Xeris Biopharma (XERS) Q2 2026 earnings summary

Executive summary

• Total revenue for Q2 2026 reached $92.1 million, up 28.7%–34% year-over-year, driven by strong Recorlev sales and improved product mix.

• Net product revenue was $91 million, up 34% year-over-year, with Recorlev leading growth at 81%.

• Net loss for Q2 2026 was $31.1 million, primarily due to a $30.8 million non-cash charge from convertible notes retirement.

• Intellectual property portfolio strengthened with new patents for Keveyis and XP-8121, supporting long-term growth.

• Fully retired 2028 convertible notes post-quarter, eliminating $3 million in annual interest expense.

Financial highlights

• Net product revenue reached $91 million, up 34% year-over-year; Recorlev up 80.6%–81%, Keveyis up 1.7%–2%, Gvoke slightly down year-over-year.

• Total revenue was $92.1 million, a 28.7%–29% increase year-over-year.

• Gross margin improved to 86%, up from 82% in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $19.3 million, up $6.7 million or over 50% year-over-year.

• Net loss per share for Q2 2026 was $(0.18), compared to $(0.01) in Q2 2025.

Outlook and guidance

• Full-year 2026 total revenue guidance raised/tightened to $385 million–$390 million.

• Gross margin expected to show modest improvement over 2025.

• R&D expenses to increase by approximately $25 million versus 2025, mainly for XP-8121 phase III.

• SG&A expected to increase by $50 million for the full year, reflecting further commercial investments.

• Management expects continued investment in commercial products and pipeline development, with potential for ongoing net losses in the near term.