Xeris Biopharma Reports Record Financial Results for the Second Quarter 2025 and Raises Full Year Revenue Guidance
Total revenue increased
Raises full-year 2025 total revenue guidance to
Provided long-term outlook at Analyst and Investor Day in June
Hosts conference call and webcast today at 8:30 a.m. ET
“Total revenue in the second quarter increased almost
Shannon added, “Also in the quarter, we hosted our first-ever Analyst and Investor Day where we outlined our long-term vision and growth strategy, which included guiding to
Second Quarter 2025 Highlights
|
Three months ended June 30, |
|
Change |
||||||||
|
|
2025 |
|
|
2024 |
|
$ |
% |
|||
Product revenue (in thousands): |
|
|
|
|
|
|
|||||
Recorlev |
$ |
31,444 |
|
$ |
13,338 |
|
$ |
18,106 |
|
135.7 |
|
Gvoke |
|
23,467 |
|
|
20,046 |
|
|
3,421 |
|
17.1 |
|
Keveyis |
|
11,485 |
|
|
13,128 |
|
|
(1,643 |
) |
(12.5 |
) |
Other product revenue |
|
1,312 |
|
|
— |
|
|
1,312 |
|
100.0 |
|
Product revenue, net |
|
67,708 |
|
|
46,512 |
|
|
21,196 |
|
45.6 |
|
Royalty, contract and other revenue |
|
3,831 |
|
|
1,553 |
|
|
2,278 |
|
146.7 |
|
Total revenue |
$ |
71,539 |
|
$ |
48,065 |
|
$ |
23,474 |
|
48.8 |
|
-
Recorlev® net revenue was
$31.4 million 136% compared to the second quarter of 2024. This growth was primarily driven by the average number of patients on Recorlev increasing122% from the same period in 2024. -
Gvoke® net revenue was
$23.5 million 17% compared to the second quarter of 2024. This increase was driven by Gvoke prescriptions growing5% and favorable net pricing compared to the same period in 2024. -
Keveyis® net revenue was
$11.5 million 13% compared to the second quarter of 2024. This decrease was primarily driven by a reduction in product shipments in the period. -
Other product revenue was
$1.3 million -
Royalty, contract and other revenue was
$3.8 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 second quarter was
Adjusted EBITDA1 for the second quarter was
First Half 2025 Highlights
|
Six months ended June 30, |
|
Change |
||||||||
|
|
2025 |
|
|
2024 |
|
$ |
% |
|||
Product revenue (in thousands): |
|
|
|
|
|
|
|||||
Recorlev |
$ |
56,974 |
|
$ |
23,937 |
|
$ |
33,037 |
|
138.0 |
|
Gvoke |
|
44,312 |
|
|
36,625 |
|
|
7,687 |
|
21.0 |
|
Keveyis |
|
22,912 |
|
|
26,213 |
|
|
(3,301 |
) |
(12.6 |
) |
Other product revenue |
|
1,312 |
|
|
— |
|
|
1,312 |
|
100.0 |
|
Product revenue, net |
|
125,510 |
|
|
86,775 |
|
|
38,735 |
|
44.6 |
|
Royalty, contract and other revenue |
|
6,148 |
|
|
1,928 |
|
|
4,220 |
|
218.9 |
|
Total revenue |
$ |
131,658 |
|
$ |
88,703 |
|
$ |
42,955 |
|
48.4 |
|
-
Recorlev® net revenue was
$57.0 million 138% increase compared to the same period last year, driven primarily by increases in the number of patients on therapy. -
Gvoke® net revenue was
$44.3 million 21% increase compared to the same period last year. This increase was driven by Gvoke prescriptions growing6% and favorable net pricing compared to the same period in 2024. -
Keveyis® net revenue was
$22.9 million 13% decrease compared to the same period last year. This decrease was driven by a reduction in product shipments in the period. -
Other product revenue was
$1.3 million -
Royalty, contract and other revenue was
$6.1 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 six months ending June 30, 2025, was
Adjusted EBITDA1 for the six months ended June 30, 2025 was
Total Shares Outstanding were 161,480,367 at July 31, 2025.
Upcoming Events
-
Cantor Fitzgerald Global Healthcare Conference: Senior management will participate in 1x1 meetings on September 3, 2025 in
New York City , NY. Please contact the sponsor to arrange meetings with management. -
Wells Fargo Global Healthcare Conference: Senior management will participate in 1x1 meetings on September 4, 2025 in
Boston, MA. Please contact the sponsor to arrange meetings with management. -
H.C. Wainwright Global Investment Conference: Senior management will participate in 1x1 meetings on September 9, 2025 in
New York City , NY. Please contact the sponsor to arrange meetings with management.
Strategic Updates
- On June 3, 2025, the Company hosted its first-ever Analyst and Investor Day, providing a comprehensive overview of its strategic vision for sustainable growth and long-term value creation. During the event, management reiterated its confidence in the Company’s robust growth trajectory—both near- and long-term—driven by disciplined execution across its portfolio. Key highlights included updates on the Company's two core growth drivers: Recorlev® and XP-8121, its investigational subcutaneous levothyroxine candidate.
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/LE9zwo3gmwDLA5JeSSHtiUIAhliB0lMHV58
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, August 21, 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/341157374
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 2025, including its expected full year total revenue, the outlook for 2030, 2035 and beyond, including statements regarding total revenue, Recorlev net revenue and the potential peak net revenue for XP-8121, the ability to continue to demonstrate rapid revenue growth, 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 maintain disciplined execution of the Company's growth strategy, the market and therapeutic potential of its products and product candidates, the potential utility of its formulation platforms, the advancement of its pipeline (including XP-8121), 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, 2030 outlook and 2035 outlook), 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 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 June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Product revenue, net |
$ |
67,708 |
|
|
$ |
46,512 |
|
|
$ |
125,510 |
|
|
$ |
86,775 |
|
Royalty, contract and other revenue |
|
3,831 |
|
|
|
1,553 |
|
|
|
6,148 |
|
|
|
1,928 |
|
Total revenue |
|
71,539 |
|
|
|
48,065 |
|
|
|
131,658 |
|
|
|
88,703 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
11,898 |
|
|
|
7,790 |
|
|
|
20,626 |
|
|
|
13,761 |
|
Research and development |
|
8,055 |
|
|
|
5,759 |
|
|
|
15,808 |
|
|
|
13,580 |
|
Selling, general and administrative |
|
44,393 |
|
|
|
39,993 |
|
|
|
88,411 |
|
|
|
78,373 |
|
Amortization of intangible assets |
|
2,711 |
|
|
|
2,710 |
|
|
|
5,421 |
|
|
|
5,421 |
|
Total costs and expenses |
|
67,057 |
|
|
|
56,252 |
|
|
|
130,266 |
|
|
|
111,135 |
|
Income (loss) from operations |
|
4,482 |
|
|
|
(8,187 |
) |
|
|
1,392 |
|
|
|
(22,432 |
) |
Other expenses |
|
(6,410 |
) |
|
|
(6,069 |
) |
|
|
(12,540 |
) |
|
|
(10,497 |
) |
Net loss before benefit from income taxes |
|
(1,928 |
) |
|
|
(14,256 |
) |
|
|
(11,148 |
) |
|
|
(32,929 |
) |
Benefit from income taxes |
|
— |
|
|
|
(749 |
) |
|
|
— |
|
|
|
(1,056 |
) |
Net loss |
$ |
(1,928 |
) |
|
$ |
(15,005 |
) |
|
$ |
(11,148 |
) |
|
$ |
(33,985 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share - basic and diluted |
$ |
(0.01 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic and diluted |
|
159,459,413 |
|
|
|
148,345,549 |
|
|
|
155,972,048 |
|
|
|
144,372,512 |
|
XERIS BIOPHARMA HOLDINGS, INC. Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA (in thousands, unaudited) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
GAAP Net Loss |
$ |
(1,928 |
) |
|
$ |
(15,005 |
) |
|
$ |
(11,148 |
) |
|
$ |
(33,985 |
) |
Adjustments |
|
|
|
|
|
|
|
||||||||
Interest and other income |
|
(948 |
) |
|
|
(1,291 |
) |
|
|
(2,123 |
) |
|
|
(3,214 |
) |
Interest expense |
|
7,358 |
|
|
|
7,964 |
|
|
|
14,663 |
|
|
|
14,996 |
|
Income tax (benefit) expense |
|
— |
|
|
|
749 |
|
|
|
— |
|
|
|
1,056 |
|
Depreciation and amortization |
|
3,036 |
|
|
|
2,991 |
|
|
|
6,061 |
|
|
|
6,028 |
|
EBITDA |
$ |
7,518 |
|
|
$ |
(4,592 |
) |
|
$ |
7,453 |
|
|
$ |
(15,119 |
) |
Adjustments |
|
|
|
|
|
|
|
||||||||
Share-based compensation (a) |
|
5,008 |
|
|
|
4,233 |
|
|
|
9,451 |
|
|
|
8,000 |
|
Debt refinancing fees (b) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,690 |
|
Adjusted EBITDA |
$ |
12,526 |
|
|
$ |
(359 |
) |
|
$ |
16,904 |
|
|
$ |
(4,429 |
) |
(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) |
|||||||
|
June 30, 2025 |
|
December 31, 2024 |
||||
|
(unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
59,285 |
|
|
$ |
71,621 |
|
Trade accounts receivable, net |
|
53,048 |
|
|
|
40,415 |
|
Inventory |
|
67,282 |
|
|
|
48,175 |
|
Prepaid expenses and other current assets |
|
5,963 |
|
|
|
7,451 |
|
Total current assets |
|
185,578 |
|
|
|
167,662 |
|
Property and equipment, net |
|
5,284 |
|
|
|
5,562 |
|
Operating lease right-of-use assets |
|
22,403 |
|
|
|
22,649 |
|
Goodwill |
|
22,859 |
|
|
|
22,859 |
|
Intangible assets, net |
|
93,500 |
|
|
|
98,921 |
|
Other assets |
|
5,062 |
|
|
|
5,407 |
|
Total assets |
$ |
334,686 |
|
|
$ |
323,060 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
9,462 |
|
|
$ |
2,290 |
|
Current portion of long-term debt |
|
— |
|
|
|
15,102 |
|
Current operating lease liabilities |
|
6,156 |
|
|
|
6,080 |
|
Other accrued liabilities |
|
24,969 |
|
|
|
27,716 |
|
Accrued trade discounts and rebates |
|
33,169 |
|
|
|
29,084 |
|
Accrued returns reserve |
|
19,782 |
|
|
|
19,082 |
|
Other current liabilities |
|
1,633 |
|
|
|
1,089 |
|
Total current liabilities |
|
95,171 |
|
|
|
100,443 |
|
Long-term debt, net of unamortized debt issuance costs |
|
218,626 |
|
|
|
217,006 |
|
Non-current operating lease liabilities |
|
32,441 |
|
|
|
33,259 |
|
Other liabilities |
|
7,752 |
|
|
|
1,967 |
|
Total liabilities |
|
353,990 |
|
|
|
352,675 |
|
Total stockholders’ equity (deficit) |
|
(19,304 |
) |
|
|
(29,615 |
) |
Total liabilities and stockholders’ equity (deficit) |
$ |
334,686 |
|
|
$ |
323,060 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250807913489/en/
Investor Contact
Allison Wey
Senior Vice President, Investor Relations and Corporate Communications
awey@xerispharma.com
Source: Xeris Biopharma Holdings, Inc.
