Xeris Biopharma Q4 Earnings Call Highlights

Xeris Biopharma (NASDAQ:XERS) reported sharp top-line growth in the fourth quarter and full year 2025, highlighted by what management described as a “defining milestone” for the company: financial self-sustainability. On its fourth quarter earnings call, executives also outlined a 2026 outlook calling for more than 30% revenue growth at the midpoint, alongside increased investment in both the company’s lead growth brand, Recorlev, and its pipeline program XP-8121.

2025 results: revenue up 44% and first full-year net income

Chief Executive Officer John Shannon said 2025 was a “transformational year,” pointing not only to revenue growth but also to profitability and the company’s ability to self-fund its strategy. Total revenue grew 43% year-over-year in the fourth quarter to $85.8 million, and rose 44% for the full year to $291.8 million.

Chief Financial Officer Steve Pieper said performance reflected “continued underlying demand across our portfolio,” and noted that the company delivered nearly $60 million of adjusted EBITDA for the year. Xeris also reported net income in the fourth quarter and, as a result, net income on a full-year basis for 2025.

Product performance: Recorlev doubled, Gvoke steady, Keveyis durable

Management emphasized broad-based demand across Xeris’s three commercial products, with Recorlev driving the largest share of growth.

• Recorlev: Fourth quarter revenue was $45.3 million and full-year revenue was $139.3 million, representing growth of more than 100% in both periods, according to the CFO. Shannon said the patient base expanded to approximately 700 patients by year-end 2025, nearly doubling from year-end 2024. He attributed growth to expanding prescriber awareness and increasing confidence in Recorlev’s clinical profile.
• Gvoke: Fourth quarter revenue was $24.6 million and full-year revenue was $94.1 million. Shannon said Gvoke posted 14% growth for the year, supported by broad access and alignment with treatment guidelines. Pieper added that 2025 results benefited from favorable gross-to-net dynamics.
• Keveyis: Fourth quarter revenue was $12.8 million and full-year revenue was $47.6 million. Management said Keveyis continued to outperform expectations, supported by an increase in the average number of patients on therapy, and noted the role of patient support for people living with primary periodic paralysis.

Margins and expenses: higher investments with continued adjusted EBITDA positivity

Xeris reported gross margin of 87% in the fourth quarter and 85% for the full year, which Pieper said reflected improvement versus the prior year driven by product mix. R&D expense totaled $7.9 million for the quarter and $31.2 million for the year, up 22% year-over-year, primarily reflecting investment to advance the pipeline, including preparations for XP-8121’s phase III trial.

SG&A expenses were $47.5 million in the quarter (up roughly 18% year-over-year) and $182.4 million for the year (up roughly 12%), driven by personnel-related investments to support rising commercial demand.

2026 outlook: $375M–$390M revenue with stepped-up R&D and SG&A

For 2026, Xeris guided to total revenue of $375 million to $390 million, representing more than 30% growth at the midpoint. Shannon said the company expects to remain adjusted EBITDA positive even while “significantly” increasing R&D and commercial investments, and Pieper added that adjusted EBITDA is expected to grow in absolute dollars compared with 2025.

On product-level color (without providing formal product guidance), Pieper said:

• Keveyis is expected to remain a steady contributor and appeared to be “flattening out.”
• Gvoke is expected to grow in the high single-digit to low double-digit range.
• Recorlev is expected to be the primary growth driver, with investors able to “back into” the implied contribution based on total guidance.
• Partnership/other revenue is expected to be in a roughly 5–10 range, consistent with historical contribution, according to Pieper.

In terms of spending, the company expects R&D to increase by approximately $25 million in 2026 as it plans to initiate the phase III study for XP-8121 in the second half of the year. SG&A is expected to increase by approximately $45 million, primarily due to a commercial expansion completed recently.

Pieper said Xeris is not expecting “any material movement either way” in 2026 on the gross-to-net front, and expects a modest improvement in gross margin driven by product mix.

Recorlev commercial expansion and IP litigation

Shannon said Xeris nearly doubled its Recorlev commercial team in January, expanding not only sales but also patient support, medical affairs, and pharmacy services. He said the impact of this expansion is expected to be most notable in the second half of 2026 and beyond. He also said that as Recorlev scales, the company expects ongoing, “constant and consistent” increases in investment over the next several years, including studies and other supporting initiatives.

On competition and seasonality, Shannon described the first quarter as “pretty typical,” citing payer and co-pay resets that can slow January before rebounding in February and March. He said the market dynamic remains strong toward identifying and diagnosing patients and getting them treated.

Xeris also addressed recent intellectual property actions tied to Recorlev. Shannon said the company filed patent infringement lawsuits against two abbreviated new drug application (ANDA) filers and said Xeris is “very confident” in its intellectual property. Management said Recorlev has four Orange Book-listed patents that run until March 2040 and orphan drug exclusivity through the end of 2028. When asked about litigation timelines, Shannon said the company is early in the process and suggested it could take “years, months,” without providing a specific estimate. He declined to comment on potential settlement strategy when asked directly.

Shannon reiterated the company’s stated expectation, shared at its investor day, of $1 billion in peak Recorlev sales by 2035.

XP-8121: phase III preparation and FDA alignment

Xeris highlighted XP-8121, a once-weekly subcutaneous levothyroxine injection for hypothyroidism, as its key pipeline program. Shannon said the company expects to initiate phase III in the second half of 2026 and positioned that step as a “significant value creation inflection point.” He cited a market of more than 20 million patients on daily oral replacement therapy, and said Xeris believes 3 million to 5 million patients may be unable to achieve and sustain a normal range due to GI absorption issues.

In response to a question about regulatory readiness, management said it has had its interactions with the FDA and is aligned on what needs to be done, with “no regulatory gating.” Shannon said the key gating items relate to entering phase III with the intended go-to-market device and a formulation scaled up for commercial manufacturing, which he said is important to avoid delays later in the approval process.

On partnership optionality for XP-8121, Shannon said the company does not need a partnership to bring the program to market, but would consider one if it were the right situation and drove incremental value.

In closing remarks, Shannon said Xeris exited 2025 with “strong momentum” and a more durable operating foundation. He said the company’s priorities for 2026 include driving rapid revenue growth, advancing XP-8121 toward phase III, and maintaining a strong balance sheet with disciplined execution.

About Xeris Biopharma (NASDAQ:XERS)

Xeris Biopharma is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies for endocrine and orphan diseases. The company’s proprietary formulation platform is designed to enable liquid stability of drugs that traditionally require reconstitution before injection. By eliminating the need for on-site mixing and simplifying administration, Xeris aims to improve patient safety, adherence, and convenience in high-need therapeutic areas.

The company’s flagship product, Gvoke, is a ready-to-use liquid glucagon autoinjector and prefilled syringe that has been approved by the U.S.