Xeris Biopharma Posts Record Financial Results for the Third Quarter 2025
Total product revenue increased
Recorlev® revenue grew
Updating full-year 2025 total revenue guidance to
Hosts conference call and webcast today at 8:30 a.m. ET
“We delivered another record-breaking quarter, driven by increased patient demand across all three products,” said John Shannon, Chief Executive Officer. “Total product revenue grew
Shannon continued, "Our year-to-date performance underscores the strength of our growth engine and the effectiveness of our strategic execution. With momentum continuing to build across the business, we are updating our 2025 total revenue guidance to
Third Quarter 2025 Highlights
|
Three months ended
|
|
Change |
||||||||
|
2025 |
|
2024 |
|
$ |
% |
|||||
Product revenue (in thousands): |
|
|
|
|
|
|
|||||
Recorlev |
$ |
36,975 |
|
$ |
17,726 |
|
$ |
19,249 |
|
108.6 |
|
Gvoke |
|
25,151 |
|
|
22,942 |
|
|
2,209 |
|
9.6 |
|
Keveyis |
|
11,937 |
|
|
12,193 |
|
|
(256 |
) |
(2.1 |
) |
Product revenue, net |
|
74,063 |
|
|
52,861 |
|
|
21,202 |
|
40.1 |
|
Royalty, contract and other revenue |
|
317 |
|
|
1,407 |
|
|
(1,090 |
) |
(77.5 |
) |
Total revenue |
$ |
74,380 |
|
$ |
54,268 |
|
$ |
20,112 |
|
37.1 |
|
-
Recorlev® net revenue was
$37.0 million 109% compared to the third quarter of 2024. This growth was due to increased patient demand.
-
Gvoke® net revenue was
$25.2 million 10% compared to the third quarter of 2024. The increase was due to higher volume and favorable net pricing.
-
Keveyis® net revenue was
$11.9 million 2% compared to the third quarter of 2024.
Cost of goods sold (COGS) decreased
Research and development (R&D) expenses increased
Selling, general and administrative (SG&A) expenses increased
Net income for the third quarter was
Adjusted EBITDA1 for the third quarter was
First Nine Months 2025 Highlights
|
Nine months ended
|
|
Change |
||||||||
|
2025 |
|
2024 |
|
$ |
% |
|||||
Product revenue (in thousands): |
|
|
|
|
|
|
|||||
Recorlev |
$ |
93,949 |
|
$ |
41,663 |
|
$ |
52,286 |
|
125.5 |
|
Gvoke |
|
69,463 |
|
|
59,567 |
|
|
9,896 |
|
16.6 |
|
Keveyis |
|
34,849 |
|
|
38,406 |
|
|
(3,557 |
) |
(9.3 |
) |
Other product revenue |
|
1,312 |
|
|
— |
|
|
1,312 |
|
— |
|
Product revenue, net |
|
199,573 |
|
|
139,636 |
|
|
59,937 |
|
42.9 |
|
Royalty, contract and other revenue |
|
6,465 |
|
|
3,335 |
|
|
3,130 |
|
93.9 |
|
Total revenue |
$ |
206,038 |
|
$ |
142,971 |
|
$ |
63,067 |
|
44.1 |
|
-
Recorlev® net revenue was
$94.0 million 126% compared to the nine months ended September 30, 2024. This growth was due to increased patient demand.
-
Gvoke® net revenue was
$69.5 million 17% compared to the nine months ended September 30, 2024. The increase was due to higher volume and favorable net pricing.
-
Keveyis® net revenue was
$34.9 million 9% compared to the nine months ended September 30, 2024. The decrease was due to unfavorable net pricing, partially offset by higher volume.
-
Other product revenue increased by
$1.3 million
-
Royalty, contract and other revenue was
$6.5 million
Cost of goods sold (COGS) increased
Research and development (R&D) expenses increased
Selling, general and administrative (SG&A) expenses increased
Net loss for the nine months ending September 30, 2025, was
Adjusted EBITDA1 for the nine months ended September 30, 2025 was
Total Shares Outstanding were 165,924,289 at October 31, 2025.
Upcoming Events
-
Jefferies Global Healthcare Conference: Senior management will participate in 1x1 meetings on November 17-19, 2025 in
London, UK . Please contact the sponsor to arrange meetings with management.
-
Piper Sandler 37th Annual Healthcare Conference: Senior management will participate in 1x1 meetings and a fireside chat on December 2, 2025 in
New York City , NY. Please contact the sponsor to arrange meetings with management.
1 |
Adjusted EBITDA is a non-GAAP financial measure. See "Note Regarding Use of Non-GAAP Financial Measures" and the corresponding financial tables at the end of this press release for definitions and reconciliations of non-GAAP measures. |
Conference Call and Webcast Details
Xeris will host a conference call and webcast at 8:30 a.m. Eastern Time today to discuss the Company's financial and operational results. To pre-register for the conference call, please use the following link:
https://www.netroadshow.com/events/login/LE9zwo3lV0p4Y9XVAt3dNbajZlK6unmUrMO
After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. The Company recommends registering a minimum of ten minutes prior to the start of the call. Following the conference call, a replay will be available until Thursday, November 20, 2025, at US:1 929 458 6194, US Toll Free: 1 866 813 9403,
To join the webcast, please visit “Events” on investor relations page of the Company’s website at www.xerispharma.com or use this link: https://events.q4inc.com/attendee/310744356.
Note Regarding Use of Non-GAAP Financial Measures
This press release includes financial results prepared in accordance with generally accepted accounting principles in
Adjusted EBITDA is GAAP net income (loss) before income tax (benefit) expense, plus interest and other income, less depreciation and amortization, interest expenses, share based compensation and debt refinancing fees.
About Xeris
Xeris (Nasdaq: XERS) is a fast-growing biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies. Xeris has three commercially available products: Recorlev®, for the treatment of endogenous Cushing’s syndrome; Gvoke®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia; and Keveyis®, a proven therapy for primary periodic paralysis. Xeris also has a pipeline of development programs led by XP-8121, a Phase 3-ready, once-weekly subcutaneous injection for hypothyroidism, as well as multiple early-stage programs leveraging Xeris’ technology platforms, XeriSol® and XeriJect®, for its partners.
Xeris Biopharma Holdings is headquartered in
Forward-Looking Statements
Any statements in this press release other than statements of historical fact are forward-looking statements. Forward-looking statements include, but are not limited to, statements about future expectations, plans, opportunities, and prospects for Xeris Biopharma Holdings, Inc., including statements regarding financial guidance for full-year 2025 revenue, statements regarding its ability to continue to generate net income, Recorlev’s growth potential, the ability to continue to demonstrate rapid revenue growth, the effectiveness of the Company’s strategic execution, the Company’s ability to continue on its current growth trajectory and continue to drive patient demand, advancing its strategic initiatives, its ability to create value, the ability to continue to demonstrate sustained momentum across the portfolio and the market and therapeutic potential of its products and product candidates, the potential utility of its formulation platforms, the advancement of its pipeline, and other statements containing the words "achieve," "anticipate," "continue," “will,” “would,” “continue,” “expect,” “should,” “anticipate” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on numerous assumptions and assessments made in light of Xeris’ experience and perception of historical trends, current conditions, business strategies, operating environment, future developments, geopolitical factors and other factors it believes appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. The various factors that could cause Xeris’ actual results (including revenue and sales in the near- and long-term), performance or achievements, industry results, market opportunity and developments to differ materially from those expressed in or implied by such forward-looking statements (including its 2025 guidance), include, but are not limited to, its financial position and need for financing, including to fund its product development programs or commercialization efforts, whether its products will achieve and maintain market acceptance in a competitive business environment, its reliance on third-party suppliers, including single-source suppliers, its reliance on third parties to conduct clinical trials, the ability of its product candidates to compete successfully with existing and new drugs, its and collaborators’ ability to protect its intellectual property and proprietary technology, the accuracy and completeness of its assumptions and its ability to accurately estimate future financial results and market opportunities, and general macroeconomic and geopolitical conditions, including the possibility of an economic downturn, changes in governmental priorities and resources, announced or implemented tariffs or export controls and market volatility. No assurance can be given that such expectations will be realized and persons reading this communication are, therefore, cautioned not to place undue reliance on these forward-looking statements. Additional risks and information about potential impacts of financial, operational, economic, competitive, regulatory, governmental, technological, and other factors that may affect Xeris can be found in Xeris’ filings, including its most recently filed Annual Report on Form 10-K and subsequent filings with the
XERIS BIOPHARMA HOLDINGS, INC. |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(in thousands, except share and per share data, unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Product revenue, net |
$ |
74,063 |
|
|
$ |
52,861 |
|
|
$ |
199,573 |
|
|
$ |
139,636 |
|
Royalty, contract and other revenue |
|
317 |
|
|
|
1,407 |
|
|
|
6,465 |
|
|
|
3,335 |
|
Total revenue |
|
74,380 |
|
|
|
54,268 |
|
|
|
206,038 |
|
|
|
142,971 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
10,996 |
|
|
|
13,593 |
|
|
|
31,622 |
|
|
|
27,354 |
|
Research and development |
|
7,483 |
|
|
|
5,888 |
|
|
|
23,291 |
|
|
|
19,468 |
|
Selling, general and administrative |
|
46,459 |
|
|
|
44,969 |
|
|
|
134,870 |
|
|
|
123,342 |
|
Amortization of intangible assets |
|
2,711 |
|
|
|
2,711 |
|
|
|
8,132 |
|
|
|
8,132 |
|
Total costs and expenses |
|
67,649 |
|
|
|
67,161 |
|
|
|
197,915 |
|
|
|
178,296 |
|
Income (loss) from operations |
|
6,731 |
|
|
|
(12,893 |
) |
|
|
8,123 |
|
|
|
(35,325 |
) |
Other expenses |
|
(6,110 |
) |
|
|
(6,169 |
) |
|
|
(18,650 |
) |
|
|
(16,666 |
) |
Net income (loss) before benefit from income taxes |
|
621 |
|
|
|
(19,062 |
) |
|
|
(10,527 |
) |
|
|
(51,991 |
) |
Income tax benefit |
|
— |
|
|
|
3,324 |
|
|
|
— |
|
|
|
2,268 |
|
Net income (loss) |
$ |
621 |
|
|
$ |
(15,738 |
) |
|
$ |
(10,527 |
) |
|
$ |
(49,723 |
) |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share - basic |
$ |
0.00 |
|
|
$ |
(0.11 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.34 |
) |
Net income (loss) per common share - diluted |
$ |
0.00 |
|
|
$ |
(0.11 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.34 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
163,649,932 |
|
|
|
148,993,823 |
|
|
|
158,559,467 |
|
|
|
145,962,198 |
|
Diluted |
|
177,617,307 |
|
|
|
148,993,823 |
|
|
|
158,559,467 |
|
|
|
145,962,198 |
|
XERIS BIOPHARMA HOLDINGS, INC. |
|||||||||||||||
Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA |
|||||||||||||||
(in thousands, unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
GAAP Net income (loss) |
$ |
621 |
|
|
$ |
(15,738 |
) |
|
$ |
(10,527 |
) |
|
$ |
(49,723 |
) |
Adjustments |
|
|
|
|
|
|
|
||||||||
Interest and other income |
|
(1,158 |
) |
|
|
(1,197 |
) |
|
|
(3,281 |
) |
|
|
(4,411 |
) |
Interest expense |
|
7,268 |
|
|
|
7,786 |
|
|
|
21,931 |
|
|
|
22,782 |
|
Income tax benefit |
|
— |
|
|
|
(3,324 |
) |
|
|
— |
|
|
|
(2,268 |
) |
Depreciation and amortization |
|
3,049 |
|
|
|
3,018 |
|
|
|
9,110 |
|
|
|
9,046 |
|
EBITDA |
$ |
9,780 |
|
|
$ |
(9,455 |
) |
|
$ |
17,233 |
|
|
$ |
(24,574 |
) |
Adjustments |
|
|
|
|
|
|
|
||||||||
Share-based compensation (a) |
|
7,642 |
|
|
|
6,768 |
|
|
|
17,094 |
|
|
|
14,768 |
|
Debt refinancing fees (b) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,690 |
|
Adjusted EBITDA |
$ |
17,422 |
|
|
$ |
(2,687 |
) |
|
$ |
34,327 |
|
|
$ |
(7,116 |
) |
(a) Includes non-cash, stock-based compensation, net of forfeitures. |
|||||||||||||||
(b) Represents non-recurring fees related to financing activities. Including debt refinancing fees which related to advisory and legal fees to refinance the term loan in 2024. |
|||||||||||||||
XERIS BIOPHARMA HOLDINGS, INC. |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands) |
|||||||
|
September 30, 2025 |
|
December 31, 2024 |
||||
|
(unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
91,598 |
|
|
$ |
71,621 |
|
Trade accounts receivable, net |
|
53,751 |
|
|
|
40,415 |
|
Inventory, net |
|
67,462 |
|
|
|
48,175 |
|
Prepaid expenses and other current assets |
|
11,206 |
|
|
|
7,451 |
|
Total current assets |
|
224,017 |
|
|
|
167,662 |
|
Property and equipment, net |
|
4,946 |
|
|
|
5,562 |
|
Operating lease right-of-use assets |
|
22,263 |
|
|
|
22,649 |
|
Goodwill |
|
22,859 |
|
|
|
22,859 |
|
Intangible assets, net |
|
90,789 |
|
|
|
98,921 |
|
Other assets |
|
5,317 |
|
|
|
5,407 |
|
Total assets |
$ |
370,191 |
|
|
$ |
323,060 |
|
Liabilities and Stockholders’ Equity (deficit) |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
6,527 |
|
|
$ |
2,290 |
|
Current portion of long-term debt |
|
— |
|
|
|
15,102 |
|
Current operating lease liabilities |
|
6,194 |
|
|
|
6,080 |
|
Other accrued liabilities |
|
30,350 |
|
|
|
27,716 |
|
Accrued trade discounts and rebates |
|
51,264 |
|
|
|
29,084 |
|
Accrued returns reserve |
|
19,216 |
|
|
|
19,082 |
|
Other current liabilities |
|
2,649 |
|
|
|
1,089 |
|
Total current liabilities |
|
116,200 |
|
|
|
100,443 |
|
Long-term debt, net of unamortized debt issuance costs |
|
219,469 |
|
|
|
217,006 |
|
Non-current operating lease liabilities |
|
31,991 |
|
|
|
33,259 |
|
Other liabilities |
|
3,392 |
|
|
|
1,967 |
|
Total liabilities |
|
371,052 |
|
|
|
352,675 |
|
Total stockholders’ equity (deficit) |
|
(861 |
) |
|
|
(29,615 |
) |
Total liabilities and stockholders’ equity (deficit) |
$ |
370,191 |
|
|
$ |
323,060 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20251106200297/en/
Investor Contact
Allison Wey
Senior Vice President, Investor Relations and Corporate Communications
awey@xerispharma.com
Source: Xeris Biopharma Holdings, Inc.
