Xeris Pharmaceuticals (2B30) Q3 2026 Earnings Report

The call was strongly positive, with record third-quarter revenue, substantial Recorlev growth, improving Gvoke prescription demand, continued KEVEYIS growth, higher Adjusted EBITDA and net income, strengthened intellectual property, and raised 2026 and 2030 revenue outlooks. The primary negative items were Gvoke net revenue being reduced by a $4 million one-time Medicaid gross-to-net adjustment, ongoing prior authorization requirements for Recorlev, and higher commercial and operating expenses.

For full-year 2026, Xeris raised total revenue guidance to $395 million-$405 million, representing approximately 37% growth at the midpoint; gross margin guidance remains unchanged, with continued improvement versus prior year expected, R&D expenses are expected to increase approximately $15 million compared to 2025 versus the prior expectation of a $25 million increase, and SG&A is expected to increase approximately $60 million compared to 2025 versus the prior expectation of $50 million. Adjusted EBITDA grew from $34 million-$65 million through the first three quarters, and continued Adjusted EBITDA growth is expected through the remainder of the year. Beyond 2026, Xeris expects more than $1 billion in total revenue in 2030 versus its previous outlook of $750 million, sees Recorlev on a path to $1 billion in annual net revenue three to four years sooner than previously projected, and expects to initiate the XP-8121 Cornerstone phase III study by year-end, with top-line data expected in late 2028 and potential approval and launch in 2030; XP-8121 has peak sales potential of $1 billion-$3 billion.