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Xeris Pharmaceuticals (XERS)

Participants
Allison Wey Senior Vice President of Investor Relations and Corporate Communication
Paul Edick Chairman and Chief Executive Officer
Barry Deutsch Chief Financial Officer
Ami Fadia Leerink
Randall Stanicky RBC Capital Markets
David Amsellem Piper Sandler
Difei Yang Mizuho Securities
Ed Chung Jefferies
Call transcript
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Operator

Ladies and gentlemen, thank you for standing by. And welcome to today's Xeris Pharmaceuticals Third Quarter Financial Results. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I’d now like to hand the conference over to your speaker today, Allison Wey, Senior Vice President of Investor Relations and Corporate Communication. ahead. go Please

Allison Wey

months Good XXXX Michelle. A welcome Xeris’ found and to release morning earlier Thank can and Results morning and Quarter be nine quarter third Financial the our Call. was Corporate Third issued with this website. you, on company’s and results Update press Conference

will Paul for financial by remarks, Barry opening today joined and results, are provide then Edick, Chairman line CEO; review will the open and We Paul Barry questions. and we Deutsch, the CFO. will

from begin, of we materially remind Xeris’ and provision Reform under pandemic markets, risks important Actual financial that Xeris’ of Before which discussed differ suppliers clinical like as various I’d you Securities performance, forward-looking Act Private forward-looking SEC. statements these of operations, of the Xeris’ practices, XXXX. related and may prospects, constitute with filings the this result to and manufacturers, purposes including forward-looking the contain statements approvals, Safe concerning call strategy the results Litigation commercialization, future uncertainties and business in the COVID-XX Harbor will third-party expectations, factors plans, the indicated corporate a trials those and impact clinical global those of condition, the the on U.S. to including statements factors, our business, by other effect our on COVID-XX for

to statements. this call as not I such date. the statements forward-looking views any any specifically subsequent obligations should represent our date views over and turn addition, now We to of of relied In representing any call as upon only be will Paul. of our as update disclaim the

Paul Edick

joining you everyone us Alison. today. Thanks, thank for And

of quarter performance. are very our third We proud

the the our As in successful main quarter. the launch was of you of significant will growth driver HypoPen Gvoke see

virtually consistently contributor XX% all able of a both in spite of said, I first in on able teams business up of very of payer across virtual did able of in as covered XXXX for Pre-Filled team get to set grow to our was Syringe And the in first key our were XXX% lives us in a of all initial the HypoPen which year that half Pre-Filled types, with to successful patient's of launch. payer work for have spite the natural do access Gvoke the for during first of were and the and access well. quarter HypoPen quarter. the however, our working ability periodic with unrestricted various providers. We that the a civil as the selling be having model Gvoke interfered disasters significantly with able to continued year moved to the Gvoke half middle of challenges Syringe Importantly, were also unrest healthcare formulary to of the We pandemic, most Gvoke their

believe in prepared to position late to various positive. as the submission third more our We two December for prescribers sales gets total dates we and X.Xx $X.X net We in and that Gvoke sales quadruple net a quarter, cash formulation. combined, first submitted Gvoke grew cash million January. approximately the for Gvoke We of were captured During us over I'll granted quarter, IQVIA. in we meeting enabling granted added for XXXX and or points continued requests come recently than we approximately early to market, We diazepam for outpace Fast we're prescriptions Track all to programs, in the now clinical share recently, with prescribers were eight the more unique X,XXX meetings launch. designation XX%. market And third back quarter of Gvoke glucagon strong of flow to our unique second from to recorded which for franchise, reported quarters total QX. net And the increase three the FDA in in since than above XXX% sales shortly. that growth have another X,XXX our

a employed and Gvoke led that quarter. the demand facilitated the dynamics for we contributed commercial there and Let's significant in take early of jump believe anticipated Obviously, several commenced the in to strong look strategies market the in HypoPen, third was We are into to demand closer pent-up launch growth July. quarter. franchise factors at there for in Gvoke the that prescription Gvoke the which the highly demand the

their embraced better teams with continued health willingness virtually, accessing Our and providers management engage thus care of practices improving have get their virtually. virtually, the increasingly at to to care have providers health us

earlier, stated across believe the of I memory. time have at of all approximately payer to I is unrestricted product in HypoPen which types for patients unprecedented access any launch XX% launch, As recent Gvoke

to We Gvoke preference leverage healthy brand strong our legacy category challenging these and seen emergency the with introduction the incremental coming of of successful. into which exactly in also upon in is kit Syringe what initial program the help access copay to able focus a was combination been We've and times and build financial initiated on conversion Pre-Filled legacy continued quite the category. has converting HypoPen patients is our zero patients patients needed Gvoke to constraints. Gvoke dollar through many facing kits new

limited pharmacy that of by directly is especially homes. leveraging healthcare patient's have excellence of over pandemic. expect share introduction XX% the continue the New improving since This legacy glucagon on current driving simplified to HypoPen. virtual our since and of maximize to Gvoke market offices dual Gvoke important and and dominated mail hub time. limited as patients professionals travel media this social a kits the of By continued during for and periods staff products We share delivery order community. XX% trend or focus We fulfillment now lost Gvoke helps within launch, physician specialty result no of compromise discussion market the diabetic nearly the and do prescription awareness have

This the I previous would bump back-to-school in a the of HypoPen the total quarter as was it that That what dramatic of already as had the as was however, quarter, move of year due previous more to COVID-XX spite quarter. Yet back-to-school traditionally and very to back-to-school fairly years something; total call fourth less third market case quarter the years. experienced in than we're a said Gvoke into post as significant normal The has the back in as been in annual seeing initial fourth in nearly pandemic. are we Traditionally, prescriptions the experienced bump positive. we glucagon not the prescriptions quarter prescriptions well. third in slowdown has

the the ups into downturn at movement but these trends in data more may historic continuing. and point, moderate, could after the normal Recent come also and As bump, traditional downs back-to-school the category category, addition grows patients this the the that we factors. see clearly a continue altogether. new show to are related our or people a off in temporary doing who again offices insulin, for will severe almost legacy of are restrictions all in months. with focus next travel have forward leveling importance dramatically causing to should of couple sales on Resurgence patients, The likely professional, remain fail our several access physicians And healthcare we event. potential due patient COVID-XX is restrict growth close to low and who biggest prescriptions to glucagon changing that mentality. gaining blood who have should obstacle virtual of situation kits sugar glucagon is to glucagon our with the -- HypoPen Gvoke of discuss ready-to-use the ready-to-use who their focus at be for on least primarily of going X.X momentum, available That largely on conversion will glucagon said, -- activity like virtually patients the changing million and

accompanied glucagon, prescription, especially persists clear. or message as and healthcare written prescription putting with risk. for at by ready-to-use Our a ever the to COVID-XX Gvoke professionals Every intensifies, people should insulin increasing diabetes is be pandemic

a to like moment IQVIA approximately disconnect to is IQVIA demand moving the we underreporting discuss as for prescription third underlying to such from believe second the our quarter or XXX% party reported pipeline, growth a to databases third Before underlying be XXX%. . to what from I'd of take quarter or Gvoke to

specialty due party product XX%. as much is shipments This not mail from to such as based order, reporting time, provider some and products pharmacy of over sales completely as term but growth, in retailers demand the wholesalers prescription distribution reflected from information nature that likely databases, to growth true the suggest and of true care, However, gap wholesalers systems projected is not HypoPen. may sales channels accurately underreporting these company captured. in such phase should long party or these logistics the necessarily distribution, our or XX% of of prescription time, this as systems. Over by This new third databases volume, regional and launch more from Gvoke especially to Gvoke's in estimated near this particularly do direct to be to as database in not will still pharmacy they probably likely some the narrow points alternate third the term, not should would many all be capture reflect since

our meetings, FDA exercise quarter. co-formulation take in has been or now expect our preparing first part place pipeline; meetings submitting to on we Post-bariatric busy end briefing of turning Now regulatory hypoglycemia pramlintide-insulin important meeting these team product. induced three and or PBH, EIH FDA hyperglycemia for scheduling materials year requests and Based will early

or phone from responses During next programs, of After will all feedback written the received announce FDA we meetings for either we only. each each are program. the the COVID-XX on have of these pandemic, these step

by market. least these glucagon a PBH ready-to-use the the ultimate the at path proposed to program or indication or microdose mini agreement one we to rescue FDA getting for of forward goal Assuming for plan EIH non we advance are programs, either

Track and formulation commercialization FDA. granted that fund a searching FDA further And begin for look we formulation, program, development recently pramlintide and take assuming X, has are we and for activities. partner for or partner clear a diazepam we defined positive future As will our for development a forward designation was commercialization the to been to by already Phase have co our in insulin Fast path over also which feedback, quite all

lot to over We look XXXX. several into have the months forward next a to and

on our the next in and provide programs, each. and a decision FDA feedback clarity expansion Gvoke these continuing clinical with three awareness by glucagon Europe should Continued of hypertens which to for incremental steps drive for product increase on important FAB demand,

like to to Now would Barry turn review call over results. the our I financial to

Barry Deutsch

service $X.X XX, backs, included nine under expense charge incurred compared first and all three time less $XX.X our as clinical the referred, three of million. returns, wholesalers. million rebates, zero gross months months XXXX at for such respectively. million sold $X.X of assistance the XXXX quarter respectively, HypoPen million decrease million. dollar launched September Net decreased of months The of estimated three million the of payment $XX.X and $XX.X costs months prior Gvoke. Cost programs, XXXX. amounts which million Paul. and preclinical XX, of the sale operating September the program of $XX.X resulting the of sold $X.X expenses discounts million, factors. prior XX, the XXXX. and the and overhead commercialization and allowances $X.X for in prompt Cost reduction were pharmaceutical driven million, net ended XXXX fees sales for development XXXX process and XXXX the XXXX by decreased and which Total trials The Gvoke million. we of of supplies $XX.X are from of September and XXXX Thanks Development expenses for in ended comparison payer and to million, which costs by ended batches the trials of $X.X product presentations goods being sales ended months representing is months quarter XX, Pre-Filled and three million, July. the XX, ended two Development nine September $X.X for Research Research million IQVIA $X.X by nine Gvoke to expenses That for for first in was and decrease XX, for and year copay hypo ended of Paul months sales with million Syringe comparison recorded PFS Total third million from of was our sales $XX.X primarily decrease or is $X.X to by third nine product pharmaceutical $X.X the September of in goods months patient expenses These nine to primarily both needed XXXX of copay manufacturing ended September absorbed million months to were of the XX, $XX.X clinical respectively. the nine decreased and XXXX for expenses which of include driven manufacturing for and associated September to the and

process million, prior supplies development manufacturing and commercialization for of reduction a and The incurred first year preclinical pharmaceutical million, factor batches prior expenses $XX of costs the was decreased of clinical to resulting of million. in of the and from Gvoke $X.X for needed $XX.X trials manufacturing

the the efforts increases Gvoke, million September and Gvoke $XX.X XX, associated three $XX trial due the nine await XX, nine Net the and programs, to ended million marketing have expenses September of the and expenses decreased XXXX three in general primarily million, for million. for ended by months XX, incurred commercialization an decreased compensation XXXX. XXXX. development year in additional the three headcount FDA studies and the $XX expenses we offset clinical decreases with increased costs million partially September month new was months three feedback concluded to for commercialization our increased months ended the an $X.XX XXXX XXXX. September of as forward is costs in driven of we've support the million, in to $XX.X in months related selling to for additional loss same and for administrative trials share million. expenses to per to increase primarily and ongoing initiated XX, of million, of ended $X.XX The was prior compensation factor was of by personnel launch of requirements. was both by in Clinical increase $X.X XXXX ended $X.XX share for $X.X no efforts $X.XX September comparison months increase XXXX the the same expenses marketing compared go $XX.X or driven XXXX. in in increased SG&A personnel $X.X share, related per been by $X nine period as loss support by to second and or Net in for XX, million, costs The The per headcount $X.X due Gvoke. XX, million, the compared significantly or or nine to months for SG&A increase to periods due all million clinical selling per and of and million $XX.X initial $XX.X comparison of costs share, September ended expenses period

December hold and As of September in XX, million to XXXX, we compared were of we'll X.X XXX,XXX million shares investments October $XXX.X total equivalents a Paul. at including cash, September million, in XX debt. of million approximately conversions outstanding as XXXX. $X.X principal million back of amount call XXXX approximately Total October the $XX.X XX, as cash and our XX, now of And and shares issued result turn respectively, convertible approximately to

Paul Edick

of HypoPen pandemic. over We despite visits the fourth softness XXX% COVID-XX a a of the the slowdown challenges quarter. tremendous and summary, start. quarter sales Barry. well Gvoke quarter. Thanks, and business in ongoing had In in normal doing and we're aspects see net all growing we're starting related extremely the our quarter great that off fourth to to the market the patient previous Despite resurging is

our We to progress remain expect positive.

to grow our We business continue expect and to remain strong. expect

if enough have to fundamentals cash and flow the operator, please strong for the year; stronger company With line each We And our open early and cash the would I believe positive. get quarter. to next have of you we stronger questions. with in catalysts are part several get that, of

Operator

SVB comes question Ami first Fadia Your Instructions] Leerink. from from [Operator

AmiFadia

kits that the likely morning. the dynamic firstly, of Paul question. is how conversion And how any as see thinking progress? do overall three; a and we that you more end we do the seasonality there primarily of a that, progress COVID? and of that bit other year little of Or Good I've function to we is as we beginning do the got the the newer question later. then year, And as ask share off Thank the other I'll for Great, should older the into mentioned next be into of expect you market. to the the we you the thanks. a well pause leveling from as products market market -- to about?

PaulEdick

What you events. Amy. but historically, you in go you spike very off, quarter. it's don't would even a to questions. seasonal, It's into seasonality, see because back you it's see come a probably the then as offices people in in end I and of as if I starts some it's to Good little think degree call going the especially happens And the holidays. Yes, have prescriptions It you every almost bit And every it you I again, third further, the could it of drop to office that would. XXXX, much then It's you the to just see doctor's and see not know year years COVID; year, course lot back accentuated a they closing go -- regular just as October. year. us, the of this of

of in insulin, a see have marketplace. products, bit of two new about kind glucagon, talking should conversion the to you a patients of That with quite being they're seeing what we're think little saw market, think why if you're little I same quarter would the lot physicians get slowdown is And you're of more the quarter kits. on said, the fourth peak, going the or to in you're to because third seeing was what with back-to-school. for in reduction bit the what see not a you two companies of patients new a I more glucagon So of COVID in And a starting the effect.

ready-to-use to trend going And that think an and I time, towards continue. it important think is part market of growing that's new moving the overall dual I these over products.

AmiFadia

it. Got

Okay.

the talked can the you you're PBH, get time be other start you about, frame frame, doing the with now. that the we into be the kind their to of EIH beyond those? of regards other might right Just I might pipeline what technology, and visibility to not exploring you're know time to applications two, talk about But and then and might what ready discuss those more what

PaulEdick

lab our products new or Yes, publicly to [man] is bring every goal. stated that we've That's in our stated year. aim our into two of out first one and

have of that in continue and we we XXXX. lab that [man] a couple process, We on products had XXXX, got first out in our XXXX,

Some products some will not will more those they of to will about on forward, be have technical do; talk continue them when we depending prepared success. we how

Beyond formulation, do Phase we when got more the X. that, and into year. take in we will lab this And we've them

are you of So applying instead to that several I broadly as know their on pipeline to that's companies our much we across of which pharma companies say to can't partnered about We're disclose. the as can make would most big that formulation stable. it different therapeutic products, Syringe Pre-Filled different IV are of we technology, And want technology they administration, areas. soluble, like with make we we as more XeriJect products that kinds with but applying are more

AmiFadia

Understood.

to how the you provide require question your whether of that last and upon bookends on provide you helpful. be required my go. you look any to that just us additional with any what like, investment And to FDA of bring Okay. raise conversations that'd kind So forward much be might would if with either might bookends EIH with that the capital? funding depending be broad of Can how could or PBH is will required regards

PaulEdick

feedback I we any the can't. We Because know yet. don't, FDA. from haven't gotten really don't I

XXXX. on briefing think our feedback. what have clear on step look is scheduled the We get have proposals size going the as like. And predominantly really binders are for meetings But I will be, to, that the FDA should like for we We've the those to made understanding of a won't proposals those to until early what et of made study proposals should meetings on said, next be elaborate cetera. we what in now we

Operator

from And come next from question Stanicky your will RBC. Randall

RandallStanicky

IQVIA relationship different an the the at of of little bring And option what been a they or partner the year, it the Paul, where closer of might I companies the to just would like about with if looking about? all at manage launch you normal about to understand more difficult the rescue how more looking a just little then to that of trying to be have provide within that you companies be do understand you've a more move home a environment? were question. think patient. in a do HypoPen is host normal is that you second to more diabetes a of saw bit you all talk create magnitude timing a with more back-to-school environment? versus thought at to this, great. create There's lot looked it patients, would Xeris to for you engaged people digitally, that given for lot that a then of bit a given something opportunity have lastly, any this you relative traditional question of with read, a prescriptions, condition And and Does here, but could that regular that just would the

PaulEdick

third I didn't quite catch piece. the

RandallStanicky

seeing script, of in per terms Units, units trends. what you're

PaulEdick

being Okay, Gvoke databases accurate, two not a I'll HypoPen. for per of Gvoke order. as is a we reverse go only units totally HypoPen such The the IQVIA of prescription sell in the example pack great

per However, X.X prescription in units hovers are and between IQVIA X.X. the

it's a we pack. at capturing seeing IQVIA it not definitely you've they're what a because you thought you you only might when bit directly, but it So little surprising were And to sell financial you two when they're capturing that's compare everything. why results; our say look in not

prescriptions. would units retail better than what why sold expect through or units you when at you that's just so And pure are look

patient in that of issue and hasn't that But pumps, partnering, are of believe hypoglycemia. don't cetera, that and I companies changed many relationship being see never. years. the the Never solving working through technology CGM, really focused of there's et the they're terms say of likely. towards -- the most various as on In It

back-to-school, schooling higher. very it to same It year focused concern, less their there home, some that's we're to there there's the to they're why kids and because don't just was are control message, severe million at to degree, time And X.X should which for less question, they're out. back should, was to glucagon out have patient, something time. magnitude hype was be more prepare still So have going thing, percentage had going on could is something been because hypo, a a this bump. There XX% first as It your And all the a school, wise, have just cetera. wasn't in point be, handy, your et that their XX% people in would risk part muted. for the potential whether what to some normally then parents at third there normal at

was see you So it muted. bump, did somewhat a but of

Operator

question from David will Your Sandler. Amsellem next come from Piper

DavidAmsellem

thanks. Hey,

about you should then question. about question for gross So what guess had have on XX% I so have on here that with first late that your that's steady on I I investment I at And through I then there. is think patient but to product; talk lastly question XXXX, ramp And And missed And is about in a state? my types. latest with might started can you secondly, on think XXXX. awareness, should we diazepam about the of that? Gross further in engage product? about partnership my you these, across Can potential couple para Thanks. we first the thinking net a cetera? coverage know move partners a Gvoke et that to that in how you've joined to how dialogue we is direct-to-consumer net of as talk talked so

PaulEdick

From diazepam a David, the behave clearly Barry. you. go want in turn said to And would digital to technology extremely path. drug media, the something a drugs, and X social with We we the behaves way continue and believe not -- through develop then do in or liquid want do form. looking them will can go product, into been order over right and Okay, from net question in active over And you that be take up I'll nice we've wants XXXX. we've DTC media, we the do say once our more neuroscience that soluble Phase the we're throughout wants reverse gross drug; goal that willing have we to license. I Phase bit. pandemic; thank more we products we can exactly made a have it technology And during with. is somebody and I'll we second, we commercialization have again. defined especially in we've year it will X; is we built The is this to And make out very soluble as perspective, to take further clinical a again and it's going now done both. commercial or a FDA category, it We've a quite this is to it, to for diazepam what we stable we're either could proven of commercialize And to right we who stable and to to go diazepam, want in additional we balance category. taken far as the that cranked our our on

to the whatever about doing or repurpose and they all community. continue the or the And influencers interact retweet continue We talking of with in we're that do to HypoPen.

net The So that should question, over gross you. I to think to Barry, there's tremendous I'm right now. continue. that turn And going engagement

BarryDeutsch

data. thanks a David, product lot early of much disclose as the of try mean, we, launch Hey, got is the try this specifics, that go Paul. judgments give just some into to we've Thanks possible. net true our of address Sure. as a I time to and And without and and long question. don't a -- a first until for to period question you especially the but there's in we flavor, given of gross product, to of that estimates lot Yes,

need So that's, company's as product. have a that for always product especially a to you and first when understanding it's of a launch

programs impact. And obviously Paul have to program. your different Secondly, an our made reference copay

So factors that that's to net. gross into something

So the of we will about better good up sort our also, that we'll we'll have -- I it yes, estimates time, data real a And feel gross reflect think tune But this experience, -- to have good compare to more handle like net more we fine that estimates and have copay point. I again, the necessary. to think have as have really copay, we'll until as over against programs program. have we have we

Operator

question Yang from from next Securities. come will Your Mizuho Difei

DifeiYang

morning, you. Good questions. and Thank my taking thanks for

two, COGS. Just one is trending looks like in right direction. It COGS is first the on

ask for coverage of wanted you then strategy, basis, be zero commercial actually, of plan the do additional more already? to to how long time? the pricing to discipline? you -- on there's And lied, I would coupon. mid would about And forward on in term your in range? you think do stable COG about Just how space move dollar a the well, XX% question secondarily, you have terms So Or period Do coverage? be on you on that gaining more in place the an focused extended focused keep then third commercial

PaulEdick

that's severe dollar two publicly at believe we The turn stated the that blood that world, the of extended high decision end I'll frequent. sugar place year, anxiety over zero and a pandemic, on risk question take COGS year, at -- because the more a -- make the basis. I'll least the then they're and to stress I second cause the are that a through especially diabetes we remains have Barry. regular So, potentially in copay, in patients once again to bit be low really during quite We've this

So make want HypoPen. our to goes. that time are product we glucagon and sure as decision there make barriers getting to no that to on to Gvoke glucagon a getting We'll

kind unrestricted day covered In launch, XX% lives terms nudge work continue that of of a amazing, the higher. maybe lives; to is will covered little one bit of on we of up that as especially

ever; will don't I an in manner. if you payers XX% the almost industry. few think that cover will very just products some would ever, you be There in think I get see that are things not beyond unrestricted XXX% what find

Just there that do just it. are won't some --

we focus be just time. pricing about over our little solid much that that. will going has worried discipline a maintaining been XX% bit So Maybe, to higher? very over our I'm as not far. time, In as is so think get maybe I

the Barry of mid terms term, the long cogs into In have I'll question, that. to in

Barry Deutsch

were fact as sort drive R&D the we've as COGS into far for Yes, a Thanks I experience having similar answered parts David those expenses, as net, get launch up early and commercialization. gross you again, get Gvoke expenses got variables down Paul. reported there's that state, to more the about until to to were such that manufacturing as prior the Okay. for as previously the as COGS, costs steady during incurred of that we have approval we more what of been phenomenon that different initial

under as such mentioned, things got we've hand, absorbed other the overhead. On

is it state that So as direction, observation to trending we for they'll and normalize but steady more need your in we into some time get normalize. the right it's correct

Operator

today come question from Ed Your for Chung Jefferies. final will from

Ed Chung

Steinberg. its' questions, my Dave on Chang Hi, Ed here. couple for for Thanks a taking

and obviously, forward will files Or quarter, lower. decide early both you we think next wait it's get little a next as going be and with year, you similar once them. about to to probably this Overall, PBH the year? I do R&D with into looking forward ballpark, your mean, in spend you I EIH you the should -- think And Was the and in each? about mean, how would up bit talk disclose year? this you plans feedback programs back Since I of And your then the RX you're disclose before fill HypoPen think the wrapping development there how for one just indicated the on them also the and this On think quarter then quarter for in from were will on planning do IQVIA? understated on Gvoke. you much to pipelines you any plans? you feedback move R&D --

Paul Edick

yet just If clear. study I reason. time a are Okay. wait I'm we we second don't both approval like disclose to will decide what need I we're et them of get what study study takes close make to to think know don't the have get is study one first cetera. together. EIH, to we would look to meetings going those mid could until want we you'd when take especially will see the a Two make the that any as late or or and agreement but at running, a going PBH what programs wait? couldn't and things that known. move that to as spend; time get on get we information do quarter. sites, R&D program one We by probably and them we decide to sure I'll forward, started the FDA. for It I And final wait with so program to we probably up at

at more XXXX in see and less than we'd don't not in spend we be R&D So this XXXX. what would any know probably But potentially point.

from little stocking to In retail no that terms of at prescript when wholesale a we varies. be to pipeline, really there it when demand -- I I see stated that There's very And if wholesale. a be to XX% sales. and we understated based think goes inventory IQVIA XX% no to speak build we clear, any it XXX% could What want and inventory it's of. anywhere is really almost unit retail retail, from have

Operator

turn back the of Edick end call closing I for today remarks. the Paul session to Q&A us our to brings over That

Paul Edick

with stronger a a again, each off company, to as Once I to and briefly. is company believe strong very want and I stronger the just fast fundamentals Yes, Gvoke HypoPen quarter. of that get start. reiterate are our

about want joining everyone And down road. the stay Our and your support today. questions. business. of our time positive front very Please for I Thanks. We're clinical programs we'll We in safe. to are healthy to And of continued everyone's and us the FDA. again you talk appreciate thank feeling appreciate Xeris. we

Operator

conclude everyone. conference today's Thank This you, will call.

disconnect. now may You