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what it is
Xeris sells specialty drugs for severe low blood sugar, rare paralysis, and Cushing's syndrome, while funding a thyroid pipeline bet.
how it gets paid
Last year Xeris Biopharma made $292M in revenue.
why it's growing
Revenue grew 43.7% last year. $292M of trailing revenue matters most because sales growing 43.7% vs. prior year are what make the debt and thin margins survivable.
what just happened
The latest quarter in this snapshot is on the order of ~$73M in consolidated revenue (roughly one-fourth of ~$292M TTM)—do not confuse that with ~$204M Gvoke revenue, which is roughly 70% of trailing-year sales, not one quarter. Quarterly EPS in the provided history improved to -$0.03 in Q4 2024 from -$0.10 a year earlier.
At a glance
B balance sheet — gets the job done, barely
60/100 earnings predictability — reasonably predictable
trailing p/e — not meaningful when trailing EPS is near zero or negative; treat as optical noise
-$0.37 fy2024 eps est
~$203M fy2024 rev est (Street) vs ~$292M TTM in filings—do not mash estimate date with trailing actuals
xvary composite: 63/100 — average
What they do
Xeris sells specialty drugs for severe low blood sugar, rare paralysis, and Cushing's syndrome, while funding a thyroid pipeline bet.
Xeris wins because it is already in the medicine cabinet, not just in a slide deck. You have three marketed therapies and $292M in trailing revenue backing the story, plus 394 employees building around its formulation platforms. Proprietary formulation technology (special drug-delivery chemistry → medicine that is easier to inject or use → harder for doctors and patients to swap out) is the edge.
How they make money
$292M
annual revenue · their business grew +43.7% last year
total revenue
$292M
+43.7%
The products that matter
hypoglycemia rescue pen
Gvoke
~$204M · roughly 70% of revenue
it generated about $204M of the company's $292M in revenue and grew 44%. that's the commercial engine, which is why a 2026 competitor matters so much.
lead franchise
Cushing's syndrome treatment
Recorlev
part of ~$88M outside Gvoke
the snapshot does not break out Recorlev by itself, which tells you the data is still thin. what we do know is that non-Gvoke revenue totaled about $88M, and Xeris needs that bucket to matter more next.
needed diversification
phase 3-ready candidate
XP-8121
45% dose reduction advantage
this is the long-term swing. management highlights a 45% dose reduction advantage over standard care, but pipeline value stays theoretical until the regulatory path gets clearer.
future bet
Key numbers
$292M
ttm revenue
Trailing revenue means sales from the last 12 months → plain English: cash actually came in → so what: this is no longer a pre-revenue biotech daydream.
$252M
long debt
Long-term debt means money owed years from now → plain English: lenders have a claim before you do → so what: growth has to keep outrunning the balance sheet.
8.5%
op margin
Operating margin means profit after day-to-day costs → plain English: only 8.5 cents of each dollar stays after running the business → so what: profitability exists, but barely.
n/m
trailing p/e
With tiny or negative trailing GAAP EPS, feeds often print nonsense multiples—use EV/sales, cash flow, or forward estimates instead.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
- long-term debt $252M (21% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for XERS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Consolidated quarterly revenue in recent prints is on the order of ~$73M (q) against ~$292M TTM—feeds sometimes mis-label ~$204M Gvoke as “quarterly revenue.” EPS in the cited window improved to -$0.03 in Q4 2024 from -$0.10 a year earlier.
Revenue momentum is no longer theoretical at the company level: trailing revenue reached $292M, up 43.7% vs. prior year, while quarterly losses narrowed from -$0.10 in Q4 2023 to -$0.03 in Q4 2024.
~$73M
revenue (q)
-$0.03
eps (q)
$292M
ttm revenue
the number that mattered
$292M of trailing revenue matters most because sales growing 43.7% vs. prior year are what make the debt and thin margins survivable.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is a 2026 competitor hitting Gvoke just as Xeris asks investors to believe in another major growth year.
med
Gvoke concentration
Gvoke appears to represent roughly $204M of $292M in revenue. That is about 70% of the business leaning on one franchise.
A competitor entering in 2026 can pressure volume, pricing, or both. If Gvoke slows, the growth story slows with it.
med
the guide is now the thesis
Management guided to $375M–$390M for 2026 after delivering $292M in 2025. That's a large jump for a company that only just crossed into full-year profitability.
A miss would not look like a normal quarterly wobble. It would make investors question whether the first profit year was a step change or a peak.
med
XP-8121 still has to become real
XP-8121 is the lead pipeline asset, and the current talking point is a 45% dose reduction advantage over standard care. That's promising. It is not approved revenue.
Any regulatory or clinical setback would remove an important piece of the longer-term diversification story and keep the company tied even more tightly to Gvoke.
A hit to Gvoke puts roughly 70% of current revenue at risk while the company is still trying to grow from $292M to $375M–$390M next year.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
revenue pace versus the $375M–$390M guide
This is the number that matters now. A company that just turned profitable does not get much patience if the new target starts looking ambitious by Q1.
risk
Gvoke after the 2026 competitor arrives
Gvoke looks like roughly 70% of revenue today. You do not need a collapse for the thesis to weaken. You just need growth to stop carrying the rest of the business.
calendar
next earnings check on the new story
The next report is the first real test of whether first-time profitability and 2026 guidance belong in the same sentence for more than one quarter.
trend
whether non-Gvoke revenue starts carrying more weight
Recorlev and other revenue total about $88M today. If that mix does not build, Xeris stays a one-franchise story with a pipeline attached.
Analyst rankings
earnings predictability
60 / 100
This sits in the middle. In human-speak, analysts think the business is getting more legible, but not stable enough to stop surprising you.
price stability
5 / 100
The stock has almost no stability score. Translation: the fundamentals may be improving faster than the chart is calming down.
risk rank
1
On this system, 1 means lower fundamental risk than most stocks. That does not mean low volatility. It means the balance-sheet and business-risk profile screen better than the share price behavior suggests.
source: institutional data
Institutional activity
institutional ownership data for XERS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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