Preliminary 2021 full-year pro forma net
sales at high-end of $76-80 million guidance, representing
approximately 55% growth from 2020
Year-end 2021 preliminary cash, cash
equivalents, and investments of approximately $102 million
20+ million Medicaid lives in IL, TN, PA, OH,
and CA have unrestricted access to Gvoke®, effective January 1,
2022
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS) (“Xeris” or the
“Company”), a biopharmaceutical company developing and
commercializing unique therapies for patient populations in
endocrinology, neurology, and gastroenterology, today announced a
business update and reaffirmed its 2021 pro forma net sales and
year-end cash balance guidance.
“We are proud to have ended 2021 on a strong note with continued
growth of Gvoke and Keveyis®, delivering net sales at the upper end
of our guidance range, over $100 million of cash, cash equivalents,
and investments on the balance sheet, and the approval of our third
commercial product, Recorlev®. 2022 is off to a good start with an
additional $30 million from the recent capital raise on our balance
sheet and the near-term launch of Recorlev,” said Paul R. Edick,
Chairman and CEO of Xeris Biopharma.
“Since the launch of Gvoke, we have persistently worked to make
Gvoke accessible for as many people with diabetes as possible.
There are over 6.8 million people with diabetes on insulin at risk
of a severe hypoglycemic event, and we think every one of them
should have access to a ready-to-use product such as Gvoke. We are
very pleased that a growing number of Medicaid lives now have
unrestricted access to Gvoke,” said Mr. Edick.
These estimated financial results are preliminary and subject to
further review by the Company and its external auditors. Xeris will
report fourth quarter and full year 2021 actual financial results
in March 2022. The Company also anticipates giving guidance for
full-year 2022 net sales and cash runway at that time. Investors
are cautioned not to place undue reliance on these preliminary and
unaudited estimates in the event of material changes.
About Xeris Biopharma
Xeris (Nasdaq: XERS) is a biopharmaceutical company developing
and commercializing unique therapies for patient populations in
endocrinology, neurology, and gastroenterology. Xeris has two
commercially available products; Gvoke®, a ready-to-use liquid
glucagon for the treatment of severe hypoglycemia, and Keveyis®,
the first and only FDA-approved therapy for primary periodic
paralysis. In addition, Recorlev® was recently approved by the U.S.
Food and Drug Administration for the treatment of endogenous
Cushing’s syndrome. Xeris also has a robust pipeline of development
programs to extend the current marketed products into important new
indications and uses and bring new products forward using its
proprietary formulation technology platforms, XeriSol™ and
XeriJect™, supporting long-term product development and commercial
success.
Xeris is headquartered in Chicago, IL. For more information,
visit www.xerispharma.com or follow us on Twitter, LinkedIn, or
Instagram.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans, and prospects for Xeris Biopharma Holdings, Inc., including
statements regarding projections, estimates and forecasts of net
sales, cash balance and other financial and performance metrics,
expectations regarding the accessibility and acceptance of Gvoke in
the market, expectations with respect to the commercial launch of
Recorlev and other statements containing the words “will,” “would,”
“continue,” “may,” “should,” and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially from those indicated in the
forward-looking statements. Such risks and uncertainties include,
but are not limited to, the market’s acceptance of Xeris’
commercial products, Xeris’ reliance on third-party suppliers for
Gvoke®, Ogluo®, Keveyis®, and Recorlev®, the regulatory approval of
its product candidates, its ability to market and sell its
products, the impact of the COVID-19 pandemic on Xeris, changes in
global, political, economic, business, competitive, market and
regulatory forces, future exchange and interest rates, changes in
tax laws, regulations, rates and policies, future business
acquisitions or disposals and competitive developments, and the
other risks described in Xeris’ Quarterly Report on Form 10-Q and
other reports we file from time to time with the SEC. These
forward-looking statements are based on numerous assumptions and
assessments made in light of Xeris’ experience and perception of
historical trends, current conditions, business strategies,
operating environment, future developments, and other factors it
believes appropriate. By their nature, forward-looking statements
involve known and unknown risks and uncertainties because they
relate to events and depend on circumstances that will occur in the
future. The factors described in the context of such
forward-looking statements in this communication could cause Xeris’
plans with respect to its products and product candidates, Xeris’
actual results, performance or achievements, industry results and
developments to differ materially from those expressed in or
implied by such forward-looking statements. Although it is believed
that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations
will prove to have been correct and persons reading this
communication are therefore cautioned not to place undue reliance
on these forward-looking statements which speak only as at the date
of this communication. Additional information about economic,
competitive, governmental, technological, and other factors that
may affect Xeris is set forth in Item 1A, “Risk Factors,” in Xeris’
2020 Annual Report on Form 10-K, which has been filed with the SEC,
and other important factors in Xeris’ subsequent filings with the
SEC, the contents of which are not incorporated by reference into,
nor do they form part of, this communication. Any forward-looking
statements in this communication are based upon information
available to Xeris, as of the date of this communication and, while
believed to be true when made, may ultimately prove to be
incorrect. Subject to any obligations under applicable law, Xeris
does not undertake any obligation to update any forward-looking
statement whether as a result of new information, future
developments or otherwise, or to conform any forward-looking
statement to actual results, future events, or to changes in
expectations. All subsequent written and oral forward-looking
statements attributable to Xeris or any person acting on behalf of
any of them are expressly qualified in their entirety by this
paragraph.
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version on businesswire.com: https://www.businesswire.com/news/home/20220118005339/en/
Investor Contact Allison Wey Senior Vice President,
Investor Relations and Corporate Communications
awey@xerispharma.com (312) 736-1237
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