Xeris Biopharma (NasdaqGS:XERS) FY Conference Transcript

Summary of Xeris Biopharma FY Conference Call (March 11, 2026) Company Overview - Company: Xeris Biopharma (NasdaqGS:XERS) - CEO: John Shannon - CFO: Steve Pieper - Business Model: Fast-growing commercial biopharma company with three commercial products: - Gvoke: Rescue pen for hypoglycemia - KEVEYIS: Treatment for primary periodic paralysis - Recorlev: Treatment for hypercortisolemia and Cushing's syndrome, identified as the primary growth driver - Pipeline: XP-8121, a once-weekly SubQ levothyroxine for hypothyroidism, is phase 3-ready and expected to start trials in 2026 [5][6][8] Financial Performance - 2025 Revenue: $292 million, exceeding expectations with a 44% growth year-over-year [8] - Adjusted EBITDA: $60 million, marking a transition to positive EBITDA [8] - Net Income: Achieved for the full year, indicating the ability to self-fund strategy and pipeline [8] Product Performance Recorlev - Growth: Over 100% growth for the past two years, with significant acceleration noted in late 2024 [10][14] - Market Dynamics: Increased patient screening and diagnosis in hypercortisolemia led to a larger patient base [14] - Sales Organization Expansion: Increased from 28 to 42 sales personnel to capture market opportunities [14] - Future Guidance: Majority of growth expected in 2026 will come from Recorlev, with confidence in meeting or exceeding guidance [28][30] Gvoke - Steady Growth: Consistent growth since launch, targeting insulin users who need protection from hypoglycemia [20] - Market Penetration: Approximately 15 million potential users, with only 1 million currently using Gvoke [20] - Revenue Growth Expectation: Anticipated growth in the high single digits to low double digits for the foreseeable future [21] KEVEYIS - Resilience: Despite generic competition, KEVEYIS returned to growth in Q4 2025 after initial declines [24] - Patient Support Services: Additional services around the product have contributed to its resilience [25] Competitive Landscape - Market Dynamics: Increased competition in the hypercortisolemia space is viewed positively, as it helps identify and treat more patients [34] - RECORLEV Differentiation: Unique mechanism of action that normalizes cortisol levels, distinguishing it from competitors that only block cortisol at the receptor level [42][43] Future Outlook - Peak Sales Target for Recorlev: $1 billion by 2035, with ongoing investments required to support growth [45][46] - XP-8121 Potential: Positioned as a blockbuster with a significant unmet medical need, targeting 3-5 million patients who struggle with GI absorption issues [81] - Balance Sheet Strength: Ended the year with over $110 million in cash, allowing for continued investment in key products [84] Conclusion - Market Positioning: Xeris Biopharma is focused on executing its strategy and believes that continued performance will lead to rational market movements and stock appreciation [86]