By Xeris Biopharma Holdings, a biopharmaceutical company, has revised its full-year 2023 financial guidance to a range of $155 million to $165 million, representing an increase from the previous range of $145 million to $165 million. The upward adjustment is seen as a positive development, leading to a 14% increase in the company’s shares, which are now valued at $1.80.
Amgen, a leading pharmaceutical company that recently acquired Horizon Therapeutics, has made a significant milestone payment of $6 million to Xeris Biopharma Holdings. This payment is in recognition of Xeris’ successful development of an ultra-concentrated, ready-to-use, subcutaneous injection called Tepezza. The injection met the target product profile outlined in the research collaboration and option agreement that was signed in November 2022.
As a result of these positive developments, Xeris Biopharma Holdings has raised its cash guidance to a range of $65 million to $70 million, surpassing the previous range of $55 million to $65 million. Additionally, the total cash utilization for the full-year 2023 is anticipated to be within the range of $52 million to $57 million. It is worth noting that as the business continues to perform well, the rate of cash utilization is expected to improve.
Analysts surveyed by FactSet project that Xeris Biopharma Holdings will generate revenue of approximately $156.5 million in fiscal 2023.
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