# Xeris Biopharma Holdings, Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/Xeris Biopharma Holdings, Inc.).

## Overview

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.

## Products & services

• Recorlev for endogenous hypercortisolemia in Cushing’s syndrome
• Gvoke glucagon rescue products for severe hypoglycemia
• Keveyis for Primary Periodic Paralysis (PPP)
• XP-8121 once-weekly subcutaneous levothyroxine
• XeriSol and XeriJect formulation technologies
• Formulation and development partnerships

- **Commercial endocrine therapies** (45%) — Approved products for endocrine disorders and related rare diseases.
- **Glucagon rescue products** (35%) — Gvoke products used to treat severe hypoglycemia.
- **Rare neuromuscular therapy** (15%) — Keveyis for Primary Periodic Paralysis.
- **Pipeline and technology partnerships** (5%) — XP-8121 development and formulation collaborations using XeriSol/XeriJect.

- Recorlev for endogenous hypercortisolemia in Cushing’s syndrome
- Gvoke glucagon rescue products for severe hypoglycemia
- Keveyis for Primary Periodic Paralysis (PPP)
- XP-8121 once-weekly subcutaneous levothyroxine
- XeriSol and XeriJect formulation technologies
- Formulation and development partnerships

## Customers

Xeris sells primarily to pharmaceutical wholesalers and specialty pharmacies, which then distribute products to patients and retail pharmacies. Its end users are patients with rare or chronic endocrine and neurological conditions, while payors and healthcare providers influence access, reimbursement, and utilization. The company also works with pharmaceutical partners on formulation development for proprietary drugs and biologics.

- **Pharmaceutical wholesalers** (primary) — Buy finished Recorlev, Gvoke, and Keveyis for broad downstream distribution.
- **Specialty pharmacies** (primary) — Dispense the company’s products to patients and manage specialty access workflows.
- **Patients with rare endocrine disorders** (primary) — Use Recorlev for Cushing’s syndrome and related hypercortisolemia treatment.
- **Patients at risk of severe hypoglycemia** (primary) — Use Gvoke rescue products for emergency glucagon administration.
- **Patients with Primary Periodic Paralysis** (secondary) — Use Keveyis to treat PPP and related variants.
- **Pharmaceutical collaboration partners** (emerging) — Engage Xeris for formulation development using XeriSol and XeriJect.

- Wholesalers that purchase finished product for downstream distribution
- Specialty pharmacies that dispense to patients and manage access
- Patients with Cushing’s syndrome, hypoglycemia, and PPP
- Payors and healthcare providers that influence reimbursement and uptake
- Pharmaceutical partners using XeriSol/XeriJect for formulation work

## Geography

Xeris generates revenue primarily in the United States and markets its approved products there. Its supply chain is also geographically distributed, with manufacturing and assembly across the U.S., Switzerland, and Taiwan through third-party contractors. That structure concentrates commercial exposure in the U.S. while creating operational dependence on cross-border suppliers and contract manufacturers.

- **United States** (100%) — Company states current commercial products are sold in the United States.

- 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

## Strategy

Xeris’ strategy is to expand the commercial reach of Recorlev, Gvoke, and Keveyis while advancing XP-8121 through late-stage development. It also seeks to monetize its non-aqueous formulation platforms through partnerships, using commercial product cash generation to support pipeline investment.

- **Expand commercial products** (short-term) — The company’s current revenue base depends on Recorlev, Gvoke, and Keveyis.
- **Advance XP-8121** (medium-term) — A late-stage levothyroxine product could broaden the endocrine franchise.
- **Monetize formulation technology** (medium-term) — Partnerships can create non-product revenue and validate XeriSol/XeriJect.
- **Preserve outsourced operating model** (long-term) — Third-party manufacturing and distribution keep capital intensity lower.

- Grow the three commercial products in rare and chronic disease markets
- Advance XP-8121 toward Phase 3 development
- Use XeriSol and XeriJect in external formulation partnerships
- Leverage commercial products to fund internal R&D
- Maintain outsourced manufacturing and distribution

## Risks

Xeris depends on a small number of customers, third-party manufacturers, and a limited set of commercial products, so execution or supply disruptions can quickly affect results. It also faces typical biopharma risks around regulatory approval, clinical development, reimbursement, patent protection, and the need for additional financing.

- **Customer concentration** [high] — A small number of customers account for most product revenue and receivables.
- **Single-source and third-party supply dependence** [high] — Key APIs and drug products are sourced from external manufacturers.
- **Regulatory and clinical development risk** [high] — XP-8121 and other pipeline efforts require FDA review and successful trials.
- **Reimbursement and pricing pressure** [medium] — Net revenue depends on rebates, chargebacks, discounts, and payer access.
- **Financing risk** [medium] — The company may need additional capital to fund commercialization and R&D.
- **Intellectual property risk** [medium] — Value depends on protecting proprietary formulation science and product rights.

- Four customers account for over 90% of gross product revenue
- Dependence on CMOs and single-source suppliers creates supply risk
- Pipeline success depends on FDA review and clinical trial outcomes
- Reimbursement and rebate pressure can affect net product revenue
- Additional financing may be needed to support operations and development

## Accounting

Xeris’ reported revenue is heavily affected by estimates for rebates, chargebacks, discounts, copay assistance, and product returns, so gross-to-net adjustments are a key analytical focus. Because it sells through wholesalers and specialty pharmacies and relies on third-party manufacturing, inventory, supply commitments, and revenue timing can create quarter-to-quarter variability.

- **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

- Net product revenue depends on estimated gross-to-net deductions
- Revenue is recognized when wholesalers or specialty pharmacies obtain control
- Customer rebates, chargebacks, and returns can materially change reported sales
- Inventory and purchase commitments matter because products are outsourced
- Collaboration revenue from partnerships is recognized under contract terms

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*Last updated: 2026-04-29T05:11:03.923440+00:00*