Xeris Biopharma Reports Record Q4 and Full-Year 2024 Results, Sets 2025 Guidance
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a rapidly growing biopharmaceutical company dedicated to improving patient lives by developing and commercializing innovative therapies, has announced record-breaking financial results for the fourth quarter and full-year ending December 31, 2024. In addition, the company has provided financial guidance for the full-year 2025, signaling continued growth and strong financial performance.
A Strong 2024 Performance
“The Xeris team executed an exceptional 2024 with record revenue topping $203 million,” said John Shannon, Xeris’ Chief Executive Officer. “The continued momentum of our commercial business, our exciting pipeline, along with our unrelenting focus on execution will enable Xeris to create even more value for patients and shareholders.”
The company reported its highest-ever quarterly revenue, exceeding $60 million, which contributed to positive cash flow of $2 million and an Adjusted EBITDA of over $8 million in the fourth quarter. “Xeris has never been financially stronger,” said Steven M. Pieper, Chief Financial Officer. “We expect 2025 total revenue of $255 to $275 million, which is over 30% growth at the mid-point. Further, we anticipate Adjusted EBITDA will remain positive going forward. Our accelerating revenue growth, coupled with our attractive and improving margin profile and disciplined capital allocation, will result in a financially transformative 2025 for Xeris.”
Fourth Quarter 2024 Highlights
| Metric | Q4 2024 | Q4 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Product Revenue (Net) | $57M | $42.5M | +$14.5M | +34.1% |
| Total Revenue | $60.1M | $44.4M | +$15.7M | +35.4% |
| Gvoke Revenue | $23.3M | $18.6M | +$4.6M | +24.8% |
| Recorlev Revenue | $22.6M | $9.8M | +$12.8M | +130.6% |
| Keveyis Revenue | $11.1M | $14.1M | -$2.9M | -20.9% |
| Royalty, Contract & Other | $3.1M | $1.9M | +$1.2M | +64.8% |
Key Drivers of Revenue Growth
- Gvoke: Generated $23.3 million in net revenue in Q4, marking a 25% increase compared to Q4 2023. Prescriptions grew by 18% year-over-year, with the product capturing 35% of the retail glucagon prescription market.
- Recorlev: Achieved a significant 131% revenue increase, reaching $22.6 million in Q4. The number of patients using Recorlev rose by 123% compared to the previous year.
- Keveyis: Revenue declined by 21%, primarily due to a reduction in product shipments during the period.
- Royalty, Contract & Other Revenue: Recognized $3.0 million in revenue from a successful XeriSol® formulation for Beta Bionics, Inc.
Full-Year 2024 Financial Results
| Metric | 2024 | 2023 | Change ($) | Change (%) |
| Product Revenue (Net) | $196.6M | $153.4M | +$43.3M | +28.2% |
| Total Revenue | $203.1M | $163.9M | +$39.2M | +23.9% |
| Gvoke Revenue | $82.8M | $67M | +$15.8M | +23.5% |
| Recorlev Revenue | $64.3M | $29.5M | +$34.7M | +117.5% |
| Keveyis Revenue | $49.5M | $56.8M | -$7.2M | -12.8% |
| Royalty, Contract & Other | $6.4M | $10.5M | -$4.1M | -39.0% |
Key Takeaways from 2024
- Strong Growth for Gvoke and Recorlev: Prescription volume increases drove revenue growth, while Keveyis experienced a decline due to fewer patients on therapy.
- Cost of Goods Sold (COGS): Increased by $1.9 million (25%) in Q4 and by $8.2 million (29%) for the full year due to rising product revenue and inventory process changes for Gvoke capacity expansion.
- R&D Expenses: Increased by $3.2 million (14%) in 2024, reflecting higher personnel costs and pipeline development, particularly for XP-8121.
- SG&A Expenses: Increased by $17.4 million (12%) in 2024, driven by investments in the Recorlev commercial team and CEO succession-related restructuring.
Financial Position and Future Outlook
- Net Loss: $5.1 million in Q4 and $54.8 million for the full year.
- Adjusted EBITDA: Positive at $8.3 million in Q4 and $1.2 million for the year.
- Cash, Cash Equivalents & Short-Term Investments: $71.6 million as of December 31, 2024.
- Shares Outstanding: 153,940,135 as of February 28, 2025.
2025 Guidance
- Total Revenue: Expected between $255 million and $275 million (+30% YoY growth at the midpoint).
- Adjusted EBITDA: Projected to remain positive, demonstrating continued financial strength.
Investor Call Details
Xeris will host a conference call at 8:30 a.m. Eastern Time today to discuss its financial and operational results. Investors can pre-register for the call at: https://www.netroadshow.com/events/login?show=ecd4fc1e&confId=76382.
Following the call, a replay will be available until March 20, 2025, at:
- US: +1 929 458 6194
- US Toll Free: +1 866 813 9403
- UK: +44 204 525 0658
- Canada: +1 226 828 7578
- Access Code: 694296
For webcast access, visit the “Events” section on the Xeris investor relations page: www.xerispharma.com.
