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Mar 31, 2022
Xeris Biopharma Q1 2022 Earnings Report
Xeris Biopharma reported a net product revenue increase and launched Recorlev and Gvoke Kit.
Key Takeaways
Xeris Biopharma reported a strong first quarter with a 33% increase in net product revenue on a pro forma basis, driven by higher sales of Gvoke, Keveyis, and the launch of Recorlev. The company ended the quarter with $132.1 million in cash and cash equivalents and affirmed its 2022 revenue and year-end cash guidance.
Net product revenue increased by 172% compared to the same period in 2021, reaching $21.9 million.
Gvoke prescriptions topped 30,000, growing more than 88% compared to Q1 2021.
Launched Recorlev and Gvoke Kit during the quarter.
Ended Q1 with $132.1 million in cash, cash equivalents and short-term investments.
Xeris Biopharma
Xeris Biopharma
Xeris Biopharma Revenue by Segment
Revenue by Segment
Recorlev Revenue
CapyFin.comGvoke Revenue
CapyFin.comKeveyis Revenue
CapyFin.com Forward Guidance
Xeris Biopharma is affirming its 2022 guidance for combined net product revenues of $105M - $120M, $50M in synergies, 2022 year-end cash balance of $90M-$110M, and cash flow breakeven by year-end 2023.
Positive Outlook
- Affirms 2022 revenue guidance of $105M - $120M
- Expects $50M in synergies in 2022
- Anticipates year-end cash balance of $90M - $110M
- Projects cash flow breakeven by year-end 2023
- Additional $50.0 million will be available for the Company to draw until March 2023.
Challenges Ahead
- Reliance on third-party suppliers for products
- Risks associated with regulatory approval of product candidates
- Ability to effectively market and sell products
- Failure to realize expected benefits of Strongbridge Biopharma acquisition
- Impact of the ongoing COVID-19 pandemic
Revenue & Expenses
Visualization of income flow from segment revenue to net income