Xeris Biopharma Holdings, Inc.

Xeris Biopharma Holdings, Inc. is a U.S.-based commercial-stage biopharmaceutical company focused on therapies for chronic endocrine and neurological diseases. Its business combines marketed prescription products, specialty-pharmacy distribution, and a proprietary formulation platform used to develop injectable medicines.

9,0 %

0,2 %

+43,7 %

2.19

1.57

— Xeris Biopharma Holdings, Inc.
%
Commercial endocrine therapies45% Approved products for endocrine disorders and related rare diseases.
Glucagon rescue products35% Gvoke products used to treat severe hypoglycemia.
Rare neuromuscular therapy15% Keveyis for Primary Periodic Paralysis.
Pipeline and technology partnerships5% XP-8121 development and formulation collaborations using XeriSol/XeriJect.

Xeris sells primarily to pharmaceutical wholesalers and specialty pharmacies, which then distribute products to...

  • Pharmaceutical wholesalersprimary

    Buy finished Recorlev, Gvoke, and Keveyis for broad downstream distribution.

  • Specialty pharmaciesprimary

    Dispense the company’s products to patients and manage specialty access workflows.

  • Patients with rare endocrine disordersprimary

    Use Recorlev for Cushing’s syndrome and related hypercortisolemia treatment.

  • Patients at risk of severe hypoglycemiaprimary

    Use Gvoke rescue products for emergency glucagon administration.

  • Patients with Primary Periodic Paralysissecondary

    Use Keveyis to treat PPP and related variants.

  • Pharmaceutical collaboration partnersemerging

    Engage Xeris for formulation development using XeriSol and XeriJect.

Xeris generates revenue primarily in the United States and markets its approved products there...

  • •Commercial sales are concentrated in the United States
  • •Recorlev, Gvoke, and Keveyis are sold in the U.S.
  • •API and drug product supply rely on third-party manufacturers
  • •Key supply chain locations include Switzerland, Taiwan, California, Florida, Illinois
  • •Cross-border sourcing increases supply continuity and quality-control exposure

Xeris’ strategy is to expand the commercial reach of Recorlev, Gvoke, and Keveyis while advancing XP-8121 through...

01
Expand commercial productsshort-term

The company’s current revenue base depends on Recorlev, Gvoke, and Keveyis.

02
Advance XP-8121medium-term

A late-stage levothyroxine product could broaden the endocrine franchise.

03
Monetize formulation technologymedium-term

Partnerships can create non-product revenue and validate XeriSol/XeriJect.

04
Preserve outsourced operating modellong-term

Third-party manufacturing and distribution keep capital intensity lower.

Xeris depends on a small number of customers, third-party manufacturers, and a limited set of commercial products, so...

high

Customer concentration

A small number of customers account for most product revenue and receivables.

Scope
Four customers over 90% of gross product revenue
Materiality
high
high

Single-source and third-party supply dependence

Key APIs and drug products are sourced from external manufacturers.

Scope
Regis, Lonza, Bachem, Pyramid, SHL, Taro
Materiality
high
high

Regulatory and clinical development risk

XP-8121 and other pipeline efforts require FDA review and successful trials.

Scope
Phase 3 planning and approval pathway
Materiality
high
medium

Reimbursement and pricing pressure

Net revenue depends on rebates, chargebacks, discounts, and payer access.

Scope
Specialty pharmacy and wholesaler channel
Materiality
high
medium

Financing risk

The company may need additional capital to fund commercialization and R&D.

Scope
Public or private debt/equity financing
Materiality
high
medium

Intellectual property risk

Value depends on protecting proprietary formulation science and product rights.

Scope
XeriSol, XeriJect, XP-8121
Materiality
medium
Gross-to-net revenue reserves
Can materially change net sales versus gross shipments
Revenue recognition timing
Quarterly revenue can shift with channel inventory and ordering patterns
Inventory and purchase commitments
Can affect cost of goods sold and reserve estimates
Collaboration/royalty revenue
Adds variability outside core product sales

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: 29/04/2026