Xeris Biopharma Holdings, Inc. (XERS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$335.4M

Revenue growth

36.3%

Net income, last twelve months

-$17.2M

Earnings per share

-$0.11

Gross margin

86.6%

Operating margin

10.9%

Net margin

-5.1%

Market value

$1.8B

Cash

$121.7M

Debt

$252.6M

Shares outstanding

173.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 6 August 2026.

• Net product revenue rose 34%. Net product revenue reached $91.0 million, against $67.7 million a year earlier. Total revenue was $92.1 million, up 29% from $71.5 million.
• Royalty and other revenue fell. Royalty, contract and other revenue was $1.1 million, down 71% from $3.8 million. Other product revenue was nil, against $1.3 million a year earlier.
• Six-month revenue up 33%. Total revenue for the six months was $175.2 million, up 33%. Net product revenue was $173.5 million, up 38%, with Recorlev up 87% to $106.5 million.
• Recorlev sales rose 81%. Recorlev net revenue rose $25.3 million to $56.8 million. That gain exceeded the $23.3 million total rise in net product revenue, as Gvoke and other product revenue declined.
• Gvoke fell 4% year over year. Gvoke net revenue was $22.5 million in the quarter, down from $23.5 million a year earlier and up from $20.8 million in the first quarter. Six-month Gvoke revenue was $43.3 million, down 2%.
• Keveyis rose 2%. Keveyis net revenue was $11.7 million, up from $11.5 million a year earlier. Six-month Keveyis revenue was $23.6 million, up 3%.
• Gross margin rose to 86%. Gross margin was 86% in the quarter, against 82% a year earlier, and 87% for six months, against 84%. Management attributed the improvement primarily to product mix.
• SG&A rose 37% on commercial team. SG&A rose $16.6 million, or 37%, to $61.0 million. Management said the increase mainly reflects personnel costs for the commercial enterprise, including the Recorlev expansion. Six-month SG&A rose 29%.
• R&D rose 32% for XP-8121. R&D expense rose $2.6 million, or 32%, to $10.7 million. Management attributed the increase mainly to personnel costs supporting XP-8121 and other external spend.
• Net loss driven by non-cash charge. Net loss was $31.1 million, against $1.9 million a year earlier. The company attributed the loss to a one-time, non-cash charge of about $31 million linked to the 2028 notes exchange agreements.
• Net loss per share widened. Net loss per share, basic and diluted, was $0.18 in the quarter, against $0.01 a year earlier. Six-month net loss was $28.9 million, against $11.1 million.
• Adjusted EBITDA up $6.7 million. Adjusted EBITDA, a non-GAAP measure, was $19.3 million in the quarter, up $6.7 million from $12.5 million. Six-month Adjusted EBITDA was $34.4 million, up $17.5 million.
• 2028 notes exchanged for cash and shares. The exchanges eliminated about $23.0 million of debt, settled with $23.0 million in cash and about 5.0 million shares issued in July. The remaining $10.5 million converted into about 3.6 million shares.
• Cash rose to $121.7 million. Cash and cash equivalents were $121.7 million at June 30, 2026, against $111.0 million at December 31, 2025. Inventory rose to $80.9 million from $68.7 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 57 held.

Every filing

The newest filings with the SEC of 123 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

268 funds held it at 30 Jun 2026: 135 added and 65 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Xeris Biopharma Holdings, Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases in the United States. It sells three products: Recorlev for Cushing's syndrome, Gvoke for severe hypoglycemia, and Keveyis for Primary Periodic Paralysis. Its lead pipeline program is XP-8121, a once-weekly subcutaneous levothyroxine. The company was incorporated in Delaware in 2021, has its principal offices in Chicago, Illinois, and had 435 full-time employees in the United States as of 31 December 2025. Its common stock trades on The Nasdaq Global Select Market under the symbol "XERS."

What it sells

Recorlev is a cortisol synthesis inhibitor approved in 2022 for endogenous hypercortisolemia in adults with Cushing's syndrome for whom surgery is not an option or has not been curative. Cushing's syndrome affects approximately 25,000 people in the United States, and approximately two-thirds are cured by surgery. Recorlev has orphan drug exclusivity through 30 December 2028 and patent protection through 2040.

Gvoke is a ready-to-use, room-temperature stable liquid glucagon for severe hypoglycemia, available since late 2019. It comes in three forms: Gvoke HypoPen (auto-injector), Gvoke PFS (pre-filled syringe) and Gvoke Kit (pre-filled vial and administration syringe). The HypoPen is the most widely prescribed. The company says more than 14 million people with diabetes in the United States take insulin or insulin secretagogues, and that approximately 1 million are adequately protected today. Gvoke has patent protection through 2036.

Keveyis (dichlorphenamide) is the first FDA-approved therapy for Primary Periodic Paralysis, which affects approximately 4,000 to 5,000 people in the United States. Orphan drug exclusivity for Keveyis ended in August 2022, and the FDA approved generic versions in 2022 and 2025. Two patent applications with claims on therapeutic uses are on appeal at the United States Court of Appeals for the Federal Circuit.

Pipeline and formulation technology

XP-8121 is a once-weekly subcutaneous levothyroxine for hypothyroidism, made with the company's XeriSol technology. The company has completed a Phase 1 study in 30 healthy participants and a Phase 2 dose conversion study. After an FDA End-of-Phase 2 meeting, the FDA agreed to a single non-inferiority trial comparing once-daily oral levothyroxine with once-weekly XP-8121 in adults with primary hypothyroidism. The measure is the share of participants reaching normal thyroid stimulating hormone at 30 weeks. The company says it plans to start Phase 3 in 2026.

XeriSol and XeriJect are non-aqueous formulation technologies meant to allow ready-to-use, room-temperature stable injectable drugs. The company says XeriJect suspensions reach drug loadings above 400mg/mL. Xeris is working on formulation feasibility programs with partners across small molecules, peptides, biologics and monoclonal antibodies. It says the goal is commercial licensing agreements once formulation work succeeds.

How it sells

All three products are sold in the United States. Xeris sells mainly to wholesalers or a specialty pharmacy, which resell to retail pharmacies or patients. Xeris' CareConnection program gives support to Recorlev clinicians and patients. For Keveyis, the company uses patient support processes and its own analytics to find eligible patients. One third-party logistics vendor handles distribution for all three products.

The company also contracts with payors, group purchasing organizations and healthcare providers on rebates, chargebacks and discounts. It takes part in the Medicaid Drug Rebate Program, the TRICARE Retail Refunds Program and the Medicare Part D Program.

How its products are made

Xeris relies on third-party contract manufacturers and says it has no plans to build its own manufacturing or distribution infrastructure.

- Regis Technologies, whose Illinois facility is the sole source of Recorlev's active ingredient, levoketoconazole. - Lonza Tampa, whose Florida facility is the sole source of Recorlev drug product. - Bachem Americas, the primary source of glucagon for Gvoke, produced in Switzerland. - Pyramid Laboratories, whose California facility is the primary source of Gvoke drug product. - SHL, which makes the HypoPen device in Taiwan and does final assembly in Florida. - Taro Pharmaceuticals North America, which produces Keveyis including packaging.

Who it competes with

For Recorlev, competitors include Korlym from Corcept Therapeutics, a generic mifepristone launched by Teva, and Signifor and Isturisa from Recordati. Older drugs such as ketoconazole and metyrapone are used off-label. For Gvoke, the other ready-to-use glucagon products are Baqsimi from Amphastar and Zegalogue from Zealand Pharma, alongside traditional glucagon kits including one from Fresenius Kabi. For Keveyis, Torrent sells a generic version, Cycle Pharmaceuticals launched the branded generic Ormalvi, and Rising Pharmaceuticals received FDA approval for a generic in November 2025.

Patents, regulation and people

Xeris owns 175 issued patents globally. Of these, 69 relate to its platform technologies and 5 are in force in the United States and listed in the FDA Orange Book for levoketoconazole formulations. The FDA regulates its products, including Gvoke as a drug and device combination product. The company also faces federal and state healthcare fraud and abuse laws and drug pricing rules.

Of the 435 full-time employees, 216 work primarily in sales and marketing, 169 in general administration, and 50 in product development and research.

*From Xeris Biopharma's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1867096/000186709626000016/xers-20251231.htm)*

From the company's 10-K.