Xeris Biopharma Holdings Inc (NASDAQ: XERS) is a specialty pharmaceutical company that commercializes prescription drugs for rare endocrine and metabolic diseases. Revenue comes primarily from net product sales of three marketed products: Recorlev, Gvoke, and Keveyis, supplemented by royalty, contract, and other revenue. Total revenue was $291.8 million in FY2025, up 43.7% from $203.1 million in FY2024, driven largely by Recorlev net product sales of $139.3 million in FY2025 versus $64.3 million in FY2024. Gvoke contributed $94.1 million and Keveyis $47.6 million in FY2025. The company reached operating income of $24.9 million in FY2025 after an operating loss of $33.6 million in FY2024. Operations are funded through product sales, common stock issuances, and debt financing. The company had $43.3 million of accrued trade discounts and rebates as of December 31, 2025, reflecting exposure to commercial and governmental rebate programs including Medicaid and the 340B program.

Revenue model

Transactional net product sales of three prescription drugs (Recorlev, Gvoke, Keveyis), net of rebates, chargebacks, and discounts to commercial and government payors. Secondary revenue from royalties and contracts ($8.8 million in FY2025).

Products and services

Recorlev (levoketoconazole): treatment for endogenous Cushing's syndrome; Gvoke (glucagon): ready-to-use glucagon for severe hypoglycemia; Keveyis (dichlorphenamide): treatment for primary periodic paralysis. All three are commercially marketed prescription drugs.

Customers and end markets

Patients with rare endocrine and metabolic conditions including Cushing's syndrome, severe hypoglycemia, and primary periodic paralysis. Payors include commercial insurers and government programs (Medicaid, 340B program). Revenue is subject to rebate programs with commercial and governmental payors.

Value-chain role

Specialty pharmaceutical commercialization company: acquires or develops drug candidates, obtains regulatory approval, and sells finished prescription drugs through payor-reimbursed channels in the United States.

Geographic exposure

Primary operations and sales in the United States, with regulatory obligations under Medicaid, 340B, and CMS programs. Some exposure to EEA and UK data protection regulations (GDPR) suggesting international activities, though product revenue geography is not broken out by region in the excerpts.

Source: SEC 10-K, filed 2026-03-02

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