Xeris Biopharma raises sales outlook after US$107.2M quarter
Recorlev revenue grew 93 per cent as Xeris lifted its annual forecast and kept a pivotal thyroid study on track for year-end.
Adrian Kessler
Sales rose 44 per cent to US$107.2 million in the third quarter as Xeris Biopharma Holdings, Inc. NASDAQXERS reported stronger Recorlev demand on Thursday. Net income climbed to US$11.3 million from US$0.6 million a year earlier.
For 2026, Xeris raised its total revenue forecast to US$395 million to US$405 million. Its previous range, announced Aug. 6, was US$385 million to US$390 million.
Xeris is a Chicago-based commercial-stage biopharmaceutical company focused on endocrine and rare diseases.
Third-quarter adjusted EBITDA reached US$30.8 million, an improvement of US$13.3 million from a year earlier. The company also kept its target to begin a pivotal Phase 3 thyroid-treatment study by the end of 2026.
Xeris shares closed at US$10.46 on Nasdaq at 4 p.m. EST on Nov. 4, according to NASDAQXERS. That close preceded the Nov. 5 earnings release.
Recorlev generated US$71.5 million in third-quarter net revenue, up 93 per cent from a year earlier. Xeris attributed the increase primarily to patient demand and said its expanded commercial team delivered record referrals and new patient starts.
Gvoke's quarterly net revenue fell 14 per cent to US$21.7 million despite stronger-than-historical back-to-school prescription demand. Xeris said a one-time US$4 million gross-to-net adjustment offset that demand, while Keveyis revenue increased 9 per cent to US$13 million.
Gross margin increased to 88 per cent in the third quarter from 85 per cent a year earlier because of a favourable product mix. Selling, general and administrative expenses rose US$17.6 million, mainly reflecting personnel costs supporting the commercial business, including Recorlev's expansion.
Read more: LivaNova raises 2026 sales growth and adjusted earnings outlook
Retired Notes Reduced Annual Interest Costs
Xeris completed the retirement of its convertible notes due in 2028 on July 15 through cash and common shares, according to its Nov. 5 business update. The transaction eliminated approximately US$34 million of debt and about US$3 million in annual interest expense.
No notes from that issue remained outstanding, and Xeris recorded no related charges in the third quarter. For the first nine months of 2026, however, it reported a US$17.6 million net loss that included a second-quarter non-cash charge tied to the exchange agreements.
The endocrine peer group also includes Rhythm Pharmaceuticals, Inc. NASDAQRYTM. In its Nov. 3 results, Rhythm reported US$92.1 million in quarterly IMCIVREE sales, up 29 per cent sequentially, as its acquired hypothalamic obesity launch expanded.
Across the broader biotechnology sector, the iShares Biotechnology ETF NASDAQIBB closed at US$221.13 at 4 p.m. EST on Nov. 4, according to that quote page. The fund's close also preceded Xeris's results.
Read more: Rhythm Pharmaceuticals reports US$92.1M sales as IMCIVREE launch grows
Thyroid Study Remains A Year-End Target
Xeris raised its 2030 total revenue outlook to more than US$1 billion from approximately US$750 million. The company is also preparing its investigational XP-8121 program for the pivotal Cornerstone study.
“We remain on track to initiate Cornerstone, our pivotal Phase 3 study, by year-end,” Xeris chairman and chief executive John Shannon said in the release.
Cornerstone is designed to test whether once-weekly injected XP-8121 is therapeutically equivalent to daily oral levothyroxine in people with well-controlled hypothyroidism. Xeris expects to enrol 500 adults and adolescents, with equal allocation between the treatments over 54 weeks.
The company expects topline results in late 2028 and describes approval and launch in 2030 as potential milestones. Its next scheduled investor update is the Nov. 5 earnings call at 8:30 a.m. EST, followed by the targeted study initiation before year-end.
