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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Xeris Biopharma reported revenue of $292M in the fiscal year ended Dec 2025, up 43.7% from the year before. Operating income was $25M, an operating margin of 8.5%, and net income was $554,000. Net debt was $109M.
Ranks among the 81 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 49.6 | 110 | 164 | 203 | 292 |
| Cost of revenue | 13.3 | 22.6 | 28.6 | 36.8 | 42.6 |
| Gross profit | 36.3 | 87.6 | 135 | 166 | 249 |
| Research & development | 25.2 | 21.0 | 22.3 | 25.6 | 31.2 |
| Selling, general & admin | 126 | 138 | 146 | 163 | 182 |
| Operating income | −115 | −81.9 | −44.0 | −33.6 | 24.9 |
| Interest expense | 7.2 | 14.1 | 26.6 | 30.5 | 29.1 |
| Pre-tax income | −123 | −96.1 | −63.5 | −57.1 | 0.6 |
| Income tax | 0.0 | −1.4 | −1.2 | −2.3 | 0.0 |
| Net income | −123 | −94.7 | −62.3 | −54.8 | 0.6 |
| Diluted EPS | −1.55 | −0.70 | −0.45 | −0.37 | 0.00 |
| Diluted shares | 79.0 | 136 | 138 | 147 | 173 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 67.3 | 122 | 67.4 | 71.6 | 111 |
| Receivables | 17.5 | 30.8 | 39.2 | 40.4 | 51.1 |
| Inventory | 18.1 | 24.7 | 38.8 | 48.2 | 68.7 |
| Current assets | 143 | 187 | 156 | 168 | 240 |
| Net PP&E | 6.6 | 5.5 | 6.0 | 5.6 | 4.9 |
| Goodwill | 22.9 | 22.9 | 22.9 | 22.9 | 22.9 |
| Total assets | 304 | 345 | 323 | 323 | 384 |
| Payables | 8.9 | 4.6 | 11.6 | 2.3 | 3.1 |
| Current liabilities | 79.0 | 73.6 | 95.2 | 100 | 110 |
| Short-term debt | – | – | 0.0 | 15.1 | 0.0 |
| Long-term debt | 88.1 | 187 | 191 | 217 | 220 |
| Total liabilities | 209 | 299 | 329 | 353 | 370 |
| Shareholders' equity | 95.2 | 45.2 | −6.8 | −29.6 | 13.7 |
| Backlog (remaining obligations) | – | – | – | – | 4.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −95.5 | −103 | −47.0 | −37.0 | 28.6 |
| Capital expenditure | 1.1 | – | – | – | – |
| Free cash flow | −96.6 | – | – | – | – |
| Depreciation & amortisation | 1.3 | 1.4 | 1.5 | 1.2 | 1.3 |
| Stock-based compensation | 11.4 | 12.2 | 10.7 | 18.4 | 22.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 122.3% | 48.7% | 23.9% | 43.7% |
| Gross margin | 73.1% | 79.5% | 82.5% | 81.9% | 85.4% |
| Operating margin | −232.2% | −74.3% | −26.8% | −16.6% | 8.5% |
| Net margin | −247.5% | −85.9% | −38.0% | −27.0% | 0.2% |
| Return on equityBlank when equity is negative | −128.9% | −209.5% | – | – | 4.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −51.1% | −30.2% | −19.4% | −15.1% | 9.1% |
| Free cash flow margin | −194.8% | – | – | – | – |
| Cash conversion (CFO ÷ net income) | 0.78x | 1.09x | 0.76x | 0.67x | 51.7x |
| Receivable days | 128 | 102 | 87 | 73 | 64 |
| Inventory days | 497 | 399 | 495 | 477 | 589 |
| Payable days | 245 | 74 | 147 | 23 | 26 |
| Interest cover | −16.0x | −5.81x | −1.65x | −1.10x | 0.86x |
| Debt ÷ equity | 0.92x | 4.14x | – | – | 16.1x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 20.8 | 65.1 | 123 | 160 | 109 |
| Current ratio | 1.80x | 2.54x | 1.64x | 1.67x | 2.19x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.