Xeris Biopharma Holdings, Inc. has announced its expectations to exceed its full-year 2024 financial guidance. The company anticipates total revenue for 2024 to reach $203 million, surpassing its previous guidance range of $198-$202 million. Additionally, Xeris expects its year-end 2024 cash position to exceed $71 million, generating positive cash flow in the fourth quarter.
The company's Recorlev® net revenue for the fourth quarter of 2024 is projected to increase by approximately $5 million or 28% sequentially. This growth in revenue is attributed to accelerating demand for Recorlev and continued strong Gvoke® demand.
Xeris' CEO, John Shannon, expressed satisfaction with the company's performance, citing the achievement of another record quarter of exceptional total revenue growth. The company's impressive results are driven by the accelerating demand for its products and a strong focus on advancing its pipeline, particularly its Phase 3 ready XP-8121 program.
Other notable updates for the fourth quarter of 2024 include Recorlev® achieving a record number of new starts and referrals, Gvoke® ending the year with approximately 35% market share, and the successful formulation of a unique Xerisol® formulation triggering a milestone payment of $3 million.
Despite Amgen's decision to terminate its exclusive worldwide license agreement with Xeris, the company anticipates this termination will not have a material impact on its outlook.
Xeris Biopharma Holdings, Inc. is a growth-oriented biopharmaceutical company headquartered in Chicago, IL, committed to improving patient lives by developing and commercializing innovative products across a range of therapies.
The company is expected to release its full 2024 financial results and 2025 outlook on March 6, 2025. The market has reacted to these announcements by moving the company's shares 1.9% to a price of $3.42. For the full picture, make sure to review Xeris Biopharma's 8-K report.
