XERIS BIOPHARMA REPORTS RECORD PERFORMANCE FOR FOURTH QUARTER AND FULL YEAR 2025 AND PROVIDES FULL YEAR 2026 GUIDANCE (Form 8-K)

XERIS BIOPHARMA REPORTS RECORD PERFORMANCE FOR FOURTH QUARTER AND FULL YEAR 2025 AND PROVIDES FULL YEAR 2026 GUIDANCE

Achieved record quarterly and full-year total revenue of $86 million and $292 million, respectively

Provides full year 2026 total revenue guidance range of $375 million to $390 million

Hosts conference call and webcast today at 8:30 a.m. ET

CHICAGO, IL; March 2, 2026 - Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a fast-growing biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies, today announced financial results for the fourth quarter and full year ended December 31, 2025, and provides financial guidance for full year 2026.

"Thanks to the entire Xeris organization, 2025 was a transformational year, marked by focused execution, record revenue growth, and our emergence as a self-funding, sustainable biopharmaceutical company," said John Shannon, CEO. "As we enter 2026 from this position of strength, we remain focused on driving continued rapid revenue growth, the timely execution of XP-8121's ongoing development leading into the start of its Phase 3 clinical trial, and the judicious deployment of capital to further strengthen our business outlook in order to maximize long-term value for shareholders."

"Our exceptional results in 2025 reflect the strength of our business and set the stage for our future," said Steve Pieper, CFO. "As we look ahead to 2026, we will build on the strong momentum across our enterprise and expect total revenue to range from approximately $375 million to $390 million, representing more than 30% growth at the midpoint. This outlook will further strengthen our balance sheet, which will create even more financial flexibility to drive value in both the near and long term."

Fourth Quarter 2025 Highlights

			Three months ended December 31,												Change
			2025						2024						$			%
Product revenue (in thousands):
Recorlev			$	45,334					$	22,614					$	22,720		100.5
Gvoke			24,645						23,262						1,383			5.9
Keveyis			12,799						11,124						1,675			15.1
Other product revenue			652						-						652			-
Product revenue, net			83,430						57,000						26,430			46.4
Royalty, contract and other revenue			2,377						3,099						(722)			(23.3)
Total revenue			$	85,807					$	60,099					$	25,708		42.8

•Recorlev® net revenue was $45.3 million - an increase of approximately 100% compared to the fourth quarter of 2024. This growth was due to increased patient demand.

•Gvoke® net revenue was $24.6 million - an increase of approximately 6% compared to the fourth quarter of 2024. The increase was due to favorable net pricing.

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•Keveyis® net revenue was $12.8 million - an increase of approximately 15% compared to the fourth quarter of 2024. This growth was due to increased patient demand.

Cost of goods sold (COGS) increased $1.5 million or 16% in the fourth quarter of 2025 compared to the same period last year. This increase was primarily due to an increase in product revenue.

Research and development (R&D) expenses increased $1.8 million or 29% in the fourth quarter of 2025 compared to the same period last year. The increase in R&D expenses primarily reflect higher expenses to support XP-8121.

Selling, general and administrative (SG&A) expenses increased $7.4 million or 18% in the fourth quarter of 2025 compared to the same period last year. This increase mainly reflects incremental personnel-related expenses.

Net income for the fourth quarter was $11.1 million, compared to a net loss of $5.1 million in the same period last year.

Adjusted EBITDA1 for the fourth quarter was $25.1 million, an improvement of $16.8 million compared to the fourth quarter of 2024.

Full Year 2025 Highlights

			Twelve months ended December 31,												Change
			2025						2024						$			%
Product revenue (in thousands):
Recorlev			$	139,283					$	64,277					$	75,006		116.7
Gvoke			94,108						82,829						11,279			13.6
Keveyis			47,649						49,530						(1,881)			(3.8)
Other product revenue			1,963						-						1,963			-
Product revenue, net			283,003						196,636						86,367			43.9
Royalty, contract and other revenue			8,842						6,434						2,408			37.4
Total revenue			$	291,845					$	203,070					$	88,775		43.7

•Recorlev® net revenue was $139.3 million - an increase of approximately 117% compared to the year ended December 31, 2024. This growth was due to increased patient demand.

•Gvoke® net revenue was $94.1 million - an increase of approximately 14% compared to the year ended December 31, 2024. The increase was due to higher patient demand and favorable net pricing.

•Keveyis® net revenue was $47.6 million - a decrease of approximately 4% compared to the year ended December 31, 2024. The decrease was due to unfavorable net pricing, partially offset by higher patient demand.

•Other product revenue increased by $2.0 million for the year ended December 31, 2025. This includes sales of our products to commercialization partners.

•Royalty, contract and other revenue was $8.8 million and primarily reflects the recognition of milestones from partnership agreements.

Cost of goods sold (COGS) increased $5.7 million or 16% for the year ended December 31, 2025, compared to the same period in 2024. This increase was primarily due to an increase in product revenue.

Research and development (R&D) expenses increased $5.6 million or 22% for the year ended December 31, 2025, compared to the same period last year. The increase in R&D expenses primarily reflects personnel-related expenses to support our pipeline, primarily XP-8121.

Selling, general and administrative (SG&A) expenses increased $18.9 million or 12% for the year ended December 31, 2025 compared to the same period last year. The increase mainly reflects higher personnel-related expense ($13.5 million), largely due to personnel-related expenses to support the commercial enterprise, including the Recorlev expansion.

Net income for the year ended December 31, 2025, was $0.6 million, compared to a net loss of $54.8 million in the prior year.

Adjusted EBITDA1 for the year ended December 31, 2025 was $59.4 million, an improvement of $58.2 million compared to the year ended December 31, 2024.

Total Shares Outstanding were 172,431,290 at February 27, 2026.

2026 Outlook

Xeris provides 2026 full year financial guidance and expects:

•Total revenue between $375 million to $390 million.

•Gross margin to improve modestly compared to 2025 reflecting favorable product mix.

•R&D expense to increase by approximately $25 million compared to 2025 as the Company initiates its Phase 3 study for XP-8121.

•SG&A expense to increase by approximately $45 million compared to 2025, driven primarily by investments in Recorlev.

•Adjusted EBITDA1 to increase in total dollars compared to 2025.

Upcoming Events

•Leerink Global Healthcare Conference: Senior management will participate in 1x1 meetings on March 9, 2026 in Miami, FL. Please contact the sponsor to arrange meetings with management.

•Barclays 28th Annual Global Healthcare Conference: Senior management will participate in 1x1 meetings and a fireside chat, which will be webcast on March 10, 2026 in Miami, FL. Please contact the sponsor to arrange meetings with management.

•Jefferies Biotech on the Beach Summit: Senior management will participate in 1x1 virtual meetings on March 11, 2026 in Miami, FL. Please contact the sponsor to arrange meetings with management.

•Needham Virtual Healthcare Conference: Senior management will participate in 1x1 virtual meetings on April 13-16, 2026. Please contact the sponsor to arrange meetings with management.

Conference Call and Webcast Details

Xeris will host a conference call and webcast at 8:30 a.m. Eastern Time today to discuss the Company's financial and operational results. To pre-register for the conference call, please use the following link:

https://events.q4inc.com/analyst/428274643?pwd=TZMrH35H

After pre-registering, a confirmation email will be sent. To join the live webcast, please visit "Events" on the Investor Relations page, or use this link: https://events.q4inc.com/attendee/428274643. The Company recommends registering a minimum of ten minutes prior to the start of the call. A replay of the conference call will be available on the Company's Investor Relations site at: https://xerispharma.com/investor-relations.

Note Regarding Use of Non-GAAP Financial Measures