XERS - Earnings call transcript Q2 2024 | Xeris Biopharma Holdings, Inc.

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Operator

Hello, everyone, and Welcome to today's Xeris Biopharma Second Quarter 2024 Financial Results Call. My name is Drew, and I'll be your operator today. [Operator Instructions]. I will now turn the call over to Allison Wey, Senior Vice President of Investor Relations and Corporate Communications to begin. Please go ahead.

Allison Wey

Thank you, Drew. to results second conference welcome half and and financial XXXX call morning, Xeris's quarter Biopharma first Good and webcast. issued website. We're by we found our CFO. CEO; morning, our which Piper, release, This can and on Steve our Shannon, joined John morning this our new press be After remarks, open we the for questions. our prepared will lines

plans, will statements concerning the we would to like forward-looking Before financial remind you future contain expectations, prospects begin, I that and performance. this call company's

could subject cause from are Forward-looking to differ uncertainties that results risks materially actual statements those and to statements. forward-looking

call such now Shannon. more information our we law, please For turn John statements our date will earnings our obligation and release any Any disclaim to this as filings. risk on in update the in subject risks, included to only such refer call over statements. I represent the views to applicable factors this call to forward-looking and of SEC of

John Shannon

and for new time this Allison, company you, I'm an good exciting we to for I'm time honored serve to thrilled of and It's role. CEO this start first Thank the as the with Xeris. everyone. you era, our morning, in speak as

represent our as the These new for for and opportunities initiatives we strategic all want moment before this guide from you processes key focused decision-making earnings an my the near-term on results, morning's outline to But to CEO. As second outstanding to quarter. our we term. release, important the I'm creating priorities saw in near into X a get had stakeholders. I value take priorities

to the the expanding growth treatments is patient our The maintaining serve. first priority commercial of and rapid communities they reach

them. deliver and intend how aim strategies drive both patients' meaningful necessary that and we impact the X to that we products meaningful have products ambitious to great to confident pursue growth in growth consistently near We long and deploy We're existing the resources continue lives. We term, our to can are on commercial sustainable. making optimize

is made a a market financial priority focused business can discipline, investments financial model prudent business are accretion. We've $XX second strong reserve. We built consistent and and maintaining investments, fluctuations warrants. in renewed We that weather needs second diverse performance. ensuring and cash business opportunity remain quarter cash very the ended by and and value objectives The achieve management our wisely a a risk by with resilient or planning, resources to million deploy financial to deliver we commitment employing as judiciously on can appropriate healthy and those intend

business, do strong raise Given that our our I rapid dilution. to any debt not incremental any in of cash plan by would cash growth adding equity position and result shareholder or

our focused and any or addition portfolio products, differentiated M&A partnerships be the In measured assets, capabilities, to partnerships will commercial near be activity on and intermediate enviable formulations of technology development can or opportunistic. business to growth. activity Given our term, will existing that new of our which expect adds we the leverage commercial

and priority is the to of guidance. communications The our external third quality improve

feedback in and our expectations that this Our understand revenue we and we XXXX the that guidance to and growth our best ability of in initial not listen important setting to communicate extremely we suggested were To of business. products value. our end, confident that growth deliver the prospects success, stakeholders is external right that to closely the the critical possible, manner it are around

explained driving rapid our I first of sustained committed are growth products. priority, to we my and As with commercial

from the to confident the revenue growth outlook our performance first $XXX the performance and of Given business. Therefore, we $XXX we half second million of and total low are the into year full in end are raising year, our going momentum for half our the million. of our

the X is heights. revenue Our priorities, to foundation strong executing created, these million. we've performance $XXX overall drive business build on new million upon our to range By will which to $XXX now total I updated expect

of let's increase of on that over we year, to very driven by QX I'm all strong of last as quarter. posted as report XX% the an continued $XX pleased highlights the total X second our to demand well a partnerships. contributions revenue, Now products million, move from outstanding quarter

collectively marks quarter commercially and over than million XX% portfolio a products, than in growth. of XX% row Our in increase revenue, XXXX. of own available each of is respective $XX the therapeutic quarter Gvoke their in a in the Recorlev, which Keveyis, XXth a transformative This more greater markets same generated

For the same first are period of half XXXX, last the these up year. over XX% products

in working. clearly rapid is sturdy very from health growth professionals. Keveyis care to and enjoying Recorlev continuing engine and Gvoke both commercial Our both We're commitment and a patients

more a Recorlev. the into with starting little get Let's of details,

reminder, synthesis for a Recorlev for or not treatment endogenous worked. the Cushing's hypocortisolemia cortisol an of patients a inhibitor As in whom is option is indicated syndrome surgery with hasn't

has and the studies Importantly, in with quality mortality life. treatment is Cushing's of person's the long-term and population extremely for higher levels. Recorlev general normalize cortisol been Xx is an that of challenging etiologies all disorder a than syndrome to impact rate a only comorbidities syndrome Xx proven Cushing's to approved drastically

increasingly multiple there to of hypocortisolemia discovered and their new confident the a we're recognize expanding testing every the into surprisingly, more record its disease medical a often available, accelerating Not and given is Recorlev are control complexities. with While approved struggle being treatments With referrals are burden patients gain growth. favorable day. In number starts. QX, patient patients over efforts. Clinicians the number dynamics, of period Recorlev entering record generated a such are of of disease

approximately the including the Endo diabetes mortality associated either should consensus blood taking sulfonylurea be insulin any health and that I'm the the glucagon increase U.S. treatment that Society in of this Gvoke. ongoing people carrying American opinion for person with used a with be XX that the of severe sugar, ready-to-use protected, risk Association and recall million low protect market XX% last an prevalence ready-to-use Diabetes is for auto-injector and and our hospitalization our grew estimate to people severe to Gvoke same hypoglycemia at diabetes. Owing prescriptions in to preventable need traction have of and should year. in over are. QX currently and the is you'll on million the QX in growth. Total the Moving than patients glucagon Gvoke liquid awareness X that over driving quarter sure product organizations, always XX% or like reached advocacy fewer efforts sequentially HypoPen the gaining with Gvoke. We Thankfully, to discrepancy

In ahead, unprotected. Last, means but we it be least, the Keveyis Xeris we of business. for to continues no more market who years Importantly, to increased more and and million-plus amazing patients need and to Gvoke's by turn What remain an prescribers the more patients quarters that share protect the XX%. add our to steadily Keveyis. and for expect story XX

normal remind that August of XXXX, to given Keveyis health reliance our genetic the the yet to has on community's interferes used with and uniqueness is movement. Keveyis and care professionals substitution, resistant ultra-rare exclusivity Xeris' Just of PPP to an proven the patients. critical generic lost the PPP, which neuromuscular disorder is support treat orphan extremely in condition of you, muscle periodic primary paralysis functioning or for both

an shifting for study QX, to from is suffering that top Keveyis matter and number to team the resilience patients of well-being positive our provide being subcutaneous increasingly was late about We're end longer-term QX, continue for levothyroxine. The Phase Phase services meeting patients pipeline. a optimistic the into the we treated line During will of to remarkable has equivalent continued this of II of most XP-XXXX, fall. of preparing our and busy our nearly achievement. Keveyis strength II that the trend announced In QX, with with formulation once-weekly PPP. Quickly FDA results May, of injectable of and

get, published note, necessary XX% of considered that earn The clarification or approval more normal data of serve we with control. Innumerable II for patients need were of compliance challenges of at can III various the outside our hypothyroidism levothyroxine. found Phase of range. evaluate to size absorption Phase marketplace owing study, their documenting the and have XP-XXXX, of been the for screening requirements stable have and the time time, TSH market struggling for about the to in we Of to interfere the innovation product. the bioavailability this TX During oral the reports excited and which more potential to patients desperate the will seek novel we

our in leverage to QX, seeking Finally, welcomed novel we medicine. partners formulation Beta Bionics to technology our stable to of create

announced we're in May, aiding the ready-to-use of work pump As could novel a in Beta development that glucagon Bionics program. dual-hormone their in optimally formulation

to quarter a lives. And excited more company Steve our pass fast-growing our So I'm an through Xeris once that enter committed financial that, difference to over going you era, results. of confident patients' couldn't for well in on be we the and we details biopharmaceutical a innovative, self-sustaining, are with second building way I'm new to to making I walk to as again,

Steven Pieper

of product increasing Gvoke. Recorlev impressive $XX.X the total We and net Good number morning, million, and to were growth million approximately Recorlev by XX%. These $XX.X John. net average by Thanks, XX% increases sequential XXX% revenue approximately was revenue year. Year-to-date million, quarter, last compared product $X.X On This $XX.X $XX.X and net year. from increased representing increasing the by growth in ended performance million was strong for year. revenue patients both million, to XX% from quarter everyone. total $XX.X to QX. was Recorlev compared on by and an compared revenue driven XX% a prior revenue net million, revenue Recorlev increasing the XX% by increasing both both prior revenue of of basis, was of with prior compared year to driven

was to expansion, as a pipeline in increase the the as a July. Gvoke based year. last quarter, ability to prescriptions. Gvoke to these XX% We referrals our by our completed continue compared representing expect in million $XX well growth increase referrals early patients on we robust This Recorlev revenue for compared driven on into this XX% QX, same growth growing rapid field convert which to was our period net of XX%

temporarily in Healthcare the net As our during impacted quarter revenue we breach first quarter. the remarks, Gvoke prior Change mentioned cybersecurity

basis. we weekly demand, first to believe quarter $XX.X orders our and on prescriptions since revenue competition, a in from May $XX.X Although, million have signaled was revenue the exceeded X% and the net the from by year-to-date not slightly Despite growth patient as consistently for lost do million. has increased revenue X,XXX which decreased only year-to-date as us impact the we recovered resolved. Keveyis generic well been quarter, wholesalers

will to invest repeatedly defend brand. and As we is stated, Keveyis continue resilient, the have we and

to generate Our be proven this we has commitment to continue to pipeline of successful healthy strategy referrals. patient as a

$XXX of all X revenue guidance million total of performance by we guidance to momentum revised the the of of in previous Given million are low and currently first $XXX are of raising tightening our products substantially we strong range $XXX our million end with year generating, guidance the half the the in $XXX of from the million. to confident the

product result focused the down XeriSol and in our were of the of our advancing an our research a million increase of for a for XXXX. expenses X% increase year-to-date P&L. by expenses $XX.X costs. Research year, Recorlev pipeline prior and of a employee compared in $X.X an were the to compared support flat and costs to basis, development year. XeriSol for we quarter. compared the and product This XeriJect. On $X.X were further goods was Cost in as expenses compared which technology resulting increased development decrease XP-XXXX our technology comprised second to with prior million, of of in These which sold percentage a was development result in revenue, year second revenue platform, are my and mix and Moving on million XXXX a platform, primarily decreased primarily increase quarter pipeline to R&D XeriJect. Consistent and relatively costs were with investments total to will pipeline, quarter notably lower the primarily of a previous XeriSol remarks, supporting our and this result costs XeriJect and the

year, the We X% administrative increases the the $XX quarter quarter relative primarily expansion driven and prior expenses increase for million and half. Selling, by general due modest to first in and These were year. increase million costs year. a spend of fourth last in an $XX.X R&D to of XX% higher to our compared personnel were expect for the field

investments relative half Looking focused first the revenue to growth. a modest year, in expect our increase ahead made the second have on we as expenses full for are supporting half that we

a healthy $XX.X Moving to cash. We in ended quarter of the million. position cash

we as Looking tightening have additional cash made million million ahead well our to to $XX from guidance $XX business. the investments as the $XX revenue million, Recorlev our guidance our to year-end, we revised original million in which are considers to $XX the

to growth. these result continued We are revenue make strong able as a investments of

driving business, revenue which across questions. health line seeing growth the great meaningful enterprise. With to of please consistent that, and for financial momentum are our open and is translating operator, We our the

Operator

comes Instructions] from from [Operator Partners. Our first question Ruiz today Roanna Leerink

Roanna Clarissa Ruiz

a the that quarter. like will have Recorlev sales could the continue year? curious XXXX? first. be half patient expanded and later How the in growing It that I new also force, well for with you into starts to So year question into think trend seems are newly I'm this second And a tailwind the do possibly this

John Shannon

said, sales that see Roanna, We mean starts are to continuing the that through growing we're I it's I and sales Yes. -- in We're it's additional reps couple see -- weeks, the QX, early of -- John. end new the -- accelerate the or accelerating. we and year. and in they'll new of referrals. early -- last we force as new in the later year into year. on And next just the start field contributing this out out the we put

Roanna Clarissa Ruiz

And this a for on these Gvoke sort that bit later could Gvoke, of into just And was the in what more of Gvoke today year? prescribers I prescribers sales you tackling for you would back-to-school, et versus adults, for of remind also us maximize consider prescribing to driving other force focusing curious, going cetera? doing reps some terms are the

John Shannon

Yes.

period, area as the will you that in that time back-to-school week we as kicking week. next and like starts third this which So for in pointed quarter out, focus And hold launched endo. as pediatric And they BAQSIMI and we've that pretty shown only understand because you ago. years it strong is has guys a into on primarily space, is right always, several

do year. we and and timeframe. of every focus perspective, every today biggest grow this will are hold also then during protected So do on But that day, people million year, to the way be on it we bring this not we XX on we our how growth our continue from more that how Gvoke. It's bring quarter

Operator

Our from comes Amsellem David next from question Sandler. Piper

Schuyler van den Broek

David. on This is for Schuyler

Recorlev, X actually on of type can revenue? than your over better seasonality difficult you diabetes just year? the which context treat how from Cushing's about on indicate of separately, the the in the that the catalyst is syndrome, thinking we about phasing recent showed should of patients First, you with true data half study last Gvoke and so the second are might season, question, Corcept, previously of with the the the talk expect to which at long-term think expectations about understood. And remainder prevalence XX% growth higher of of then And just degree touching back-to-school can we the the

John Shannon

Okay.

tested more which normalizes pointing in and for had start being my our I marketplace the Let remarks you're think Recorlev prepared patients product, are part me that Recorlev. And ideal ideal out because cortisol. with what for I and more is levels, cortisol for and of high screened is

the what's the -- on some why for in going and growth into we're right acceleration that product of how seeing our space. our fits fits it in So in some of

Gvoke, grow Gvoke quarter into and/or of people more For to and fourth and through well. third continue just strongest That quarter will which expect case, to who more always okay? to aren't continue drive kind strongly as prescribe in protected the the then and get quarter, is our we

counting been several out to see to that on quarters Gvoke. continue this the look steady growth we've we continuous So last

Steven Pieper

Steve, -- just is this Yes. Maybe Schuyler.

more Just to Gvoke. get specific a little on

the historically, growth, seen the half of we've year, that and year. in think first the half I we've the enjoyed back through of XX%

quarter. peg bit for trend things the I where growth little to of dramatic the half third kind with more think year. the would of probably I But So I that's second in that continue expect would a

Operator

from next from Our Craig-Hallum. Knickerbocker comes question Chase

Chase Knickerbocker

First all, role. congrats John, new on of the

Looking forward to here. watching you execute

[ prescriptions -- First, year-over-year? grew a just year-over-year, ]. click a Just dynamics benefit than was on in Revenue is housekeeping little net -- some pricing that the sales bit there little on Gvoke. stocking of bit year more or there

Steven Pieper

is but bit a little this maybe just bit Steve. little nothing price, probably say of stocking, a Chase, would material. it's Yes. of I

Chase Knickerbocker

the least And you so the of of speak of seen trends competitors. year competitors the our you've first first Rx at the here some kind new share ready-to-use Gvoke? kind your to far data, it. gains just in Can of what maybe nice pretty half seen your in in relative year, through on Got data we've half to with at

John Shannon

think an growth we're I share we the primarily and amount same to do share, growth Gvoke. Yes, market see you that market thing the but we're of capturing yes, inordinate gaining is, by directly gaining

existing growth out market from there there it the market and So growth getting getting out we're from we're that's not it BAQSIMI driving. We're patients. directly that the

we trend will and that -- think continue. So

Chase Knickerbocker

Yes.

through Maybe And but new a so QX, into of remainder you from bit expect about patient kind that that to the case kind taking would you starts of next. year and the of that seasonality? is of guys outside maybe different kind majority With a thinking of remain of that back-to-school the here. little in

John Shannon

Yes.

went this last gains back we and couple the That in probably and quarter it every and you share will third this And trend of consistent terms have you quarter. kind flattens just again QX. pretty over in quarter. up then of we that increases mapped get out If it picks then the out of see continue years, to

Chase Knickerbocker

confidence parse some Recorlev, guys some on you I can Got here it. whole, through increased me looking is far the Cushing's year. just taking But kind speak guys' have just how diagnosis sorry, what maybe the at the kind And I sequential and a gains that from growth as to mean, jumping doing in have the of and might half you of there? And therapies, step of back then making kind just competitive a then better that just failed informs as of maybe of pipeline around. help just market as there I'm other back this, your kind versus missed

John Shannon

there's your there. normalize in of answer more this couple people to try cortisol. and no because being being product a diagnosed and of question again, tested of for And dynamics There's and perfect people elevated treating terms me There's more we Let with cortisol. -- more level and complexity a there's Recorlev and more also anybody.

bouncing and from some between that. therapies, there's around we benefit So

over. from people and picking have that switched up things new moving now patients starts to we're tried to So are that have people other

from kind that Are new all -- coming your terms -- referring about there's are So don't question people understood last the I And of places know I starts. all the of to you in pipeline.

Chase Knickerbocker

Just so for the yes yes. pipeline, the pipeline -- but of patients for Recorlev, Recorlev

John Shannon

it's from Yes, coming and us. stronger I than like continues ever, all to And it for places. it's said, build

Chase Knickerbocker

And for QX was kind that when kind think treatment that lastly we typically next the then of of year perspective? a of of investor payers And of be kind remainder be Would you think Keveyis. time there then where an we and payer the kind on changes the potential some of the from here? from should -- would would informs kind just that of expect kind consistent about through confidence of something

John Shannon

And a see in terms seeing And of basically QX we're think continuing trend pace. very, the would to patients. for we very as even going QX that remarks, What QX we're the of strong about on as QX resets were kind I kinds there's we said and I in Yes. my what that's new of of patients prepared saw year. in we you at rest QX all in is pointed adding -- out, when there.

Operator

now will Oppenheimer. from from Mathur our final We Rohan take question

Rohan Mathur

quarter. on on Rohan Congratulations This Leland strong is another for Gershell.

how on time? is how granularity detail for give how payer coverage quarter on Can Just the it's steadiness changed years? franchise some business over in been how about reception the in you thinking has this on provide last the And any could of you a the couple coming and Keveyis, and resilient you're me be and Recorlev. on might the

John Shannon

Okay.

referral and What -- it and time in faster is coverage it's better at get let as through about more with with better these And really from a do So efficiently. you more you Recorlev. and you not the rare patients payer moving happens these you process, changed. talk I get me it spend -- spaces do and payer brands more

benefit have starts. second into -- can strong that So and I quarter that are quarter. And think brand. And -- in of that's you physicians done referral willing new with both the that for when we've going of being of into to that what's of really And we think continue the leading the Keveyis, I also said, -- third for pipeline see turn to an the a saw kind patients to we job patients we resilience those that fight the you managing amazing in space and and that see is accelerate the for PPP.

see So continuing. we that

something really another its disrupt would could Now maybe to in that going resiliency. we're potentially maybe happens, until it -- get it's coming player that. confident that or hold But

Operator

the queue time. We have no at further in this questions

hand I'll over remarks. back So to for the closing team

John Shannon

Well, everyone listening thank you for today.

stronger deliver just about ever. shareholder the result I'm ultimately will into heard, again will we morning. Thank is meaningful this by that earlier, that you've confident executing business than I you your X time robust priorities As a Xeris for translate value. on talked

Operator

call. That concludes Thank for today's joining. you

your You lines. disconnect may now

Xeris Biopharma (XERS) 8 Aug 242024 Q2 Earnings call transcript