Xeris Biopharma(US:XERS)2025-08-07 13:30Financial Data and Key Metrics Changes - Total revenue grew 49% year over year to a record of almost $72 million in Q2 2025, driven by strong demand across the product portfolio [5][14] - Net product revenue increased 46% to approximately $67.7 million, with RECORLEV leading the growth [14][15] - Adjusted EBITDA was positive at $12.5 million, reflecting an improvement of nearly $13 million year over year [19] Performance by Product Line - RECORLEV revenue reached over $31 million, a 136% increase year over year, with a 122% increase in the average number of patients on therapy [7][14] - Gvoke generated $23.5 million in revenue, a 17% increase compared to the previous year, supported by a 5% growth in total prescriptions [15][10] - KEVEYIS revenue was over $11.5 million, showing a modest increase in the average number of patients on therapy [10][15] Market Data and Key Metrics Changes - The company anticipates total revenue for 2025 to be in the range of $280 million to $290 million, representing a year-over-year growth of 40% at the midpoint [6][20] - The hypercortisolism market is expanding, with increased attention on cortisol testing, which is expected to benefit all players in the market [29] Company Strategy and Development Direction - The company is focused on strategic investments to drive sustained growth, particularly in RECORLEV and the pipeline asset XP-8121 [12][21] - The company plans to expand its commercial footprint and increase investments to support the dynamic growth in the hypercortisolism market [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance and growth opportunities ahead, citing the positive trajectory of commercial products [6][13] - The company remains committed to delivering continued positive adjusted EBITDA while making deliberate value-driven investments [22] Other Important Information - The company celebrated the ten-year anniversary of KEVEYIS' FDA approval, highlighting its importance in treating patients with primary periodic paralysis [10] - The company is leveraging proprietary technology to develop a novel formulation for XP-8121, targeting a significant unmet medical need in hypothyroidism [12] Q&A Session Summary Question: Can you talk about the gross to net benefit for Gvoke? - Management anticipates that the favorability will continue for the balance of the year [23] Question: How do you see the script growth for Gvoke in the back half of the year? - Management expects an increase in script growth in Q3, typically a stronger quarter due to back-to-school movements [26] Question: Where are RECORLEV prescriptions coming from? - The majority of prescriptions are from endocrinologists, with over half of patients being new to therapy [27] Question: How will the competitive environment change with a new drug launch? - Management believes that more players in the market will generate more awareness and growth opportunities for all [29] Question: What are the plans for long-term spending to support RECORLEV? - The company plans to increase its commercial footprint and make significant investments in the RECORLEV brand [34] Question: Will there be further clinical data generated for RECORLEV? - Management confirmed plans to generate more data to solidify RECORLEV's value proposition [37] Question: How do you see the treatment landscape for Gvoke evolving? - There is significant opportunity to reach patients who currently do not have access to rescue glucagon, with a large number of patients still unprotected [41]