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1. Company Snapshot

1.a. Company Description

Xeris Biopharma Holdings, Inc., a biopharmaceutical company, engages in developing and commercializing therapies for patient populations in endocrinology, neurology, and gastroenterology.The company markets Gvoke, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia; and Keveyis, a therapy for the treatment of hyperkalemic, hypokalemic, and related variants of primary periodic paralysis; and Recorlev, a cortisol synthesis inhibitor proved for the treatment of endogenous hypercortisolemia in adult patients with Cushing's syndrome.It also has a pipeline of development programs to extend the marketed products into new indications and uses and bring new products using its proprietary formulation technology platforms, XeriSol and XeriJect.


The company was incorporated in 2005 and is headquartered in Chicago, Illinois.

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1.b. Last Insights on XERS

Xeris Biopharma's recent performance was driven by the strong growth of its product portfolio, particularly Recorlev, which delivered record Q2 revenue. The company's Q3 earnings report showed break-even quarterly earnings per share, beating the Zacks Consensus Estimate. A "Moderate Buy" rating from brokerages, with five issuing a buy rating, indicates a positive outlook. The company's focus on expanding its product offerings, including XP-8121, a once-weekly levothyroxine, presents significant long-term upside potential.

1.c. Company Highlights

2. Xeris Biopharma Posts Record Q3 Revenue, Driven by Strong Demand for RECORLEV

Xeris Biopharma reported a strong third quarter, with total product revenue exceeding $74 million, a 40% increase year-over-year. The company's gross margin expanded to 85%, driven by an improved product mix. Adjusted EBITDA for the quarter was $17.4 million, a significant improvement compared to the same period last year. The company's actual EPS loss was narrower than expected, at -$0.01 versus estimates of -$0.03.

Publication Date: Nov -26

📋 Highlights
  • Title: Description with figures
  • Total Revenue Growth: Q3 revenue reached $74.4 million, a 40% year-over-year increase.
  • RECORLEV Performance: Generated $37 million in revenue, 109% YoY growth, with patient therapy numbers up 108%.
  • Full-Year Guidance Raised: Revenue guidance revised to $285–290 million, reflecting a 42% midpoint increase YoY.
  • Gross Margin Expansion: Improved to 85%, driven by favorable product mix, with adjusted EBITDA at $17.4 million.
  • Future R&D Investments: XP-8121 trial planned for H2 2026, with R&D spend expected to peak in 2027 during trial phases.

Revenue Growth Fueled by RECORLEV and KEVEYIS

RECORLEV remained the primary growth driver, with revenue more than doubling to $37 million, a 109% increase year-over-year. The average number of patients on therapy grew by 108% versus the same period last year. Gvoke delivered another quarter of steady growth, while KEVEYIS outperformed expectations, driven by new patient additions. The company's revenue guidance for the full year was raised to $285 million to $290 million, a 42% increase at the midpoint.

Investments in Growth Opportunities

As Xeris Biopharma continues to invest in growth opportunities, it expects some variability in quarterly EPS results going forward. The company remains committed to maintaining positive adjusted EBITDA. According to John Shannon, CEO, "We're investing in more expansion, driven by a market that is ripe for expansion." The company plans to start the XP-8121 trial in the second half of next year, which is expected to drive R&D spend higher in 2027.

Valuation and Growth Expectations

Analysts estimate next year's revenue growth at 27.9%. With a current P/S Ratio of 4.79 and EV/EBITDA of 186.12, the market appears to be pricing in significant growth expectations. The company's ROE is 113.91%, indicating strong profitability. However, the Net Debt / EBITDA ratio is 26.77, suggesting a high level of debt relative to EBITDA. As Xeris Biopharma continues to invest in growth opportunities, its valuation multiples will be closely watched to determine if the current price is justified.

3. NewsRoom

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Xeris Biopharma Holdings, Inc. (NASDAQ:XERS) Receives Average Recommendation of “Moderate Buy” from Analysts

Nov -25

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Xeris Biopharma Holdings, Inc. (XERS) Q3 2025 Earnings Call Transcript

Nov -06

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Xeris Biopharma (XERS) Reports Q3 Earnings: What Key Metrics Have to Say

Nov -06

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Xeris Biopharma (XERS) Reports Break-Even Earnings for Q3

Nov -06

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Xeris Biopharma Holdings, Inc. (NASDAQ:XERS) Given Average Recommendation of “Moderate Buy” by Brokerages

Oct -31

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Xeris Biopharma (XERS) Surges 14.2%: Is This an Indication of Further Gains?

Oct -16

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What Makes Xeris Biopharma (XERS) a Strong Momentum Stock: Buy Now?

Sep -09

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Xeris In Recorlev-Fuelled Growth: Why I Choose To Buy

Sep -05

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.63%)

6. Segments

Gvoke, Keveyis and Recorlev

Expected Growth: 10.5%

Growing demand for convenient and effective treatments for severe hypoglycemia, periodic paralysis, and Cushing's syndrome, driven by increasing prevalence of these conditions, advancements in biotechnology, and Xeris Biopharma's innovative products, including Gvoke, Keveyis, and Recorlev, which offer improved patient outcomes and convenience.

Royalty, Contract and Other

Expected Growth: 12.4%

Xeris Biopharma's royalty fees from licensed products, contract revenue from collaborations, and other income from miscellaneous sources are expected to drive growth. Increasing demand for innovative biopharmaceuticals, strategic partnerships, and expanding product portfolios are key growth drivers.

7. Detailed Products

Gvoke

Gvoke is a ready-to-use, room-temperature stable glucagon injection for the treatment of severe hypoglycemia in people with diabetes.

Ogluo

Ogluo is a ready-to-use, room-temperature stable glucagon injection for the treatment of severe hypoglycemia in people with diabetes.

Gvoke HypoPen

Gvoke HypoPen is a ready-to-use, room-temperature stable glucagon injection for the treatment of severe hypoglycemia in people with diabetes.

XeriSol

XeriSol is a ready-to-use, room-temperature stable glucagon injection for the treatment of severe hypoglycemia in people with diabetes.

8. Xeris Biopharma Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Xeris Biopharma Holdings, Inc. operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's focus on developing innovative and differentiated products.

Bargaining Power Of Customers

Xeris Biopharma Holdings, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are often critical to customers' operations, making it difficult for them to negotiate prices.

Bargaining Power Of Suppliers

Xeris Biopharma Holdings, Inc. relies on a few key suppliers for raw materials and services. While the company has some bargaining power due to its size, suppliers may still have some leverage in negotiations.

Threat Of New Entrants

The biopharmaceutical industry is highly competitive, and new entrants can easily disrupt the market. Xeris Biopharma Holdings, Inc. must continually innovate and differentiate its products to stay ahead of new competitors.

Intensity Of Rivalry

The biopharmaceutical industry is highly competitive, with many established players and new entrants vying for market share. Xeris Biopharma Holdings, Inc. must be highly competitive in terms of pricing, product offerings, and innovation to maintain its market position.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 103.61%
Debt Cost 9.93%
Equity Weight -3.61%
Equity Cost 9.93%
WACC 9.93%
Leverage -2866.81%

11. Quality Control: Xeris Biopharma Holdings, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Xeris Biopharma

A-Score: 5.2/10

Value: 6.2

Growth: 7.1

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

Stock-Card
MannKind

A-Score: 4.0/10

Value: 3.2

Growth: 8.7

Quality: 7.1

Yield: 0.0

Momentum: 2.0

Volatility: 3.0

1-Year Total Return ->

Stock-Card
Kymera Therapeutics

A-Score: 3.8/10

Value: 6.4

Growth: 3.1

Quality: 4.9

Yield: 0.0

Momentum: 6.5

Volatility: 2.0

1-Year Total Return ->

Stock-Card
Actinium Pharmaceuticals

A-Score: 3.7/10

Value: 6.8

Growth: 5.9

Quality: 3.1

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

1-Year Total Return ->

Stock-Card
Syros Pharmaceuticals

A-Score: 3.5/10

Value: 8.2

Growth: 5.6

Quality: 7.4

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

Stock-Card
OmniAb

A-Score: 2.7/10

Value: 7.7

Growth: 1.6

Quality: 4.6

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.51$

Current Price

6.51$

Potential

-0.00%

Expected Cash-Flows