Xeris Biopharma's 2025 Q1: Contradictions Unveiled in Infrastructure Expansion, Profitability, and XP-8121 Development

Commercial infrastructure expansion and market dynamics, operational efficiency and profitability, and XP-8121 development pathway and milestones are the key contradictions discussed in Xeris Biopharma's latest 2025Q1 earnings call



Record Revenue Growth:
- Xeris Biopharma reported a record-breaking 48% increase in total revenue for Q1 2025, reaching $60.1 million.
- This growth was driven by strong commercial performance across the entire portfolio, with Recorlev leading the charge, and supported by disciplined execution and strategic investments.

Recorlev's Rapid Growth:
- Recorlev's net revenue for Q1 was $25.5 million, up 141% year-over-year, with the average number of patients on therapy growing 124%.
- This was due to targeted investments in patient access, healthcare provider engagement, and overall brand performance, which have proven highly effective in driving sustained growth.

Gvoke's Steady Performance:
- Gvoke's net revenue for Q1 was $20.8 million, increasing 26% compared to the previous year, with prescriptions up 8%.
- Consistent growth was achieved through strategic efforts to attract new prescribers and increase prescriptions among existing prescribers, reinforcing Gvoke's position as a key contributor to the commercial portfolio.

Financial Health and Operational Efficiency:
- Xeris achieved an adjusted EBITDA of $4.4 million in Q1, inline with expectations and supporting their commitment to positive adjusted EBITDA going forward.
- This positive financial outcome reflects disciplined financial management, gross margin improvement, and controlled SG&A and R&D expenses.

Tariff Impact and Financial Flexibility:
- Despite recent speculation about potential sector-specific tariffs, Xeris anticipates no material impact on operations or financial performance due to the U.S.-based nature of their manufacturing.
- The company's strong financial position, supported by a recent convertible note redemption, provides flexibility to advance strategic priorities without dilutive financing.