XERS

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 8:30 a.m. ET Senior Vice President of Investor Relations - Allison Wey Chairman and Chief Executive Officer - John Shannon Chief Financial Officer - Steven Pieper Operator: Hello everyone, thank you for joining us and welcome to Xeris Biopharma Second Quarter Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Allison Wey, Senior Vice President of Investor Relations. Allison, please go ahead. Allison Wey: Thank you, Leah. Good morning everyone and welcome to Xeris Biopharma Second Quarter Financial Results Conference. Early this morning, we issued a press release detailing our results. This press release can be found on our website. Joining me on today's call is John Shannon, our Chairman and Chief Executive Officer; and Steve Pieper, our Chief Financial Officer. Following our prepared remarks, we'll open the call for your questions. Before we begin, I'd like to remind you that today's discussion will include forward-looking statements regarding Xeris' future expectations, plans, strategies, objectives, and financial performance. These forward-looking statements are based on management's current assumptions and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For discussion of these risks and uncertainties, please refer to the risk factors described in our filings with the SEC. Any forward-looking statements made on this call speak only as of today's date, and except as required by law, the company undertakes no obligation to update or revise these statements. In addition, during today's call, we will reference certain financial measures that are presented on a non-GAAP basis. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in our earnings release. And with that, I'll turn the call over to John. John Shannon: Thank you, Allison, and good morning, everyone. The second quarter was another record-breaking quarter for Xeris, one that demonstrated once again that the commercial momentum we have built is durable and accelerating. Total revenue reached $92 million with net product revenue of $91 million, representing 34% growth year-over-year. Recorlev led the way with 81% growth, Keveyis delivered another quarter of steady, reliable performance, and Gvoke improved sequentially, as we expected. But the second quarter was more than a commercial story. It was a quarter of meaningful strategic progress. We made significant strides in strengthening our intellectual property portfolio across both our commercial franchise and our pipeline. And shortly after quarter end, we completed the full retirement of our convertible notes, simplifying our capital structure and eliminating nearly $3 million in annual interest expense. The progress we achieved reflects the breadth and defensibility of our science, the financial strength we have earned, and reinforces our confidence in the long-term value of what we're building. Taken together, a record commercial performance, a stronger IP portfolio, and an enhanced balance sheet, the second quarter reflects the disciplined, compounding progress we are making to build a high-value biopharmaceutical company. In other words, we're executing and we're just getting started. Based on our strong first half performance and our conviction in the growth trajectory of this business, we are raising the bottom end of our full year 2026 total revenue guidance to $385 million to $390 million. This reflects our confidence in this team, the performance of our diversified commercial portfolio, and the long-term growth outlook of our business. With that, let's turn to our brands, beginning with Recorlev. Recorlev continues to demonstrate exceptional momentum and in the second quarter it delivered yet again. Recorlev net revenue increased to nearly $57 million in the quarter, representing 81% growth year-over-year, an increase of over $25 million. Behind that number, Recorlev had a record number of referrals, new patient starts, patients on therapy, new prescribers, and total prescribers. Quarter after quarter, Recorlev has delivered sustained growth that speaks to the execution of our commercial team, and most importantly, the deepening confidence prescribers have in Recorlev as their treatment of choice for endogenous Cushing's syndrome. We believe Recorlev should be the standard of care, and we intend to build on that. Importantly, we are still in the early stages of realizing the benefits of the commercial expansion we completed in January. Throughout the second quarter, our focus was on training and deploying our expanded team. Execution is tracking in line with our expectations, and we are increasingly well positioned to accelerate growth as these investments gain traction in the second half. Turning to Gvoke. After a slow start to the year, Gvoke rebounded nicely in the second quarter, delivering net revenue of approximately $23 million and prescription growth of 10% versus the first quarter. I am proud of the team's work to put Gvoke back into growth mode, and the sequential improvement gives us confidence that Gvoke is back on the right track. Looking ahead, the back-to-school season should provide its typical third quarter lift as families with children managing diabetes ensure they have a ready-to-use Gvoke on hand for the school year. The long-term opportunity for Gvoke remains unaltered and our commitment to it is unwavering. Of the 15 million people with diabetes who should have a potential life-saving product like the Gvoke HypoPen, only a million or so do. Closing that gap remains an important opportunity for us, and more importantly, a meaningful way to improve patient outcomes. And finally, Keveyis. Keveyis delivered nearly $12 million in net revenue. Once again, demonstrating the remarkable durability of this brand in an ultra-rare market. Maintaining patients on therapy remains the ultimate proof point. And our results continue to reflect both the clinical value of Keveyis and the patient-centric support infrastructure we have built for the PPP community. Our commitment to this brand and this community couldn't be more evident than through our steadfast multi-year effort to secure important IP protection for Keveyis. On June 11, we received a notice of allowance from the U.S. Patent Office for a new patent covering Keveyis. Once issued, it will provide renewed protection for Keveyis through at least 2039. With a clear line of sight to such extended protection and having evidenced such astounding durability during its period of non-exclusivity, we intend to invest incrementally in both Keveyis and the PPP community in order to expand efforts to identify and support even more patients in the future. Turning to our pipeline and specifically XP-8121. The second quarter was a busy period for our program. During the quarter, we continue to build an even stronger intellectual property estate around this important product and our proprietary formulation technology. On July 28th, we received our second U.S. patent covering XP-8121. Just one week earlier, we also received a notice of allowance for an additional patent application, which when issued will be our third U.S. patent. Our expanding intellectual property portfolio speaks to the depth of our innovation and the long-term defensibility of this product. Those achievements build on the significant progress we made during the second quarter. Our technical and clinical teams made great progress in advancing the program through critical milestones. Importantly, we finalized our clinical site selections and those sites are busy preparing in advance of an expected Phase III start by year end. We also maintained a strong presence at key medical conferences throughout the quarter. The feedback we received from the endocrinology community has been exceptional, further reinforcing both our conviction in the significant unmet need in hypothyroidism and the multi-billion dollar commercial opportunity we have laid out. All of this momentum makes our planned XP-8121 program overview that much more exciting. On Wednesday, September 9th, we will host a dedicated 8121 webinar where you will hear directly from an important key opinion leader as well as members of our program team. We will walk you through the unmet medical need, the market opportunity, and our planned Phase III program in detail, including trial design, primary and secondary endpoints, target patient population, as well as expected development and related regulatory timelines. We believe XP-8121 represents a significant advancement in addressing the real and persistent challenges of treating hypothyroidism, and we believe it has the potential to be a blockbuster. Before I turn the call over to Steve, I want to briefly recap the strong progress we are making against the three critical priorities we outlined in March and continue to keep in our focus. First, driving rapid revenue growth. We delivered 33% growth in the first half, and we are now guiding to full year revenue growth of 33% at the midpoint. Our commercial business is growing fast. Second, advancing our pipeline. The XP-8121 program remains on track, and on September 9, we will provide the market with a comprehensive look at the program. We look forward to that conversation. And third, executing with discipline. The full retirement of our convertible notes completed in July is a direct expression of this priority in action. A proactive, planful step made possible by the ever-strengthening financial position of Xeris. With our sustained commercial momentum and disciplined execution against our strategic priorities, I couldn't be more excited about the company we're building. And with that, I'll turn the call over to Steve. Steven Pieper: Good morning everyone. As John highlighted, our momentum from the first quarter carried into the second, reflecting solid execution and growing confidence in the performance of our business. Net product revenue of $91 million, up 34% or over $23 million year-over-year, is the headline for this quarter. This performance drove total revenue to $92.1 million, representing 29% year-over-year growth and reflects the sustained commercial momentum John just described. Recorlev generated net revenue of $56.8 million, representing growth of 81% year-over-year, an increase of $25.3 million, reflecting continued expansion of our patient base. New patient starts continued at a strong pace and the underlying commercial metrics all support momentum accelerating in the back half of the year where we expect to see incremental contributions from our commercial expansion completed at the start of the year. Gvoke net revenue of $22.5 million in the second quarter, up 8% sequentially, and was in line with our expectations. We expect Gvoke's performance to normalize and track more consistently with historical seasonal patterns in the second half of the year. Keveyis delivered another solid quarter, generating net revenue of $11.7 million, reflecting modest improvements in both net pricing and the number of patients on therapy compared to prior year. Gross margin for the second quarter was approximately 86%, an improvement of nearly 400 basis points compared to last year, driven by favorable product mix. Turning to operating expenses, R&D expenses totaled $10.7 million in the quarter, an increase of $2.6 million compared to prior year. This increase reflects continued investment advancing XP-8121 toward Phase III initiation planned for later this year. SG&A expenses were $61 million for the second quarter, driven primarily by the full deployment of our expanded Recorlev commercial team and patient support infrastructure. Adjusted EBITDA for the second quarter was $19.3 million, an improvement of $6.7 million versus the prior year, representing over 50% growth year-over-year, even as we made incremental commercial and R&D investments this quarter. I also want to take a moment to discuss our balance sheet and specifically the full retirement of our 2028 convertible notes because it will be visible in our GAAP results this quarter. In July, we completed the full retirement of our convertible notes, settled through a combination of cash and equity. As of July 15th, not a single convertible note remains outstanding. The exchange agreement we signed on June 10th with certain holders of the convertible notes triggered a re-measurement of the convertible notes under GAAP, resulting in a one-time non-cash charge of approximately $31 million recognized in the second quarter. This charge does not impact adjusted EBITDA and there will be no additional income statement charge related to these notes in Q3. The bottom line, we eliminated $34 million of debt, creating approximately $3 million in annual interest savings and a meaningfully cleaner balance sheet. This was a proactive step made possible by the consistent financial performance of our business. Moving to our 2026 outlook. We are raising the bottom end of our full year total revenue guidance and tightening the range to $385 million to $390 million. This outlook reflects the strong performance we delivered in the first half of the year, as well as our confidence that this momentum will continue as our expanded Recorlev commercial team moves from build to yield, and we continue to see Gvoke rebound from its slow start this year. On SG&A, at the start of the year, we outlined an expected full year increase of approximately $45 million versus 2025. Based on our strong first half results and current outlook, we are making further incremental investments in our commercial enterprise, resulting in a full year SG&A increase of approximately $50 million. We see meaningful opportunities across our portfolio and remain committed to investing where we can create sustainable long-term value. Let me summarize our full year 2026 guidance. Total revenue is now expected to be between $385 million to $390 million. Gross margin remains consistent with our prior expectation of a modest improvement compared to 2025. R&D remains consistent with prior expectations. We expect an increase of approximately $25 million compared to 2025. SG&A is now expected to increase an additional $5 million versus our prior guidance of a $45 million increase compared to last year. And lastly, we continue to expect adjusted EBITDA to increase on an absolute dollars basis compared to 2025. I want to close with this. Our business continues to strengthen and with it our financial condition. We remain committed to the priorities that John outlined and are confident that we can maintain a path toward a continuing expansion of adjusted EBITDA even as we make incremental investments to support a rapid growth of our enterprise. With that, I'll hand the call over to the operator for Q&A. Operator: [Operator Instructions] Your first question comes from the line of Dennis Ding with Jefferies. Georgia Bank: This is Georgia Bank on the line for Dennis Ding. I had a question about raising the low end of your guidance. I see that you raised it again to $385 million but held the $390 million top. And given Recorlev's momentum and you said the expansion benefit is still mostly ahead in the second half, I guess, what's capping the ceiling? And then on the expansion, you notice that it's tracking in line still... John Shannon: Could you repeat? Could you, operator or somebody, we cannot hear this question at all. Georgia Bank: Are you able to hear me now? John Shannon: Yes. Much better. Thank you, Georgia. Georgia Bank: Oh, sorry about that. Okay. So on the guidance raise, you raised the low end again in Q2 to $385 million, but held the top at $390 million. Given Recorlev's momentum, and you've said the expansion benefit is still mostly ahead in the second half, I guess what's capping the ceiling there? And then on that sales expansion, you noted that the execution is tracking in line and still early, maybe can you unpack what in line looks like underneath? Which leading indicators, referrals, new starts, et cetera, that you're watching to confirm that the H2 setup is materializing? Steven Pieper: Thanks for the questions, Georgia. On the guidance, yes, I mean just another great quarter gave us the confidence to raise the bottom end, and we've tightened it. We've to a range of $5 million at this point, and we're confident that we can hit that. It still reflects some significant growth in the back half of the year. And again, that points to the contributions we're expecting from the Recorlev commercial expansion as well as growth from Gvoke in the back half of the year. So yes, really confident in the guidance that we provided and it reflects over 30% revenue growth. And then on the second question, I think the second question was just around Recorlev and what we're seeing. Yes, I think we're seeing early signs of contributions from that expansion. We saw that in the second quarter. Again, this is our third time doing this expansion and the contributions we're seeing are tracking exactly in line with our expectations. And we see it continuing into the third quarter, which gives us all the confidence in the world to meet the revenue guidance that we outlined. Operator: Your next question comes from the line of Brandon Folkes with H.C. Wainwright. Brandon Folkes: Congratulations on the quarter. Can you just further detail the second half of the year, the core of the growth drivers, just how much is driven by prior territories versus sort of the new sales reps? Any way to just characterize where those new reps are in terms of productivity? And then any other tailwinds you're expecting in the second half of the year, whether it be average dose, persistency, just how those sorts of metrics are tracking? John Shannon: Yes, Brandon, thanks for the question. In terms of the back half of the year, we made this expansion to increase not only the breadth of our calls, so we expanded our targets, but the depth within our calls. So it's going to come across existing prescribers and new prescribers, and it's going to come across all territories, new and existing. So we see it coming across everywhere. And that's kind of how we set up the expansion. In terms of changes to anything like dosing or anything else like that, with the amount of expansion we're going through and the number of new starts, we are watching all those metrics, but we don't expect them to materially change in this time and period of growth at these rates, so we continue to monitor those, we track them, and all of those trends are tracking as we expected and within line, and until they become more material, we really won't change our expectations around some of those things. Brandon Folkes: Great. And maybe just one on 8121. Can you just elaborate on what still needs to be done before the Phase III initiation? And do you expect all of that to be done by the time you host the webinar? And if not, sort of how should we think about timing for what needs to be done? John Shannon: Yes, I think I've said this before is, we're not going to start that Phase III trial till we have the go-to-market commercial presentation ready to go into that Phase III trial. And that's what we're doing, is we're going through all of the work it takes to be able to have the commercial ready, product, device, formulation, everything. And we will be in a real -- we're in a great position by the webinar to tell you where exactly all those timelines are. I will tell you they're all on track. They're all tracking to what we said back last June in terms of start of the trial, data, regulatory submissions, and approval. So we're still on track for all that for our 2030 launch. Operator: Your next question comes from the line of David Amsellem with Piper Sandler. David Amsellem: So just a couple for me. First on Recorlev, can you talk about prescriber breadth and depth? And sorry if I missed this, can you give color on how many prescribers there are and repeat prescribers? So that's #1. #2 is on 8121, can you talk to how long you think it's going to take to enroll the Phase III and do you think results could be a 2028 event? And then lastly, business development, M&A, just given the commercial infrastructure in place, how aggressive are you going to be in terms of looking for assets where you can leverage that infrastructure? John Shannon: Okay. Start with Recorlev, so what we have said is we have 12,000 targets that we basically aligned our sales efforts against. And what I can tell you is that those are new and existing prescribers, and they're all good targets for cortisol normalization and hypercortisolemia and Cushing's syndrome. So we are targeting those. We are successfully covering them and it really goes to us having a record quarter of new prescribers as well as existing prescribers, so all of those metrics are growing and growing at the pace that we expected in our guidance. So we continue to see that for the balance of the year and going forward as we go deeper and deeper in those accounts. The next question was on 8121, and I think it was related to data by '28. We'll be able to give you a lot more clarity around that whole clinical program and timing on September 9. You'll be able to see all that, so the clinical and regulatory timelines will be really, really clear at that point. And then as business development, and we've said this before, is we're focused on driving top line growth and making investments that will continue to drive more and more growth within our company. And so from a business development standpoint, and with our financial position where it's at, we're looking at more and more opportunities that can deliver growth between now and even before the launch of 8121 in 2030. And all those are all the kinds of things that we would focus on, especially ones that leverage our endocrinology footprint and or our rare product capabilities that we have within Xeris. Operator: Your next question comes from the line of Chase Knickerbocker with C.H. Jacob Soucheray: This is Jake on for Chase. First, just on Recorlev, I was hoping that you could characterize the growth in the market. We are seeing, as you all do have better data than us, how many patients do you think are currently on therapy for hypercortisolism and what share of new patient starts do you think you are capturing? John Shannon: Wow. We haven't really dug into that in the past. And it's really hard to triangulate that because we don't have good external data sources that could tie back to that. But what I will tell you is that more than 60% of our patients are new to therapy, first time on drug. So I would say that points to a couple of things. One is the majority of our patients are market growth and us capturing a significant share of those. And the fact that the dynamics in this marketplace with everybody growing in it says that there's still a lot of opportunity for market growth. And having said that, there doesn't seem to be an increase in switching, and/or -- so we're all getting and driving more screening, more detection, and more growth in the marketplace, and really kind of positioning our product in a sense to kind of win those new patients. Jacob Soucheray: And then second, how do you think we should think about the new Keveyis patent? Obviously this represents a barrier to any potential future generic. Should we also be thinking about this as relevant to the current generic that's on the market right now? John Shannon: Well, I think the way we think about it is with this kind of protection, we for sure are really confident in investing more, in finding more patients and getting them on therapy, so from that perspective, we have maintained this brand for the last 1.5 years based on driving new patients in a space with a non-exclusive situation. So we know we can grow it in a non-exclusive situation, and it only gets better if it somehow becomes more exclusive later on. But for now, we're excited in and of itself that we can continue to grow this and really drive some growth in the future. Operator: Your next question comes from the line of Roanna Ruiz with Leerink. Ryan Mcelroy: You have Ryan on for Roanna. Congrats on the quarter. Maybe just two from us. Can you help frame how discontinuation rates are looking for Recorlev? And are you seeing any signs of patients reentering the funnel that may have previously dropped off therapy? And then maybe as you think about peak sales for Recorlev, like what are the key levers here that could potentially accelerate the timeline to that peak sales of a billion dollars? John Shannon: So discontinuation rates have been pretty steady and stable. We don't really see any movement in that. We do see small amounts of patients that go off and come back and things like that. So again, none of those trends have really changed, but they've been pretty consistent. In terms of peak, I think this is an important point for everybody is this is a market where it takes a lot of effort. These are complex patients that need to be diagnosed, screened, and treated, so it's more of a scalable kind of process to get these patients on drug and get them stabilized on drug, get them titrated, and keep them on drugs. So it's one of those areas where continued investment will be required both from a commercial standpoint, but also from a data generation and or data dissemination standpoint. Those are critical aspects to really sustaining the long-term growth of this category. Operator: Your next question comes from the line of Leland Gershell with OpCo. Unknown Analyst: This is Tracy on for Leland. Congrats on the quarter. Just one from us. Can you give us a sense of how to think about the XP-8121 Phase III program's impact on OpEx going forward? Steven Pieper: Yes, so I think Tracy, thanks for the question. I'll take this one. We guided to an increase in R&D this year of $25 million. That increase is almost entirely for XP-8121 and starting the trial later this year, so it's everything that goes into that. As the trial unfolds next year, I think it's reasonable to expect a similar increase in R&D spend as the trial ramps up. And so we'll lay that out in terms of our guidance early next year specifically and you'll be able to understand exactly how that kind of tracks out with everything that we're laying out in terms of the program in September at the webinar. Operator: There are no further questions at this time. I will now turn the call back to John Shannon for closing remarks. John Shannon: Thanks everyone. As you just heard, the second quarter marked another remarkable period for Xeris, underscoring sustained commercial momentum and disciplined execution against our strategic priorities. Recorlev is growing and driving the business, Gvoke is back on track, and Keveyis has delivered a landmark IP win. At the same time, we continue to advance the next phase of our growth story. Our XP-8121 program is progressing well, and with Phase III initiation expected before year end, we believe we're approaching an important inflection point for the program. Our XP-8121 program overview on September 9 will provide investors with a closer look at what we are building. In closing, we entered the second half of 2026 with strong commercial momentum, a strengthened financial foundation, and a pipeline that positions us well for continued growth. Thank you for joining us today, and thank you for your continued support and interest in Xeris Biopharma. Operator: This concludes today's conference. Thank you for attending. You may now disconnect. 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Interested in Xeris Biopharma Holdings, Inc.? Here are five stocks we like better. Xeris Biopharma’s second-quarter revenue rose 29% year over year to $92.1 million, driven by a 34% increase in net product revenue. Adjusted EBITDA grew more than 50% to $19.3 million, while gross margin improved to approximately 86%. RECORLEV was the primary growth driver, generating $56.8 million in revenue, up 81% year over year, with record referrals, patient starts and prescriber activity. Gvoke revenue also rebounded sequentially, while KEVEYIS remained resilient and gained potential patent protection through at least 2039. Xeris raised the low end of its 2026 revenue outlook to $385 million-$390 million and expects higher spending, largely to support RECORLEV commercialization and the XP-8121 program. The company plans to begin XP-8121’s Phase III trial by year-end, targeting a 2030 launch. Xeris Biopharma (NASDAQ:XERS) reported second-quarter total revenue of $92.1 million, up 29% from a year earlier, as net product revenue increased 34% to $91 million. The company raised the low end of its full-year 2026 revenue outlook, now forecasting total revenue of $385 million to $390 million. Chairman and Chief Executive Officer John Shannon said the quarter reflected accelerating commercial momentum across the company’s portfolio, led by RECORLEV. Chief Financial Officer Steve Pieper said the company also improved its gross margin, expanded adjusted EBITDA and completed the retirement of its 2028 convertible notes after the quarter ended. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth RECORLEV generated $56.8 million in second-quarter net revenue, an 81% year-over-year increase and a $25.3 million gain from the prior-year period. Shannon said the product recorded highs in referrals, new patient starts, patients on therapy, new prescribers and total prescribers. The company expanded its RECORLEV commercial team in January and spent the second quarter training and deploying the added personnel. Management said it expects the expansion to make increasing contributions in the second half of the year. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High In response to analyst questions, Shannon said the company’s sales efforts are aligned against approximately 12,000 target prescribers. He said growth is expected to come from both existing and new prescribers, across both new and established sales territories. Shannon added that more than 60% of RECORLEV patients are new to therapy, which he said points to market growth rather than greater patient switching. The company said it has not seen meaningful changes in discontinuation trends, though some patients who discontinue treatment later return to therapy. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Management did not provide an estimate for the overall hypercortisolism treatment population or its share of new patient starts, saying external data sources do not allow for precise estimates. Gvoke produced $22.5 million in net revenue during the quarter, up 8% sequentially. Shannon said the product recovered after a slow start to the year, while prescription growth was 10% compared with the first quarter. The company expects Gvoke to return to more typical seasonal patterns in the second half, including a customary third-quarter lift associated with the back-to-school period. KEVEYIS delivered $11.7 million in net revenue, supported by modest year-over-year improvement in both net pricing and the number of patients receiving therapy, Pieper said. On June 11, Xeris received a notice of allowance from the U.S. Patent Office for a new KEVEYIS patent. Once issued, the patent is expected to provide protection through at least 2039, according to Shannon. He said the company intends to increase investment in identifying and supporting patients with primary periodic paralysis, or PPP. During the question-and-answer session, Shannon said Xeris has continued to add patients to KEVEYIS despite operating in a non-exclusive market for roughly the past year and a half. He said the patent development gives the company greater confidence to invest in the brand, although he did not comment on its implications for a generic product already on the market. Second-quarter gross margin was approximately 86%, improving by nearly 400 basis points from the prior-year period due to favorable product mix. Research and development expense totaled $10.7 million, up $2.6 million year over year, reflecting investment in XP-8121 ahead of an anticipated Phase III trial start later this year. Selling, general and administrative expense was $61 million, driven primarily by deployment of the expanded RECORLEV commercial team and patient-support infrastructure. Adjusted EBITDA was $19.3 million, a $6.7 million improvement from a year earlier and growth of more than 50%, Pieper said. In July, the company completed the full retirement of its 2028 convertible notes through a combination of cash and equity. The transaction eliminated $34 million of debt and is expected to save approximately $3 million in annual interest expense, Pieper said. The company recorded an approximately $31 million one-time, non-cash GAAP charge in the second quarter resulting from the remeasurement of the notes following an exchange agreement signed June 10. Pieper said the charge did not affect adjusted EBITDA and that no additional income-statement charge related to the notes is expected in the third quarter. Xeris tightened its 2026 total revenue guidance to $385 million to $390 million, raising the lower end while maintaining the upper end. The outlook implies continued growth from RECORLEV’s expanded commercial organization and a second-half improvement at Gvoke, management said. Gross margin is expected to improve modestly compared with 2025. R&D expense is expected to increase by approximately $25 million from 2025, consistent with prior expectations. SG&A expense is now projected to rise approximately $50 million from 2025, $5 million more than the company’s prior forecast. Adjusted EBITDA is still expected to increase in absolute dollars compared with 2025. The incremental R&D investment is largely related to XP-8121, Pieper said. He added that a similar increase in R&D spending could be reasonable next year as the Phase III program ramps up, though the company plans to provide more specific guidance in early 2027. Xeris said it finalized clinical site selection for XP-8121 and expects to begin its Phase III program by year-end. The company received its second U.S. patent covering the candidate on July 28 and has also received a notice of allowance for an additional patent application that would become its third U.S. patent for the program when issued. The company plans to hold an XP-8121 webinar on Sept. 9 to discuss the Phase III trial design, endpoints, patient population, development schedule and regulatory timelines. Shannon said the program remains on track with the timeline previously communicated by the company, including a planned 2030 launch. Xeris Biopharma is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies for endocrine and orphan diseases. The company's proprietary formulation platform is designed to enable liquid stability of drugs that traditionally require reconstitution before injection. By eliminating the need for on-site mixing and simplifying administration, Xeris aims to improve patient safety, adherence, and convenience in high-need therapeutic areas. The company's flagship product, Gvoke, is a ready-to-use liquid glucagon autoinjector and prefilled syringe that has been approved by the U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Xeris Biopharma Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Total revenue increased to over $92 million Net product revenue increased 34% year-over-year to over $91 million Recorlev net revenue increased 81% year-over-year to approximately $57 million Tightens full-year 2026 total revenue guidance to $385 million to $390 million Conference call and webcast today at 8:30 a.m. ET CHICAGO, August 06, 2026--(BUSINESS WIRE)--Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a fast-growing biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies, today announced its financial results for the second quarter ended June 30, 2026. "The second quarter was another strong period for Xeris, with net product revenue growing 34% year-over-year, driven by Recorlev’s exceptional commercial momentum," said John Shannon, Chairman and Chief Executive Officer of Xeris. "The strategic investments we made for Recorlev earlier this year are gaining traction, and we expect their contribution to become increasingly meaningful as we move through the second half of 2026. Additionally, Gvoke delivered solid sequential improvement in line with our expectations, and Keveyis continued to provide a consistent, high-value contribution to our business." Shannon continued, "Beyond our commercial execution, the second quarter also brought an important strategic milestone. We received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a new Keveyis patent expected to extend intellectual property protection through at least 2039, reinforcing our long-term commitment to the primary periodic paralysis community. With a strong first half behind us, we are tightening our full-year guidance to $385–$390 million, reflecting our confidence in the team, the portfolio, and the trajectory of our business." Second Quarter 2026 Highlights Net product revenue for the second quarter of 2026 was $91.0 million, an increase of 34% compared to the same period last year. The increase was primarily driven by increased patient demand for Recorlev. Gross margin improved to 86% in the second quarter of 2026, up from 82% in the same period last year. The improvement was primarily driven by favorable product mix dynamics. Research and development (R&D) expenses increased by $2.6 million, or 32%, in the second quarter of 2026 compared to the same period last year. The increase in R&D expenses primarily reflects higher personnel-related expenses to support XP-8121, and other external spend. Selling, general and administrative (SG&A) expenses increased by $16.6 million, or 37%, in the second quarter of 2026 compared to the same period last year. This increase mainly reflects higher personnel related expenses to support the commercial enterprise, including the Recorlev expansion. Net loss for the second quarter of 2026 was $31.1 million, compared to a net loss of $1.9 million in the same period last year. The loss was due to a one-time, non-cash charge of approximately $31 million in the second quarter of 2026, reflecting the increase in fair value as a result of entering into the 2028 Convertible Notes exchange agreements. Adjusted EBITDA1 for the second quarter of 2026 was $19.3 million, an improvement of $6.7 million compared to the same period last year. Year-to-Date Highlights (As of June 30, 2026) Net product revenue was $173.5 million for the six months ended June 30, 2026, an increase of 38% compared to the same period last year. The increase was primarily driven by increased patient demand for Recorlev. Gross margin improved to 87%, up from 84% in the same period last year. The improvement was primarily driven by favorable product mix dynamics. Research and development (R&D) expenses increased $3.6 million or 23% for the six months ended June 30, 2026 compared to the same period last year. The increase in R&D expenses primarily reflect higher personnel-related expenses to support XP-8121. Selling, general and administrative (SG&A) expenses increased $25.8 million or 29% for the six months ended June 30, 2026 compared to the same period last year. This increase mainly reflects higher personnel related expense to support the commercial enterprise, including the Recorlev expansion. Net loss for the six months ended June 30, 2026 was $28.9 million, compared to a net loss of $11.1 million in the same period last year. The loss was due to a one-time, non-cash charge of approximately $31 million in the second quarter, reflecting the increase in fair value as a result of entering into the 2028 Convertible Notes exchange agreements. Adjusted EBITDA1 for the six months ended June 30, 2026 was $34.4 million, an improvement of $17.5 million compared to the same period last year. Total Shares Outstanding were 182,320,306 at July 31, 2026. Key Business Highlights 2028 Convertible Notes: On June 11, 2026, Xeris entered into privately negotiated exchange agreements with certain holders of its 8.00% Convertible Senior Notes due 2028. The exchange transactions eliminated approximately $23.0 million of debt through the issuance of $23.0 million in cash and approximately 5.0 million shares of common stock in July 2026. Additionally, the remaining holder of $10.5 million elected to convert its principal into approximately 3.6 million shares of common stock in July 2026. Currently, no 2028 Convertible Notes remain outstanding. Notice of Allowance for New Patent Covering Keveyis: On June 11, 2026, Xeris announced that the USPTO had issued a Notice of Allowance with respect to U.S. Patent Application No. 17/151,405, entitled "Compositions and Methods of Use." The allowed claims in this application cover the use of the Company’s KEVEYIS® (dichlorphenamide) product. Once granted, it is expected to provide intellectual property protection for Keveyis through at least 2039. Notice of Allowance for New Patent Covering XP-8121: On July 28, 2026, the USPTO granted Xeris U.S. Patent No. 12,691,089, entitled "Stable Levothyroxine Compositions in Aprotic Polar Solvents." This is the second patent issued for XP-8121, the Company’s investigational drug product candidate for hypothyroidism. Upcoming Events XP-8121 Program Overview (Webinar): Senior management will host a webinar on Wednesday, September 9, 2026, at 10:00 a.m. Eastern Time to review the Phase 3 development program for XP-8121, an investigational once-weekly subcutaneous levothyroxine for hypothyroidism. Management will provide details of the Company’s pivotal Phase 3 study, along with its comprehensive clinical development plan, and discuss the commercial opportunity for XP-8121. Presentations will also include remarks from a key opinion leader in endocrinology. A live webcast, along with accompanying materials, will be available under the "Events" section of the Xeris Investor Relations website the day of the event. H.C. Wainwright Global Healthcare Conference: Senior management will participate in 1x1 meetings and a fireside chat on September 14, 2026 in New York, NY. The fireside chat will be webcast live, with access available via the "Events" section of Xeris' Investor Relations website. Please contact the sponsor to arrange meetings with management. Morgan Stanley Global Healthcare Conference: Senior management will participate in 1x1 meetings on September 15, 2026 in New York City, NY. Please contact the sponsor to arrange meetings with management. 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. Interested parties may pre-register for the call at by following https://events.q4inc.com/attendee/250146676. Attendees can also join via the "Events" section of the Xeris Investor Relations website. The webcast, replay and other information related to the event can be accessed on the investor website https://xerispharma.com/investor-relations. Note Regarding Use of Non-GAAP Financial Measures This press release includes financial results prepared in accordance with generally accepted accounting principles in the United States (GAAP) and also certain historical and forward-looking non-GAAP financial measures, namely Adjusted EBITDA. This non-GAAP financial measure is not meant to be considered in isolation and should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP, and was not prepared under any comprehensive set of accounting rules or principles. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP, and the calculation of the non-GAAP financial measure included herein may differ from similarly titled measures used by other companies. The Company believes that the presentation of Adjusted EBITDA, when viewed in conjunction with actual GAAP results, provides investors with a more meaningful understanding of the Company's ongoing and projected operating performance, exclusive of factors that do not directly affect what the Company considers to be its core operating performance, as well as unusual events. The Company believes this non-GAAP financial measure helps indicate underlying trends in the Company’s business and is important in comparing current results with prior period results and understanding expected operating performance. Also, management uses this non-GAAP financial measure to establish budgets and operational goals, and to manage the Company’s business and evaluate its performance. In addition, management believes that Adjusted EBITDA is important in evaluating the administrative costs of operating the Company’s business. 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 or extinguishment losses. 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 Chicago, IL. For more information, visit www.xerispharma.com, or follow us on X, LinkedIn, or Instagram. 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 the Company’s expected benefits from its commercial investments in Recorlev in the second half of 2026 and beyond; financial guidance for full-year 2026, including the potential for revenue growth, the Company’s ability to generate net income, Recorlev’s growth potential, the ability to continue to deliver on all full-year financial targets, the term of intellectual property protection for Keveyis, including the expectation that the allowed patent application, once granted, will provide intellectual property protection for Keveyis through at least 2039; the Company’s intention to protect and strengthen the long-term value of its assets; 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 sustainable long-term value for shareholders, the ability to continue to demonstrate sustained momentum across the portfolio and the market and therapeutic and commercial potential of its products and product candidates, including its expectations regarding the timely execution of XP-8121's ongoing development leading into the start of its Phase 3 clinical trial and the expected timing of the XP-8121 Phase 3 clinical trial later in 2026, and the Company’s comprehensive clinical development plan and commercial opportunity for XP-8121, the potential utility of its formulation platforms, the advancement of its pipeline, and other statements containing the words "achieve," "anticipate," "will," "would," "continue," "expect," "should," 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 2026 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, political unrest, trade disputes, changes in U.S. 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 U.S. Securities and Exchange Commission, the contents of which are not incorporated by reference into, nor do they form part of, this communication. The risks described herein and in Xeris’ U.S. Securities and Exchange Commission filings are not the only risks the Company faces. Additional risks and uncertainties not currently known to it or that it currently deems immaterial may also impact its business operations or financial results. Forward-looking statements in this communication are based on information available to management, as of the date of this communication and, while the Company believes its assumptions are reasonable, actual results may differ materially. Subject to any obligations under applicable law, the Company does not undertake any obligation to update any forward-looking statement whether as a result of new information, future developments or otherwise, or to conform any forward-looking statement to actual results, future events, or to changes in expectations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806047936/en/ Contacts Investor Contact Allison WeySenior Vice President, Investor Relations and Corporate [email protected]

Zevra Therapeutics (ZVRA) came out with quarterly earnings of $0.25 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $1.21 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +212.50%. A quarter ago, it was expected that this specialty pharmaceutical company would post earnings of $0.06 per share when it actually produced earnings of $0.18, delivering a surprise of +200%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Zevra Therapeutics, which belongs to the Zacks Medical - Drugs industry, posted revenues of $39.66 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 22.76%. This compares to year-ago revenues of $25.88 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Zevra Therapeutics shares have added about 17.4% since the beginning of the year versus the S&P 500's gain of 13%. While Zevra Therapeutics has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Zevra Therapeutics was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.12 on $34.89 million in revenues for the coming quarter and $0.95 on $142.15 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Drugs is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Xeris Biopharma (XERS), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +300%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Xeris Biopharma's revenues are expected to be $90.73 million, up 26.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Zevra Therapeutics, Inc. (ZVRA) : Free Stock Analysis Report Xeris Biopharma Holdings, Inc. (XERS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Xeris Biopharma (XERS) reported $92.1 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 28.7%. EPS of $0 for the same period compares to -$0.01 a year ago. The reported revenue represents a surprise of +1.51% over the Zacks Consensus Estimate of $90.73 million. With the consensus EPS estimate being $0.02, the EPS surprise was -100%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Xeris Biopharma performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Product Revenue- Gvoke: $22.55 million versus $22.13 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -3.9% change. Product Revenue- Recorlev: $56.78 million versus the three-analyst average estimate of $55.97 million. The reported number represents a year-over-year change of +394.4%. Revenue- Royalty, contract and other: $1.1 million versus the three-analyst average estimate of $1.4 million. The reported number represents a year-over-year change of -71.4%. Revenue- Product revenue, net: $91 million versus the three-analyst average estimate of $89.34 million. The reported number represents a year-over-year change of +34.4%. Product Revenue- Keveyis: $11.68 million versus $11.25 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -62.9% change. View all Key Company Metrics for Xeris Biopharma here>>> Shares of Xeris Biopharma have returned -6.5% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Xeris Biopharma Holdings, Inc. (XERS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Total Revenue: $92.1 million, representing 29% year-over-year growth. Net Product Revenue: $91 million, up 34% year-over-year. RECORLEV Net Revenue: $56.8 million, an 81% increase year-over-year. Gvoke Net Revenue: $22.5 million, up 8% sequentially. KEVEYIS Net Revenue: $11.7 million, with modest improvements in net pricing and patients on therapy. Gross Margin: Approximately 86%, an improvement of nearly 400 basis points year-over-year. R&D Expenses: $10.7 million, an increase of $2.6 million compared to the prior year. SG&A Expenses: $61 million, driven by the full deployment of the expanded RECORLEV commercial team. Adjusted EBITDA: $19.3 million, an improvement of $6.7 million versus the prior year. Full-Year 2026 Total Revenue Guidance: Raised to $385 million to $390 million. Warning! GuruFocus has detected 6 Warning Signs with XERS. Is XERS fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record-breaking Q2 2026 with total revenue of $92 million, up 29% year-over-year, and net product revenue of $91 million, up 34%. RECORLEV delivered exceptional growth with net revenue of $56.8 million, up 81% year-over-year, driven by record referrals, new patient starts, and prescriber numbers. Gvoke rebounded in Q2 with net revenue of $22.5 million, up 8% sequentially, and is expected to benefit from the back-to-school season in Q3. KEVEYIS received a notice of allowance for a new patent providing protection through at least 2039, enabling incremental investment in the brand. Completed full retirement of convertible notes in July, eliminating $34 million in debt and approximately $3 million in annual interest expense, simplifying the capital structure. XP-8121 pipeline advanced with two new U.S. patents and a notice of allowance, with phase III initiation expected by year-end and a program overview webinar planned for September 9. Raised full-year 2026 total revenue guidance to $385-$390 million, reflecting confidence in continued growth. Adjusted EBITDA improved by over 50% year-over-year to $19.3 million, despite incremental investments in commercial and R&D activities. Gvoke had a slow start to the year, with Q1 performance below expectations, though Q2 showed sequential improvement. SG&A expenses increased significantly to $61 million in Q2, driven by the full deployment of the expanded RECORLEV commercial team, and full-year SG&A guidance was raised to an increase of $50 million versus 2025. R&D expenses increased by $2.6 million year-over-year to $10.7 million, reflecting continued investment in XP-8121, with further increases expected as the phase III trial ramps up. The company recognized a one-time non-cash charge of approximately $31 million in Q2 related to the remeasurement of convertible notes, impacting GAAP results. The company faces ongoing challenges in the competitive and complex Cushing's syndrome market, requiring continued investment in commercial and data generation efforts to sustain growth. XP-8121 phase III trial initiation is still pending, with the company needing to finalize commercial-ready product presentation, and data and regulatory timelines are not yet fully disclosed. The company's guidance range was tightened but the top end was held at $390 million, suggesting potential limits to near-term growth despite strong momentum. Q: Given the strong RECORLEV momentum and the expectation that the commercial expansion benefit is still ahead in the second half, what is capping the top end of the raised revenue guidance? Can you unpack what "tracking in line" looks like for the sales expansion? A: Steven Pieper (CFO): The strong quarter gave us the confidence to raise the bottom end and tighten the range to $385 million to $390 million. This reflects significant growth in the back half, driven by the RECORLEV expansion and Gvoke growth. We are seeing early signs of contribution from the expansion, and it is tracking exactly in line with our expectations, giving us confidence to meet the guidance. Q: Can you detail the second-half RECORLEV growth drivers? How much is driven by prior territories versus new sales reps, and how are metrics like average dose and persistency tracking? A: John Shannon (CEO): The expansion is designed to increase both the breadth and depth of our calls, so growth will come from existing and new prescribers across all territories. We are monitoring metrics like dosing and persistency, but we do not expect them to change materially during this period of rapid growth. All trends are tracking as expected. Q: What still needs to be done before the XP-8121 phase III initiation, and will it be complete by the time of the September 9 webinar? A: John Shannon (CEO): We will not start the phase III trial until we have the go-to-market commercial presentation ready. We are working through all the necessary steps for a commercial-ready product, device, and formulation. We will be in a great position to provide detailed timelines at the webinar, and we remain on track for a 2030 launch. Q: Can you provide color on RECORLEV's prescriber breadth and depth? Also, how long will it take to enroll the XP-8121 phase III trial, and could data be a 2028 event? How aggressive will you be on business development? A: John Shannon (CEO): We have aligned our sales efforts against 12,000 targets, and we had a record quarter for both new and existing prescribers. For XP-8121, we will provide clarity on the clinical program and timelines on September 9. On business development, we are focused on opportunities that can deliver growth before the 2030 launch of XP-8121, especially those that leverage our endocrinology footprint and rare disease capabilities. Q: How many patients do you think are currently on therapy for hypercortisolism, and what share of new patient starts are you capturing? A: John Shannon (CEO): It is hard to triangulate the exact market size due to a lack of external data. However, more than 60% of our patients are new to therapy, indicating we are driving market growth. We are not seeing an increase in switching, which suggests we are winning new patients through increased screening and detection. Q: Does the new KEVEYIS patent represent a barrier to potential future generics, and is it relevant to the current generic on the market? A: John Shannon (CEO): The new patent protection gives us confidence to invest more in finding and supporting patients. We have maintained the brand during a period of non-exclusivity, and we know we can grow it. The situation only improves if it becomes more exclusive later on. Q: How are RECORLEV discontinuation rates looking, and what are the key levers to accelerate the timeline to peak sales of $1 billion? A: John Shannon (CEO): Discontinuation rates have been steady and stable. This is a complex market that requires significant effort to diagnose, screen, and treat patients. Continued investment in commercial efforts and data generation is critical to sustaining long-term growth in this category. Q: How should we think about the XP-8121 phase III program's impact on operating expenses going forward? A: Steven Pieper (CFO): We guided to a $25 million increase in R&D this year, almost entirely for XP-8121. As the trial ramps up next year, it is reasonable to expect a similar increase in R&D spend. We will provide specific guidance early next year. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

The subdued stock price reaction suggests that Xeris Biopharma Holdings, Inc.'s (NASDAQ:XERS) strong earnings didn't offer any surprises. Our analysis suggests that investors might be missing some promising details. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF. That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking. Xeris Biopharma Holdings has an accrual ratio of -0.27 for the year to March 2026. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. To wit, it produced free cash flow of US$48m during the period, dwarfing its reported profit of US$12.0m. Notably, Xeris Biopharma Holdings had negative free cash flow last year, so the US$48m it produced this year was a welcome improvement. Unfortunately for shareholders, the company has also been issuing new shares, diluting their share of future earnings. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. As it happens, Xeris Biopharma Holdings issued 7.8% more new shares over the last year. Therefore, each share now receives a smaller portion of profit. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Xeris Biopharma Holdings' historical EPS growth by clicking on this link. Three years ago, Xeris Biopharma Holdings lost money. And even focusing only on the last twelve months, we don't have a meaningful growth rate because it made a loss a year ago, too. But mathematics aside, it is always good to see when a formerly unprofitable business come good (though we accept profit would have been higher if dilution had not been required). Therefore, the dilution is having a noteworthy influence on shareholder returns. In the long term, if Xeris Biopharma Holdings' earnings per share can increase, then the share price should too. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow. In conclusion, Xeris Biopharma Holdings has a strong cashflow relative to earnings, which indicates good quality earnings, but the dilution means its earnings per share are dropping faster than its profit. Considering all the aforementioned, we'd venture that Xeris Biopharma Holdings' profit result is a pretty good guide to its true profitability, albeit a bit on the conservative side. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. You'd be interested to know, that we found 1 warning sign for Xeris Biopharma Holdings and you'll want to know about this. In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Investors in Xeris Biopharma Holdings, Inc. (NASDAQ:XERS) had a good week, as its shares rose 8.2% to close at US$6.63 following the release of its first-quarter results. Xeris Biopharma Holdings beat expectations by 3.9% with revenues of US$83m. It also surprised on the earnings front, with an unexpected statutory profit of US$0.01 per share a nice improvement on the losses that the analysts forecast. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Following the latest results, Xeris Biopharma Holdings' six analysts are now forecasting revenues of US$383.9m in 2026. This would be a major 22% improvement in revenue compared to the last 12 months. Statutory earnings per share are predicted to jump 69% to US$0.12. In the lead-up to this report, the analysts had been modelling revenues of US$383.3m and earnings per share (EPS) of US$0.10 in 2026. Although the revenue estimates have not really changed, we can see there's been a substantial gain in earnings per share expectations, suggesting that the analysts have become more bullish after the latest result. View our latest analysis for Xeris Biopharma Holdings The consensus price target was unchanged at US$11.29, implying that the improved earnings outlook is not expected to have a long term impact on value creation for shareholders. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. There are some variant perceptions on Xeris Biopharma Holdings, with the most bullish analyst valuing it at US$18.00 and the most bearish at US$8.00 per share. This is a fairly broad spread of estimates, suggesting that analysts are forecasting a wide range of possible outcomes for the business. Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. The period to the end of 2026 brings more of the same, according to the analysts, with revenue forecast to display 30% growth on an annualised basis. That is in line with its 37% annual growth over the past five years. Compare this with the broader industry, which analyst estimates (in aggregate) suggest will see revenues grow 8.7% annually. So although Xeris Biopharma Holdings is expected to maintain its revenue growth rate, it's definitely expected to grow faster than the wider industry. The biggest takeaway for us is the consensus earnings per share upgrade, which suggests a clear improvement in sentiment around Xeris Biopharma Holdings' earnings potential next year. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. The consensus price target held steady at US$11.29, with the latest estimates not enough to have an impact on their price targets. With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have forecasts for Xeris Biopharma Holdings going out to 2028, and you can see them free on our platform here. Don't forget that there may still be risks. For instance, we've identified 1 warning sign for Xeris Biopharma Holdings that you should be aware of. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Interested in Xeris Biopharma Holdings, Inc.? Here are five stocks we like better. Xeris Biopharma posted strong Q1 2026 results, with total revenue up 38% year over year to $83.1 million and net product revenue up 43%. The company also raised the low end of its full-year revenue guidance to $380 million-$390 million. RECORLEV was the main growth driver, with revenue nearly doubling to about $50 million on record referrals and new patient starts. Management said the product should benefit further from the recent commercial expansion, especially in the second half of 2026. GVOKE was flat in the quarter at $20.8 million as Medicare-related coverage and cost changes pressured prescription volume, though Xeris expects modest full-year growth. Meanwhile, KEVEYIS continued to grow and the company remains on track to start a Phase 3 trial for XP-8121 later this year. Xeris Biopharma (NASDAQ:XERS) reported a sharp increase in first-quarter 2026 revenue and raised the low end of its full-year revenue outlook, citing strong demand for RECORLEV and continued execution across its commercial portfolio. On the company’s earnings call, Chief Executive Officer John Shannon said Xeris was “off to an amazing start in 2026,” pointing to 43% growth in first-quarter net product revenue to more than $82 million. Chief Financial Officer Steve Pieper said total revenue for the quarter was $83.1 million, up 38% year over year, while net product revenue rose 43% to $82.5 million. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% The company now expects full-year revenue of $380 million to $390 million, compared with its prior range of $375 million to $390 million. Shannon said the updated outlook reflects “the positive demand trends we are seeing overall, especially for RECORLEV.” RECORLEV was the primary growth driver in the quarter. Shannon said revenue for the product nearly doubled to $50 million, representing 95% growth and a $24 million increase from the prior-year period. Pieper reported RECORLEV net revenue of $49.8 million, up $24.2 million year over year. → Light Speed Returns: Corning Cashes In on NVIDIA Growth Management attributed the growth to record referrals and record new patient starts. Shannon said the company saw a significant increase in new patients after typical first-quarter payer resets, particularly in March, which contributed to management’s optimism for the rest of the year. Xeris also completed a commercial expansion for RECORLEV during the quarter. Shannon said the expansion significantly increased the company’s sales force and patient support teams, allowing for more interactions with health care providers and patients. He said Xeris expects the impact from that expansion to begin contributing incrementally in the second half of 2026 and to provide longer-term benefits. → Years in the Making, AMD’s Upside Movement Has Just Begun During the question-and-answer session, Shannon said the company does not expect the expanded commercial team to “fully hit stride” for six to nine months. Pieper added that the expected contribution from the expanded commercial footprint had already been included in the company’s original guidance. Shannon also said about 60% of RECORLEV patients are new to therapy, while the remainder are generally switches from other products. He said the company’s expanded field organization increased its target audience from roughly 7,000 to 8,000 health care providers to about 12,000, with around 80 sales representatives in the field. GVOKE generated first-quarter net revenue of $20.8 million, essentially flat from the prior year. Shannon said the product’s performance was slightly below internal expectations due to Medicare policy and plan changes that affected coverage, deductibles and out-of-pocket costs. Those factors reduced the number of patients filling prescriptions, he said. Pieper said soft prescription demand was partially offset by favorable net pricing. He said the weakness was primarily driven by lower total prescription volume in the Medicare channel. In response to an analyst question, Shannon said there were “a couple small changes” in payer dynamics but “nothing really big,” with Medicare resets being the primary issue. He said the company saw demand begin to improve in March and expects GVOKE to recover from the first-quarter challenges. Management said it still expects modest growth from GVOKE in 2026. Shannon emphasized that Xeris continues to see a large opportunity for the product, saying the vast majority of the 15 million patients who should have ready-to-use glucagon rescue therapy still do not have one. KEVEYIS generated first-quarter net revenue of $11.9 million, up 4% year over year. Shannon described the performance as “exceptional” and noted it marked the second consecutive quarter of year-over-year growth for the product. Pieper said the growth reflected modest improvements in both net pricing and the number of patients on therapy compared with the first quarter of 2025. Shannon said the results highlight both the clinical value of KEVEYIS and the company’s patient support infrastructure for individuals living with primary periodic paralysis. Xeris reported first-quarter gross margin of 87%, up 2 percentage points from the prior year, which Pieper attributed primarily to favorable product mix dynamics. Research and development expenses were $8.8 million, up 13% from the prior-year quarter. Pieper said the increase was tied to higher personnel costs and investments in XP-8121 as the company prepares to initiate a Phase 3 trial later this year. Selling, general and administrative expenses were $53.1 million, up 21% year over year, driven mainly by the commercial expansion for RECORLEV. Pieper said the investments reflect a disciplined approach to scaling the organization in line with its growth trajectory. Adjusted EBITDA was $15.1 million, an improvement of $10.7 million from the prior year. Xeris also reported net income of $2.2 million, improving by more than $11 million compared with the year-earlier period. For 2026, Xeris continues to expect R&D expenses to increase by about $25 million year over year, driven by the planned Phase 3 initiation of XP-8121. SG&A expenses are still expected to rise by about $45 million, mainly reflecting the full-year cost of the RECORLEV commercial expansion. Pieper said the company remains committed to positive adjusted EBITDA in 2026, growing on an absolute dollar basis versus 2025. Shannon said XP-8121 is progressing well and remains on track to begin Phase 3 later this year. The program is being developed for hypothyroid patients who struggle to maintain stable hormone levels due to gastrointestinal absorption issues. Shannon said XP-8121 uses the company’s XeriSol formulation technology, the same technology used in GVOKE, and would leverage Xeris’ drug-device combination expertise, relationships in endocrinology and commercial infrastructure. He said Xeris plans to host a program review in the fall to share more detail on the Phase 3 trial design. Asked about capital allocation, Pieper said the company’s performance is contributing to a healthier balance sheet and greater optionality. He said Xeris is primarily focused on reinvesting in the business for growth, while Shannon said future pipeline opportunities and external transactions could be considered if they fit the company’s R&D and commercial capabilities. Xeris Biopharma is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies for endocrine and orphan diseases. The company's proprietary formulation platform is designed to enable liquid stability of drugs that traditionally require reconstitution before injection. By eliminating the need for on-site mixing and simplifying administration, Xeris aims to improve patient safety, adherence, and convenience in high-need therapeutic areas. The company's flagship product, Gvoke, is a ready-to-use liquid glucagon autoinjector and prefilled syringe that has been approved by the U.S. The article "Xeris Biopharma Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.