Xeris Biopharma(US:XERS)2025-05-08 13:32Financial Data and Key Metrics Changes - Total revenue grew by 48% year-over-year to $60.1 million, while net product revenue increased by 44% to $57.8 million, marking the fourteenth consecutive quarter of over 20% product revenue growth [20][24] - Adjusted EBITDA for the quarter was positive at $4.4 million, supporting the commitment to delivering positive adjusted EBITDA going forward [23][24] - Gross margin improved to 85%, reflecting a 200 basis point increase driven by a favorable product mix [22] Business Line Data and Key Metrics Changes - RECORLEV revenue surged by 141% to $25.5 million, with the average number of patients on therapy increasing by 124% compared to the same period in 2024 [20][21] - Gvoke revenue reached nearly $21 million, reflecting a 26% increase year-over-year, supported by an 8% rise in total prescriptions [10][21] - KEVEYIS revenue was over $11 million, showing slight growth compared to Q4 2024, indicating resilience in the brand [11][21] Market Data and Key Metrics Changes - The glucagon market grew by approximately 5%, with the company achieving an 8% growth in prescriptions, indicating a strong competitive position [49] - The company anticipates no material impact from potential sector-specific tariffs, as the majority of operations are U.S.-based [25][55] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving rapid growth of commercial products, maintaining financial discipline, and enhancing communication with stakeholders [16] - The upcoming Analyst and Investor Day on June 3 is expected to provide deeper insights into the strategic vision and initiatives for the future [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum, particularly with RECORLEV, and indicated that the market for hypercortisolism is expanding [32] - The company plans to provide more detailed guidance on peak sales potential for RECORLEV during the Analyst and Investor Day [31] Other Important Information - The FDA approved the supplemental new drug application for Gvoke VialDx, which will expand its use and is expected to enhance market reach through a partnership with American Regent [12][13] - The company has accelerated the redemption of convertible notes, reducing total debt by $15 million, which will generate interest expense savings [24] Q&A Session Summary Question: What is the peak sales potential for RECORLEV? - Management has not updated guidance on peak sales potential but will provide more details at the Analyst and Investor Day [31][32] Question: What are the primary drivers behind operational efficiency? - The company has maintained financial discipline, with significant growth primarily from RECORLEV and controlled expenses contributing to operational efficiency [38][39] Question: Can you provide details on the pivotal study design for XP-8121? - Management prefers to wait for the Analyst and Investor Day to provide comprehensive details on XP-8121 [44][45] Question: What is the competitive landscape for the glucagon market? - The company is driving market growth, having outperformed the overall market growth rate [49] Question: Any updates on KEVEYIS and formulary changes? - There were no significant formulary changes or competitive impacts noted for KEVEYIS, which is expected to maintain its performance [51][52] Question: Where are your drugs manufactured in relation to potential tariffs? - Most manufacturing operations are U.S.-based, and the company does not expect any material impact from tariffs [55][56]