Xeris Biopharma Sets 2026 Revenue Outlook at $375–$390 Million, Targets H2 Start for XP-8121 Phase III

Overview

• Management expects to remain adjusted EBITDA positive in 2026 despite a planned increase of about $25 million in R&D and a $45 million rise in SG&A.
• Full-year 2025 revenue rose 44% to $291.8 million, with nearly $60 million in adjusted EBITDA and the company’s first full-year net income.
• Recorlev generated $139.3 million in 2025 revenue as the treated patient base reached roughly 700 by year-end.
• XP-8121’s Phase III is slated for the second half of 2026, with timing contingent on scaling commercial manufacturing and finalizing the go-to-market device.
• Xeris filed patent infringement suits against two ANDA filers to defend four Orange Book-listed Recorlev patents running to March 2040, alongside orphan exclusivity through 2028.