Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Earnings call: Ardelyx Reports Robust Q3 Growth, Plans for New Drug Launch

EditorAmbhini Aishwarya
Published 01/11/2023, 12:30
© Reuters.

Ardelyx (NASDAQ:ARDX) Inc. reported strong growth in the third quarter of 2023, driven by a 22% increase in revenue from its product IBSRELA. The company also announced the recent approval and upcoming launch of its new drug, XPHOZAH, which has gained positive feedback from the nephrology community. Financially, Ardelyx achieved total revenues of $56.4 million in the third quarter, compared to $4.9 million in the same period last year.

Key takeaways from the earnings call include:

  • The company's success in Q3 was primarily driven by IBSRELA sales and milestone payments from international partners.
  • Ardelyx is planning the launch of its new drug, XPHOZAH, which has received positive feedback from the nephrology community.
  • The company has outlined a pricing and access strategy for XPHOZAH, including a dedicated sales force and patient assistance programs.
  • Ardelyx reported net income of approximately $6.6 million in the third quarter of 2023.
  • The company's cash position remains strong, with total cash, cash equivalents, and short-term investments of $165.1 million as of September 30, 2023.

Ardelyx's upcoming XPHOZAH launch is expected to be well-received by patients who have not responded to binder therapy. The company anticipates a steady uptake as physicians integrate it into their treatment plans. Pricing for XPHOZAH has been determined based on the drug's unique benefits and its position in the chronic kidney disease (CKD) pricing landscape.

The company has a dedicated sales force promoting XPHOZAH to nephrology healthcare providers and plans a strong presence for the drug at the upcoming American Society of Nephrology (ASN) conference. Additionally, Ardelyx is committed to patient access and affordability, planning to achieve access to XPHOZAH through prior authorization and patient assistance programs, without offering incremental payer rebates.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The company's strong Q3 performance and robust financial position, with total cash and short-term investments of $165.1 million, supports its ongoing operations and the commercialization of its products. Ardelyx also plans to invest in future research and development.

The earnings call ended with a recognition of Derek Forfang, a patient advocate and member of Ardelyx's Scientific Advisory Board, who recently passed away. His passing underscored the company's commitment to continue investing in and developing innovations for patients with chronic kidney disease.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.