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 - 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].

Financial Data and Key Metrics Changes - Total revenue for 2024 was over $203 million, growing 24% year-over-year, driven by strong demand for Recorlev and Gvoke [8][14] - Net product revenue for Q4 2024 was $57 million, marking a 34% increase compared to the prior year [28] - Adjusted EBITDA turned positive in Q4 2024, with expectations to remain positive going forward [15][43] Business Line Data and Key Metrics Changes - Recorlev achieved $64.3 million in revenue for 2024, a 118% increase compared to 2023, with Q4 revenue of $22.6 million, up 131% year-over-year [9][28] - Gvoke generated nearly $83 million in revenue for 2024, a 24% increase, with Q4 revenue of $23.3 million, also a 25% increase [10][30] - Keveyis ended 2024 with approximately $50 million in revenue, a 13% decline year-over-year, but maintained a steady patient base [11][36] Market Data and Key Metrics Changes - The market for hypercortisolemia is expanding, with increasing diagnoses leading to more patients being treated [16][17] - Gvoke targets a large untapped market, with an estimated 14 million patients unprotected by life-saving therapies [18][19] Company Strategy and Development Direction - The company aims for total revenue between $255 million and $275 million in 2025, representing over 30% year-over-year growth at the midpoint [14][36] - Strategic priorities include driving growth of commercial products, maintaining financial discipline, and enhancing communication with stakeholders [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth, particularly for Recorlev and Gvoke, while anticipating steady demand for Keveyis [36][38] - The company is focused on leveraging its existing commercial capabilities for the development of XP-8121, a new product for hypothyroidism [25][102] Other Important Information - The company reported a gross margin of 84% in Q4 2024, a 1% improvement year-over-year, driven by a favorable product mix [32] - The company ended 2024 with a healthy cash position of $71.6 million [35] Q&A Session Summary Question: Recorlev strength and prescriber growth - Management noted both expansion of the writer base and increased prescriptions from existing prescribers contributing to Recorlev's growth [47] Question: Year-over-year prescription growth in hypercortisolism - Management indicated a lack of specific data on market growth but emphasized the importance of field efforts to identify patients [49] Question: Expectations for Keveyis in 2025 - Management suggested Keveyis may have found its bottom, with expectations to hold steady despite potential pressures on reimbursement [54] Question: Long-term spend to support Recorlev - Management acknowledged the need for continued investment in Recorlev, with a focus on expanding awareness and treatment [81][88] Question: Durability and exclusivity runway for Recorlev - Patents for Recorlev extend to 2040, with orphan exclusivity through 2028, providing a significant runway for growth [84][86] Question: Gvoke and updated guidelines - Management is focused on raising awareness of new guidelines to protect unprotected patients, viewing it as a long-term opportunity [94] Question: Phase 3 readiness for XP-8121 - Management confirmed plans for Phase 3 readiness, with potential clinical trials starting in 2026 [95]