Xeris Biopharma Holdings Projects $203 Million Revenue for 2024 Amid Product Expansion
- Xeris Biopharma projects 2024 revenues of $203 million, exceeding previous guidance and indicating strong product demand.
- The company has achieved a 35% market share for Gvoke and reports record new starts for Recorlev.
- Xeris is advancing its therapeutic pipeline, including the Phase 3-ready XP-8121 program for hypothyroidism.
Xeris Biopharma Sets Ambitious Revenue Goals for 2024 Amid Product Growth
Xeris Biopharma Holdings, Inc., a Chicago-based biopharmaceutical company, announces a positive revenue forecast for 2024, estimating total revenues of $203 million. This projection exceeds its previous guidance of $198 million to $202 million. The company anticipates ending the year with over $71 million in cash and equivalents, alongside expected positive cash flow in the fourth quarter. According to CEO John Shannon, the company is experiencing robust demand for its products, particularly Recorlev and Gvoke, which significantly contribute to its anticipated growth. For the fourth quarter alone, Xeris forecasts revenues of approximately $60 million, marking a remarkable 35% increase compared to the same period last year.
The growth trajectory for Xeris is underlined by its successful market strategies, particularly for Gvoke, which has captured about 35% market share. The company reports achieving a record number of new starts and referrals for Recorlev, while maintaining stable patient numbers for its other product, Keveyis. This performance is indicative of not only increasing demand but also effective marketing and distribution strategies. Xeris's focus on patient-centric solutions helps solidify its position in the competitive biopharmaceutical landscape, as it continues to enhance its product offerings.
In addition to its revenue growth, Xeris Biopharma also celebrates a significant milestone with the development of its XeriSol® formulation for bi-hormonal pumps, in collaboration with Beta Bionics. This innovation has resulted in a $3 million milestone payment, showcasing the company's commitment to advancing therapeutic technologies. However, the company faces a recent setback with Amgen terminating its exclusive worldwide license agreement with Xeris. Despite this decision, which is attributed to Amgen's broader portfolio assessment rather than any issues with Xeris’ XeriJect® formulation technology, it is not expected to impact Xeris's overall outlook materially.
Xeris Biopharma remains focused on capitalizing on its current product lineup while advancing its promising pipeline. The company is preparing for the Phase 3-ready XP-8121 program, a once-weekly subcutaneous injection for hypothyroidism. With a commitment to innovative therapies, Xeris aims to enhance patient lives and drive further growth in the coming years. For more information on its products and initiatives, interested parties are encouraged to visit the company’s website or follow its social media channels.