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Sep 30, 2021
Xeris Biopharma Q3 2021 Earnings Report
Reported financial results for Q3 2021 and recent highlights, including the completion of the Strongbridge Biopharma plc acquisition.
Key Takeaways
Xeris Biopharma reported strong growth in Q3 2021, with pro forma net sales of $22.5 million driven by Gvoke and Keveyis. The company completed the Strongbridge acquisition and is on track to realize $50 million in synergies. They anticipate year-end cash, cash equivalents, and investments of approximately $100 million.
Completed the acquisition of Strongbridge Biopharma.
Q3 pro forma net sales of $22.5M: Gvoke® and Keveyis® $11.0M and $11.5M, respectively
Gvoke and Keveyis net sales grew 19% compared to Q2 2021 and combined are on track to achieve $76M to $80M full year 2021 net sales
On track to realize $50M in synergies; anticipates year-end cash, cash equivalents, and investments of approximately $100M
Xeris Biopharma
Xeris Biopharma
Xeris Biopharma Revenue by Segment
Revenue by Segment
Gvoke Revenue
CapyFin.comKeveyis Revenue
CapyFin.com Forward Guidance
The company is preparing for the potential commercial launch of Recorlev in Q1 2022 and expects its cash resources to be sufficient to sustain operations through at least the end of 2022.
Positive Outlook
- Continued strong demand for both Gvoke and Keveyis.
- Completed integration of the Strongbridge acquisition.
- On track to realize $50 million in synergies.
- Strong cash position to drive continued growth of Gvoke and Keveyis.
- Achieved a full 12-month interest-only extension on our debt facility.
Challenges Ahead
- Incurred approximately $40 million in acquisition-related one-time costs and debt extinguishment.
- Net loss of $26.0 million for the quarter.
- Total operating expenses of $32.198 million for the quarter.
- R&D expenses of $5.663 million for the quarter.
- SG&A expenses of $26.535 million for the quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income