Record Growth Driven by Strong Product Performance—Recorlev Revenue Up 109% Year Over Year
Xeris Biopharma delivered its strongest quarter to date, posting a 40% year-over-year jump in total product revenue for Q3 2025 to $74 million. The real highlight came from Recorlev®, which saw its revenue more than double to $37 million, representing a 109% surge versus last year—driven largely by higher patient demand. The robust product performance enabled Xeris to raise its full-year revenue outlook, now forecasting $285–$290 million in 2025 (up from prior guidance of $280–$290 million), targeting a midpoint growth of 42%.
Three Product Portfolio Shows Resilient Growth
While Recorlev led the way, Xeris' full product lineup showed solid progress. Gvoke® revenue climbed 10% to $25.2 million for the quarter, attributed to increased sales volume and improved pricing. Keveyis® reported $11.9 million in revenue—a slight dip of 2%, with management citing pricing pressure as the primary headwind.
| Product | Q3 2025 Revenue ($M) | Q3 2024 Revenue ($M) | Change ($M) | Change (%) |
|---|---|---|---|---|
| Recorlev | 36.98 | 17.73 | 19.25 | 108.6% |
| Gvoke | 25.15 | 22.94 | 2.21 | 9.6% |
| Keveyis | 11.94 | 12.19 | -0.26 | -2.1% |
| Total Product Revenue | 74.06 | 52.86 | 21.20 | 40.1% |
Profitability Metrics Improve Markedly—Net Income Swings Positive
The third quarter not only brought strong top-line results, but also marked a shift toward sustained profitability. Xeris reported net income of $0.6 million in Q3, reversing a $15.7 million loss from the prior year. Adjusted EBITDA soared to $17.4 million, an improvement of $20.1 million from Q3 2024, highlighting enhanced operating leverage.
Expense Management and Growth Investments
Xeris kept costs under control while making targeted investments. Cost of goods sold (COGS) fell by 19% due to lower inventory write-offs, despite revenue gains. Research and development (R&D) spending increased 27% year over year, as the company ramped up investment in pipeline candidates such as XP-8121. Selling, general and administrative (SG&A) expenses rose by 3%, largely due to personnel growth—especially in the commercial team supporting Recorlev's expansion.
| Q3 2025 ($M) | Q3 2024 ($M) | % Change | |
|---|---|---|---|
| COGS | 11.00 | 13.59 | -19% |
| R&D | 7.48 | 5.89 | 27% |
| SG&A | 46.46 | 44.97 | 3% |
Year-to-Date Performance Signals Strong Finish—Guidance Raised
For the first nine months of 2025, Xeris reported total product revenue of $199.6 million, up 43% from last year, while net loss narrowed dramatically to $10.5 million versus a $49.7 million loss a year ago. Recorlev's revenue more than doubled, and Gvoke posted double-digit gains, underpinning the raised full-year outlook. Adjusted EBITDA for the nine months swung positive to $34.3 million from a $7.1 million loss.
Financial Highlights at a Glance
| Nine Months Ended Sept 30 | 2025 ($M) | 2024 ($M) | Change ($M) | Change (%) |
|---|---|---|---|---|
| Recorlev Revenue | 93.95 | 41.66 | 52.29 | 125.5% |
| Gvoke Revenue | 69.46 | 59.57 | 9.89 | 16.6% |
| Keveyis Revenue | 34.85 | 38.41 | -3.56 | -9.3% |
| Total Revenue | 206.04 | 142.97 | 63.07 | 44.1% |
| Adjusted EBITDA | 34.33 | -7.12 | 41.45 | — |
Looking Ahead: Investor Events and Outlook for 2026
Xeris’ management remains focused on executing for continued growth, with upcoming participation in the Jefferies Global Healthcare Conference (London, Nov 17–19) and Piper Sandler’s 37th Annual Healthcare Conference (NYC, Dec 2). Management reaffirmed a commitment to invest in its late-stage pipeline, while signaling expectations for further progress toward sustained profitability in 2026 and beyond.
Takeaway: Positive Operating Trends and Portfolio Momentum
Xeris Biopharma’s record Q3 and upwardly revised guidance underline the momentum building around its key products—especially Recorlev. Investors will want to track both commercial performance and pipeline advances, with continued improvement in earnings and Adjusted EBITDA positioning the company well for the coming year. As management doubles down on growth investments and innovation, the market will watch to see if Xeris can continue its string of positive surprises into 2026.
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