XERIS BIOPHARMA REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS AND BUSINESS HIGHLIGHTS
Xeris Biopharma Holdings, Inc. (XERS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 XERIS BIOPHARMA REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS AND BUSINESS HIGHLIGHTS Total revenue increased 44% year-over-year to $107 million Recorlev net revenue increased 93% year-over-year to more than $71 million Raises full-year 2026 total revenue guidance to
How this was made
The 30-second read
Why it matters
The raised revenue guidance reflects strong product demand and may attract new investors to the stock.
Market read
The earnings release and guidance raise are the primary market‑moving elements of this article.
What to watch
Potential risks from clinical trial timelines and debt retirement costs.
Total revenue increased 44% year-over-year to $107 million; raises full-year 2026 total revenue guidance to $395 million to $405 million.
Third-quarter total revenue increased 44% year-over-year, Recorlev revenue increased 93%, gross margin improved to 88%, and the company raised full-year 2026 total revenue guidance to $395 million to $405 million. Gvoke revenue declined 14% and operating expenses increased materially to support commercialization and XP-8121.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Three months ended September 30, 2026: Product revenue, netGAAP | $106.3M | – | 43% |
| Three months ended September 30, 2026: Royalty, contract and other revenueGAAP | $958K | – | 202% |
| Three months ended September 30, 2026: Total revenueGAAP | $107.2M | – | 44% |
| Three months ended September 30, 2026: Gross marginother | 88% | – | – |
| Three months ended September 30, 2026: Cost of goods soldGAAP | $12.43M | – | – |
| Three months ended September 30, 2026: Research and developmentGAAP | $11.06M | – | 48% |
| Three months ended September 30, 2026: Selling, general and administrativeGAAP | $64.11M | – | 38% |
| Three months ended September 30, 2026: Amortization of intangible assetsGAAP | $2.71M | – | – |
| Three months ended September 30, 2026: Total costs and expensesGAAP | $90.31M | – | – |
| Three months ended September 30, 2026: Income from operationsGAAP | $16.92M | – | – |
| Three months ended September 30, 2026: Other expensesGAAP | −$5.63M | – | – |
| Three months ended September 30, 2026: Net incomeGAAP | $11.29M | – | – |
| Three months ended September 30, 2026: Net income per common share - basicGAAP | $ 0.06 | – | – |
| Three months ended September 30, 2026: Net income per common share - dilutedGAAP | $ 0.06 | – | – |
| Three months ended September 30, 2026: Weighted average common shares outstanding - basicGAAP | 180,941,748 | – | – |
| Three months ended September 30, 2026: Weighted average common shares outstanding - dilutedGAAP | 189,924,032 | – | – |
| Three months ended September 30, 2026: EBITDAnon-GAAP | $19.95M | – | – |
| Three months ended September 30, 2026: Adjusted EBITDAnon-GAAP | $30.75M | – | – |
| Nine months ended September 30, 2026: Product revenue, netGAAP | $279.7M | – | 40% |
| Nine months ended September 30, 2026: Royalty, contract and other revenueGAAP | $2.73M | – | (58)% |
| Nine months ended September 30, 2026: Total revenueGAAP | $282.5M | – | 37% |
| Nine months ended September 30, 2026: Gross marginother | 87% | – | – |
| Nine months ended September 30, 2026: Research and developmentGAAP | $30.51M | – | 31% |
| Nine months ended September 30, 2026: Selling, general and administrativeGAAP | $178.3M | – | 32% |
| Nine months ended September 30, 2026: Income from operationsGAAP | $30.01M | – | – |
| Nine months ended September 30, 2026: Net income (loss)GAAP | −$17.58M | – | – |
| Nine months ended September 30, 2026: Net income (loss) per common share - basicGAAP | $ (0.10) | – | – |
| Nine months ended September 30, 2026: Net income (loss) per common share - dilutedGAAP | $ (0.10) | – | – |
| Nine months ended September 30, 2026: Adjusted EBITDAnon-GAAP | $65.13M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Three months ended September 30, 2026: RecorlevIncreased patient demand for Recorlev. | $71.54M | – | 93% |
| Three months ended September 30, 2026: GvokeStronger-than-historical back-to-school prescription demand was offset by a one-time ($4 million) gross-to-net adjustment. | $21.71M | – | (14)% |
| Three months ended September 30, 2026: KeveyisNo specific product driver reported. | $13.02M | – | 9% |
| Nine months ended September 30, 2026: RecorlevIncreased patient demand for Recorlev. | $178.1M | – | 90% |
| Nine months ended September 30, 2026: GvokeNo specific product driver reported. | $65.06M | – | (6)% |
| Nine months ended September 30, 2026: KeveyisNo specific product driver reported. | $36.58M | – | 5% |
| Nine months ended September 30, 2026: Other product revenueNo specific product driver reported. | — | – | — |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full-year 2026 outlook
- Revenue$395 million to $405 million
- Note2030 total revenue outlook: more than $1 billion
- NoteXP-8121 Cornerstone pivotal Phase 3 study initiation: by year-end 2026
- NoteXP-8121 topline data: late 2028
- NoteXP-8121 potential approval and launch: 2030
What drove it
- Increased patient demand for Recorlev drove third-quarter and nine-month total revenue growth.
- A favorable product mix improved gross margin to 88% in the third quarter and 87% for the nine-month period.
- Higher personnel-related expenses supporting the commercial enterprise, including the Recorlev expansion, increased SG&A expense.
- R&D expense increased primarily due to spend supporting XP-8121.
Concerns
- Gvoke third-quarter revenue declined 14% year-over-year, with a one-time ($4 million) gross-to-net adjustment offsetting stronger-than-historical back-to-school prescription demand.
- Nine-month royalty, contract and other revenue declined 58% year-over-year.
- Nine-month net loss was $17.6 million, reflecting a one-time, non-cash charge of approximately $30.8 million in the second quarter of 2026 related to the 2028 Convertible Notes exchange agreements.
- XP-8121 remains investigational and its pivotal Phase 3 Cornerstone study is expected to initiate by year-end 2026.
What to watch
- Execution against raised full-year 2026 total revenue guidance of $395 million to $405 million.
- Recorlev patient demand, referrals and new patient starts following the commercial-team expansion.
- Gvoke performance following the one-time ($4 million) gross-to-net adjustment.
- Initiation of the XP-8121 Cornerstone Phase 3 study by year-end 2026 and its expected topline data timing in late 2028.
- The company's stated path to more than $1 billion in total revenue in 2030.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: $ 131,082 (in thousands); December 31, 2025: $ 111,042 (in thousands).
- Long-term debt, net of unamortized debt issuance costs at September 30, 2026: $ 189,713 (in thousands); December 31, 2025: $ 220,335 (in thousands).
- On July 15, 2026, Xeris completed the retirement of all of its 8.00% Convertible Senior Notes due 2028, eliminating approximately $34 million of debt and approximately $3 million in annual interest expense.
- No 2028 Convertible Notes remain outstanding, and there were no charges related to the notes in the third quarter of 2026.
Analysis
Xeris reported a strong third quarter, with total revenue of $107,225 (in thousands), up 44% from $74,380 (in thousands) in the same period last year. Net product revenue was $106,267 (in thousands), up 43%, led by Recorlev revenue of $71,540 (in thousands), up 93%. Management attributed the revenue increase primarily to increased patient demand for Recorlev and described record referrals and new patient starts after its expanded commercial team moved from build to yield.
The product mix improved profitability. Gross margin reached 88%, compared with 85% in the same period last year, which the company attributed to favorable product mix. Income from operations was $16,919 (in thousands), compared with $6,731 (in thousands), and GAAP net income was $11,290 (in thousands), compared with $621 (in thousands). Adjusted EBITDA was $30,750 (in thousands), compared with $17,423 (in thousands).
Investment spending remained elevated. R&D expense increased 48% to $11,058 (in thousands), primarily for XP-8121, while SG&A expense increased 38% to $64,108 (in thousands), mainly for personnel supporting the commercial enterprise and Recorlev expansion. Gvoke revenue declined 14% to $21,706 (in thousands), as stronger-than-historical back-to-school prescription demand was offset by a one-time ($4 million) gross-to-net adjustment. Keveyis revenue increased 9% to $13,021 (in thousands).
For the nine-month period, total revenue was $282,452 (in thousands), up 37%, while adjusted EBITDA was $65,126 (in thousands), compared with $34,327 (in thousands). The company recorded a nine-month GAAP net loss of $17,577 (in thousands), with management citing a one-time, non-cash charge of approximately $30.8 million in the second quarter associated with the 2028 Convertible Notes exchange agreements. Xeris retired all 8.00% Convertible Senior Notes due 2028 on July 15, 2026, eliminating approximately $34 million of debt and approximately $3 million in annual interest expense.
Management raised full-year 2026 total revenue guidance to $395 million to $405 million and raised its 2030 total revenue outlook to more than $1 billion from approximately $750 million. Operationally, the next major milestone is initiation of the XP-8121 Cornerstone pivotal Phase 3 study by year-end 2026. The study is expected to enroll 500 adults and adolescents at more than 50 U.S. sites, with topline data expected in late 2028 and potential approval and launch in 2030.
Management, verbatim
As a biopharmaceutical leader in endocrine and rare diseases, our strong third quarter performance puts us on a new growth curve that is accelerating our Company’s near-term outlook, and we are now on a path to reach more than $1 billion in total revenue in 2030.
John Shannon, Chairman and Chief Executive Officer of Xeris
We now see Recorlev on a path to nearly $1 billion in annual net revenue three to four years sooner than previously expected.
John Shannon, Chairman and Chief Executive Officer of Xeris
Given the strong momentum across Recorlev, Gvoke, and Keveyis, we are raising our full-year total revenue guidance to $395–$405 million.
John Shannon, Chairman and Chief Executive Officer of Xeris
Not in the filing
stated, not guessed- Previous-release outlook was not provided; comparison of actual results with prior guidance is unavailable.
- Non-GAAP EPS was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Dividend declarations or payments were not reported.
- Forward gross-margin, operating-expense and tax-rate guidance were not reported.
- Quarter-over-quarter comparisons were not reported.
- Cash-flow-statement line items were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Xeris Biopharma Holdings (Nasdaq: XERS) filed a Form 8‑K reporting Q3 2026 financials and updated guidance.
Ticker impact
Xeris Biopharma reported Q3 2026 results and raised full-year revenue guidance to $395‑$405M, indicating stronger growth.
upward pressure as investors price in higher revenue expectations
The company disclosed a 44% YoY revenue increase and lifted guidance, a material new fact that can move the share price today.
Market effects
Boosts outlook for endocrine and rare‑disease biotech segment.
Positive for US‑listed small‑cap biotech stocks.
Limited to niche biotech sector.
Counterpoint
If guidance is overly optimistic, the stock could face disappointment on future earnings.
Key entities
- companyXeris Biopharma Holdings, Inc.
Biopharma company focused on endocrine and rare diseases.
