Xeris Biopharma (XERS) H.C. Wainwright 26th Annual Global Investment Conference summary

Strategic vision and financial management

• New CEO aims to build on existing foundation, focusing on both near-term and long-term shareholder value, with a goal to sustain 20%+ growth seen over the past 11 quarters.

• Emphasis on disciplined expense management and using $77 million in cash to drive growth, with no plans for dilutive financing.

• Revenue guidance has been tightened and raised twice this year, reflecting increased confidence in growth prospects.

• Breakeven is reasonably expected in 2025, supported by strong commercial growth and disciplined spending.

• Management believes sustained execution and demonstrating self-sufficiency are key to improving investor sentiment.

Commercial product performance

• Recorlev is rapidly gaining on Gvoke and may soon become the largest product, driven by expanded sales force and accelerating patient referrals and starts.

• Recorlev's broad indication and multiple mechanisms of action are resonating with clinicians, with patients coming from diverse backgrounds.

• Conversion rates from referral to therapy start are improving as experience grows, and the top of the funnel continues to expand.

• Gvoke maintains steady year-over-year growth, capturing new patients and gaining market share as the market grows about 10% annually.

• Focus for Gvoke is shifting from competing for share to expanding the overall market, targeting the large population at risk for hypoglycemia.

Market dynamics and product differentiation

• Increased testing and earlier diagnosis in Cushing's disease are accelerating market growth, with Recorlev positioned as a preferred option.

• Peak revenue for Recorlev is estimated at $250–$300 million, with significant runway remaining.

• Gvoke's growth strategy centers on changing physician practice, especially among primary care, to align with guidelines recommending ready-to-use glucagon.

• Keveyis has shown resilience against generics, with patient numbers stabilizing and some returning from generics.