Xeris Biopharma (XERS) Q4 2025 earnings summary

Executive summary

• Achieved financial self-sustainability and record total revenue of $86 million for Q4 2025 and $292 million for the full year, reflecting strong growth across key products.

• Transitioned to net profitability in both Q4 and full year 2025, with net income of $11.1 million for Q4 and $0.6 million for the year, compared to net losses in 2024.

• Adjusted EBITDA reached $25.1 million in Q4 and $59.4 million for the year, showing significant operational improvement.

• Exited 2025 with strong momentum, a durable operating foundation, and confidence in long-term strategy.

• Provided 2026 revenue guidance of $375–$390 million, representing over 30% growth at the midpoint.

Financial highlights

• Q4 2025 revenue grew 43% year-over-year to $85.8 million; full-year revenue increased 44% to $291.8 million.

• Achieved nearly $60 million in Adjusted EBITDA and reported net income for the full year for the first time.

• Gross margin improved to 87% in Q4 and 85% for the year, driven by favorable product mix.

• R&D expenses rose 22% year-over-year to $31.2 million, reflecting pipeline advancement.

• SG&A expenses increased 12% to $182.4 million for the year, supporting commercial growth.

Outlook and guidance

• 2026 revenue guidance set at $375–$390 million, representing over 30% growth at the midpoint.

• Expect to remain Adjusted EBITDA positive in 2026, even with increased R&D and SG&A investments.

• R&D expected to increase by ~$25 million in 2026 to support XP-8121 phase III initiation.

• SG&A to rise by ~$45 million in 2026, primarily due to expanded commercial operations.

• Gross margin projected to improve modestly in 2026 due to favorable product mix.