Xeris Q3: Recorlev Now Drives the Story as the Company Lifts 2026 and 2030 Revenue Targets

The quarter in numbers

Xeris Biopharma reported third-quarter 2026 total revenue of $107.2 million, up 44% from $74.4 million a year earlier. Net product revenue was $106.3 million, up 43%. Royalty, contract and other revenue was $958 thousand, against $317 thousand.

Profitability improved sharply. Net income was $11.3 million, compared with $0.6 million in the third quarter of 2025. Adjusted EBITDA, a non-GAAP measure, was $30.8 million, $13.3 million higher than a year earlier. Total shares outstanding were 182,700,038 at October 30, 2026.

Recorlev carries the growth; Gvoke lags

Recorlev net revenue rose 93% to $71.5 million from $37.0 million. The $34.6 million increase exceeds the company's entire $32.8 million total revenue increase, so the other lines were a net drag. Recorlev now accounts for roughly two-thirds of net product revenue. The company said the quarterly increase was primarily driven by increased patient demand for Recorlev.

CEO John Shannon said the expanded commercial team "moved from build to yield" and delivered record referrals and new patient starts.

Gvoke revenue fell 14% to $21.7 million from $25.2 million. The company said Gvoke had stronger-than-historical back-to-school prescription demand, but that this was offset by a one-time $4 million gross-to-net adjustment. The release gives no further detail on that adjustment. Keveyis grew 9% to $13.0 million from $11.9 million.

Over nine months, the pattern is the same. Total revenue rose 37% to $282.5 million. Recorlev grew 90% to $178.1 million, Gvoke fell 6% to $65.1 million and Keveyis rose 5% to $36.6 million. Royalty, contract and other revenue fell 58% to $2.7 million.

Margins and costs

Gross margin improved to 88% from 85% in the quarter, and to 87% from 84% for the nine months. The company attributed both gains primarily to favorable product mix, consistent with the shift toward Recorlev.

Spending rose but more slowly than revenue. Third-quarter SG&A increased $17.6 million, or 38%, mainly on higher personnel costs supporting the commercial enterprise, including the Recorlev expansion. R&D rose $3.6 million, or 48%, primarily reflecting spend on XP-8121. Revenue growth of 44% against SG&A growth of 38% is the operating leverage behind the swing in earnings.

The nine-month net loss was $17.6 million, against $10.5 million a year earlier. The company said this reflected a one-time, non-cash charge of approximately $30.8 million in the second quarter, tied to the increase in fair value from entering the 2028 Convertible Notes exchange agreements. On July 15, 2026, Xeris retired all of its 8.00% Convertible Senior Notes due 2028 through cash and share issuance. The company said this eliminated approximately $34 million of debt and approximately $3 million in annual interest expense, with no note-related charges in the third quarter. The release excerpt provides no cash or balance sheet figures.

Guidance: higher 2026 target, much higher 2030 ambition

Xeris raised full-year 2026 total revenue guidance to $395 million to $405 million. The excerpt does not state the prior range. Against nine-month revenue of $282.5 million, the range implies fourth-quarter revenue of roughly $112.5 million to $122.5 million, a step up from the $107.2 million just reported.

The longer-term claims are bolder. The company raised its 2030 total revenue outlook to more than $1 billion, from approximately $750 million. Shannon said Recorlev is on a path to nearly $1 billion in annual net revenue "three to four years sooner than previously expected." These are forward-looking statements, and the release gives no product-level 2026 guidance or underlying assumptions in the excerpt provided.

Pipeline and regulatory catalysts

The pipeline centers on XP-8121, an investigational once-weekly subcutaneous levothyroxine for hypothyroidism. The pivotal Phase 3 Cornerstone study is designed to show therapeutic equivalence to daily oral levothyroxine. It is expected to enroll 500 adults and adolescents with well-controlled hypothyroidism at more than 50 U.S. sites, randomized 1:1 for 54 weeks. The company said it remains on track to start Cornerstone by year-end 2026, with topline data expected in late 2028 and potential approval and launch in 2030. The wider program includes Capstone (pediatric), Touchstone (patients with inconsistent control despite oral therapy) and a real-world evidence program.

On intellectual property, the USPTO granted a third U.S. patent for XP-8121 on October 6, expected to expire October 19, 2043. A new Keveyis patent issued October 13, which the company expects to protect the product through at least 2043.

What to watch next

The first test is whether Recorlev sustains the referral and new-start momentum behind the raised targets, and whether Gvoke stabilizes once the one-time adjustment is out of the base. Cornerstone initiation by year-end is the next hard pipeline milestone.

Management is also scheduled to present a TriNetX real-world evidence analysis and details of an investigator-initiated research grant program at the American Thyroid Association meeting (November 4–7). Fireside chats follow at the Jefferies London conference on November 17 and the Piper Sandler conference on December 1, both webcast.