Xeris Pharmaceuticals ((XERS)) has held its Q4 earnings call. Read on for the main highlights of the call.
Xeris Biopharma’s recent earnings call painted a picture of optimism and growth, highlighting significant revenue increases and positive developments within their product portfolio. The company celebrated its first positive adjusted EBITDA, marking a milestone in its financial journey. While Keveyis faced challenges with declining revenue and reimbursement pressures, the overall sentiment was buoyant with a strong outlook for 2025.
Record-Breaking Revenue and Growth
Xeris Biopharma reported an impressive total revenue of over $203 million for the year, surpassing their full-year guidance and marking a 24% increase from the previous year. The company’s product revenue grew by 28% in 2024 compared to 2023, showcasing robust growth across their offerings.
Exceptional Performance of Recorlev
Recorlev emerged as a standout performer, generating over $64 million in revenue in 2024, which is a remarkable 118% growth from 2023. The fourth quarter alone saw a 131% increase in net revenue compared to the same period in the previous year, underscoring the product’s strong market presence.
Positive Adjusted EBITDA
For the first time, Xeris reported a positive adjusted EBITDA in the fourth quarter, a significant achievement that is expected to continue in the future. This milestone reflects the company’s improving financial health and operational efficiency.
Strong Performance of Gvoke
Gvoke also contributed significantly to the company’s success, achieving nearly $83 million in revenue for the year, a 24% increase from 2023. With 265,000 prescriptions, Gvoke’s performance highlights its growing acceptance and demand in the market.
Keveyis Revenue Decline
Despite the overall positive performance, Keveyis faced a revenue decline, ending the year with approximately $50 million, a 13% decrease on a full-year basis. The company anticipates continued challenges with reimbursement and net pricing for Keveyis.
Guidance for 2025
Xeris Biopharma is projecting total company revenue between $255 million and $275 million for 2025, representing more than 30% year-over-year growth at the midpoint. The company expects Recorlev and Gvoke to be the primary drivers of this growth, while Keveyis is expected to maintain its current performance levels. Additionally, the advancement of their pipeline, particularly the XP-8121 product for hypothyroidism moving towards Phase 3, adds to the company’s optimistic outlook.
In conclusion, Xeris Biopharma’s earnings call conveyed a strong sense of optimism and strategic growth. With record-breaking revenues, positive adjusted EBITDA, and promising guidance for 2025, the company is poised for continued success. Despite challenges with Keveyis, the overall sentiment remains positive, driven by the exceptional performance of Recorlev and Gvoke.