, despite generic competition.
They reported revenues of $10 million from other sources such as their technology business.
Costs of goods sold increased by 27% primarily due to higher product sales.
Cash guidance for the end of 2024 is expected to be between $55 million and $75 million.
Business Progress:
Xeris made significant progress in its once-weekly subcutaneous XeriSol levothyroxine program in 2023; Phase II clinical study enrollment completed and meaningful advances were achieved in manufacturing and device development.
Market share of their ready-to-use rescue glucagon product, Gvoke, continues to expand, capturing approximately 34% of new and 32% of total prescriptions in the retail glucagon market.
XeriSol levothyroxine program's Phase II study is on schedule with the expectation of data release by midyear.
The company is in talks for collaborations around XeriJect with multiple companies.
The company predicted a revenue growth in the range of $170 million to $200 million in 2024, a potential increase of 10% to 30% at midpoint.
R&D investment is expected to rise by approximately $5 million in 2024.
More details: Xeris Pharmaceuticals IR
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