Why Xeris Biopharma Shares Are Trading Higher Today

Xeris Biopharma Holdings Inc XERS shares are trading higher by around 9% after the company revised its FY23 outlook.

The company raised the lower end of its revenue guidance, revising the range to $155 million-$165 million (vs. consensus of $158.2 million) from $145 million-$165 million.

Also, the company raised cash, cash equivalents, and short-term investment outlook to $65 million-$70 million (from $55 million-$65 million), suggesting a net cash outflow of about $11 million-$16 million in H2 FY23, a significant improvement vs. $41 million in H1.  

Also, XERS sees total cash utilization of $52 million-$57 million in FY23.

"We are also proud to announce that we have successfully formulated the prespecified target product profile of the XeriJect™ formulation of TEPEZZA, and as such, received the associated $6 million success payment. They also have an option to license the XeriJect technology to further the development of the XeriJect subcutaneous TEPEZZA. We want to thank the legacy Horizon team for being an incredible partner throughout this part of the process and look forward to continuing great work together, should Amgen pick up the option to move forward with continued development of XeriJect subcutaneous TEPEZZA. If the option is executed, Xeris may be entitled to receive development milestones, regulatory milestones, sales-based milestones, and royalties based on future sales," commented Paul R. Edick, Chairman and CEO.

The company expects to announce Q3 FY23 results on November 9, 2023. 

Price Action: XERS shares are up 9.49% at $1.73 premarket on the last check Monday.