Xeris Biopharma Holdings, Inc. (XERS) Earnings
Xeris Biopharma Holdings, Inc. is expected to report next earnings on November 5, 2026 (in NaN days), with a consensus EPS estimate of $0.02. XERS has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise -279.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.01 | $-0.18 | -1582.7% | $91M | +1.0% |
| May 7, 2026 | $-0.00 | $0.01 | +465.0% | $82M | +3.3% |
| Nov 6, 2025 | $0.01 | $0.00 | -65.0% | $74M | -12.9% |
| Aug 7, 2025 | $-0.03 | $-0.01 | +66.7% | $72M | -1.0% |
| May 8, 2025 | $-0.07 | $-0.06 | +14.3% | $60M | +4.4% |
| Mar 6, 2025 | $-0.08 | $-0.03 | +62.5% | $60M | +9.5% |
| Nov 8, 2024 | $-0.09 | $-0.06 | +33.3% | $54M | +5.5% |
| Aug 8, 2024 | $-0.11 | $-0.10 | +9.1% | $48M | +4.9% |
| May 9, 2024 | $-0.12 | $-0.14 | -16.7% | $41M | -2.8% |
| Mar 6, 2024 | $-0.09 | $-0.10 | -11.1% | $44M | -3.1% |
| Nov 9, 2023 | $-0.12 | $-0.09 | +25.0% | $48M | +13.2% |
| Mar 8, 2023 | $-0.16 | $-0.10 | +37.5% | $33M | +7.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Commercial Performance * The second quarter delivered record-breaking commercial results, with 33% total revenue growth in the first half of 2026, confirming durable and accelerating commercial momentum across the portfolio. * RecorLev's commercial expansion completed in January 2026 is tracking in line with expectations, with the second quarter focused on team training and deployment, and growth acceleration expected in the second half as investments gain traction. * GVOC returned to growth mode after a slow first half, and management expects typical seasonal lift from the back-to-school season in the third quarter, with a large untapped long-term market opportunity remaining. * Caveas received a U.S. Patent Office notice of allowance for a new patent that will extend exclusivity through at least 2039, supporting plans for incremental investment to identify and support more patients. - Pipeline Progress * XP-8121 (for hypothyroidism) has expanded its intellectual property portfolio, with one issued U.S. patent and a second notice of allowance for an additional patent, strengthening long-term defensibility of the program. * Clinical site selection for XP-8121's Phase III trial is finalized, with sites actively preparing for trial initiation expected by the end of 2026, targeting a 2030 launch. * A dedicated public webinar for XP-8121 will be held on September 9, 2026 to share full details on unmet need, market opportunity, trial design, endpoints, patient population, and development/regulatory timelines. Management believes XP-8121 has blockbuster potential. - Balance Sheet Strategy * Shortly after quarter end, Xeris completed full retirement of its outstanding 2028 convertible notes, eliminating $34 million in debt and $3 million in annual interest expense, simplifying the capital structure. * A one-time non-cash GAAP remeasurement charge of $31 million was recognized in the second quarter, which does not impact adjusted EBITDA and will not require additional future charges.
Guidance
- Management raised the bottom end of full year 2026 total revenue guidance and tightened the overall range to $385 million to $390 million, representing 33% year-over-year revenue growth at the midpoint. The revision reflects strong first half performance and expected continued momentum from the RecorLev commercial expansion and GVOC rebound. - Full year 2026 R&D expenditure guidance is maintained at a $25 million increase over 2025, with all incremental investment directed toward advancing XP-8121 to Phase III initiation. - Full year 2026 SG&A expenditure guidance is revised to a $50 million increase over 2025, up from the prior guidance of a $45 million increase, to fund incremental commercial investments across the portfolio. - Gross margin guidance for full year 2026 is maintained, with an expected modest improvement over 2025 results. - Full year 2026 adjusted EBITDA is still expected to increase on an absolute basis compared to 2025, even with incremental commercial and R&D investments.
Segment performance
Total revenue for the second quarter of 2026 reached $92.1 million, representing 29% year-over-year growth. Net product revenue totaled $91 million, up 34% year-over-year. Product segment performance is as follows: - Recorilab (RecorLev): Net revenue of $56.8 million, 81% year-over-year growth, contributing 62% of total net product revenue. The segment delivered record numbers of referrals, new patient starts, active patients on therapy, new prescribers, and total prescribers. - GVOC: Net revenue of $22.5 million, 8% sequential growth over the first quarter, contributing 25% of total net product revenue. The segment rebounded from a slow start to the year, with 10% prescription growth quarter-over-quarter. - Caveas: Net revenue of $11.7 million, contributing 13% of total net product revenue. The segment delivered steady performance with modest improvements in net pricing and active patient count.
Risks & headwinds
Forward-looking statements included in the call are based on management's current assumptions and beliefs, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from stated expectations. Key risk factors are detailed in Xeris' filings with the SEC, and management undertakes no obligation to update forward-looking statements unless required by law. No new material operational or business risks were discussed on this call.
Analyst Q&A
Q: The company raised the bottom end of 2026 revenue guidance to $385 million but held the top end at $390 million despite strong RecorLev momentum, with most expansion benefits still expected in the second half. What is capping the top of the guidance range, and what leading indicators confirm expansion execution is on track? /
A: Management stated the guidance tightening reflects confidence in delivering over 30% full year revenue growth, and the new range already incorporates significant expected second half growth from RecorLev's expansion and GVOC's rebound. Early contributions from the expansion are tracking exactly in line with expectations from prior similar expansion efforts, with continued positive momentum into the third quarter, giving management full confidence in the new guidance.
Q: What are the core growth drivers for the second half of 2026, how much growth comes from new sales territories versus existing, how is new rep productivity tracking, and what metrics like average dose and persistency look like? /
A: The sales expansion increased call breadth and added new target prescribers, with all key metrics including referrals, new patient starts and prescriber growth tracking in line with expectations. Management did not give a detailed split between new and existing territory growth as contributions are not yet material enough to change pre-set expectations.
Q: What work remains before XP-8121 Phase III initiation, will all preparations be complete by the September 9 webinar, and is the 2030 launch timeline still on track? /
A: Management is completing work to finalize a commercial-ready product, device and formulation before initiating Phase III. All timelines remain on track for a year-end trial initiation, regulatory submission and 2030 launch, and full detailed timelines will be shared at the September 9 webinar.
Q: What share of new endogenous Cushing syndrome patient starts does RecorLev capture, and how large is the current treated patient population? /
A: External data is not sufficient to accurately triangulate overall market size and market share, but over 60% of RecorLev's current patients are new to therapy, indicating most growth comes from overall market expansion from increased screening and detection rather than stealing share from competitors, with significant remaining market opportunity.