Key Takeaways
Xeris Biopharma (NASDAQ: XERS) reported first-quarter revenue of $83.1 million, a 38 percent increase from the prior year, and raised the low end of its full-year outlook on strong performance of its Cushing’s syndrome drug, Recorlev.
“We are off to an amazing start in 2026,” Chief Executive Officer John Shannon said, pointing to 43% growth in net product revenue, which reached $82.5 million.
The company’s growth was driven by a 95 percent surge in Recorlev revenue, which reached $49.8 million. This performance offset flat results from its hypoglycemia treatment Gvoke, which generated $20.8 million, while Keveyis revenue grew 4 percent to $11.9 million.
The results mark a significant shift for the company, which posted net income of $2.2 million compared to a net loss a year earlier. Xeris raised its full-year 2026 revenue guidance to a range of $380 million to $390 million, up from a prior floor of $375 million.
The primary growth driver, Recorlev, saw record referrals and new patient starts in the quarter. Management said about 60 percent of its patients are new to therapy. The company completed a commercial expansion during the quarter, increasing its sales force to about 80 representatives and its target audience of health care providers to 12,000. Shannon said the company expects the impact from that expansion to begin contributing incrementally in the second half of 2026.
In contrast, Gvoke’s performance was impacted by Medicare policy changes that increased out-of-pocket costs for patients, reducing prescription volumes. Management said it saw demand begin to improve in March and still expects modest growth from the product for the full year.
Operating expenses rose, with research and development costs up 13 percent to $8.8 million and selling, general and administrative expenses increasing 21 percent to $53.1 million. The SG&A increase was mainly attributed to the Recorlev commercial expansion. Still, adjusted EBITDA improved by $10.7 million from the prior year to $15.1 million.
The guidance raise signals management's confidence in sustained demand for Recorlev. Investors will watch for the full impact of the expanded commercial team to materialize in results from the second half of the year.
This article is for informational purposes only and does not constitute investment advice.
