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    XERS
    Earnings call· Jun 2026(Q2 FY26)

    Xeris Biopharma Holdings Q2 FY26 earnings call XERS

    Aug 6, 2026 Source

    Executive summary

    Xeris Biopharma Q2 FY26 — Record Revenue and Raised Full-Year Guidance

    Xeris Biopharma delivered a record-breaking second quarter, driven by strong commercial momentum across its product portfolio, particularly Recorlev. The company strengthened its intellectual property and balance sheet, leading to a raised full-year revenue guidance. The pipeline asset XP-8121 is progressing towards Phase 3 initiation, with a detailed program overview planned for September.

    Highlights

    5

    • Total revenue reached $92 million, with net product revenue of $91 million, representing 34% growth year-over-year.

    • Recorlev net revenue increased to nearly $57 million, an 81% growth year-over-year, driven by record referrals and new patient starts.

    • GVOC rebounded with net revenue of approximately $23 million, up 8% sequentially, and prescription growth of 10% versus Q1.

    • Coveas secured a notice of allowance for a new patent, extending protection through at least 2039.

    • Full retirement of convertible notes completed in July, eliminating $34 million of debt and $3 million in annual interest expense.

    Guidance & targets

    5
    CategoryTargetConfidence
    Full-year 2026 Total Revenue
    $385M-$390M
    high materiality
    High
    Full-year 2026 SG&A Increase
    approximately $50M increase
    medium materiality
    High
    Full-year 2026 R&D Increase
    approximately $25M increase
    medium materiality
    High
    Full-year 2026 Adjusted EBITDA
    increase on an absolute dollars basis
    medium materiality
    High
    Full-year 2026 Gross Margin
    modest improvement
    low materiality
    High

    Segment performance

    3
    SegmentRevenueYoYQoQMargin
    Recorlev
    Demonstrated exceptional momentum, with growth driven by continued expansion of the patient base and strong commercial execution. Commercial expansion completed in January is expected to accelerate growth in H2.
    Referrals: record numberNew patient starts: record numberPatients on therapy: record numberNew prescribers: record numberTotal prescribers: record number
    		$56.8M81%——
    GVOC
    Rebounded nicely in Q2 after a slow start to the year, tracking in line with expectations. Expected to normalize and track with historical seasonal patterns in H2, with a typical Q3 lift from back-to-school season.
    Prescription growth: 10% vs Q1
    		$22.5M—8% sequential—
    Coveas
    Delivered another solid quarter, demonstrating remarkable durability in an ultra-rare market. A new patent provides renewed protection through at least 2039, leading to plans for incremental investment to expand patient identification and support.
    Net pricing: modest improvementPatients on therapy: modest improvement
    		$11.7M———

    Operational metrics

    11
    Total Revenue
    $92.1M29% YoY growth
    Q2 FY26

    Reflects sustained commercial momentum.

    Net Product Revenue
    $91M34% YoY growth
    Q2 FY26

    Headline for the quarter, reflecting solid execution.

    Gross Margin
    86%400 bps improvement YoY
    Q2 FY26

    Improved compared to last year.

    R&D Expenses
    $10.7M$2.6M increase YoY
    Q2 FY26

    Increase reflects continued investment advancing XP-8121 toward Phase III initiation.

    SG&A Expenses
    $61M
    Q2 FY26

    Primarily driven by the full deployment of the expanded Recorlev commercial team and patient support infrastructure.

    Adjusted EBITDA
    $19.3M$6.7M improvement YoY
    Q2 FY26

    Improved even with incremental commercial and R&D investments.

    Convertible Notes Non-Cash Charge
    $31M
    Q2 FY26

    One-time non-cash charge recognized due to re-measurement of convertible notes under GAAP following exchange agreement.

    Debt Eliminated (Convertible Notes)
    $34M
    Q2 FY26

    Eliminated through full retirement of convertible notes in July.

    Annual Interest Savings
    $3M
    Annual

    Resulting from the full retirement of convertible notes.

    First Half Revenue Growth
    33%
    H1 FY26

    Achieved against strategic priority of driving rapid revenue growth.

    Recorlev Patients New to Therapy
    more than 60%
    Q2 FY26

    Indicates that the majority of patients represent market growth rather than switching from other therapies.

    Industry KPIs

    7
    MetricValueDetails
    Peak sales guidancebillion dollarsUSD
    Prescription volume10%%
    EPS revenue guidance$385M-$390MUSD
    Product franchise net sales$56.8MUSD
    Pipeline clinical milestonesPhase 3 initiation expected
    Regulatory approvals filingsNotice of allowance for new patent
    Business development capacity deal appetiteLooking for opportunities

    What to watch in Q3 FY26

    5

    Recorlev Commercial Expansion Yield

    H2 FY26
    CurrentExecution tracking in line with expectations
    TargetAccelerated growth and incremental contributions in H2

    Why it matters

    The success of the commercial expansion is key to sustaining Recorlev's growth momentum and achieving full-year revenue guidance.

    Execution is tracking in line with our expectations, and we are increasingly well positioned to accelerate growth as these investments gain traction in the second half.

    Q&A highlights

    7

    Why is the top end of the full-year revenue guidance capped at $390M despite Recorlev's momentum and expected H2 benefits? Can you elaborate on what 'in line' execution for the sales expansion looks like, specifically regarding leading indicators like referrals and new starts?

    Management expressed confidence in the tightened guidance range of $385M-$390M, reflecting significant growth in H2 from Recorlev's commercial expansion and GVOC's rebound. They confirmed that early signs of contributions from the Recorlev expansion are tracking exactly in line with expectations, based on leading indicators like new prescribers and existing prescriber growth, which supports the H2 revenue guidance.

    “Yes, I mean just another great quarter gave us the confidence to raise the bottom end. And we've tightened it. We've to a range of five million at this point. And we're confident that we can hit that. It still reflects some significant growth in the back half of the year.”

    asked by Unknown Speaker · answered by Unknown Speaker

    2 min read5 chapters

    Detailed Narrative

    01

    Commercial Performance Highlights

    Xeris Biopharma reported a record second quarter with total revenue of $92 million and net product revenue of $91 million, marking a 34% year-over-year growth. Recorlev was the primary growth driver, increasing 81% year-over-year to nearly $57 million, fueled by record referrals, new patient starts, and prescribers. GVOC rebounded with an 8% sequential increase to $23 million, and Coveas delivered $11.7 million in net revenue, demonstrating durability in the ultra-rare market.

    02

    Intellectual Property Strengthening

    The company made significant strides in strengthening its IP portfolio. For Coveas, a notice of allowance was received from the US Patent Office for a new patent, which once issued, will provide protection through at least 2039. For the pipeline asset XP-8121, two new US patents were received in July, with a third patent application receiving a notice of allowance, expanding its intellectual property estate and long-term defensibility.

    03

    Balance Sheet Enhancement

    Shortly after quarter-end, Xeris completed the full retirement of its convertible notes, simplifying its capital structure. This action eliminated $34 million of debt and is expected to save approximately $3 million in annual interest expense. A one-time📎 non-cash charge of approximately $31 million was recognized in Q2 due to the re-measurement of the convertible notes under GAAP, but this does not impact adjusted EBITDA.

    04

    XP-8121 Pipeline Progress

    The XP-8121 program for hypothyroidism is advancing well, with clinical site selections finalized and preparations underway for an expected Phase 3 initiation by year-end. The company plans to host a dedicated webinar on September 9th to provide a comprehensive overview of the program, including trial design, endpoints, target population, and regulatory timelines, reinforcing its potential as a blockbuster.

    05

    Strategic Priorities and Outlook

    Xeris is focused on three critical priorities: driving rapid revenue growth, advancing its pipeline, and executing with discipline. The company achieved 33% growth in the first half and is guiding to 33% full-year revenue growth at the midpoint. Investments are being made in the commercial enterprise and R&D for XP-8121, with a commitment to expanding adjusted EBITDA while supporting rapid enterprise growth.

    AI-generated summary of the company’s earnings call. Not investment advice.