Xeris Biopharma Holdings, Inc. (XERS): Marketing Mix Analysis [11-2024 Updated]

In 2024, Xeris Biopharma Holdings, Inc. (XERS) continues to innovate and address critical medical needs through its strategic marketing mix. With a focus on unmet needs in endocrinology and neurology, the company offers a range of specialized products including Gvoke, Recorlev, and Keveyis. Their distribution model emphasizes strong partnerships with healthcare providers and specialty pharmacies, while targeted promotional efforts enhance awareness and accessibility. To navigate the competitive landscape, Xeris employs strategic pricing tactics that ensure patient access while maximizing revenue. Discover more about how Xeris is shaping its market approach below.

Xeris Biopharma Holdings, Inc. (XERS) - Marketing Mix: Product

Gvoke: Liquid-stable glucagon for severe hypoglycemia

Gvoke is a liquid-stable formulation of glucagon designed for the treatment of severe hypoglycemia. For the three months ended September 30, 2024, Gvoke generated net revenues of $22,942,000, an increase of 29.4% from $17,735,000 in the same period in 2023. The nine-month revenue also rose to $59,567,000 from $48,406,000, marking a 23.1% increase.

Recorlev: Cortisol synthesis inhibitor for Cushing's syndrome

Recorlev is a cortisol synthesis inhibitor indicated for the treatment of Cushing's syndrome. In the third quarter of 2024, Recorlev's net revenues reached $17,726,000, up 118.9% from $8,097,000 in the third quarter of 2023. For the nine-month period, revenues surged to $41,663,000, a 111.0% increase from $19,741,000.

Keveyis: Therapy for hyperkalemic periodic paralysis

Keveyis is indicated for the treatment of hyperkalemic periodic paralysis. However, it experienced a decline in revenue, generating $12,193,000 in the third quarter of 2024, down 23.1% from $15,865,000 in the same quarter of 2023. For the nine-month period, revenues fell to $38,406,000 from $42,708,000, representing a decrease of 10.1%.

Proprietary formulation platforms: XeriSol and XeriJect enhance drug delivery

Xeris leverages proprietary formulation platforms, XeriSol and XeriJect, to improve drug delivery. These platforms are designed to enhance the stability and delivery of injectable therapies, thereby addressing specific challenges in drug formulation.

Focus on unmet medical needs in endocrinology and neurology

Xeris Biopharma is dedicated to addressing unmet medical needs in the fields of endocrinology and neurology. The company aims to develop innovative therapies that meet the needs of patients suffering from conditions such as severe hypoglycemia, Cushing's syndrome, and hyperkalemic periodic paralysis.

Xeris Biopharma Holdings, Inc. (XERS) - Marketing Mix: Place

Products Sold Primarily in the United States

Xeris Biopharma Holdings, Inc. focuses its sales operations primarily within the United States. This strategic choice allows the company to concentrate its resources and marketing efforts effectively within a single, large market, optimizing its distribution and accessibility for its products.

Distribution Through Wholesalers and Specialty Pharmacies

The company utilizes a network of wholesalers and specialty pharmacies to distribute its products. As of September 30, 2024, Xeris reported that four key customers accounted for 95% of its gross product revenue. The distribution strategy relies heavily on these partnerships to ensure that its products are readily available to healthcare providers and patients.

Collaboration with Healthcare Providers for Product Accessibility

Xeris Biopharma collaborates closely with healthcare providers to enhance product accessibility. This collaboration is crucial for ensuring that physicians are informed about the availability of Xeris products, which include Gvoke, Recorlev, and Keveyis. Such partnerships facilitate smoother prescription processes and improve patient access to medication.

Focus on Retail Pharmacies for Patient Reach

The company emphasizes retail pharmacies as a vital channel for reaching patients directly. By ensuring that its products are stocked in retail pharmacies, Xeris aims to maximize patient convenience and adherence to prescribed therapies. This strategy is particularly important for medications like Gvoke, which are critical in emergency situations.

Strong Partnerships with Major Pharmaceutical Companies for Formulation Development

Xeris maintains strong partnerships with major pharmaceutical companies to aid in the formulation development of its products. These collaborations enable Xeris to leverage the expertise and resources of established firms to enhance its product offerings and ensure high-quality formulations.

As of September 30, 2024, Xeris reported a net product revenue of $139.6 million for the nine months ended. This revenue is indicative of the effectiveness of its distribution strategy, emphasizing the importance of its place in the marketing mix.

Xeris Biopharma Holdings, Inc. (XERS) - Marketing Mix: Promotion

Targeted marketing strategies to healthcare professionals

Xeris Biopharma employs targeted marketing strategies focusing on healthcare professionals, particularly those involved in endocrinology and emergency medicine. The company has dedicated sales teams that engage with physicians to promote their products, including Gvoke, Recorlev, and Keveyis. As of September 30, 2024, Xeris reported a significant increase in product revenue, with Gvoke net revenue at $22.9 million for the three months ended September 30, 2024, a 29.4% increase year-over-year.

Emphasis on educational outreach about product benefits

Educational outreach is a cornerstone of Xeris's promotional strategy. The company organizes webinars, workshops, and seminars to educate healthcare professionals about the benefits and proper usage of their products. In 2024, Xeris increased its marketing expenses to support these initiatives, with selling, general, and administrative expenses totaling $44.97 million for the three months ended September 30, 2024, a 20.6% increase compared to the same period in 2023.

Utilization of digital marketing channels for broader reach

Xeris has been actively utilizing digital marketing channels to enhance its reach. This includes social media campaigns, email marketing, and online advertising targeted at healthcare professionals and patients. By leveraging platforms like LinkedIn and Twitter, Xeris aims to engage with a broader audience and create awareness about their product offerings. The company reported a net revenue increase of $11.2 million or 23.1% for the nine months ended September 30, 2024, compared to the same period in 2023, partly attributed to effective digital marketing strategies.

Participation in industry conferences to showcase products

Xeris Biopharma participates in various industry conferences and trade shows to showcase its products and innovations. Events such as the Endocrine Society Annual Meeting and the American Diabetes Association's Scientific Sessions provide platforms for Xeris to present clinical data and network with healthcare professionals. This strategy is designed to enhance visibility and credibility within the industry.

Patient assistance programs to enhance product uptake and adherence

To improve product uptake and adherence, Xeris offers patient assistance programs designed to provide financial support and education to patients. These programs help patients access medications like Gvoke and Recorlev, thereby enhancing adherence rates. As of September 30, 2024, Xeris's accrued marketing costs increased to $1.1 million, reflecting the investment in these assistance programs.

Xeris Biopharma Holdings, Inc. (XERS) - Marketing Mix: Price

Pricing strategies include consideration of copay assistance and rebates.

Xeris Biopharma employs a comprehensive pricing strategy that incorporates copay assistance programs and rebates to enhance patient access to its products. For instance, the company reported that allowances for copay assistance and rebates are recorded at the time of sale, impacting the net revenue recognized. This strategy is essential in managing the high costs associated with specialty drugs, ensuring affordability for patients who might otherwise face financial barriers.

Competitive pricing aligned with market expectations for specialty drugs.

Xeris operates in a competitive landscape characterized by specialty pharmaceuticals. As of the latest reporting, the average net pricing for its key products, Gvoke and Recorlev, reflects the market's expectations for specialty medications. For example, Gvoke generated net revenues of $22.9 million for the three months ended September 30, 2024, which was a 29.4% increase from the same period in 2023, driven by both higher prescription volume and favorable net pricing.

Revenue impacted by negotiated agreements with payors.

Revenue for Xeris is significantly influenced by negotiated agreements with various payors. The company reported that four customers accounted for 95% of its gross product revenue for both the three and nine months ended September 30, 2024. This concentration highlights the reliance on favorable terms with key payors to maximize revenue streams.

Price adjustments based on market dynamics and product performance.

Xeris has demonstrated flexibility in its pricing strategies, making adjustments based on market dynamics and the performance of its products. For instance, the company experienced a decrease in net revenue from Keveyis by 23.1% for the three months ended September 30, 2024, attributed to lower volume and unfavorable net pricing. This responsiveness to market conditions is vital for maintaining competitive positioning in the pharmaceutical market.

Focus on maximizing revenue while ensuring patient access to medications.

Xeris Biopharma's pricing strategy is carefully calibrated to maximize revenue while ensuring that patients have access to necessary medications. The net revenue for the three months ended September 30, 2024, amounted to $52.9 million, marking a 26.8% increase compared to the previous year. This growth reflects the company's commitment to balancing profitability with the imperative of patient accessibility, particularly in the specialty drug segment.

In summary, Xeris Biopharma Holdings, Inc. (XERS) effectively employs a strategic marketing mix that highlights their innovative products such as Gvoke and Recorlev, while ensuring strong distribution channels and targeted promotional efforts. By focusing on unmet medical needs, primarily in endocrinology and neurology, and adopting competitive pricing strategies, Xeris aims to maximize revenue while maintaining patient accessibility to their critical therapies. This comprehensive approach positions Xeris to thrive in the dynamic landscape of specialty pharmaceuticals.

Updated on 16 Nov 2024

Resources:

1. Xeris Biopharma Holdings, Inc. (XERS) Financial Statements – Access the full quarterly financial statements for Q1 2025 to get an in-depth view of Xeris Biopharma Holdings, Inc. (XERS)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Xeris Biopharma Holdings, Inc. (XERS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.