Xeris Biopharma reported record product revenue of $74.1 million for the third quarter of 2025, a 40% year‑over‑year increase that lifted the company to a net income of $0.6 million and adjusted EBITDA of $17.4 million. The company also cut its cost of goods sold by $2.6 million, a 19% reduction that helped improve gross margin to 85%. These figures represent a dramatic turnaround from the $15.7 million loss and negative adjusted EBITDA reported in Q3 2024.
The revenue growth was driven by a 109% jump in Recorlev sales to $37 million, powered by a 108% rise in patients on therapy. Gvoke added $25.1 million, up 10% on the prior year, thanks to a 5% increase in prescriptions and favorable gross‑to‑net adjustments. Keveyis generated $11.9 million, a 2.1% decline, reflecting modest headwinds in that therapeutic area.
Earnings per share were $0.01, matching the consensus estimate of $0.01. While some analysts reported a break‑even EPS of $0.00, the company’s EPS met expectations because of disciplined cost control and a more favorable product mix, even as research and development expenses remained high.
Management raised its full‑year 2025 revenue guidance to $285–$290 million, up from the previous $280–$290 million range. The adjustment reflects confidence in continued demand for Recorlev and stable performance of Gvoke and Keveyis, and signals that the company expects a 42% revenue increase at the midpoint of the new guidance.
Shares fell 10.9% in pre‑market trading, a reaction driven by investors’ focus on the EPS miss and the narrow revenue miss relative to some analysts’ expectations. The market’s response underscores the importance of bottom‑line metrics even when top‑line growth is strong.
CEO John Shannon said the quarter was “record‑breaking, driven by increased patient demand across all products,” while CFO Steven Pieper highlighted the company’s cost‑control achievements and the continued investment in the XP‑8121 pipeline and technology platforms, reinforcing confidence in long‑term growth.
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