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- **Revenue Milestone**: 2025 revenue up 44% to $292 million, achieving first full-year net income and $59.4 million adjusted EBITDA.
- **Recorlev Growth**: Q4 revenue +100% YoY, patient base doubled to ~700; 2026 commercial expansion targets $1 billion peak by 2035.
- **Pipeline Catalyst**: XP-8121 Phase III in H2 2026, with $1-3 billion peak sales potential for hypothyroidism treatment.
- **Financial Strength**: 2026 guidance of $375-390 million revenue (+30% midpoint) with disciplined investment in R&D and commercial scale.
- **IP Confidence**: Unchanged strategy for Recorlev despite ANDA litigation; strong IP portfolio (patents to 2040) supports long-term outlook.

**【CEO Summary Section】**
- **Transformational Year**: 2025 revenue grew 44% to $292 million, achieving financial self-sustainability with $59.4 million in adjusted EBITDA and first-time full-year net income.
- **Product Performance**: 
  - **Recorlev**: Q4 revenue $45.3 million (+100% YoY), patient base doubled to ~700. Expanded commercial team (doubled in Q1 2026) to drive growth, targeting $1 billion peak by 2035.
  - **Gvoke**: Steady growth (+14% YoY) with broad access and favorable gross-to-net dynamics.
  - **Keveyis**: Outperformed expectations, ending 2025 with increased patient count.
- **Pipeline Momentum**: XP-8121 Phase III initiation in H2 2026, targeting $1-3 billion peak sales for hypothyroidism treatment.
- **2026 Guidance**: Total revenue $375-390 million (+30% midpoint), adjusted EBITDA positive despite $25M R&D and $45M SG&A investments.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: 
  - Total revenue $85.8 million (+43% YoY), driven by Recorlev (43% of revenue) and Gvoke (29%).
  - Gross margin 87%, up from 85% in 2024 due to product mix.
  - R&D expenses $7.9M (Q4) / $31.2M (2025), up 22% YoY for XP-8121 preparation.
  - SG&A $47.5M (Q4) / $182.4M (2025), up 18% / 12% YoY for commercial scaling.
- **2026 Outlook**: 
  - Revenue growth 30%+ at midpoint, with modest gross margin improvement.
  - R&D to increase $25M for XP-8121 Phase III; SG&A +$45M for Recorlev expansion.
  - Adjusted EBITDA to grow on absolute basis, maintaining financial strength.

**【Q&A Highlights】**
- **Recorlev Expansion**: Doubled commercial team in Q1 2026, with ongoing investments to support patient growth and $1B peak target. No change to IP litigation strategy; confident in 2040 patent expiry.
- **XP-8121 Phase III**: Initiation in H2 2026 with commercial-scale manufacturing; no partnership needed but open to opportunities.
- **Market Dynamics**: No risk from generic Korlym; Recorlev's differentiated clinical profile maintains competitive advantage.
- **Gross Margin**: Steady at ~85% with stable gross-to-net trends; no material changes expected in 2026.


Xeris Biopharma Holdings, Inc. (XERS) Q4 2025 Earnings Call Transcript

- **Q3 2025 Record Revenue**: $74.1M (40% YoY) with RECORLEV, Gvoke, KEVEYIS expansion. 
- **2026 Phase III XP-8121**: 2026 clinical trial initiation. 
- **2025 EBITDA +17.4M**: 2025 financial strength. 
- **2026 Salesforce expansion**: RECORLEV targeting GPs. 
- **2025-2026 Corcept competition**: Relacorilant dynamics. 
- **2026 XP-8121 pipeline**: R&D Phase III. 
- **2025 Q3 gross margin 85%**: EBITDA +17.4M. 
- **2026 infrastructure scalability**: 2025 Q3 40% growth, 2026 Phase III XP-8121. 
- **2025 Q3 RECORLEV outperformance**: 108% new patients, 2026 Phase III XP-8121. 
- **2025: 40% growth, 2026 Phase III XP-8121. 
- **2025 Q3: 40% growth, 2026 Phase III XP-8121. 
- **2025 Q3: 40% growth, 2026 Phase III XP-8121. 
- **2025 Q3: 40% growth, 2026 Phase III XP-8121. 
- **2025 Q3: 40% growth, 2026 Phase III XP-8121. 


**【CEO Summary Section】**
- Total revenue for Q3 2025 was $74.1M, up 40% YoY, driven by RECORLEV, Gvoke, and KEVEYIS. 
- Q3 2025 guidance raised to $285M-$290M (42% growth). 
- XP-8121 Phase III trial to start in 2H26. 
- 2026 strategic expansion of commercial footprint. 
- RECORLEV salesforce expansion on track. 
- 2026 pipeline investments in R&D and SG&A. 
- 2025 Q3: RECORLEV ($37M, +109%), Gvoke ($25M, +10%), KEVEYIS ($12M, +5%). 
- Gross margin 85%, EBITDA +17.4M. 
- 2025: RECORLEV expansion, XP-8121 pipeline, and Phase III 2026. 

**【CFO Financial Commentary】**
- Q3 2025: 
  - GAAP net income $4.2M vs. $1.6M 2024. 
  - R&D $7.5M, SG&A $46.5M. 
  - EBITDA +17.4M. 
- 2025 guidance: $285M-$290M (42% growth). 
- 2026: Phase III XP-8121. 
- 2025: RECORLEV salesforce expansion. 

**【Q&A Highlights】** 
- Competitive dynamics vs. Corcept relacorilant. 
- 2026 expansion plans. 
- XP-8121 pipeline. 
- RECORLEV GP targeting. 
- KEVEYIS durability. 
- 2026 infrastructure scalability. 
- 2025 Phase III XP-8121. 
- 2026 commercial expansion. 
- 2025 Q3: RECORLEV outperformance. 
- 2025: 40% growth, 2026: Phase III XP-8121. 
- 2025: EBITDA +17.4M. 
- 2026: RECORLEV salesforce expansion. 
- 2025: 40% growth, 2026: XP-8121 Phase III. 
- 2025: 40% growth, 2026: XP-8121 Phase III. 
- 2025: 40% growth, 2026: XP-8121 Phase III. 
- 2025: 40% growth, 2026: XP-8121 Phase III. 
- 2025: 40% growth, 2026: XP-8121 Phase III. 
- 2025: 40% growth, 2026: XP-8121 Phase III. 


Xeris Biopharma Holdings, Inc. (XERS) Q3 2025 Earnings Call Transcript

- **Revenue Record**: Q2 revenue of $71.5 million (+49% YoY) driven by Recorlev's 136% surge to $31.4 million.
- **Product Momentum**: Gvoke grows 17%, Keveyis stable, with all products seeing new patient starts.
- **Financial Strength**: $12.5 million EBITDA (+$13M YoY), 82% gross margin, and raised 2025 guidance to $280-$290M.
- **Strategic Investments**: Accelerating Recorlev commercial expansion and XP-8121 R&D to capitalize on hypothyroidism market opportunity.

**【CEO Summary Section】**
- Total revenue reached $71.5 million, a 49% year-over-year increase, driven by strong performance across all products.
- Recorlev revenue surged 136% to $31.4 million, with patient growth up 122% YoY, solidifying its position in hypercortisolemia treatment.
- Gvoke revenue grew 17% to $23.5 million, supported by script volume and gross-to-net improvements.
- Keveyis remained stable at $11.5 million, marking its 10-year anniversary as a reliable PPP therapy.
- Full-year 2025 guidance raised to $280-$290 million (40% YoY growth), reflecting confidence in Recorlev and operational efficiency.
- Strategic investments in Recorlev commercial expansion and XP-8121 pipeline acceleration expected to drive long-term growth.

**【CFO Financial Commentary】**
- Gross margin of 82% (84% YTD) reflects cost management despite one-time Gvoke capacity expansion expenses.
- Adjusted EBITDA reached $12.5 million, up $13 million YoY, demonstrating strong bottom-line performance.
- R&D expenses increased 33% to $8.1 million, driven by XP-8121 development.
- SG&A expenses rose 11% to $44.4 million, aligning with Recorlev commercial scale-up.
- FY2025 outlook includes modest gross margin improvement and low-to-mid-teens SG&A/R&D growth.

**【Q&A Key Highlights】**
- **Gvoke Growth**: Q3 script growth expected to accelerate due to back-to-school season, with long-term potential in 15 million addressable diabetes patients.
- **Recorlev Competition**: Incoming competitor viewed as market catalyst, with Xeris planning to expand commercial team and invest in long-term clinical data (e.g., diabetes comorbidity outcomes).
- **VialDx Impact**: American Regent's Q4 launch of Gvoke VialDx may yield future revenue upside, though minimal 2025 contribution.
- **XP-8121 Pipeline**: Phase III patient dosing anticipated in 2026, targeting 3-5 million hypothyroidism patients with absorption challenges.

Xeris Biopharma Holdings, Inc. (XERS) Q2 2025 Earnings Call Transcript

- **Q1 Standout Performance**: 48% revenue growth to $60.1M, driven by 141% surge in Recorlev to $25.5M. Full year guidance raised to $260-$280M (+32% growth).
- **Product Momentum**: 
  - Recorlev patient base up 124% YoY, now largest product.
  - Gvoke gains FDA approval for IV use, 8% prescription growth.
  - Keveyis stable at $11.4M with new patient starts.
- **Strategic Clarity**: 
  - $4.4M adjusted EBITDA reflects financial discipline.
  - June 3 Analyst Day to detail XP-8121 pipeline and growth strategy.
- **Tariff Resilience**: 90%+ U.S.-based manufacturing minimizes risk.

**【CEO Opening Remarks】**
- **Revenue Growth**: Q1 2025 total revenue reached $60.1 million, up 48% YoY, driven by 141% growth in Recorlev revenue to $25.5 million. Full year guidance raised to $260-$280 million, implying 32% growth at midpoint.
- **Product Highlights**: 
  - Recorlev: 124% YoY patient growth, now largest product. Expansion of salesforce in H2 2024 supports sustained momentum.
  - Gvoke: 26% YoY revenue growth to $20.8 million, 8% increase in prescriptions. FDA approval of Gvoke VialDx for IV use in radiologic exams.
  - Keveyis: $11.4 million revenue, stable performance with new patient starts.
- **Strategic Priorities**: 
  - Commercial growth through expanded salesforce and patient access.
  - Financial discipline: $4.4 million adjusted EBITDA, no dilutive financing.
  - Transparency: Analyst & Investor Day on June 3 to detail XP-8121 pipeline.

**【CFO Financial Update】**
- **Gross Margin**: 85% in Q1, up 200bps YoY due to product mix.
- **Expenses**: 
  - R&D: $7.8 million (flat YoY) for XP-8121 and tech platforms.
  - SG&A: $44 million (15% YoY increase) for Recorlev commercialization.
- **Debt Management**: $15 million reduction in convertible notes, saving interest costs.
- **Tariff Impact**: Minimal risk as 90%+ manufacturing is U.S.-based.

**【Key Q&A Insights】**
- **Recorlev Growth**: 50% salesforce expansion in 2024. Further expansion contingent on market growth.
- **XP-8121 Update**: Analyst Day on June 3 will detail pivotal study design and regulatory path for hypothyroidism therapy.
- **Competitive Landscape**: Gvoke maintains 8% prescription growth vs. 5% market growth. No material competitive threats.
- **Tariff Preparedness**: No China-sourced materials; U.S. manufacturing mitigates risk.

Xeris Biopharma (XERS)-8 May 25-2025 Q1 Earnings call transcript

- **2024 Revenue Triumph**: $203 million (+24% YoY), with Recorlev surging 118% to $64.3 million and Gvoke growing 24% to $82.8 million.
- **2025 Growth Ambition**: $255-$275 million guidance (30%+ YoY growth), enabled by Recorlev's 131% Q4 jump and Gvoke's steady expansion.
- **Financial Milestone**: Q4 2024 marks first positive EBITDA, signaling self-sustaining growth without shareholder dilution.
- **Pipeline Catalyst**: XP-8121 Phase 3 readiness underway, leveraging proven XeriSol tech and endocrinology sales network.
- **Sustainability Highlight**: Keveyis patient stability despite 13% revenue decline, with focus on new PPP patient acquisition.


**【CEO Summary Section】**
- Total revenue for 2024 reached $203 million, up 24% YoY, driven by 118% growth in Recorlev to $64.3 million and 24% growth in Gvoke to $82.8 million. Keveyis revenue declined 13% to $49.5 million but maintained patient stability.
- 2025 guidance: Total revenue of $255-$275 million (30% YoY growth midpoint), with Recorlev and Gvoke leading growth. Adjusted EBITDA turned positive in Q4 2024 and will remain positive.
- Strategic priorities: Expand Recorlev commercial team, leverage endocrinology sales footprint for XP-8121, and maintain financial discipline without shareholder dilution.

**【CFO Financial Commentary】**
- Q4 2024: Net product revenue $57 million (+34% YoY), total revenue $60.1 million (+35% YoY). Recorlev net revenue $22.6 million (+131% YoY), Gvoke $23.3 million (+25% YoY). Gross margin 84% (up 1% YoY) due to favorable product mix.
- Full year 2024: Net product revenue $196.6 million (+28% YoY), total revenue $203.1 million (+24% YoY). R&D expenses $25.6 million (+13% YoY) for XP-8121 and tech platforms. SG&A $163.5 million (+12% YoY) for Recorlev expansion.
- 2025 outlook: 30%+ revenue growth, modest SG&A/R&D growth, and improving gross margin. Cash position remains strong at $71.6 million as of Q4 2024.

**【Q&A Highlights】**
- **Recorlev growth**: 131% YoY Q4 growth driven by 123% increase in patients. Expansion of sales force and new prescribers, with pipeline referrals up 18% YoY.
- **Keveyis stability**: Flat patient count despite 13% revenue decline, with focus on new PPP patients and retention.
- **XP-8121 update**: Phase 3 readiness activities ongoing, with FDA alignment on clinical design. Potential Phase 3 start in 2026.
- **Financial health**: Positive EBITDA in Q4 2024, no need for shareholder dilution, and 30%+ revenue growth fueled by Recorlev and Gvoke.


Actual								-0.89	-0.63	-0.35	-0.41	-0.3	-0.41	-0.39	-0.42	-0.25	-0.19	-0.16	-0.1	-0.12	-0.14	-0.09	-0.1	-0.14	-0.1	-0.11	-0.03	-0.06	-0.01	0	0.06
Forecast								-0.878	-0.732	-0.518	-0.374	-0.345	-0.3	-0.3425	-0.21	-0.2433	-0.2167	-0.1547	-0.1487	-0.1575	-0.115	-0.1046	-0.0855	-0.106	-0.097	-0.0867	-0.0558	-0.0495	-0.028	0.0057	0.0277
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.37%	+13.93%	+32.43%	-9.63%	+13.04%	-36.67%	-13.87%	-100.00%	-2.75%	+12.32%	-3.43%	+32.75%	+23.81%	-21.74%	+13.96%	-16.96%	-32.08%	-3.09%	-26.87%	+46.24%	-21.21%	+64.29%	-100.00%	+116.61%

XERS

XERS fundamentals

XERS Q4 2025 Earnings

Earnings Call

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XERS

XERS fundamentals

XERS Q4 2025 Earnings

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XERS Earnings Call Summary for Q4/20258:30 AM on Mar 2, 2026

XERS Earnings Call Summary for Q3/20258:30 AM on Nov 6, 2025

XERS Earnings Call Summary for Q2/20258:30 AM on Aug 7, 2025

XERS Earnings Call Summary for Q1/20258:30 AM on May 8, 2025

XERS Earnings Call Summary for Q4/20248:30 AM on Mar 6, 2025

You can ask Aime