Xeris Lifts 2030 Revenue Outlook to More Than $1 Billion

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter total revenue reached $107.2 million as Recorlev net revenue rose 93% to $71.5 million, and the company raised 2026 guidance to $395 million–$405 million.

Xeris Biopharma Holdings (XERS), an endocrine and rare disease biopharmaceutical company, reported third-quarter total revenue of $107.2 million, a 44% increase from a year earlier, and raised its 2030 total revenue outlook to more than $1 billion from approximately $750 million.

The year-over-year growth rate accelerated from 29% in the second quarter and 38% in the first quarter. Net product revenue was $106.3 million. Chairman and Chief Executive Officer John Shannon said the quarter put the company “on a new growth curve” and that Recorlev is on a path to nearly $1 billion in annual net revenue three to four years sooner than previously expected.

Recorlev, a cortisol synthesis inhibitor for endogenous Cushing’s syndrome, generated $71.5 million of net revenue, up 93% from $37.0 million a year earlier. Shannon said an expanded commercial team “moved from build to yield and delivered record referrals and new patient starts.” The company attributed the increase in total revenue primarily to increased patient demand for Recorlev.

Gvoke, a ready-to-use liquid glucagon, posted $21.7 million of net revenue, down 14% from $25.2 million a year earlier. The company said Gvoke delivered stronger-than-historical back-to-school prescription demand in the third quarter, which was offset by a one-time $4 million gross-to-net adjustment. Keveyis, a therapy for primary periodic paralysis, contributed $13.0 million.

Gross margin improved to 88% from 85% a year earlier, after 86% in the second quarter and 87% in the first quarter. The company said the improvement was primarily driven by favorable product mix.

Net income was $11.3 million, or $0.06 a share, compared with $0.6 million, or $0.00 a share, a year earlier. Adjusted EBITDA was $30.8 million, an improvement of $13.3 million versus the year-ago quarter. Income from operations was $16.9 million.

Selling, general and administrative expenses increased $17.6 million, or 38%, year-over-year. The company said the increase mainly reflects higher personnel-related expenses to support the commercial enterprise, including the Recorlev expansion. Research and development expenses increased $3.6 million, or 48%, primarily to support XP-8121.

On July 15, 2026, Xeris completed the retirement of all of its 8.00% Convertible Senior Notes due 2028 through cash and common stock, eliminating approximately $34 million of debt and approximately $3 million in annual interest expense. The company said no charges related to the notes were recorded in the third quarter. Cash and cash equivalents were $131.1 million at September 30, 2026. Long-term debt, net, was $189.7 million.

Given momentum across Recorlev, Gvoke and Keveyis, the company raised full-year 2026 total revenue guidance to $395 million to $405 million from the $385 million to $390 million range set after the second quarter.

XP-8121, an investigational once-weekly subcutaneous levothyroxine for hypothyroidism, remains on track to initiate the pivotal Phase 3 Cornerstone study by year-end 2026, with topline data expected in late 2028 and potential approval and launch in 2030. The study is designed to enroll 500 adults and adolescents at more than 50 U.S. sites. On October 6, 2026, the USPTO granted a third U.S. patent for XP-8121, expected to expire on October 19, 2043. On October 13, 2026, the USPTO issued a patent covering Keveyis expected to provide intellectual property protection through at least 2043.