Xeris Biopharma(US:XERS)2022-03-10 20:04Financial Data and Key Metrics Changes - Total product sales reached $79 million on a pro forma basis for Gvoke and Keveyis, representing a 56% increase over 2020 [11][35] - Gvoke prescriptions grew by 85% in Q4 2021 and 144% for the full year compared to the previous year [11][38] - The company ended 2021 with $102 million in cash and expects to finish 2022 with $90 million to $110 million [15][29] Business Line Data and Key Metrics Changes - Gvoke's retail market share is approximately 20%, with a 7% growth in prescriptions from Q3 to Q4 2021 [20][21] - Keveyis achieved pro forma product sales at the high end of the $38 million to $40 million guidance for 2021 [12][36] - Recorlev was launched shortly after receiving FDA approval, with an estimated total addressable market of approximately $2 billion in the US [25][26] Market Data and Key Metrics Changes - The glucagon market declined by 8% in Q4 2021, while Gvoke outperformed this trend [20][21] - The company is focused on expanding its presence in the UK and Europe through partnerships with Tetris Pharma and Merck [13] Company Strategy and Development Direction - The acquisition of Strongbridge Biopharma is seen as a critical step towards becoming a fully capable and profitable pharmaceutical company [10] - The company aims to achieve cash flow breakeven by the end of 2023, supported by strong product sales and a solid cash position [16][52] - The focus for 2022 includes driving the entire product portfolio and launching new products like the Gvoke Kit [29][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of Gvoke and Keveyis, with a positive outlook for Recorlev despite early patient data being limited [60][61] - The company anticipates achieving $105 million to $120 million in product sales for 2022 [55] Other Important Information - The company expects to realize $50 million in synergies from the Strongbridge acquisition by the end of 2022 [46] - A new senior secured term loan agreement was established, providing up to $150 million in capital [48][50] Q&A Session Summary Question: What is driving the $120 million net product revenue range for 2022? - Management highlighted a strong Q4 performance and positive early script data for 2022 as key drivers [61] Question: Can you discuss the payer environment for Recorlev? - Management indicated that most patients require prior authorization, but reimbursement is expected to be in line with established price levels [66][68] Question: What are the company's M&A priorities moving forward? - Management stated that while organic growth is the focus, M&A could be considered if it aligns with the company's strategy for critical mass and profitability [75] Question: How is the adoption of Gvoke expected to change post-pandemic? - Management noted that there is a growing recognition among physicians of the need for ready-to-use glucagon products, leading to increased adoption [76][77] Question: Will Recorlev patients need prior exposure to other therapies? - Management expects to attract patients from various products, not just those who have cycled through other therapies [78]