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Xeris Biopharma Holdings

XERS
37
Biotechnology · Healthcare
Also trades as: 0A8E.L
Price
$8.70
+0.10 (+1.16%)
Market Cap
$1.50B
Exchange
NASDAQ
Winston Score
37
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Good
Cash Flow
Mixed
Stability
Weak
Valuation
Data not available

Share count rising — dilution

+118.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 79.0M (2021) → 172.7M (2025)

Winston Score History

The full picture

Xeris Biopharma is a specialty pharmaceutical company that makes ready-to-use injectable medicines for people with serious hormonal and metabolic conditions. Its main products include Gvoke, a glucagon rescue pen for people with diabetes who experience dangerously low blood sugar, and Recorlev, a treatment for Cushing's syndrome, a rare hormonal disorder. The company also sells Ogluo, a glucagon product marketed in Europe.

Xeris earns money by selling these prescription drugs directly to patients through pharmacies and specialty distributors, primarily in the United States and the United Kingdom. The company is relatively small, with annual revenues in the low hundreds of millions of dollars, and its edge comes from proprietary formulation technology that keeps certain drugs stable in liquid form without refrigeration. The key risk is that Xeris carries significant debt and must grow its commercial products fast enough to reach profitability, which remains a challenge for small specialty pharma companies competing against larger, better-funded rivals.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+28.7% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$31M/ year

Rising (+22% vs prior year)

10.7% of revenue

Below sector average (18%)

Investing heavily in future products and technology

Insider Activity

4.6%ownership

Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$122M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Xeris Biopharma Holdings is growing revenue at 29% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
86.4%
Premium pricing power — 86.4% gross margin
Profit after running costs
Operating Margin
5.6%
Thin — 5.6% operating margin
Return on the money invested
ROCE
2.1%
Weak — 2.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+36.3%
Fast-growing sales (+36.3% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
19.4%
Converts sales into free cash efficiently (19.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
1.30x
Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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