Here are 1-3 brief analogies for Xeris Biopharma (XERS):

• Like a BioMarin Pharmaceuticals focused on specialized conditions in endocrinology and neurology.
• Think of it as a Jazz Pharmaceuticals that uses proprietary formulation technology to develop and commercialize specialized therapies.

• Gvoke: A ready-to-use liquid glucagon for the treatment of severe hypoglycemia.
• Keveyis: A therapy for the treatment of hyperkalemic, hypokalemic, and related variants of primary periodic paralysis.
• Recorlev: A cortisol synthesis inhibitor approved for the treatment of endogenous hypercortisolemia in adult patients with Cushing's syndrome.

Xeris Biopharma (XERS) primarily sells its pharmaceutical products to a limited number of major wholesale drug distributors in the U.S. These distributors then sell the products to pharmacies, hospitals, and other healthcare providers.

The major customer companies are:

• AmerisourceBergen Corporation (NYSE: ABC)
• Cardinal Health, Inc. (NYSE: CAH)
• McKesson Corporation (NYSE: MCK)

John Shannon, Chief Executive Officer

John Shannon was appointed Chief Executive Officer in August 2024. He joined Xeris in 2017 as Chief Operating Officer and was promoted to President in 2020. Mr. Shannon has over 35 years of experience in the pharmaceutical and healthcare industry. Prior to Xeris, he served as CEO and Director for Catheter Connections, Inc. through its acquisition by Merit Medical in January 2016. Before that, he was Chief Commercial Officer for Durata Therapeutics, which was acquired by Actavis (now Allergan) in November 2014. He also held several roles at Baxter Healthcare.

Steven Pieper, Chief Financial Officer

Steven Pieper is the Chief Financial Officer of Xeris, a role he assumed in July 2021 after serving as Vice President of Finance since joining the company in 2017. He brings over 20 years of experience in the life science industry. Prior to Xeris, Mr. Pieper served as the CFO and COO of Catheter Connections Inc., which was acquired by Merit Medical in January 2016. He also held the position of Director of Finance at Durata Therapeutics Inc., a biopharmaceutical company that was acquired by Actavis (now Allergan) in November 2014. Mr. Pieper began his career in healthcare at Baxter Healthcare Corporation.

Kevin McCulloch, President and Chief Operating Officer

Kevin McCulloch was named President and Chief Operating Officer of Xeris in August 2024. He joined Xeris Pharmaceuticals in October 2018 as Senior Vice President, Global Operations and Business Development and was appointed Chief Commercial Officer in September 2021. Mr. McCulloch has over 35 years of experience in the pharmaceutical and medical device industry in various leadership and general management roles.

Beth P. Hecht, Chief Legal Officer and Corporate Secretary

Beth P. Hecht serves as the Chief Legal Officer and Corporate Secretary of Xeris Pharmaceuticals. She has over 25 years of experience as a corporate executive in the life science industry, most recently serving as Managing Director and Chief Legal and Administrative Officer for Auven Therapeutics, a global biotechnology and pharmaceutical private equity firm. Ms. Hecht is currently a member of the Board of Directors of Iterum Therapeutics (Nasdaq: ITRM) and previously served on the Board of Directors of Neos Therapeutics.

Anh Nguyen, MD, MBA, Chief Medical Officer

Anh Nguyen, MD, MBA, is the Chief Medical Officer of Xeris. She joined the company in February 2025, where she steers clinical development and medical affairs.

Here are the key risks to Xeris Biopharma's business:

1. Intellectual Property Protection and Patent Litigation: Xeris Biopharma's business heavily relies on the patent protection and market exclusivity of its key products, particularly Recorlev. The company recently filed patent infringement lawsuits to prevent generic versions of Recorlev from entering the market until its patents expire in March 2040, underscoring the critical nature of intellectual property for long-term revenue. Any adverse outcomes from such litigation or the loss of patent exclusivity could significantly impact the commercial viability and revenue potential of its products.
2. Intense Competition and Market Pressure: Xeris Biopharma operates in highly competitive therapeutic areas, facing established pharmaceutical giants and emerging biotechnology firms. Products like Gvoke face competition from legacy glucagon products from companies such as Eli Lilly and Novo Nordisk, as well as the potential threat of newer nasal and oral glucagon alternatives. Similarly, Recorlev and Keveyis face competition, including from generic alternatives that have already impacted Keveyis. This intense competitive landscape, characterized by pricing pressure, the vast sales forces of larger rivals, and market access challenges, can significantly impact Xeris's market share and profitability.
3. Reliance on a Limited Product Portfolio and Commercialization Success: The company's financial performance and future growth are largely dependent on the commercial success and market acceptance of its currently marketed products: Gvoke, Keveyis, and Recorlev. While Xeris has shown revenue growth, underperformance of this concentrated product lineup, or if rising research and development (R&D) and selling, general, and administrative (SG&A) expenses outpace revenue growth, could negatively affect its path to sustained profitability. The ability to successfully commercialize these products and any future pipeline candidates remains a critical risk.

• Gvoke (severe hypoglycemia): The U.S. addressable market for glucagon, which Gvoke addresses, includes approximately 8 million individuals taking insulin or at high risk for hypoglycemia, as mandated by ADA guidelines. Xeris's COO estimated in January 2025 that 15 million people with diabetes in the U.S. are at "outsized risk of having their blood sugar go too low," though only about 1 million currently carry a glucagon product. The U.S. glucagon delivery devices market size was estimated at $446.98 million in 2023 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.33% from 2024 to 2030. The global glucagon market was estimated at $610.87 million in 2025 and is forecast to reach $852.85 million by 2031.
• Keveyis (primary periodic paralysis): The U.S. addressable market for Keveyis is estimated to be 4,000-5,000 diagnosed patients with Primary Periodic Paralysis (PPP). PPP is a rare genetic condition causing episodes of muscle weakness or temporary paralysis.
• Recorlev (Cushing's syndrome): The U.S. addressable market for Recorlev, which treats endogenous hypercortisolemia in adult patients with Cushing's syndrome, is comprised of a small patient population. There are fewer than 20,000 individuals diagnosed with Cushing's syndrome in the U.S., with even fewer having the endogenous hypercortisolemia diagnosis. More specifically, the Cushing's Syndrome market in the U.S. is estimated to have 3,000-4,500 patients. While not a direct market size, Xeris anticipates Recorlev to reach annual net revenues of approximately $1 billion by 2035. Earlier estimations from 2020 suggested a potential U.S. market for Recorlev of approximately $700 million per year based on roughly 2,000 ketoconazole-treated patients, and another source from 2020 indicated a potential $2 billion+ total addressable annual market in the U.S..

Xeris Biopharma (NASDAQ: XERS) is poised for future revenue growth over the next 2-3 years, driven by the strong performance of its commercial products and the advancement of its pipeline. Key drivers include:

1. Accelerating Growth of Recorlev: Recorlev, a therapy for endogenous hypercortisolemia in adult patients with Cushing's syndrome, is consistently identified as Xeris's primary growth engine. The company has observed an accelerating demand for Recorlev, with its net revenue more than doubling in 2024 and experiencing over 100% growth in 2025. Xeris has significantly expanded its commercial footprint for Recorlev, including doubling its sales organization, to drive further adoption and anticipates a third commercial expansion in Q3 2026, aiming for $1 billion in peak sales by 2035.
2. Continued Strong Demand and Market Share for Gvoke: Gvoke, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia, continues to demonstrate strong demand and has maintained approximately 35% market share. The company expects Gvoke to achieve high single-digit to low double-digit growth, driven by increasing the number of protected patients and favorable net pricing. The recent approval of Gvoke VialDx also presents an opportunity for market expansion.
3. Advancement of XP-8121 into Phase 3 Trials: Xeris's pipeline product, XP-8121, a once-weekly subcutaneous levothyroxine for hypothyroidism, is Phase 3 ready with trials targeted to begin in the second half of 2026. This asset holds significant long-term potential, with projected peak sales between $1 billion and $3 billion, representing a substantial future revenue stream as it progresses through clinical development.
4. Resilience and Patient Growth of Keveyis: Despite facing generic competition, Keveyis, a therapy for primary periodic paralysis, has shown resilience. It maintained a stable patient base through Q4 2024 and returned to growth in Q4 2025, with increased patient numbers offsetting pricing pressures. Xeris continues to invest in Keveyis through prescriber outreach and enhanced patient services, positioning it as a steady contributor to the company's revenue.

Share Issuance

• Xeris' issued share capital, excluding treasury shares, consisted of 66,497,370 shares of common stock as of July 28, 2021.
• In May 2022, Xeris entered into an Open Market Sale Agreement to offer, issue, and sell up to $75.0 million of its common stock.
• Total shares outstanding increased to 172,431,290 as of February 27, 2026, from 161,480,367 as of July 31, 2025.

Outbound Investments

• Xeris acquired Strongbridge Biopharma plc in 2021 through a scheme of arrangement under Irish law, as outlined in a Transaction Agreement dated May 24, 2021.

Capital Expenditures

• Capital expenditures were approximately $0.292 million for the six months ended June 30, 2025, and approximately $0.561 million for the six months ended June 30, 2024.
• Beyond traditional capital expenditures, Xeris plans to significantly allocate capital to Research & Development (R&D), with an expected increase of approximately $25 million in R&D expenses in 2026 to initiate the Phase 3 study for XP-8121.
• Another substantial allocation of capital is projected for Selling, General & Administrative (SG&A) expenses, with an anticipated increase of approximately $45 million in 2026, primarily for commercial expansion investments related to Recorlev.