Shares of Xeris Pharmaceuticals Inc (XERS) soared over 5% in pre-market trading on November 8, 2024 after the biopharmaceutical company reported better-than-expected third quarter results and raised its full-year revenue guidance.
For the third quarter, Xeris posted total revenue of $54.3 million, exceeding analysts' estimates of $51.4 million. The solid top-line growth was driven by strong demand for the company's key products - Gvoke, Recorlev and Keveyis.
Gvoke, the ready-to-use glucagon for severe hypoglycemia treatment, delivered net revenue of $22.9 million, up 29% year-over-year, boosted by rising prescriptions. The newly launched Recorlev for the treatment of endogenous Cushing's syndrome saw net revenue jump 119% to $17.7 million on increased patient uptake. However, Keveyis net revenue slipped 23% to $12.2 million due to fewer patients on therapy.
Encouraged by the robust year-to-date performance, Xeris raised its 2024 total revenue outlook to $198 million-$202 million from the previous guidance range of $190 million-$200 million. The company also ended the third quarter with a cash balance of $69.4 million and tightened its year-end cash forecast to $68 million-$72 million.
Looking ahead, Xeris expects to continue driving over 20% product revenue growth and advance its pipeline, including the Phase 3-ready XP-8121. The strong quarterly results and raised guidance signal the company's positive momentum and growth prospects, which seem to have fueled the surge in XERS stock.
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