The company achieved a significant operational milestone in 2026Q1 with $7.9M in operating income, supported by a resilient gross margin of 84.0%.
| Sales/Revenue | 314.85M | 291.85M | 203.07M | 163.91M | 110.25M | 49.59M | 20.43M | 2.72M | 2.46M | 1.56M | 1.07M |
| Revenue Growth % | 41.47% | 43.72% | 23.89% | 48.68% | 122.32% | 142.67% | 650.73% | 10.43% | 58.42% | 44.74% | - |
| Cost of Goods Sold | 57.97M | 53.41M | 36.83M | 28.64M | 22.63M | 13.32M | 9.33M | 1.6M | 42K | 4K | 8K |
| COGS % of Revenue | - | 18.3% | 18.14% | 17.48% | 20.53% | 26.86% | 45.65% | 58.89% | 1.7% | 0.26% | 0.74% |
| Gross Profit | 256.88M | 238.43M | 166.24M | 135.27M | 87.61M | 36.27M | 11.11M | 1.12M | 2.42M | 1.55M | 1.07M |
| Gross Margin % | 81.59% | 81.7% | 81.86% | 82.52% | 79.47% | 73.14% | 54.35% | 41.11% | 98.3% | 99.74% | 99.26% |
| Gross Profit Growth % | - | 43.43% | 22.89% | 54.39% | 141.55% | 226.57% | 892.58% | -53.82% | 56.12% | 45.45% | - |
| Operating Expenses | 220.98M | 213.54M | 199.88M | 179.28M | 169.55M | 151.43M | 94.65M | 123.5M | 61.77M | 28.18M | 14.3M |
| OpEx % of Revenue | - | 73.17% | 98.43% | 109.37% | 153.79% | 305.36% | 463.19% | 4537.07% | 2505.76% | 1811.12% | 1330.05% |
| Selling, General & Admin | 191.5M | 182.37M | 163.48M | 146.09M | 137.75M | 125.72M | 73.73M | 63.06M | 21.11M | 8.02M | 4.06M |
| SG&A % of Revenue | - | 62.49% | 80.5% | 89.13% | 124.94% | 253.51% | 360.81% | 2316.72% | 856.51% | 515.1% | 377.67% |
| Research & Development | 32.2M | 31.16M | 25.56M | 22.34M | 20.97M | 25.16M | 20.92M | 60.44M | 40.65M | 20.17M | 10.24M |
| R&D % of Revenue | - | 10.68% | 12.59% | 13.63% | 19.02% | 50.74% | 102.38% | 2220.35% | 1649.25% | 1296.02% | 952.37% |
| Other Operating Expenses | 0 | 0 | 10.84M | 10.84M | 10.84M | 550K | 0 | 0 | 0 | -1K | -5K |
| Operating Income | 35.9M | 24.9M | -33.65M | -44.01M | -81.94M | -115.16M | -83.55M | -122.38M | -59.34M | -26.63M | -13.23M |
| Operating Margin % | 11.4% | 8.53% | -16.57% | -26.85% | -74.32% | -232.22% | -408.84% | -4495.96% | -2407.46% | -1711.38% | -1230.79% |
| Operating Income Growth % | - | 173.99% | 23.55% | 46.29% | 28.84% | -37.84% | 31.73% | -106.22% | -122.85% | -101.26% | - |
| EBITDA | 48.51M | 37.05M | -21.02M | -30.85M | -69.27M | -113.28M | -82.08M | -121.3M | -59.02M | -26.45M | -13.12M |
| EBITDA Margin % | 15.41% | 12.7% | -10.35% | -18.82% | -62.83% | -228.43% | -401.66% | -4456.36% | -2394.48% | -1700% | -1220% |
| EBITDA Growth % | 588.19% | 276.26% | 31.86% | 55.47% | 38.85% | -38.01% | 32.34% | -105.51% | -123.14% | -101.69% | - |
| D&A (Non-Cash Add-back) | 12.61M | 12.16M | 12.63M | 13.16M | 12.67M | 1.88M | 1.47M | 1.08M | 320K | 177K | 116K |
| EBIT | 32.32M | 554K | -26.62M | -36.9M | -81.98M | -115.55M | -80.59M | -118.88M | -57.53M | -26.55M | -13.21M |
| Net Interest Income | -23.89M | -24.34M | -27.85M | -21.86M | -11.52M | -6.87M | -2.9M | -4.35M | -932K | 122K | 3K |
| Interest Income | 4.77M | 4.74M | 5.32M | 4.75M | 2.58M | 313K | 4.46M | 2.81M | 1.61M | 124K | 5K |
| Interest Expense | 28.66M | 29.08M | 33.17M | 26.61M | 14.1M | 7.18M | 7.36M | 7.16M | 2.54M | 2K | 2K |
| Other Income/Expense | -23.89M | -24.34M | -23.46M | -19.49M | -14.14M | -7.57M | -7.7M | -3.66M | -736K | 75K | 22K |
| Pretax Income | 12.01M | 554K | -57.1M | -63.5M | -96.08M | -122.72M | -91.25M | -126.04M | -60.08M | -26.55M | -13.21M |
| Pretax Margin % | 3.81% | 0.19% | -28.12% | -38.74% | -87.15% | -247.48% | -446.54% | -4630.35% | -2437.32% | -1706.56% | -1228.74% |
| Income Tax | 0 | 0 | -2.27M | -1.25M | -1.42M | 0 | -110K | -458K | 0 | 1K | -3K |
| Effective Tax Rate % | 0% | 0% | 3.97% | 1.97% | 1.48% | 0% | 0.12% | 0.36% | 0% | -0% | 0.02% |
| Net Income | 12.01M | 554K | -54.84M | -62.26M | -94.66M | -122.72M | -91.14M | -125.58M | -60.08M | -26.55M | -13.21M |
| Net Margin % | 3.81% | 0.19% | -27% | -37.98% | -85.86% | -247.48% | -446% | -4613.52% | -2437.32% | -1706.56% | -1228.74% |
| Net Income Growth % | 126.64% | 101.01% | 11.92% | 34.23% | 22.87% | -34.66% | 27.42% | -109.02% | -126.26% | -101.03% | - |
| Net Income (Continuing) | 12.01M | 554K | -54.84M | -62.26M | -94.66M | -122.72M | -91.14M | -125.58M | -60.08M | -26.55M | -13.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.07 | 0.00 | -0.37 | -0.45 | -0.70 | -1.55 | -2.14 | -3.49 | -4.99 | -13.09 | -7.17 |
| EPS Growth % | 121.33% | 100.86% | 17.78% | 35.71% | 54.84% | 27.57% | 38.68% | 30.06% | 61.88% | -82.57% | - |
| EPS (Basic) | - | 0.00 | -0.37 | -0.45 | -0.70 | -1.55 | -2.14 | -3.49 | -4.99 | -13.09 | -7.17 |
| Diluted Shares Outstanding | 177.63M | 172.74M | 146.77M | 137.67M | 135.63M | 79.03M | 42.64M | 26.11M | 12.05M | 2.03M | 1.84M |
| Basic Shares Outstanding | 170.52M | 160.43M | 146.77M | 137.67M | 135.63M | 79.03M | 42.64M | 26.11M | 12.05M | 2.03M | 1.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
High debt service burden
As reported in recent financial statements, XERS achieved a 38.3% year-over-year revenue increase in 2026Q1, reaching $83.1M, which underscores the successful commercial scaling of its core therapeutic pillars and suggests that the company is effectively capturing market share within its specialized endocrinology and neurology target segments.
The consistent double-digit growth trajectory indicates that the company's commercial infrastructure is successfully driving patient adoption for both Gvoke and Recorlev. Investors should monitor whether this growth remains durable as the company moves beyond initial launch phases and faces potential saturation in its primary US markets.
According to the income statement data, XERS has successfully transitioned to positive operating income of $7.9M in 2026Q1, demonstrating that operating expenses are now scaling at a slower rate than gross profit as the company leverages its existing commercial footprint to drive incremental revenue gains.
The shift from significant operating losses in 2024 to consistent profitability suggests that the company has reached a critical inflection point in its cost structure. Continued efficiency in SG&A management will be essential to maintain this positive operating leverage as the company scales its specialized sales force.
Based on the provided figures, XERS has consistently maintained gross margins above 75% over the last ten quarters, peaking at 85.5% in 2025Q1, which reflects the high-value nature of its proprietary non-aqueous formulation platforms and strong pricing power within the orphan drug and specialty pharmaceutical markets.
The stability of these margins suggests that the company's manufacturing and formulation advantages provide a significant buffer against potential input cost volatility. However, investors should remain cautious regarding future PBM rebate pressures, which could compress these margins if formulary access requires deeper price concessions.
While the company has reached operational profitability, the historical reliance on high-interest debt, as evidenced by the reported debt-to-equity ratio of 2.76%, warrants further investigation into the sustainability of net income given the potential for significant interest expense to erode bottom-line performance in future periods.
The discrepancy between operational success and the underlying capital structure suggests that the company remains vulnerable to interest rate fluctuations and refinancing risks. A failure to deleverage could limit the company's ability to reinvest in R&D or pursue further strategic acquisitions despite its current revenue growth.
Quick answers to the most common questions about buying XERS stock.
For fiscal year 2025, Xeris Biopharma Holdings, Inc. (XERS) reported total revenue of $291.8M. This represents a 27048.4% increase compared to $1.1M in 2016.
Xeris Biopharma Holdings, Inc. (XERS) is profitable, generating $0.6M in net income for the fiscal year ending 2025 with a net profit margin of 0.2%.
Xeris Biopharma Holdings, Inc. (XERS) reported an operating income of $24.9M, resulting in an operating profit margin of 8.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Xeris Biopharma Holdings, Inc. (XERS) generated $238.4M in gross profit for the year, representing a gross profit margin of 81.7%. This demonstrates the company's core pricing power and production efficiency.