Xeris Pharmaceuticals Inc. (NASDAQ: XERS) stock declines by 19.00% in the current market trading. Xeris is a specialized pharmaceutical business that develops cutting-edge technologies to make providing critical medicines easier for individuals all around the world.
XERS stock, Financial Highlights
Xeris Pharmaceuticals announced its second-quarter 2021 financial results. Given below is the summary:
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- Gvoke’s total sales in the first quarter of 2021 were $8.1 million. Gvoke pre-filled syringe net sales were $1.7 million in the first quarter of 2020.
- For the first quarter of 2021, the cost of goods sold was $1.8 million. In the first quarter of 2020, the cost of goods sold was similarly $1.8 million, with $1.2 million attributable to the creation of a reserve for excess and outdated inventories.
- R&D costs were $4.0 million in the first quarter of 2021, compared to $6.6 million in the first quarter of 2020. Expenses connected with their clinical studies and pharmaceutical process development were largely responsible for the reduction.
- SG&A costs were $19.1 million in the first quarter of 2021, compared to $21.6 million in the first quarter of 2020. As a result of the COVID-19 epidemic, there was a drop in advertising as well as fewer conferences and gatherings.
- Xeris recorded a total loss of $18.4 million, or $0.30 per share, in the first quarter of 2021, relative to a total loss of $29.2 million, or $0.89 per share, in the first quarter of 2020.
- Xeris announced total cash, cash equivalents, and investments of $135.9 million as of March 31, 2021, opposed to $133.8 million as of December 31, 2020. As of March 31, 2021, there were 66,333,456 shares outstanding.
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Paul R. Edick, Chairman, and CEO of Xeris stated,
Given the ongoing challenges posed by the worldwide pandemic, they are happy with their stable, constantly rising financial results in the first quarter. Despite a depressed market, Gvoke demand rose, Ogluo was approved in the EU and UK, and their conversations with the FDA clarified their planned Phase 3 trial designs. The progress has continued into the second quarter, and they are pleased by what looks to be improved consistency in the endocrinology industry in general and the glucagon market in particular.