Xeris Biopharma Holdings reported preliminary full‑year 2025 revenue of $292 million, topping the high end of its $285‑$290 million guidance and exceeding analyst expectations of $287.42 million. Q4 revenue reached $45 million, with the flagship drug Recorlev contributing $139 million—about 48 % of total sales—and driving the majority of the year‑to‑year growth.
The company’s performance is anchored by a 44 % year‑over‑year increase in total revenue, compared with $203.1 million in FY 2024. Q4 2024 revenue was $60.10 million, so the current quarter’s $45 million represents a 25 % rise from the same period last year. Recorlev’s patient base grew 108 % YoY, underscoring the drug’s expanding market share in endogenous Cushing’s syndrome.
Beyond Recorlev, Xeris’s other commercial products contributed to the top line. Gvoke revenue grew 13 % from the prior year, while Keveyis saw a modest increase in patient numbers. The company attributes the strong results to its proprietary XeriSol and XeriJect formulation platforms, which enable stable, ready‑to‑use injectable drugs and have accelerated the commercialization of its product portfolio.
Margin analysis shows a gross margin of 85 % in Q3 2025, an improvement driven by the higher mix of Recorlev and disciplined cost management. While the company did not disclose full‑year EPS, its Q3 EPS of $0.00 fell short of the $0.01 consensus, indicating that margin pressure remains a concern even as revenue expands.
CEO John Shannon described the year as “transformative,” noting that Recorlev “delivered exceptional results, outperforming expectations and further strengthening the momentum our team built throughout the year.” He added that the company’s robust balance sheet and disciplined strategy position it for sustained growth into 2026.
The market reacted positively to the earnings, with analysts highlighting the revenue beat and strong demand for Recorlev. No guidance for 2026 has been released yet, but management’s comments suggest confidence in continued commercial momentum.
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