Xeris Biopharma Holdings, Inc. (XERS) · Nov 5, 2026 · Earnings
Beat — Revenue $107.2M vs ~$101.7M consensus; diluted EPS $0.06 vs ~$0.03
Xeris earnings beat revenue and EPS expectations, led by Recorlev, while management raised 2026 revenue guidance to $395–$405 million.
Xeris is a commercial-stage endocrine and rare-disease biopharma using Recorlev as its main growth engine while preparing XP-8121, a once-weekly hypothyroidism injection, for Phase 3. Recorlev momentum and the company’s commercial investment were already established entering the quarter, with prior full-year revenue guidance at $385–$390 million.
The quarter cleared expectations on both revenue and earnings. Revenue reached $107.2 million, above the published consensus of about $101.7 million, while diluted EPS was $0.06 versus roughly $0.03 expected. Recorlev was the decisive driver, rising 93% year over year to $71.5 million; adjusted EBITDA also jumped to $30.8 million from $17.4 million.
| Figure | Q3 2026 | Q3 2025 | Consensus / prior guide |
|---|---|---|---|
| Total revenue (Financial Highlights) | $107.2M (+44%) | $74.4M | ~$101.7M |
| Diluted EPS (Income Statement) | $0.06 | $0.00 | ~$0.03 |
| Recorlev revenue (Product revenue) | $71.5M (+93%) | $37.0M | |
| Gvoke revenue (Product revenue) | $21.7M (-14%) | $25.2M | |
| Adjusted EBITDA (Non-GAAP reconciliation) | $30.8M (+76%) | $17.4M | |
| FY 2026 revenue guidance (Business highlights) | $395M–$405M | $385M–$390M |
The more important change is the raised full-year bar. Management lifted 2026 revenue guidance from $385–$390 million to $395–$405 million, meaning the quarter did more than merely confirm the Recorlev recovery: it increased confidence that the commercial ramp is translating into full-year revenue.
Recorlev is carrying the portfolio, while Gvoke remains the clear weak spot. Recorlev’s growth more than offset a 14% decline in Gvoke and modest 9% growth in Keveyis. That makes the business’s current trajectory stronger, but also more concentrated in one product and in the expanded commercial effort behind it. 〔0〕
Profitability improved despite heavier investment. SG&A rose 38% and R&D rose 48% as Xeris expanded its commercial organization and funded XP-8121, yet operating income increased to $16.9 million from $6.7 million and adjusted EBITDA nearly doubled. The retirement of the 2028 convertible notes also removed roughly $34 million of debt and approximately $3 million of annual interest expense, although the associated second-quarter accounting charge keeps nine-month GAAP earnings negative.
The pipeline remains on schedule rather than newly de-risked. XP-8121 is still expected to enter its pivotal Phase 3 Cornerstone study by year-end 2026, but this filing adds execution continuity—not clinical proof—because the key efficacy readout remains years away.
Bottom line: This was a genuine operating beat, not just favorable presentation: Recorlev accelerated, profitability exceeded the near-term bar, and full-year revenue guidance moved higher. The story is meaningfully stronger, though increasingly dependent on Recorlev while Gvoke declines and XP-8121 remains a future catalyst.
XP-8121 Cornerstone Phase 3 initiation by year-end 2026
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