Xeris Pharmaceuticals Inc. (XERS) Misses Q2 EPS by 11c

Xeris Pharmaceuticals Inc. (NASDAQ: XERS) reported Q2 EPS of ($0.41), $0.11 worse than the analyst estimate of ($0.30). Revenue for the quarter came in at $8.84 million versus the consensus estimate of $9.54 million.

“The second quarter was extremely busy and very successful, highlighted by the proposed acquisition of Strongbridge Biopharma. We continued to see strong demand for Gvoke, driven by HypoPen sales, as evidenced by impressive increases from the first quarter in prescription volume, unit sales to wholesalers, and net sales of 32%, 36%, and 10% respectively, as well as our market share growth, which outpaced the overall glucagon market. While our net sales were somewhat negatively impacted by the continuation of the $0 copay and an adjustment related to the return reserve for PFS inventory from prior years’ sales, we don’t see that as an ongoing situation, especially for the 1mg HypoPen now with 30-month dating,” said Paul R. Edick, Chairman and CEO of Xeris. “We also found a great partner to prioritize and commercialize Ogluo in the UK and Europe in Tetris Pharma; we renegotiated our debt facility to extend our cash runway; and based on FDA feedback, we determined it was best to terminate the PBH program and advance EIH into a broader Phase 2 study.”

Mr. Edick continued, “Our near-term focus continues to be on driving Gvoke during this important back-to-school season, closing the Strongbridge transaction and integrating the organization and its products, anticipating a potential approval and launch of Recorlev, and re-prioritizing the pipeline as we position the company for long-term product development and commercial success.”

For earnings history and earnings-related data on Xeris Pharmaceuticals Inc. (XERS) click here.

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