8-K: Xeris Biopharma Reports Record First Quarter 2025 Financial Results with 48% Revenue Increase

Xeris Biopharma announced a 48% year-over-year increase in total revenue to over $60 million for the first quarter of 2025, driven by strong growth in Recorlev sales.

Summary

• Xeris Biopharma Holdings, Inc. reported its first quarter 2025 financial results, showcasing significant revenue growth.
• Total revenue increased by 48% year-over-year, reaching over $60 million.
• Recorlev revenue saw a substantial increase of 141% year-over-year.
• The company has tightened its full-year 2025 total revenue guidance to a range of $260 million to $275 million.
• First quarter net loss was $9.2 million, or ($0.06) per share.
• Adjusted EBITDA for the first quarter was positive $4.4 million, an $8.4 million improvement compared to the first quarter of 2024.
• Total shares outstanding were 160,155,000 as of April 30, 2025.

Sentiment

Score: 8

Explanation: The document presents a positive outlook with strong revenue growth and improved profitability, although a net loss persists. The tightened revenue guidance indicates management's confidence.

Positives

• Total revenue increased significantly by 48% year-over-year.
• Recorlev revenue experienced substantial growth of 141%.
• Gvoke revenue increased by 26%.
• Adjusted EBITDA improved significantly, reaching a positive $4.4 million.
• The company tightened its full-year revenue guidance, indicating confidence in future performance.

Negatives

• Keveyis revenue decreased by 13% due to reduced product shipments.
• The company reported a net loss of $9.2 million for the quarter.
• Cost of goods sold increased by $2.8 million, or 46%.

Risks

• The company's forward-looking statements are subject to various risks and uncertainties, including financial position, market acceptance of products, reliance on third-party suppliers, and macroeconomic conditions.
• A decrease in Keveyis revenue may indicate a potential challenge in maintaining sales momentum for all products.

Future Outlook

The company has tightened its full-year 2025 total revenue guidance to $260 million to $275 million, reflecting confidence in continued growth and strategic initiatives.

Management Comments

• John Shannon, Xeris Chief Executive Officer, stated that the company is very pleased with its strong start to the year, delivering another quarter of outstanding revenue growth.
• Mr. Shannon noted that the performance reflects sustained momentum across the portfolio, led by strong demand for Recorlev.
• Mr. Shannon mentioned that the tightened full-year 2025 total revenue guidance underscores the success of strategic initiatives and commitment to driving sustainable growth.

Industry Context

Xeris Biopharma's focus on innovative products and therapies aligns with the broader biopharmaceutical industry trend of developing specialized treatments for specific conditions. The growth in Recorlev sales indicates a strong market demand for treatments addressing Cushing's syndrome.

Comparison to Industry Standards

• Comparing Xeris's 48% revenue growth to other biopharmaceutical companies of similar size, such as Amryt Pharma (acquired by Chiesi) which focused on rare diseases, Xeris demonstrates competitive performance.
• Recorlev's 141% revenue growth is particularly notable when compared to other orphan drugs in the endocrinology space, such as Corcept Therapeutics' Korlym, which also targets Cushing's syndrome.
• Xeris's adjusted EBITDA improvement aligns with industry expectations for companies transitioning from development to commercialization, similar to companies like BioCryst Pharmaceuticals in their early commercial stages.

Stakeholder Impact

• Shareholders can expect potential value appreciation due to the company's strong financial performance and tightened revenue guidance.
• Patients benefit from the availability of innovative products like Recorlev and Gvoke.
• Employees may experience job security and growth opportunities due to the company's expansion.

Next Steps

• Senior management will participate in the Craig-Hallum Institutional Investor Conference on May 28, 2025.
• Xeris will host an Analyst & Investor Day on June 3, 2025, in New York City.
• Senior management will participate in the Global Healthcare Conference on June 4, 2025.

Key Dates

Keywords

revenue, Recorlev, Gvoke, Keveyis, EBITDA, financial results, Xeris Biopharma