Strong Top-Line Growth
Total revenue of $83.1M in Q1'26, up 38% year-over-year; net product revenue of $82.5M, up 43% YoY, driven by Recorlev momentum.
Recorlev Revenue Nearly Doubled
Recorlev net revenue of $49.8M, representing 95% year-over-year growth (+$24.2M vs. prior year), driven by record referrals and record new patient starts.
Profitability and Margin Improvements
Adjusted EBITDA of $15.1M (improvement of $10.7M vs. prior year) and net income of $2.2M (improvement of >$11M vs. prior year); gross margin of 87%, up 2 percentage points YoY.
Raised Full-Year Revenue Guidance
Raised the low end of full-year revenue guidance to $380M–$390M (previously $375M–$390M), implying more than 30% revenue growth for 2026 based on current trends.
Commercial Expansion Executed
Completed planned commercial expansion: sales force increased to ~80 reps and target HCP universe increased to ~12,000 (up from ~7,000–8,000), with expanded patient services and reimbursement support.
Pipeline Progress and XP-8121 Readiness
XP-8121 progressing on schedule with Phase III start anticipated later in 2026; program will leverage XeriSol formulation and device expertise and has multiple abstracts presented this quarter.
Durable Performance from Keveyis
Keveyis revenue of $11.9M, up 4% YoY — second consecutive quarter of YoY growth, demonstrating brand durability in the ultra-rare market.