Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| To summarize, Xeris had a year of exceptional performance and growth in 2023 and we look forward to continuing to build on that momentum in 2024 |
| This is a significant milestone for Xeris and it continues to demonstrate our ability to be a self-sustaining enterprise |
| As Paul mentioned, 2023 was another year of exceptional performance and growth for Xeris |
| 2023 was an exceptional year of performance and growth for Xeris, highlighted by our total revenue which grew an impressive 49% from 2022 to $164 million in 2023, and ending 2023 with over $72 million in cash |
| This revenue growth along with Xeris’ strong cash position continues to demonstrate the sustainability of the enterprise we’re building |
| Depending on--you know, if you go do doctor calls, you’re going to find ones that have never even heard of Recorlev because they’re not accessible to us, but the vast majority of physicians that are accessible, initial trial has been good, a broad cross-section of physicians, and the experience has been positive, so I think that’s all good |
| In 2023, we successfully advanced this business and generated over $10 million in total revenue |
| As you heard, we have delivered another year of exceptional growth and we’re very proud of our performance to date |
| Patient referrals continue to be robust and the underlying patient demand grew 28% over the third quarter |
| That said, this double-digit revenue growth coupled with our recent debt financing and continued disciplined cash management allows us to further invest in the growth of our commercial products, fund Phase III readiness activities for our pipeline levothyroxine program, and lastly make incremental investments in our emerging technology business, and we still expect to end 2024 with a very healthy cash position of between $55 million and $75 million, further demonstrating the sustainability of the enterprise that we’re building |
| Those patients take a little bit longer to adjudicate insurance, but we’re being very successful there as well |
| As I’ve said before, we see tremendous opportunity for Gvoke |
| Our total revenue range implies a 4% growth at the low end, 22% growth at the high end and 13% at the midpoint; however, net of non-recurring partner revenue, our range for 2024 represents approximately 10% growth at the low end, 30% at the high end and 20% at the midpoint, so very positive potential for continued growth of the enterprise either way you look at it |
| Compared to Q3 2023, net revenue increased by 21% driven by a steady increase in underlying patient demand |
| We see tremendous potential for Recorlev in an increasingly dynamic Cushing’s market |
| We are encouraged by the growth in Recorlev’s patient demand, which has been fueled by a consistently healthy pipeline of referrals |
| Market expansion is really, I believe, their goal, which is good for us as well |
| We’re very pleased with the steady increase in Recorlev revenue quarter-over-quarter |
| We’re excited about the potential for our XeriJect business and believe this could be a significant contributor to the growth of Xeris over time |
| This new agreement is a testament to the confidence Hayfin has in Xeris’ ability to successfully execute our strategy |
| I see both dynamics as potentially positive for us |
| In rare disease and these expensive drugs, 50% to 60% of conversion from referral to patients on drug, we think is equivalent and really good, and it varies in that range - sometimes it’s a little slower, sometimes it’s a little more, but it’s in that 50% to 60% range, and we think that’s solid conversion percentage for the number of referrals we’re having |
| Our conversion to patients on drug continues to be really solid and continues to grow, so we’re happy with that |
| We expect that momentum will continue in 2024, and we look forward to another year of growing an enterprise for which we can all be proud |
| 2023 Keveyis net revenue was over $56 million, exceeding the Keveyis CVR milestone of $40 million |
| We’re getting great conversations with physicians, the receptivity to Recorlev has been very high, so that’s been very positive |
| Moving onto cash, we ended the year with a very healthy cash position and generated positive cash for the first time in Xeris’ history in the fourth quarter |
| All three of our commercial products grew revenue for the full year and fourth quarter compared to last year |
| This performance exceeded our expectations for the brand in 2023 by delivering $56.8 million, well in excess of the $40 million revenue milestone which triggered a CVR for Strongbridge shareholders |
| I think we’re excited about the growth, the continued growth of both Gvoke and Recorlev |
| Statement |
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| The fourth quarter was the first quarter we saw pressure from the generic impacting our net revenue |
| Consistent with the historical trend following the typical back-to-school spike for the glucagon market in Q3, the total glucagon prescription market declined 7% in the fourth quarter |
| While our strategy to invest in Keveyis and defend brand prescribing has been successful to date, in Q4 we saw a slight decrease in patient demand due to increased generic pressure |
| Are there any sort of incremental milestone payments you’re expecting within that guidance range, and then secondly, when you think about your three products, it kind of sounds like you’re suggesting Keveyis is seeing some weakness and so maybe we should expect that to be down modestly in ’24, with that offset by growth in the other two products |
| We believe this has the potential to temporarily slow adjudication of pharmaceutical prescriptions in general |
| In the fourth quarter, revenue for Keveyis was $14.1 million, which is an 11% decrease from the third quarter of this year, however was a 2% increase compared to the same period in 2022 |
| In the second half of the year, we started to see modest patient loss to generic competition |
| The degree to which that is going to potentially happen is--the potential downside is just as big this year as it was last year, and our guidance was to reflect a wide range because we weren’t sure, so what we see so far this year is a little bit of patient loss, but we’re not too sure of the degree to which that’s going to accelerate or not |
| We’ve said all along, sooner or later we’re going to start losing a few patients, sooner or later we’re going to see some price degradation |
| That said, we expect payor pressure will persist and we may see sequential quarterly declines in Keveyis revenue in 2024, which we’ve accounted for in our 2024 guidance that we’ll talk about later; however, we continue to find new patients and build the top of the referral funnel, which is key to maintaining Keveyis’ contribution to our commercial portfolio |
| We estimate that approximately 15 million people with diabetes are at increased risk of severe low blood sugar |
| We are just scratching the surface of this opportunity |
| A primary risk factor for a severe low is being on insulin [indiscernible], and those who are should be carrying a ready-to-use rescue glucagon, like Gvoke HypoPen |
| Steve Pieper Yes, and I think we were--I think we were hopefully pretty clear in our prepared remarks that we do expect a decline, as opposed to 2023 where we saw growth, so yes, that’s driving the wide range |
| The degree to which that potential for delayed adjudication may impact our specialty pharmacy and retail business is yet unclear and really too early to tell |
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