Q2 2026 Xeris Biopharma Holdings Inc Earnings Call Transcript
Key Points
- Record-breaking Q2 2026 with total revenue of $92 million, up 29% year-over-year, and net product revenue of $91 million, up 34%.
- RECORLEV delivered exceptional growth with net revenue of $56.8 million, up 81% year-over-year, driven by record referrals, new patient starts, and prescriber numbers.
- Gvoke rebounded in Q2 with net revenue of $22.5 million, up 8% sequentially, and is expected to benefit from the back-to-school season in Q3.
- KEVEYIS received a notice of allowance for a new patent providing protection through at least 2039, enabling incremental investment in the brand.
- Completed full retirement of convertible notes in July, eliminating $34 million in debt and approximately $3 million in annual interest expense, simplifying the capital structure.
- XP-8121 pipeline advanced with two new U.S. patents and a notice of allowance, with phase III initiation expected by year-end and a program overview webinar planned for September 9.
- Raised full-year 2026 total revenue guidance to $385-$390 million, reflecting confidence in continued growth.
- Adjusted EBITDA improved by over 50% year-over-year to $19.3 million, despite incremental investments in commercial and R&D activities.
- Gvoke had a slow start to the year, with Q1 performance below expectations, though Q2 showed sequential improvement.
- SG&A expenses increased significantly to $61 million in Q2, driven by the full deployment of the expanded RECORLEV commercial team, and full-year SG&A guidance was raised to an increase of $50 million versus 2025.
- R&D expenses increased by $2.6 million year-over-year to $10.7 million, reflecting continued investment in XP-8121, with further increases expected as the phase III trial ramps up.
- The company recognized a one-time non-cash charge of approximately $31 million in Q2 related to the remeasurement of convertible notes, impacting GAAP results.
- The company faces ongoing challenges in the competitive and complex Cushing's syndrome market, requiring continued investment in commercial and data generation efforts to sustain growth.
- XP-8121 phase III trial initiation is still pending, with the company needing to finalize commercial-ready product presentation, and data and regulatory timelines are not yet fully disclosed.
- The company's guidance range was tightened but the top end was held at $390 million, suggesting potential limits to near-term growth despite strong momentum.
Hello, everyone.
Thank you for joining us and welcome to Xeris BioPharma Second Quarter Earnings Conference Call.
(Operator Instructions)
I will now hand the conference over to Allison Wey, Senior Vice President of Investor Relations. Allison, please go ahead.
Thank you, Leah. Good morning, everyone, welcome to Xeris Biopharma second quarter financial results conference call. Early this morning, we issued a press release detailing our results. This press release can be found on our website. Joining me on today's call is John Shannon, our Chairman and Chief Executive Officer, Steve Pieper, our Chief Financial Officer. Following our prepared remarks, we'll open the call for your questions. Before we begin, I'd like to remind you that today's discussion will include forward-looking statements regarding Xeris' future expectations, plans, strategies, objectives, and financial performance. These forward-looking statements
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