Xeris Pharmaceuticals, Inc. (NASDAQ:XERS) Q2 2020 Earnings Conference Call - Final Transcript

Aug 10, 2020 • 08:30 am ET


Xeris Pharmaceuticals, Inc. (NASDAQ:XERS) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Xeris Pharmaceuticals Second Quarter Financial Results Conference Call. [Operator Instructions]

I'd now like to hand the conference over to Allison Wey, Senior Vice President of Investor Relations and Corporate Communications. Ms. Wey, please go ahead.

Allison Wey

Thank you, James. Good morning and welcome to Xeris' second quarter and first half 2020 financial results and corporate update conference call. A press release with the Company's second quarter and six months 2020 results was issued earlier this morning and can be found on our website. We are joined today by Paul Edick, Chairman and CEO and Barry Deutsch, CFO. Paul will provide opening remarks and Barry will review the financial results. Then we will open the line for questions.

Before we begin, I'd like to remind you that this call will contain forward-looking statements concerning the impact of COVID-19 and Xeris' business practices, Xeris' future expectations, plans, prospects clinical approvals, commercialization, corporate strategy and performance, which constitute forward-looking statements for the purposes of the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including the effect of uncertainties related to the COVID-19 pandemic on the US and global markets, Xeris' business, financial conditions, operations, clinical trials and our third-party suppliers and manufacturers and other risks, including those discussed in our filings with the SEC. In addition, any forward-looking statements represent our views only as of the date of this call and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update such statements.

I will now turn the call over to Paul.

Paul R. Edick

Thanks, Allison, and thank you everyone for joining us today. First I want to emphasize that we had an outstanding second quarter that was marked by several important achievements, despite the continued pandemic-related challenges and civil unrest.

We recorded approximately $2 million in net sales for Gvoke. We grew Gvoke Pre-Filled Syringe prescriptions over 72% from the first quarter and continued to outpace the market. We had over 75% of commercially insured -- covered -- commercially insured lives, covered with unrestricted access to Gvoke PFS by the end of the quarter. We have an established strong base of Gvoke prescribers and increased new writers of prescriptions by 1,000 from the first quarter. We invested in programs to support our customers and serve as a strategic launch pad for the Gvoke HypoPen. We reported positive results from four of our clinical programs. We signed supply agreement with Clinigen for Gvoke ex-US on a named patient basis. And we raised $109 million to fund our business for the long term.

Let's take a closer look at some of these accomplishments. As I just said, we were pleased with our Gvoke commercial performance in the face of the ongoing pandemic and believe it reflects strong demand for our products as