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Dec 31, 2025
Xeris Biopharma Q4 2025 Earnings Report
Xeris Biopharma reported record performance for the fourth quarter and full year 2025 and provided full year 2026 guidance.
Key Takeaways
Xeris Biopharma achieved record quarterly revenue of $85.8 million, driven by a 100% increase in Recorlev sales. The company transitioned to profitability in Q4 with a net income of $11.1 million and significantly improved its Adjusted EBITDA, ending the year as a self-funding entity.
Record Q4 total revenue of $85.8 million, representing 42.8% year-over-year growth.
Recorlev net revenue doubled to $45.3 million due to strong patient demand.
Achieved Q4 net income of $11.1 million compared to a net loss of $5.1 million in the prior year period.
Provided 2026 revenue guidance of $375 million to $390 million, implying over 30% growth at the midpoint.
Revenue by Segment
Forward Guidance
Xeris expects continued rapid revenue growth and margin improvement in 2026 while investing heavily in its clinical pipeline and Recorlev expansion.
Positive Outlook
- Full year 2026 total revenue expected between $375 million and $390 million.
- Gross margin expected to improve modestly due to favorable product mix.
- Adjusted EBITDA expected to increase in total dollars compared to 2025.
- Emergence as a self-funding, sustainable biopharmaceutical company.
- Initiation of Phase 3 clinical trial for XP-8121.
Challenges Ahead
- R&D expenses expected to increase by approximately $25 million.
- SG&A expenses expected to increase by approximately $45 million.
- Keveyis full-year 2025 revenue saw a 4% decline due to pricing pressure.
- Royalty and contract revenue decreased 23.3% in Q4 compared to the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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