Xeris Biopharma Q4 2021 Earnings Report
Key Takeaways
Xeris Biopharma reported a significant increase in net product revenues for both the fourth quarter and full year 2021, driven by increased demand and the acquisition of Keveyis. The company's cash position remains strong, and they anticipate achieving cash flow breakeven by year-end 2023.
Net product revenues increased by $14.3 million, or 201%, for Q4 2021 compared to Q4 2020.
Completed the acquisition of Strongbridge Biopharma, expecting $50 million in synergies by year-end 2022.
Gvoke prescriptions topped 29,000 in Q4 2021, growing more than 85% compared to the same period in 2020.
FDA approved Recorlev for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s syndrome.
Xeris Biopharma
Xeris Biopharma
Forward Guidance
Xeris anticipates net product revenue of $105 million to $120 million for full-year 2022 and year-end 2022 cash, cash equivalents, and short-term investments in the range of $90 million to $110 million, with cash flow breakeven expected by year-end 2023.
Positive Outlook
- Net product revenue of $105 million to $120 million for full-year 2022.
- Year-end 2022 cash, cash equivalents, and short-term investments in the range of $90 million to $110 million.
- Cash flow breakeven by year-end 2023.
- Double-digit net product revenues growth expected in 2022.
- Well-capitalized with cash, cash equivalents, and short-term investments.
Challenges Ahead
- Expectations for growth assume full access to health care provider facilities.
- A continuation or escalation of access restrictions or lockdown orders resulting from the ongoing COVID-19 pandemic would adversely affect financial results.
- Reliance on third-party suppliers for Gvoke, Ogluo, Keveyis and Recorlev.
- Failure to realize the expected benefits of the acquisition of Strongbridge Biopharma.
- Changes in global, political, economic, business, competitive, market and regulatory forces.