Xeris Biopharma tightens FY23 revenue view to $155M-$165M from $145M-$165M

Consensus for FY23 revenue is $158.23M. Xeris Biopharma Holdings (XERS) announced that, it is raising its full-year 2023 financial guidance and that it has received a $6M milestone payment from Amgen (AMGN), which acquired Horizon Therapeutics, for developing an ultra-concentrated, ready-to-use, subcutaneous injection of TEPEZZA that met the target product profile set forth in the research collaboration and option agreement signed in November 2022. Steven Pieper, Chief Financial Officer of Xeris stated, “We remain on track to achieve cash flow breakeven in the fourth quarter which would be an important milestone for the company. We are also raising our year-end 2023 cash guidance from $55-65M to $65-$70M. This would suggest a net cash outflow in the 2nd half of 2023 of approximately $11-16M, which is a significant improvement over the first half net cash outflow of approximately $41M. Our total cash utilization for full-year 2023 is expected to be $52-57M. As the business continues to perform, our rate of cash utilization continues to improve. Given the strength of all three brands and achievement of the Horizon milestone, we are also tightening our total revenue guidance from $145-$165M to $155-$165M.”