Stock Track | Xeris Pharmaceuticals Soars 6% Pre-Market on Q3 Beat, Raised Guidance

Stock Track11-08

Xeris Pharmaceuticals Inc (XERS) shares soared over 6% in pre-market trading on Wednesday after the company reported better-than-expected third-quarter results and raised its full-year revenue guidance. The biopharmaceutical firm posted a Q3 revenue of $54.3 million, exceeding analysts' estimates of $51.4 million, driven by strong demand for its products Gvoke, Recorlev and Keveyis.

Xeris saw robust growth across its key products in Q3. Gvoke net revenue jumped 29% year-over-year to $22.9 million on rising prescriptions, while newly launched Recorlev recorded net revenue of $17.7 million, up 119% from last year. Keveyis sales slipped 23% to $12.2 million due to lower patients on therapy. Overall, product revenue grew 27% year-over-year to $52.9 million.

Encouraged by the strong year-to-date performance, Xeris raised its 2024 total revenue outlook to $198 million-$202 million from the prior $190 million-$200 million guidance range. The company also ended Q3 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 robust pipeline including the Phase 3-ready XP-8121.

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