Xeris Biopharma Holdings Inc.: Attractive Setup Post 1Q as Key Recorlev Tailwinds Remain 2H26 Weighted - Reit OW

研报英文原文证据摘录

Xeris Biopharma Holdings Inc.: Attractive Setup Post 1Q as Key Recorlev Tailwinds Remain 2H26 Weighted - Reit OW

Equity Research

U.S. Specialty Pharmaceuticals

13 May 2026

Xeris Biopharma Holdings Inc.

Attractive Setup Post 1Q as Key

Recorlev Tailwinds Remain 2H26

XERS OVERWEIGHTWeighted - Reit OW

Unchanged

We are updating our estimates to reflect 1Q earnings and U.S. Specialty NEUTRAL Pharmaceuticals

Unchangedupdated FY26 guidance. With Recorlev exceeding

expectations out of the gate and tailwinds related to the Price Target USD 9.00 Unchanged

salesforce expansion 2H weighted, we believe the pieces are Price (12-May-26) USD 6.26

Potential Upside/Downside +43.8%in place to maintain strong momentum. Reit OW; $9 PT.

Source: Bloomberg, Barclays Research

Updating estimates to reflect 1Q and FY26 guidance. For 1Q, total revenue came in ahead of

Market Cap (USD mn) 1080

expectations driven primarily by Recorlev, which beat consensus by ~$5M and grew 95% y/y

Shares Outstanding (mn) 172.64

despite typical 1Q seasonality and weather disruptions. Meanwhile, gross margins expanded

Free Float (%) 93.00

almost 200bps due to the favorable product mix (Recorlev ~60% of total revenue in 1Q). On the

52 Wk Avg Daily Volume (mn) 2.2

back of these results, XERS increased the FY26 revenue outlook from $375-390M to $380-390M,

Dividend Yield (%) N/A

which largely reflects Recorlev's outperformance in the quarter. We think this suggests some

Return on Equity TTM (%) N/A

level of conservatism over the balance of the year as incremental contributions from Recorlev's

Current BVPS (USD) 0.07

expanded commercial infrastructure begin to yield more meaningful results in the 2H26. We Source: Bloomberg

believe this creates a favorable setup for the stock from here as Recorlev remains the primary