Xeris Biopharma Delivers Strong Q1 Growth: Net Income Turns Positive, Recorlev Revenue Almost Doubles
Q1 2026 Highlights: Revenue Growth Surges and Net Income Turns Positive
Xeris Biopharma (NASDAQ:XERS) kicked off 2026 with a strong performance, reporting a 43% year-over-year increase in product revenue to $82.45 million for the first quarter. This impressive growth was primarily fueled by Recorlev, which nearly doubled its net revenue to $49.77 million, up 95% compared to the previous year. For the first time in the comparable period, Xeris posted a net income of $2.23 million, a significant turnaround from a $9.22 million net loss in Q1 2025.
| Product | Q1 2026 Revenue ($ thousands) | Q1 2025 Revenue ($ thousands) | Change ($ thousands) | Change (%) |
|---|---|---|---|---|
| Recorlev | 49,768 | 25,530 | 24,238 | 95% |
| Gvoke | 20,800 | 20,845 | -45 | 0% |
| Keveyis | 11,886 | 11,427 | 459 | 4% |
| Product Revenue, Net | 82,454 | 57,802 | 24,652 | 43% |
| Total Revenue | 83,127 | 60,119 | 23,008 | 38% |
Margin Expansion and Strategic Investments Support Outlook
Xeris’s gross margin improved to 87%, up from 85% a year ago, reflecting a favorable shift in product mix. Despite a 13% bump in R&D expenses (mainly to support the pipeline and the upcoming Phase 3 for XP-8121) and a 21% increase in SG&A (driven by commercial team expansion), Xeris managed to deliver positive operational leverage. Adjusted EBITDA for the quarter reached $15.10 million, nearly tripling the $4.38 million reported in Q1 2025.
| Key Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Gross Margin | 87% | 85% |
| Net Income (Loss) | $2.23M | ($9.22M) |
| Adjusted EBITDA | $15.10M | $4.38M |
Tightened 2026 Guidance and Pipeline Catalysts
With first-quarter performance surpassing expectations, management raised the lower end of its revenue forecast and now expects full-year 2026 revenue between $380 million and $390 million—a growth rate of more than 30% at the midpoint. Looking ahead, additional momentum is expected from the expanded commercial team and the initiation of a Phase 3 trial for XP-8121 later this year, a milestone that could mark a turning point for the pipeline.
Investor Snapshot: Balance Sheet, Shares, and Near-Term Events
As of March 31, 2026, the company reported cash and cash equivalents of $111.75 million, total assets of $392.01 million, and total liabilities of $379.00 million, with 172.6 million shares outstanding at the end of April. Upcoming investor events include appearances at the Craig-Hallum Institutional Investor Conference (May 28) and the Jefferies Global Healthcare Conference (June 3), where management will discuss growth initiatives and future prospects.
| Metric | Q1 2026 | Q4 2025 |
|---|---|---|
| Cash & Cash Equivalents | $111.75M | $111.04M |
| Total Assets | $392.01M | $383.53M |
| Total Liabilities | $379.00M | $369.84M |
| Total Shares Outstanding | 172.64M | – |
Conclusion: Operational Execution and Pipeline Initiatives Could Drive Long-term Value
Xeris’s Q1 results put a spotlight on robust commercial execution, with Recorlev’s outperformance and improved profitability standing out. As the company gears up for key pipeline advancements and maintains a solid financial foundation, investors may want to watch for updates on XP-8121’s progress and continued revenue momentum heading into the second half of the year.
Contact Information:
If you have feedback or concerns about the content, please feel free to reach out to us via email at support@marketchameleon.com.
About the Publisher - Marketchameleon.com:
Marketchameleon is a comprehensive financial research and analysis website specializing in stock and options markets. We leverage extensive data, models, and analytics to provide valuable insights into these markets. Our primary goal is to assist traders in identifying potential market developments and assessing potential risks and rewards.
NOTE: Stock and option trading involves risk that may not be suitable for all investors. Examples contained within this report are simulated and may have limitations. Average returns and occurrences are calculated from snapshots of market mid-point prices and were not actually executed, so they do not reflect actual trades, fees, or execution costs. This report is for informational purposes only, and is not intended to be a recommendation to buy or sell any security. Neither Market Chameleon nor any other party makes warranties regarding results from its usage. Past performance does not guarantee future results. Please consult a financial advisor before executing any trades. You can read more about option risks and characteristics at theocc.com.
The information is provided for informational purposes only and should not be construed as investment advice. All stock price information is provided and transmitted as received from independent third-party data sources. The Information should only be used as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments and trading strategies. The Company does not guarantee the accuracy, completeness or timeliness of the Information.
Disclosure: This article was generated with the assistance of AI