Xeris Biopharma Holdings Inc. (NASDAQ: XERS) Reports Net Loss of $26 Million in Q3 2021

Xeris Biopharma Holdings Inc. (NASDAQ: XERS) has announced its financial results for Q3 and nine months ending September 30, 2021, and recent updates, including the closing of the acquisition of Strongbridge Biopharma plc.

Xeris increased Gvoke prescriptions by 95%

In Q3 2021, Gvoke prescriptions were around 27,000 increasing 95% YoY and 28% QoQ. Notably, Gvoke’s NRx retail glucagon share market was up 18% YoY in Q3 2021. For the nine months ending September 30, 2021, Gvoke revenue was double from a year ago to $27.9 million. Gvoke HypoPen and Gvoke pre-filed syringe net sales for the quarter were $11 million comprising Gvoke PFS.  Keveyis had net sales of $11.5 million representing a 42% YoY increase. Year to date net sales were up YoY to $29.9 million. The company anticipated Keveyis revenue to be between $38 million and $40 million for the full year.  Net loss was $26 million or $0.39 per share in Q3 and for the nine-month net loss was $71.9 million or $1.11 million.

CEO Paul Edick said, “Continued strong demand for both Gvoke and Keveyis resulted in outstanding growth in third quarter, recording pro forma net sales of $22.5 million. Our two commercial brands are now on track to achieve a combined $76-80 million in full year revenue. Since the closing of the Strongbridge acquisition in early October, we have completed integration of the operations.”

Recorlev set for a PDUFA date on January 2022

In July, the company signed an exclusive agreement with Tetris Pharma for the commercialization of Ogluo in Switzerland, the UK, and the EU. Recorlev is currently under FDA review for endogenous Cushing’s syndrome treatment, and a PDUFA date has been set on January 1, 2022

Edick added, “We are operating as one company and are on track to realize $50 million in synergies, while at the same time intensely preparing for the potential commercial launch of Recorlev. We are in a strong cash position to drive continued growth of Gvoke and Keveyis, prepare for and launch Recorlev in Q1 2022, if approved, and continue to advance our pipeline products.”