CHICAGO - Xeris Biopharma Holdings, Inc. (NASDAQ: XERS), with a market capitalization of approximately $501 million, has announced that its total revenue for the year 2024 is projected to reach $203 million, surpassing the previously forecasted range of $198 million to $202 million. This continues the company's impressive revenue growth trajectory, which reached 22.7% in the last twelve months. The company expects to end the year with a strong cash position, with over $71 million in cash, cash equivalents, and short-term investments, after generating positive cash flow in the fourth quarter of 2024. According to InvestingPro data, the company maintains a healthy current ratio of 1.79, indicating strong liquidity management.
The fourth quarter saw a significant increase in net revenue from Recorlev®, a treatment for endogenous Cushing’s syndrome, which is expected to rise by approximately $5 million, or 28% sequentially. Xeris also reported a record number of new starts and referrals for Recorlev® during this period.
Gvoke®, Xeris’s ready-to-use liquid glucagon for severe hypoglycemia, ended the year holding approximately 35% of the market share. Keveyis®, another product by Xeris for primary periodic paralysis, maintained a stable patient base in the fourth quarter, consistent with the third quarter of 2024.
A notable development in the fourth quarter was a milestone payment of $3 million to Xeris from Beta Bionics, Inc., for formulating a unique XeriSol® glucagon formulation for bi-hormonal pumps and pump systems.
However, Amgen (NASDAQ:AMGN) has decided to terminate its exclusive worldwide license agreement with Xeris following a broader assessment of its company portfolio. This decision is not related to the performance of the XeriJect® formulation technology and is not expected to materially impact Xeris's financial outlook.
Xeris's CEO, John Shannon, expressed confidence in the company's growth trajectory, citing the strong demand for Recorlev and Gvoke as key drivers of revenue growth. Shannon also highlighted the company's robust pipeline, particularly the Phase 3 ready XP-8121 program for hypothyroidism, as a foundation for a transformational 2025.
The official financial results for 2024 and the outlook for 2025 are scheduled to be released on March 6, 2025.
This report is based on a press release statement from Xeris Biopharma Holdings, Inc.
In other recent news, Xeris Pharmaceuticals (NASDAQ:XERS) has been making headlines with its impressive financial performance. The company recently announced its ninth consecutive revenue beat and a third revision of its 2024 sales guidance, now set to $198-202 million. The revenue beat came with an increase in the year-end cash balance forecast to $68-72 million and was accompanied by a mix of one-time items that narrowed the company's operating loss by approximately 50% and increased net income and earnings per share by about 35%.
H.C. Wainwright has responded to these developments by raising its price target on Xeris Pharmaceuticals from $6.00 to $6.60 while maintaining a Buy rating. However, Piper Sandler has downgraded the company's rating from Overweight to Neutral, citing concerns about Xeris Pharmaceuticals' cost structure.
The company's growth drivers, Recorlev and Gvoke, have exceeded estimates, particularly Recorlev, which brought in $17.7 million, 18% above consensus. Furthermore, Xeris is nearing clarity on its once-weekly levothyroxine autoinjector (XP-8121), which had shown positive Phase 2 data earlier in the year. These are the recent developments in Xeris Pharmaceuticals, as noted by various analyst firms.
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