Xeris Pharmaceuticals Inc (XERS) surged 5.02% in pre-market trading on Thursday, following the release of its first-quarter financial results that significantly exceeded analyst expectations.

The biopharmaceutical company reported quarterly earnings of $0.01 per share, a substantial improvement from a loss of $0.06 per share in the same period last year and beating the consensus estimate. Revenue for the quarter reached $83.127 million, representing a 38% year-over-year increase and surpassing analyst forecasts. Notably, product revenue jumped 43% to $82.45 million, driven primarily by a 95% surge in net revenue from its drug Recorlev due to increased patient demand.

Adding to the positive sentiment, Xeris tightened its full-year 2026 revenue guidance to a range of $380 million to $390 million, reflecting confidence in its commercial momentum. The company also reported a return to profitability with net income of $2.23 million, compared to a loss a year earlier, and an improved gross margin of 87%.