Xeris Biopharma's Q2 2025: Navigating Contradictions in Recorlev Growth, Gvoke Strategy, and Margin Outlook

Recorlev market expansion and commercial infrastructure, Gvoke's growth and market strategy, gross margin and P&L leverage, Recorlev market dynamics and growth potential, Recorlev writers expansion and growth expectations are the key contradictions discussed in Xeris Biopharma's latest 2025Q2 earnings call



Revenue Growth and Commercial Product Portfolio:
- Xeris Biopharma reported total revenue of almost $72 million in Q2 2025, marking a 49% increase, with commercial product portfolio contributing $68 million, up 46%.
- The growth was driven by increased patient demand across all three products, particularly Recorlev's strong demand and differentiation as a treatment for hypercortisolemia and Cushing's syndrome.

Recorlev's Rapid Growth:
- Recorlev's revenue grew 136% year-over-year, reaching over $31 million in Q2 2025, with an average number of patients on therapy increasing by 122%.
- The expansion is attributed to its unique position as a needed treatment and strategic investments in healthcare professional engagement and patient support.

Gvoke Continued Growth:
- Gvoke's revenue was $23 million, a 17% increase from Q2 2024, supported by a 5% growth in prescriptions and some gross-to-net favorability.
- Steady prescription volume growth, driven by new and existing prescribers, and increased awareness of medical guidelines, contributed to its consistent performance.

Keveyis' Steady Performance:
- Keveyis' revenue was over $11 million in Q2 2025, demonstrating a modest increase in the average number of patients on therapy and growth in new patient starts.
- The performance reflects the strength of the Keveyis brand and the team's focus on execution in treating primary periodic paralysis patients.

Updated Revenue Guidance:
- Xeris raised its full-year 2025 revenue guidance to $280 million to $290 million, surpassing the previous range of $260 million to $275 million.
- The revision is based on the strong top-line performance and confidence in the growing demand for commercial products, particularly Recorlev.