Xeris Raises Sales Forecast To $395–$405 Million As Recorlev Revenue Surges 93%
The drugmaker also lifted its 2030 revenue outlook to more than $1 billion, from approximately $750 million.
Xeris Biopharma Holdings, which sells prescription treatments for endocrine and neurological diseases, raised its 2026 revenue forecast to $395 million–$405 million Thursday as Recorlev’s quarterly revenue grew 93%. The company reported the results in an earnings release accompanying its SEC filing.
Recorlev Drives The Forecast Raise
Third-quarter revenue reached $107.2 million, up 44% from a year earlier, with increased patient demand for Recorlev accounting for most of the growth. The drug generated more than $71 million in net revenue.
John Shannon, Xeris’ chairman and chief executive officer, credited the expanded commercial team with record referrals and new patient starts. “We now see Recorlev on a path to nearly $1 billion in annual net revenue three to four years sooner than previously expected,” Shannon said Thursday.
Management also raised its total revenue outlook for 2030 to more than $1 billion, compared with approximately $750 million previously. XERS shares rose about 10% to $14.35 in Friday trading.
Recorlev treats adults with Cushing’s syndrome—chronically high cortisol—when surgery is unavailable or has not cured the condition. Xeris also sells Gvoke, ready-to-use glucagon for severe low blood sugar in people with diabetes, and Keveyis for primary periodic paralysis, a rare inherited muscle disorder.
Gvoke’s quarterly revenue fell 14% to $21.706 million. Stronger-than-historical back-to-school prescription demand was offset by a one-time $4 million adjustment for discounts and other deductions from gross sales. Keveyis revenue rose 9% to $13.021 million.
Profit Improves Despite Higher Spending
Quarterly net income climbed to $11.3 million from $0.6 million a year earlier, with diluted earnings of $0.06 per share. Gross margin—the portion of revenue left after product costs—reached 88%, versus 85%, primarily because of the mix of products sold.
The company spent more on both development and selling its medicines. Research spending increased $3.6 million, or 48%, mainly for XP-8121, its investigational weekly hypothyroidism injection. Selling and administrative expenses increased $17.6 million, or 38%, principally for commercial staffing, including the Recorlev expansion.
For the first nine months, revenue rose 37% to $282.5 million. Xeris nevertheless recorded a $17.6 million net loss, versus $10.5 million a year earlier, because of an approximately $30.8 million one-time, non-cash charge tied to agreements to exchange its convertible notes.
Xeris finished retiring the notes due in 2028 on July 15, using cash and newly issued shares. The transaction removed approximately $34 million of debt and approximately $3 million of annual interest expense. Cash totaled $131.082 million at September 30, compared with $111.042 million at December 31, 2025.
Weekly Thyroid Injection Heads Toward Trial
Xeris expects to start its late-stage XP-8121 trial by year-end 2026. The study will test whether the weekly injection is therapeutically equivalent to daily oral levothyroxine, with expected enrollment of 500 adults and adolescents whose hypothyroidism is well controlled, across more than 50 U.S. sites.
The development program also includes studies in children and in patients whose thyroid control remains inconsistent despite oral treatment. Xeris received its third U.S. patent for XP-8121 on October 6, with expiration expected on October 19, 2043. A Keveyis patent issued October 13 is expected to protect that product through at least 2043.
Initial XP-8121 results are expected in late 2028; potential approval and launch remain targeted for 2030.
Sources
- 8-K Filing — Xeris Biopharma Holdings, Inc. (XERS) — SEC EDGAR
- Exhibit exh991q32026earningsrelease.htm — Xeris Biopharma Holdings, Inc. 8-K exhibit — SEC EDGAR
- Xeris Biopharma Holdings Q3 2026 Earnings Call Transcript — benzinga.com
