Revenue Growth - For the three months ended September 30, 2025, net product revenue increased by $21.2 million or 40.1% to $74.1 million compared to $52.9 million for the same period in 2024[134]. - Recorlev's net revenue rose by $19.2 million or 108.6% for the three months ended September 30, 2025, primarily due to increased patient demand, despite a $1.4 million unfavorable net pricing impact[135]. - Gvoke's net revenue increased by $2.2 million or 9.6% for the three months ended September 30, 2025, reaching $25.2 million compared to $22.9 million in the same period of 2024[134]. - Total revenue for the nine months ended September 30, 2025, was $206.0 million, an increase of $63.1 million or 44.1% compared to $143.0 million for the same period in 2024[134]. - Net revenue increased by $52.3 million or 125.5% for the nine months ended September 30, 2025, primarily driven by higher volume of $56.3 million or 135.1%[136]. - Gvoke's net revenue increased by $2.2 million or 9.6% for the three months ended September 30, 2025, due to higher volume of $0.6 million or 2.7% and favorable net pricing of $1.6 million or 6.9%[137]. - Keveyis' net revenue decreased by $0.3 million or 2.1% for the three months ended September 30, 2025, due to unfavorable net pricing of $1.1 million or 8.8%[139]. Expenses - Research and development expenses for the three months ended September 30, 2025, were $7.5 million, an increase of $1.6 million or 27.1% compared to $5.9 million in the same period of 2024[134]. - Selling, general and administrative expenses for the three months ended September 30, 2025, were $46.5 million, an increase of $1.5 million or 3.3% compared to $45.0 million in the same period of 2024[134]. - Research and development expenses increased by $3.8 million or 19.6% for the nine months ended September 30, 2025, with project-specific expenses for pipeline increasing by $1.4 million or 25.6%[145]. - Selling, general and administrative expenses increased by $11.5 million or 9.3% for the nine months ended September 30, 2025, primarily due to higher personnel-related expenses of $7.9 million[147]. Net Loss and Financial Position - The company reported a net loss of $15.7 million for the nine months ended September 30, 2025, compared to a net loss of $49.7 million for the same period in 2024, reflecting a decrease of $34.0 million or 68.4%[134]. - The accumulated deficit as of September 30, 2025, was $682.4 million, indicating ongoing financial challenges despite revenue growth[121]. - The company has an accumulated deficit of $682.4 million as of September 30, 2025, and expects to incur substantial additional expenditures in the near term[157]. Cash Flow - Net cash provided by operating activities was $8.6 million for the nine months ended September 30, 2025, compared to $39.0 million used in operating activities for the same period in 2024[161]. - Net cash provided by financing activities was $11.7 million for the nine months ended September 30, 2025, driven by proceeds from the exercise of stock awards and issuance of common shares[163]. Patents and Clinical Trials - As of October 31, 2025, the company owned 191 patents globally, including key patents for its glucagon formulation expiring in 2036[120]. - The company plans to initiate a Phase 3 clinical trial for XP-8121, a once-weekly subcutaneous injection of levothyroxine for hypothyroidism[118]. Cost of Goods Sold - Cost of goods sold as a percent of total product revenue improved by 3.8%, to 15.8% for the nine months ended September 30, 2025, primarily due to higher sales of products with a lower cost of goods sold[144]. Foreign Currency Risk - The company is exposed to foreign currency exchange risk due to contracts with organizations outside the United States[169]. - Net foreign currency gains and losses did not have a material effect on the company's results of operations for the three and nine months ended September 30, 2025[169]. Interest Expense - Interest expense decreased by $0.9 million or 3.7% for the nine months ended September 30, 2025, primarily due to a lower principal amount of debt outstanding[150].

Financial Data and Key Metrics Changes - Total product revenue for Q3 2025 exceeded $74 million, representing a 40% increase year over year [4] - The company raised the lower end of its full-year total revenue guidance to a range of $285-$290 million, indicating a 42% increase at the midpoint compared to 2024 [4][12] - Gross margin improved to 85%, driven primarily by an improved product mix [11] - For the first time in the company's history, it reported quarterly net income [9][11] Business Line Data and Key Metrics Changes - Recorlev generated revenue of $37 million in Q3, a year-over-year increase of 109%, with the average number of patients on therapy growing by 108% [5][10] - Gvoke delivered revenue of more than $25 million, up nearly 10% from the same period last year, driven by a 5% increase in total prescriptions [6][10] - Keveyis achieved quarterly revenue of approximately $12 million, supported by new patient additions [6][10] Market Data and Key Metrics Changes - The company continues to expand its prescriber base for Recorlev, reflecting strong demand in the hypercortisolemia and Cushing's syndrome market [5][7] - The average number of patients on therapy for Keveyis increased, indicating a healthy pace of new patient starts [10] Company Strategy and Development Direction - The company is focused on expanding its commercial footprint to capture significant opportunities for Recorlev while strengthening operational capabilities for scalable growth in 2026 and beyond [7] - The strategic expansion includes nearly doubling the sales and patient support teams [7] - The company is advancing its pipeline with XP-8121, a once-weekly subcutaneous form of levothyroxine, with plans to initiate a phase three clinical trial in the second half of 2026 [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for therapies and the company's ability to deliver strong performance [9][12] - The company anticipates continued growth for Recorlev, with expectations of it becoming a billion-dollar product [21] - Management emphasized the importance of maintaining positive adjusted EBITDA while making incremental investments in growth opportunities [12][24] Other Important Information - The company is committed to remaining adjusted EBITDA positive despite increased spending on R&D and SG&A [12][24] - Management highlighted the importance of a disciplined approach to investments in technology and infrastructure to support future growth [29] Q&A Session Summary Question: Impact of expanded sales force on Recorlev productivity - The sales force for Recorlev was increased by 50%, and productivity is expected to ramp up in the first half of the year [15][16] Question: Discontinuation rates for Recorlev - There have been no significant changes in dropout rates, with new patient starts overwhelming any metrics [19][20] Question: Competitive dynamics with potential new entrants - Management views the potential approval of competitors as an opportunity to expand the market for hypercortisolemia treatments [40][41] Question: Plans to target general practitioners for Recorlev - The company plans to expand its commercial footprint to include general practitioners as part of its data-driven approach [41][42] Question: Durability of the Keveyis franchise - The company continues to see strong performance from Keveyis, with ongoing efforts to support patient treatment and retention [45]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Xeris Biopharma (XERS) - Xeris Biopharma currently holds a Momentum Style Score of A, indicating strong potential for momentum investing [3] - The company has a Zacks Rank of 2 (Buy), which is associated with a historical outperformance when combined with a strong Style Score [4] Price Performance - XERS shares have increased by 15.64% over the past week, while the Zacks Medical - Drugs industry remained flat [6] - Over the past month, XERS has shown a price change of 19.69%, significantly outperforming the industry's 0.1% [6] - In the last quarter, XERS shares rose by 84.06%, and over the past year, they have gained 201.96%, compared to the S&P 500's increases of 6.14% and 15.41%, respectively [7] Trading Volume - The average 20-day trading volume for XERS is 2,208,657 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, one earnings estimate for XERS has increased, while none have decreased, leading to a consensus estimate improvement from -$0.03 to -$0.01 [10] - For the next fiscal year, one estimate has moved upwards with no downward revisions, indicating positive sentiment [10] Conclusion - Considering the strong price performance, trading volume, and positive earnings outlook, Xeris Biopharma is positioned as a promising momentum pick with a 2 (Buy) rating and a Momentum Score of A [12]

Company Performance - Xeris Biopharma (XERS) has seen a stock increase of 19.7% over the past month, reaching a new 52-week high of $9.41 [1] - The stock has gained 172.6% since the beginning of the year, significantly outperforming the Zacks Medical sector's 0.7% gain and the Zacks Medical - Drugs industry's 8.1% return [1] Earnings and Revenue Expectations - Xeris Biopharma has a strong record of positive earnings surprises, beating the Zacks Consensus Estimate in the last four quarters [2] - For the current fiscal year, the company is expected to post earnings of -$0.01 per share on revenues of $287.18 million, reflecting a 96.97% change in EPS and a 41.42% change in revenues [3] - For the next fiscal year, earnings are projected to be $0.31 per share on revenues of $349.68 million, indicating a year-over-year change of 3275% in EPS and 21.76% in revenues [3] Valuation Metrics - Xeris Biopharma has a Value Score of D, while its Growth and Momentum Scores are both A, resulting in a combined VGM Score of A [6] - The stock currently holds a Zacks Rank of 2 (Buy), supported by rising earnings estimates, suggesting potential for further gains [7] Industry Comparison - The Medical - Drugs industry is positioned in the top 26% of all industries, indicating favorable conditions for both Xeris Biopharma and its peer, Ironwood Pharmaceuticals [10] - Ironwood Pharmaceuticals has a Zacks Rank of 1 (Strong Buy) and has shown strong earnings performance, beating consensus estimates by 800% [9]

Core Viewpoint - Xeris Biopharma (XERS) shares experienced a significant increase of 14.2% to $9.27, driven by strong investor expectations regarding its growth prospects and an impressive trading volume [1][2]. Company Performance - The stock's recent price surge is linked to positive investor sentiment about Xeris' marketed drugs, including Recorlev, Gvoke, and Keveyis, which target specific medical conditions [2]. - Xeris is projected to report quarterly earnings of $0.01 per share, reflecting a year-over-year increase of 116.7%, with expected revenues of $74.35 million, up 37% from the previous year [3]. Earnings Estimates - The consensus EPS estimate for Xeris has been revised 60.7% higher in the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [4]. - The strong earnings estimate revisions suggest potential for continued stock strength in the future [4]. Industry Context - Xeris Biopharma holds a Zacks Rank of 2 (Buy), indicating favorable market conditions compared to its industry peers [5]. - In contrast, Zoetis (ZTS), another company in the same medical-drugs industry, saw a slight decline of 0.9% in its stock price and has a Zacks Rank of 3 (Hold) [5][6].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, capitalizing on established price movements [1] Company Overview: Xeris Biopharma (XERS) - Xeris Biopharma currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting a favorable outlook compared to the market [3] Performance Metrics - XERS shares have increased by 5.96% over the past week, outperforming the Zacks Medical - Drugs industry, which remained flat [5] - Over the past quarter, XERS shares have risen by 57.69%, and by 178.86% over the last year, significantly outperforming the S&P 500's gains of 8.19% and 19.01% respectively [6] Trading Volume - The average 20-day trading volume for XERS is 2,056,227 shares, indicating a bullish trend when combined with rising stock prices [7] Earnings Outlook - In the past two months, three earnings estimates for XERS have been revised upwards, with the consensus estimate improving from -$0.07 to -$0.03 [9] - For the next fiscal year, three estimates have also moved higher, with no downward revisions noted [9] Conclusion - Given the strong performance metrics and positive earnings outlook, Xeris Biopharma is positioned as a promising investment opportunity with a Momentum Score of A [11]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1][2]. Company Overview: Xeris Biopharma (XERS) - Xeris Biopharma currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating strong potential for performance [3][4]. - The stock has shown a price increase of 0.26% over the past week, outperforming the flat performance of the Zacks Medical - Drugs industry [6]. - Over the past month, XERS has risen by 7.92%, compared to the industry's 2.14% [6]. - In the last three months, XERS shares have increased by 76.59%, and by 191.01% over the past year, significantly outperforming the S&P 500's gains of 8.64% and 21.49%, respectively [7]. Trading Volume - XERS has an average 20-day trading volume of 2,082,965 shares, which is a useful indicator of market interest and price movement [8]. Earnings Outlook - In the past two months, three earnings estimates for XERS have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from -$0.07 to -$0.03 [10]. - For the next fiscal year, three estimates have also moved upwards, indicating positive sentiment [10]. Conclusion - Given the positive price trends and earnings outlook, Xeris Biopharma is positioned as a strong momentum pick, meriting attention from investors [12].

Summary of Xeris Biopharma Holdings FY Conference Call Company Overview - **Company**: Xeris Biopharma Holdings (NasdaqGS:XERS) - **Key Products**: - **Gvoke®**: An EpiPen-like product for diabetics - **Keveyis®**: Treatment for primary periodic paralysis, an ultra-rare disease - **Recorlev®**: The largest and fastest-growing product, targeting hypercortisolemia and Cushing's syndrome - **Pipeline**: A product in phase 3, XP8121, designed for patients with GI absorption issues related to levothyroxine [3][4][18] Core Insights and Arguments - **Growth Sustainability**: The company has achieved significant growth, with a focus on maintaining this momentum through strategic investments and expanding its commercial footprint [3][4][11] - **Recorlev® Market Opportunity**: The market for Recorlev® is projected to be a billion-dollar opportunity, driven by increased screening for hypercortisol conditions. The product is positioned as the best option for normalizing cortisol levels [4][10][16] - **XP8121 Development**: XP8121 is a phase 3-ready product that aims to address the unmet needs of patients unable to manage levothyroxine due to GI absorption issues. The potential market opportunity is estimated between $1 billion to $3 billion [18][20] - **Gvoke® and Keveyis® Performance**: Gvoke® is experiencing low double-digit growth, while Keveyis® remains resilient despite generic competition, continuing to attract new patients [30][33] Additional Important Points - **Investment Strategy**: The company is entering a new growth phase, with a projected 40% year-over-year growth at the midpoint. Capital will be allocated primarily to Recorlev® and XP8121, leveraging a self-funded business model [36] - **Competitive Dynamics**: While there are competitors in the market, Xeris believes that the unique mechanism of action of Recorlev® provides a competitive advantage. Increased screening for cortisol levels is beneficial for the entire market [16][26] - **Payer Considerations**: The company is aware of payer challenges but believes that addressing unmet medical needs will facilitate acceptance and reimbursement for their products [26][27] This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic direction, product performance, and market opportunities.

Core Insights - Xeris Biopharma Holdings (NASDAQ: XERS) has experienced a significant stock price increase of over 45% in the past month, primarily due to impressive Q2 2025 results [1] Financial Performance - The company's revenue for Q2 2025 has shown a notable rise, contributing to the bullish trend in its stock price [1]

Core Viewpoint - Xeris Biopharma (XERS) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive shift in earnings estimates which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with stock price movements, particularly due to institutional investors adjusting their valuations based on these estimates [3][5]. - An increase in earnings estimates typically leads to higher fair value for a stock, prompting institutional investors to buy or sell, thus affecting stock prices [3]. Company Performance Indicators - The upgrade for Xeris Biopharma suggests an improvement in the company's underlying business, which should encourage investors to drive the stock price higher [4]. - The Zacks Consensus Estimate for Xeris Biopharma has increased by 3.6% over the past three months, with expectations of earnings at -$0.05 per share for the fiscal year ending December 2025, indicating no year-over-year change [7]. Zacks Rating System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [6][8]. - The upgrade to Zacks Rank 2 places Xeris Biopharma in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [9].