8-K: Xeris Biopharma Reports Record Q2, Raises 2025 Revenue Outlook

Xeris Biopharma Holdings, Inc. announced record second-quarter 2025 financial results, with total revenue up 49% year-over-year, and raised its full-year 2025 revenue guidance.

Summary

• Total revenue for Q2 2025 was $71.5 million, a 48.8% increase from $48.1 million in Q2 2024.
• Total revenue for H1 2025 was $131.7 million, a 48.4% increase from $88.7 million in H1 2024.
• Recorlev net revenue in Q2 2025 was $31.4 million, up 135.7% year-over-year, driven by a 122% increase in average patients.
• Gvoke net revenue in Q2 2025 was $23.5 million, up 17.1% year-over-year, due to 5% prescription growth and favorable pricing.
• Keveyis net revenue in Q2 2025 was $11.5 million, down 12.5% year-over-year, due to reduced product shipments.
• Net Loss for Q2 2025 was $1.9 million ($0.01 per share), an 87% improvement from a $15.0 million loss ($0.10 per share) in Q2 2024.
• Adjusted EBITDA for Q2 2025 was $12.5 million, an improvement of $12.9 million compared to Q2 2024.
• Full-year 2025 total revenue guidance raised to $280-$290 million from previous range of $260-$275 million.

Sentiment

Score: 9

Explanation: The company reported record revenue, significant year-over-year growth across key products (especially Recorlev), substantial improvement in net loss and Adjusted EBITDA, and raised its full-year revenue guidance. The long-term strategic vision with ambitious revenue targets further reinforces a highly positive outlook, despite some product-specific declines and increased expenses typical of a growing biopharma company.

Positives

• Record total revenue of $71.5 million in Q2 2025, a 48.8% increase year-over-year.
• Recorlev net revenue surged 135.7% to $31.4 million in Q2 2025, driven by a 122% increase in average patients.
• Significant improvement in net loss, reducing from $15.0 million in Q2 2024 to $1.9 million in Q2 2025 (87% improvement).
• Adjusted EBITDA improved by $12.9 million to $12.5 million in Q2 2025, compared to a negative $0.4 million in Q2 2024.
• Raised full-year 2025 total revenue guidance to $280-$290 million, up from the previous range of $260-$275 million.
• Outlined long-term vision at Analyst and Investor Day, targeting $750 million in total revenue by 2030 and nearly $1 billion in net revenue for Recorlev by 2035.
• Highlighted potential $1-$3 billion peak net revenue for XP-8121.

Negatives

• Keveyis net revenue decreased by 12.5% to $11.5 million in Q2 2025, primarily due to a reduction in product shipments.
• Cost of goods sold increased by 53% in Q2 2025, primarily due to increased product revenue.
• Research and development expenses increased by 40% in Q2 2025, reflecting continued investment in XP-8121 and personnel.
• Selling, general and administrative expenses increased by 11% in Q2 2025, mainly due to higher personnel-related expenses for the Recorlev commercial organization.

Risks

• Financial position and potential need for financing to fund product development or commercialization efforts.
• Ability of products to achieve and maintain market acceptance in a competitive business environment.
• Reliance on third-party suppliers, including single-source suppliers.
• Reliance on third parties to conduct clinical trials.
• Ability of product candidates to compete successfully with existing and new drugs.
• Ability to protect intellectual property and proprietary technology.
• Accuracy and completeness of assumptions and ability to accurately estimate future financial results and market opportunities.
• General macroeconomic and geopolitical conditions, including the possibility of an economic downturn, changes in governmental priorities and resources, announced or implemented tariffs, and market volatility.

Future Outlook

The company raised its full-year 2025 total revenue guidance to $280-$290 million, up from the previous range of $260-$275 million. At its Analyst and Investor Day in June, the company outlined a long-term vision, guiding to $750 million in total revenue by 2030, establishing an expectation for Recorlev at nearly $1 billion in net revenue by 2035, and highlighting the potential for XP-8121 to achieve $1-$3 billion in peak net revenue.

Management Comments

• "Total revenue in the second quarter increased almost 50% year-over-year to a record $72 million, driven by increased patient demand across all three products, with Recorlev leading the way. Building on this momentum, we're raising our full-year revenue guidance to $280-$290 million, which underscores our confidence in our ability to continue to drive patient demand for our products." John Shannon, CEO.
• "Also in the quarter, we hosted our first-ever Analyst and Investor Day where we outlined our long-term vision and growth strategy, which included guiding to $750 million in total revenue by 2030, establishing our expectation for Recorlev at nearly $1 billion in net revenue by 2035, and highlighting the potential $1-$3 billion peak net revenue for XP-8121. Xeris is on an accelerated growth trajectory, and we are building a platform for both shortand long-term value creation." John Shannon, CEO.

Industry Context

Xeris Biopharma operates in the biopharmaceutical sector, focusing on developing and commercializing innovative products for various therapies, including rare diseases like Cushing's syndrome (Recorlev), severe hypoglycemia (Gvoke), and primary periodic paralysis (Keveyis). The strong growth in Recorlev suggests successful market penetration in the rare disease space, while the pipeline candidate XP-8121 for hypothyroidism indicates expansion into broader therapeutic areas. The company's focus on patient demand and long-term growth strategies aligns with trends in the biopharma industry emphasizing specialized treatments and pipeline development for sustained value creation.

Comparison to Industry Standards

• The filing does not provide specific comparable companies, projects, or results to benchmark against global industry standards.
• The reported 49% year-over-year total revenue growth and 136% growth in Recorlev revenue are indicative of strong performance within the biopharmaceutical sector, particularly for a company with specialized products.
• The long-term revenue targets of $750 million by 2030 and nearly $1 billion for Recorlev by 2035, alongside the $1-$3 billion peak net revenue potential for XP-8121, suggest ambitious growth expectations that, if realized, would position the company favorably against peers in similar therapeutic areas.

Stakeholder Impact

• Shareholders: Positive impact due to strong financial performance, raised revenue guidance, and outlined long-term growth strategy, potentially leading to increased share value.
• Patients: Positive impact through increased patient demand for existing products (Recorlev, Gvoke) and continued investment in pipeline candidates like XP-8121, which could bring new therapies to market.
• Employees: Increased personnel-related expenses suggest continued investment in the workforce, particularly in commercial organizations, indicating potential for job stability and growth.
• Suppliers/Partners: Increased product revenue and ongoing development efforts imply continued demand for supplies and potential for new partnerships.

Next Steps

• Continued investment in XP-8121 development.
• Ongoing development of the company's technology platforms and partnerships.
• Senior management participation in 1x1 meetings at Cantor Fitzgerald Global Healthcare Conference on September 3, 2025.
• Senior management participation in 1x1 meetings at Wells Fargo Global Healthcare Conference on September 4, 2025.
• Senior management participation in 1x1 meetings at H.C. Wainwright Global Investment Conference on September 9, 2025.

Key Dates

Recommendation

The company delivered exceptional Q2 2025 results, marked by record revenue, substantial year-over-year growth (especially Recorlev's 136% surge), and a significant reduction in net loss, leading to positive Adjusted EBITDA. The decision to raise full-year 2025 revenue guidance signals strong confidence in continued momentum. Furthermore, the long-term strategic vision, including ambitious revenue targets for 2030 and 2035 and the multi-billion dollar peak revenue potential for XP-8121, indicates a robust growth trajectory. While there was a slight decline in Keveyis revenue and increased operating expenses, these are overshadowed by the overall strong performance and positive outlook, making it a compelling investment opportunity.

Keywords

Xeris Biopharma, XERS, Biopharmaceutical, Earnings Report, Q2 2025, Revenue Guidance, Recorlev, Gvoke, Keveyis, XP-8121, Cushing's Syndrome, Hypoglycemia, Periodic Paralysis, Biotech, Pharmaceuticals, Financial Results