XERS earnings analysis
What we found in XERS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Xeris Biopharma reported strong Q1 2026 results with total revenue of $83.1 million and a diluted EPS of $0.01, exceeding analysts' expectations. Significant growth was driven primarily by Recorlev, along with a notable increase in overall product sales, leading to a substantial shift from a loss in the prior year. Management has raised its full-year revenue guidance, indicating confidence in continued growth.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 Revenue Increased 38.3% YoY
- Total revenue reached $83.1 million, an increase of $23.0 million compared to $60.1 million in Q1 2025.
- EPS Turned Positive
- Reported diluted EPS of $0.01, a significant improvement from a loss of $0.06 in Q1 2025.
- Recorlev Revenue Surge
- Recorlev revenue grew by 94.9% to $49.8 million, up from $25.5 million in the prior year.
- Cash Flow Positive from Operations
- Operating cash flow was $9.9 million, compared to a cash outflow of $10.0 million in Q1 2025.
- R&D Expenses Up 13.3%
- R&D expenses increased to $8.8 million from $7.8 million in the prior year, reflecting ongoing investment in pipeline products.
- Management Raises Revenue Guidance
- Full-year revenue guidance increased to $380-$390 million, up from previous estimates.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising SG&A Expenses
- SG&A expenses increased to $53.1 million from $44.0 million, a 20.7% increase, which could pressure margins.
- Dependence on a Few Key Products
- Continued reliance on Recorlev for revenue growth could be risky amid competitive pressures.
- Potential Legal Challenges
- New patent infringement lawsuits filed against major competitors could lead to uncertainties regarding market share.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.01
- Segment
- Recorlev
- Segment
- Gvoke
- Segment
- Keveyis
What they said about what is next.
Management raised full-year revenue guidance to $380-$390 million, reflecting ongoing growth from product performance.
The filing reads better than the one before it.
What came before.
- 10-K · March 2, 2026
- Xeris reported strong Q4 2025 performance with revenue of $85.8M and EPS of $0.06, beating consensus (est. $84.17M / $0.04). Margins and free cash flow expanded meaningfully in Q4 (gross margin 87.2%, operating margin…
- 10-Q · August 7, 2025
- Xeris reported Q2 revenue of $71.539M, a 48.8% increase from $48.065M in Q2 2024, driven by Recorlev and royalty/contract revenue. The company moved to operating income of $4.482M (6.3% operating margin) versus an…
- 10-Q · August 8, 2024
- Xeris reported Q2 total revenue of $48,065 (in thousands), up from $40,638 in Q1 (derived) and $38,008 in Q2 2023, with product revenue of $46,512 (in thousands). Gross margin remained high (~83.8% based on $48,065…
- 10-Q · May 9, 2024
- Xeris reported Q1 revenue of $40.638M, up from $33.196M a year ago (+22.4%), driven by Recorlev growth, but reported a larger net loss of $18.98M (EPS -$0.14) versus $16.83M (EPS -$0.12) in Q1 2023. Gross margin…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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