Xeris Biopharma (XERS) Q1 2026 earnings summary

Executive summary

• Q1 2026 net product revenue grew 43% year-over-year to $82.5 million, led by RECORLEV's 95% growth, stable GVOKE, and KEVEYIS up 4%.

• Net income reached $2.2 million, reversing a $9.2 million loss in Q1 2025, with improved cost structure and Adjusted EBITDA up $10.7 million to $15.1 million.

• Commercial expansion completed, significantly increasing sales force and patient support teams to drive future growth.

• Pipeline asset XP-8121 is on track for phase III initiation later in 2026, leveraging existing formulation and commercial capabilities.

• Disciplined financial management and a strong balance sheet remain priorities, with ongoing investment in commercial and R&D activities.

Financial highlights

• Total Q1 2026 revenue reached $83.1 million, up 38% year-over-year.

• Adjusted EBITDA was $15.1 million, improving by $10.7 million from last year.

• Net income for Q1 was $2.2 million, a year-over-year improvement of over $11 million.

• Gross margin improved to 87%, up from 85% in Q1 2025, due to favorable product mix.

• Operating income was $7.9 million, compared to a loss of $3.1 million in Q1 2025.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $380 million–$390 million, reflecting over 30% growth.

• Commercial team investments and RECORLEV's expanded infrastructure expected to drive further growth in the second half of 2026.

• R&D expenses projected to increase by ~$25 million year-over-year, mainly for XP-8121 phase III.

• SG&A expenses expected to rise by ~$45 million, reflecting the full-year impact of commercial expansion.

• Cash resources expected to sustain operations and capital expenditures for at least the next twelve months.