Xeris Biopharma Sets New Revenue Records and Projects More Than 30% Growth for 2026

Fourth Quarter and Full-Year 2025: Recorlev Drives Revenue Surge, Net Income Swings Positive

Xeris Biopharma (NASDAQ:XERS) ended 2025 on a high note, reporting record quarterly and annual revenues and swinging to profitability. For the fourth quarter, total revenue jumped 43% year-over-year to $85.8 million, while net income reached $11.1 million—an improvement from a $5.1 million loss in the same period last year. The company’s full-year net income also moved to the black, totaling $554,000 versus a loss of $54.8 million in 2024.

Recorlev led the surge with revenues doubling year-over-year. Together with Gvoke and Keveyis, these products showcased broad-based strength across the portfolio, driven by greater patient demand and, for Gvoke, favorable pricing. Total product revenue for Q4 reached $83.4 million, up 46% from 2024.

Full-Year 2025: Record Results and a Return to Profitability

For the full year, total revenue hit $291.8 million—a 44% increase over 2024—while Adjusted EBITDA ended at $59.4 million, nearly fifty times the previous year's $1.2 million. This dramatic improvement was driven by strong top-line performance, notably a 117% increase in Recorlev’s annual revenue, partially offset by increased R&D and SG&A expenditures supporting pipeline development and commercialization efforts.

Operating expenses saw moderate rises, with cost of goods sold ticking up 16% alongside revenue growth. R&D expenses rose 22%, primarily backing the XP-8121 pipeline program’s march toward Phase 3. SG&A grew 12%, reflecting additional costs for commercial expansion, especially for Recorlev.

2026 Outlook: Over 30% Revenue Growth Expected with Expanded Pipeline Investment

Looking ahead, Xeris is guiding for full-year 2026 revenue between $375 million and $390 million—a midpoint that represents more than 30% growth over 2025’s results. The company also expects improved gross margins and rising Adjusted EBITDA. Notably, R&D expense is projected to rise by $25 million in 2026, driven by the launch of XP-8121’s Phase 3 study. SG&A is set to rise by $45 million, mainly to support Recorlev’s commercialization.

Balance Sheet Strengthens: Cash Position Up 55% Year-over-Year

Xeris finished 2025 with $111 million in cash and equivalents, up from $71.6 million a year earlier—providing stability for continued investment. Total assets ended at $383.5 million, while the company turned FY2025’s shareholder deficit into positive equity of $13.7 million.

Pipeline Momentum: XP-8121 Poised for Phase 3, Multiple Conference Events Ahead

The company’s pipeline is anchored by XP-8121, a once-weekly injectable for hypothyroidism, with Phase 3 trials set to begin in 2026. Management will be discussing these strategic initiatives and updates at several major healthcare conferences in March and April, where stakeholders can gauge further developments.

Key Takeaway: Consistent Growth, Investment in Innovative Therapies, and Increased Financial Flexibility

Xeris Biopharma’s 2025 performance demonstrates an impressive turnaround and sustained momentum through record revenues, a return to profitability, and substantial guidance for 2026. With a strong commercial portfolio, healthy balance sheet, and a clinical pipeline ready for expanded trials, Xeris appears positioned to deliver on its goals of long-term value creation and operational growth.

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