Xeris Biopharma Holdings, Inc. Q4 FY2024 earnings call

Management Statement and Operational Highlights

• 2024 was an unprecedented year with exceptional commercial execution, focused pipeline development, and disciplined capital management. Total revenue exceeded $203 million, growing 24% vs 2023.
• Pipeline update: XP-8121 completed Phase 2 study and is progressing to Phase 3, with ongoing FDA discussions.
• 2025 strategic priorities: Drive rapid growth of commercial products, maintain financial discipline, and enhance communications transparency.
• 2025 revenue guidance: Total company revenue expected between $255 million and $275 million, >30% y-o-y growth at midpoint. Adjusted EBITDA positive going forward.
• Recorlev: Emerging as a best-in-class product in hypercortisolemia, with investments in sales and patient support showing impact.
• Gvoke: Targeting 14 million unprotected patients, with a multiyear partnership with ADA to reinforce prescribing of Gvoke HypoPen.
• Keveyis: Durability expected to continue in 2025, focusing on finding new PPP patients.

Segment Performance

• Recorlev: In 2024, total revenue was over $64 million, a 118% growth versus 2023. It's rapidly becoming a flagship brand with record referrals and new patient starts, especially in the back half of the year.
• Gvoke: Achieved nearly $83 million in revenue in 2024, a 24% increase versus 2023. Saw an increase in prescriptions totaling 265,000 from new and repeat prescribers.
• Keveyis: Ended 2024 with approximately $50 million in revenue, a 13% decline versus 2023. Maintained patient count by finding new PPP patients.
• Partnership revenue: Held steady at approximately $6 million in 2024, with continued successful delivery for technology partners.

Guidance

• Total company revenue expected between $255 million and $275 million in 2025, representing over 30% year-over-year growth at the midpoint.
• Adjusted EBITDA turned positive in Q4 2024 and is expected to remain positive going forward.
• Primary drivers of 2025 growth: Recorlev and Gvoke, with Keveyis holding its own and partnerships contributing consistently.

Risks

• Market uncertainties related to the adoption and growth of products like Recorlev and Gvoke.
• Reimbursement challenges for Keveyis similar to 2024, potentially impacting net pricing.
• Dependence on partner programs where results are largely dependent on partner business objectives.

Q: Please characterize the growth of Recorlev in terms of new prescribers vs deeper engagement with existing ones.

A: John Shannon states it's both expanding the writer base and getting existing writers to prescribe more patients as they become more comfortable with Recorlev.

Q: How should we think about Keveyis' performance in 2025 in terms of year-over-year decline?

A: John Shannon mentions Keveyis may have found its bottom, holding steady as they keep existing patients on therapy and add new ones.

Q: Thoughts on long-term spend and sales force expansion for Recorlev?

A: John Shannon says they see the opportunity and will invest incrementally as market dynamics unfold, with Recorlev having long patent exclusivity (patents to 2040, orphan exclusivity to 2028).

Q: How do synergies of existing products play into XP-8121's commercialization?

A: John Shannon notes XP-8121 fits perfectly with Xeris' endocrinology footprint from existing products like Gvoke and Recorlev, leveraging patient support and channel capabilities.