XERIS BIOPHARMA HOLDINGS INC (NASDAQ:XERS) Posts Record Q3 2025 Revenue but Misses Analyst Estimates

Xeris Biopharma Holdings Inc (NASDAQ:XERS) reported its third quarter 2025 financial results, delivering record revenue that demonstrated substantial year-over-year growth while narrowly missing analyst sales expectations. The company's performance reflects continued commercial momentum across its product portfolio, though investors reacted negatively in pre-market trading following the announcement.

Quarterly Performance Versus Estimates

Xeris posted total revenue of $74.4 million for the third quarter of 2025, representing a 37% increase compared to the same period last year. This growth was primarily driven by the company's three commercial products, though the result came in slightly below analyst expectations of $75.7 million.

The company reported break-even earnings per share of $0.00, falling short of the $0.0041 per share that analysts had projected. This marks a significant improvement from the net loss of $15.7 million reported in the third quarter of 2024, but still disappointed investors hoping for positive earnings.

Key financial metrics from the quarter include:

• Total Revenue: $74.4 million (37.1% year-over-year growth)
• Product Revenue: $74.1 million (40.1% year-over-year growth)
• Net Income: $0.6 million versus net loss of $15.7 million in Q3 2024
• Adjusted EBITDA: $17.4 million, a $20.1 million improvement year-over-year

Market Reaction and Price Action

Following the earnings release, XERS shares declined approximately 10.9% in pre-market trading. This negative price action suggests investor disappointment with the earnings miss, particularly on the bottom line. The reaction stands in contrast to the stock's recent performance, which had shown strength over the past month with gains exceeding 20%.

Product Portfolio Performance

The company's three commercial products showed varied performance in the third quarter:

• Recorlev: Delivered $37.0 million in revenue, representing 109% year-over-year growth driven by increased patient demand
• Gvoke: Generated $25.2 million, a 10% increase compared to Q3 2024
• Keveyis: Produced $11.9 million, a slight 2% decrease from the prior year period

Updated Guidance and Analyst Expectations

Xeris raised its full-year 2025 revenue guidance to $285-$290 million, implying 42% growth at the midpoint compared to 2024. This updated outlook compares favorably to analyst sales estimates of $292.2 million for the full year, suggesting management confidence in continued strong performance through the fourth quarter.

For the upcoming fourth quarter, analysts project revenue of $82.0 million and earnings per share of $0.038, representing another quarter of significant growth if achieved.

Operational Efficiency Improvements

The company demonstrated improved operational efficiency during the quarter:

• Cost of goods sold decreased 19% to $11.0 million
• Selling, general and administrative expenses increased only 3% despite substantial revenue growth
• Research and development expenses increased 27% to support pipeline development

Investment Considerations

Xeris continues to show impressive revenue growth and has achieved profitability on a net income basis for the first time in the recent quarter. The company's strong product portfolio, particularly the exceptional growth of Recorlev, provides a solid foundation for future performance. However, investors should note the earnings miss and monitor whether the company can maintain its growth trajectory while improving profitability metrics.

For more detailed earnings analysis and future estimates, view the complete earnings and estimates data for XERS.

Disclaimer: This article provides financial analysis for informational purposes only and does not constitute investment advice, recommendation, or endorsement of any particular security or investment strategy. Readers should conduct their own research and consult with a qualified financial advisor before making investment decisions.