Xeris Biopharma Holdings Inc
NASDAQ:XERS
Xeris Biopharma Holdings Inc
Xeris Biopharma Holdings, Inc. is a holding company. The company is headquartered in Chicago, Illinois and currently employs 294 full-time employees. The company went IPO on 2018-06-21. The firm is focused on developing and commercializing therapies for patient populations in endocrinology, neurology, and gastroenterology. The firm has three commercial products: Gvoke, Keveyis and Recorlev. Gvoke is ready-to-use liquid glucagon for the treatment of severe hypoglycemia. Keveyis is the therapy approved in the United States to treat hyperkalemic, hypokalemic, and related variants of primary periodic paralysis (PPP). Recorlev is a cortisol synthesis inhibitor proved for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s syndrome for whom surgery is not an option or has not been curative. Its product candidate also includes Ogluo (EU), Self-Administered Glucagon for prevention, Levothyroxine and XP-9164. The firm uses its non-aqueous formulation technology platforms, XeriSol and XeriJect, to develop and commercialize its products.
Xeris Biopharma Holdings, Inc. is a holding company. The company is headquartered in Chicago, Illinois and currently employs 294 full-time employees. The company went IPO on 2018-06-21. The firm is focused on developing and commercializing therapies for patient populations in endocrinology, neurology, and gastroenterology. The firm has three commercial products: Gvoke, Keveyis and Recorlev. Gvoke is ready-to-use liquid glucagon for the treatment of severe hypoglycemia. Keveyis is the therapy approved in the United States to treat hyperkalemic, hypokalemic, and related variants of primary periodic paralysis (PPP). Recorlev is a cortisol synthesis inhibitor proved for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s syndrome for whom surgery is not an option or has not been curative. Its product candidate also includes Ogluo (EU), Self-Administered Glucagon for prevention, Levothyroxine and XP-9164. The firm uses its non-aqueous formulation technology platforms, XeriSol and XeriJect, to develop and commercialize its products.
Revenue: Total revenue for 2025 was $291.8 million, up 44% vs 2024; Q4 revenue was $85.8 million, up 43% YoY.
Recorlev: Recorlev remains the primary growth driver — $45.3 million in Q4 and $139.3 million for 2025, with ~700 patients on therapy (nearly double vs year-end 2024) and management reiterating a $1 billion peak-sales expectation by 2035.
Profitability: Xeris achieved adjusted EBITDA of $59.4 million for 2025 and reported net income for the full year, calling the company financially self-sustaining.
Guidance: 2026 revenue guidance of $375 million to $390 million (over 30% growth at midpoint); company expects to remain adjusted EBITDA positive and to grow adjusted EBITDA in absolute dollars vs 2025.
Investments: Management plans to step up R&D by ~ $25 million in 2026 to support Phase III initiation for XP-8121 (target H2 2026) and increase SG&A by ~ $45 million to support an expanded Recorlev commercial organization.
Pipeline: XP-8121 (once-weekly subcutaneous levothyroxine) is moving toward Phase III in H2 2026; management projects $1 billion to $3 billion in peak sales potential.
IP Litigation: Company filed a patent-infringement lawsuit against two ANDA filers for Recorlev; management is confident in four Orange Book-listed patents through March 2040 and orphan exclusivity through end of 2028.
Margins & Mix: Gross margin improved to 87% in Q4 and 85% for the year, driven by favorable product mix; management expects gross margin to continue improving toward best-in-class levels for the company profile.
