Xeris Biopharma (XERS) Investor Day 2025 summary

Strategic vision, leadership, and growth trajectory

• Focused on long-term value creation and accelerated growth through innovation in endocrine and rare disease therapies, leveraging proprietary technologies and operational excellence.

• Leadership team with deep experience in pharmaceutical development, commercialization, and operational excellence.

• Revenue guidance raised to $260M–$275M for 2025, targeting $750M by 2030 and multi-billion dollar revenue by 2035, driven by Recorlev and XP-8121.

• Financial strength enables self-funding of growth initiatives, with at least 85% gross margins and positive adjusted EBITDA, eliminating the need for additional capital.

• Open to partnerships for value-adding opportunities but not reliant on them for funding or execution.

Recorlev: Market opportunity and commercial strategy

• Recorlev, a differentiated therapy for Cushing's syndrome, is expected to reach $1B in annual net revenue by 2035, with ongoing investments in commercial expansion, patient support, and data generation.

• Stepwise investments include sales force expansion, infrastructure enhancements, and real-world evidence generation to strengthen value proposition and payer engagement.

• Focus on broadening screening and diagnosis of hypercortisolism, targeting both visible and non-visible patient presentations to capture unmet needs and drive market growth.

• Lifecycle management includes defending IP (patents to 2040), exploring new indications, and combination therapies to ensure brand durability.

• Recorlev's unique mechanism addresses the root cause of Cushing's syndrome, normalizes cortisol, improves clinical outcomes, and supports individualized therapy.

XP-8121: Innovation in hypothyroidism management

• XP-8121, a once-weekly subcutaneous levothyroxine, bypasses GI absorption and targets 3M–5M US patients with inconsistent control on oral therapy.

• Phase III pivotal study to begin in 2026, aiming for approval by 2030, with a 1,000-patient, 54-week trial comparing XP-8121 to oral therapy on TSH normalization.

• Peak sales projected at $1B–$3B, supported by strong prescriber and patient interest due to unmet needs and dissatisfaction with current therapies.

• Product leverages proprietary XeriSol technology and established regulatory pathways, with development and launch fully funded by internal cash flow.

• High patient and physician interest due to improved compliance and predictable pharmacokinetics.