XERS · Xeris Biopharma Holdings, Inc.

Xeris Biopharma delivered a strong Q1 2026 with total product revenue surging 43% year-over-year to $82.5 million, primarily propelled by Recorlev's exceptional 95% growth to $49.8 million, attributed to heightened patient demand and prescriber awareness. Gvoke remained flat at $20.8 million, while Keveyis saw modest 4% growth to $11.9 million. CEO John Shannon highlighted the successful commercial team expansion, with impacts expected in H2 2026, underscoring strategic execution. Gross margin expanded to 87% from 85%, benefiting from favorable product mix dynamics. R&D expenses rose 13% to support XP-8121 development, and SG&A increased 21% due to commercial investments. This drove GAAP net income of $2.2 million, a sharp turnaround from last year's $9.2 million loss, with Adjusted EBITDA improving to $15.1 million. The company tightened its FY2026 total revenue guidance to $380-390 million, raising the bottom end and signaling confidence in Recorlev's momentum and overall portfolio growth. Balance sheet remains solid with $111.8 million in cash as of March 31, 2026. Pipeline progress includes XP-8121 Phase 3 initiation later this year, positioning 2026 as a key value-creation period.