GET DAILY SIGNALSXeris Biopharma (XERS) Delivers Record Q3 Revenue with +44% Growth and Updated Outlook
Key Takeaways
- Xeris reported record total revenue of $107.2 million for the third quarter of 2026, up 44% year over year.
- Recorlev led the way with net revenue of $71.5 million, a 93% increase from the prior-year period.
- Net income reached $11.3 million, compared with $0.6 million a year earlier, with GAAP diluted EPS of $0.06.
- Management raised full-year 2026 revenue guidance to $395 million–$405 million and lifted its 2030 revenue outlook to more than $1 billion.
- Gvoke net revenue declined 14% to $21.7 million due to a one-time gross-to-net adjustment, despite 5% prescription growth.
- Adjusted EBITDA rose 77% to $30.8 million.
Why This Quarter Matters
XERS third quarter 2026 report serves as an important checkpoint for investors following the company’s shift toward consistent profitability as a commercial-stage biopharmaceutical firm. After periods of operating losses, XERS has gained traction with Recorlev for endogenous Cushing’s syndrome, while maintaining its Gvoke and Keveyis products. The results provided a test of whether the January commercial expansion would drive faster revenue growth and whether Gvoke could stabilize after a slower start to the year. With the XP-8121 pipeline advancing toward Phase 3, the report offered insight into both short-term execution and the longer-term growth trajectory. I also checked this using Tickeron’s AI Screener to compare XERS against other names in the sector.
Breaking Down the Reported Results
XERS posted record results for the third quarter of 2026. Total revenue increased 44% year over year to $107.2 million, and net product revenue grew 43% to $106.3 million. Recorlev powered the gains with net revenue of $71.5 million, up 93%, driven by record referrals and new patient starts. Keveyis contributed $13.0 million, up 9%, extending its streak of year-over-year growth to four quarters.
Gvoke net revenue fell to $21.7 million from $25.2 million a year earlier due to a one-time $4 million gross-to-net adjustment in the Medicaid channel, even though prescription demand rose 5%. Gross margin improved to 88% from 85% on a favorable product mix. R&D expenses came in at $11.1 million, while SG&A expenses rose to $64.1 million.
Net income reached $11.3 million, or $0.06 per diluted share, versus $0.6 million in the prior-year period and above consensus estimates. Adjusted EBITDA climbed 77% to $30.8 million. Management raised full-year 2026 revenue guidance to $395 million–$405 million, and the company now targets more than $1 billion in total revenue by 2030. I ran a quick scan with Tickeron’s AI Screener to put these figures in broader industry context.
Market Reaction and Investor Sentiment
Shares moved higher after the report, with attention centered on the revenue beat, the raised guidance, and the continued strength of the Recorlev franchise. The quarter underscored that commercial investments are starting to deliver results, while the improved 2030 outlook reflected greater management confidence. Positive sentiment also drew support from balance-sheet progress, including the July retirement of the 8.00% convertible senior notes, which removed roughly $34 million in debt and about $3 million in annual interest expense. Investor caution focused mainly on the headline decline in Gvoke, though management described it as a one-time item amid improving prescription trends.
What to Watch Going Forward
Investors will now monitor whether Recorlev can maintain its pace as the expanded commercial team gains experience and whether Gvoke returns to steady dollar growth once the gross-to-net adjustment is behind it. The raised 2030 target of more than $1 billion in revenue—up from a prior outlook of $750 million—raises the bar and will depend on continued execution across all three commercial products.
The XP-8121 pipeline remains a key longer-term driver. XERS expects to start its pivotal Phase 3 Cornerstone study by year-end, with top-line data expected in late 2028 and a potential launch in 2030. Operating expenses also warrant attention, as SG&A is projected to increase by roughly $60 million in 2026 and R&D spending will likely rise further with the Phase 3 program. Newly secured intellectual property, including a Keveyis patent extending to at least 2043 and a third U.S. patent on XP-8121, adds to portfolio defensibility. The balance of revenue growth, spending discipline, and pipeline progress will shape the story for XERS in coming quarters.
Using Tickeron’s AI Screener in My Research
In my own analysis, I turned to Tickeron’s AI Screener to filter for comparable names and evaluate technical and fundamental signals alongside the earnings data. The tool allows quick scans across industries and market caps, helping surface context that might otherwise require hours of manual work. It has become a regular part of how I cross-check individual company results against broader opportunities.
Disclaimer
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Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
XERS's Stochastic Oscillator is sitting in oversold zone for 1 day
Be on the lookout for a price bounce soon.
Technical Analysis (Indicators)
Bullish Trend Analysis
Following a +2.85% 3-day Advance, the price is estimated to grow further. Considering data from situations where XERS advanced for three days, in 223 of 259 cases, the price rose further within the following month. The odds of a continued upward trend are 86%.
The Aroon Indicator entered an Uptrend today. In 188 of 232 cases where XERS Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 81%.
Bearish Trend Analysis
The 10-day RSI Indicator for XERS moved out of overbought territory on October 21, 2026. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 45 similar instances where the indicator moved out of overbought territory. In 31 of the 45 cases, the stock moved lower in the following days. This puts the odds of a move lower at 69%.
The Momentum Indicator moved below the 0 level on November 02, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on XERS as a result. In 61 of 83 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 73%.
The Moving Average Convergence Divergence Histogram (MACD) for XERS turned negative on October 23, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 42 similar instances when the indicator turned negative. In 33 of the 42 cases the stock turned lower in the days that followed. This puts the odds of success at 79%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where XERS declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 77%.
Fundamental Analysis (Ratings)
The Tickeron Valuation Rating of 1 (best 1 - 100 worst) indicates that the company is seriously undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: XERS's P/B Ratio (-195.918) is very low in comparison to the industry average of (7.659). XERS has a moderately low P/E Ratio (-104.600) as compared to the industry average of (0.330). Projected Growth (PEG Ratio) (0.000) is also within normal values, averaging (2.202). Dividend Yield (0.000) settles around the average of (0.062) among similar stocks. P/S Ratio (4.196) is also within normal values, averaging (181.047).
The Tickeron Seasonality Score of 21 (best 1 - 100 worst) indicates that the company is slightly undervalued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron Profit vs. Risk Rating rating for this company is 23 (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 84, placing this stock better than average.
The Tickeron Price Growth Rating for this company is 37 (best 1 - 100 worst), indicating steady price growth. XERS’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron PE Growth Rating for this company is 99 (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron SMR rating for this company is 100 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
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a developer of ready-to-use, liquid-stable injectables
Industry PharmaceuticalsGeneric
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