Ardelyx (ARDX) reported $97.66 million in revenue for the quarter ended June 2025, representing a year-over-year increase of 33.4%. EPS of -$0.08 for the same period compares to -$0.07 a year ago.The reported revenue represents a surprise of +15.39% over the Zacks Consensus Estimate of $84.64 million. With the consensus EPS estimate being -$0.13, the EPS surprise was +38.46%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Stree ...

Financial Data and Key Metrics Changes - The company reported total revenue of $97.7 million for Q2 2025, representing a 33% year-over-year growth compared to $73.2 million in Q2 2024 [25] - The net loss for Q2 2025 was approximately $19.1 million, or $0.08 per share, compared to a net loss of $16.5 million, or $0.07 per share in the same period last year [31] - The company ended Q2 2025 with $238.5 million in cash, cash equivalents, and short-term investments, including $48.7 million of incremental debt [32] Business Line Data and Key Metrics Changes - Ibsrela generated $65 million in net sales revenue for Q2 2025, reflecting an 84% year-over-year growth and a 46% quarter-over-quarter growth [6][11] - Exposa recorded net sales revenue of $25 million in Q2 2025, a 7% increase compared to Q1 2025, and a 27% increase when excluding a one-time reserve release from Q1 [7][28] Market Data and Key Metrics Changes - The demand for Ibsrela in Israel showed broad-based growth with record highs across all key indicators, leading to an increase in full-year guidance for net sales revenue to $250 million to $260 million [6] - Exposa's performance was driven by improved access for patients and growth in non-Medicare payer segments, indicating a positive response to promotional messaging from the sales team [18][19] Company Strategy and Development Direction - The company is focused on executing its commercial strategy effectively, with plans to continue expanding the prescribing base for both Ibsrela and Exposa [15][21] - The leadership team has been strengthened with new appointments to support the next phase of growth, including the promotion of Mike Kelleher to Chief Business Officer [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving peak sales of over $1 billion for Ibsrela and $750 million for Exposa, citing strong patient demand and improved prescription pull-through [16][21] - The company is optimistic about continued growth throughout 2025, with a focus on maintaining high execution levels [21] Other Important Information - The company has drawn an additional $50 million of debt to enhance financial flexibility, bringing total outstanding debt to $200 million [32] - The company has completed its $75 million royalty obligation to AstraZeneca, which is now behind them [30] Q&A Session Summary Question: Update on potential EU partner and cash flow positive status - Management indicated that achieving cash flow breakeven is a near-term goal and that they are evaluating opportunities in Europe [38] Question: Clarification on new guidance for Ibsrela - Management stated that the $10 million increase in guidance reflects a meaningful step forward and is based on thoughtful analysis [44] Question: Sales growth attribution to expanded sales team - Management confirmed that the expanded sales team has significantly contributed to the increase in prescriptions and expects this trend to continue [50][52] Question: Contribution from transitional scripts for Exposa - Management noted that there was an inconsequential amount of transitional scripts in Q2 and that the mix is roughly 50/50 between Medicaid and commercial [60][118] Question: Confidence in new peak estimate for Exposa - Management expressed confidence in the new peak estimate for Exposa, citing a total available market of 220,000 patients and strong performance indicators [86] Question: Update on CMS legal proceedings - Management confirmed that arguments for the ongoing CMS case will be heard on September 25, with no statutory requirement for a response timeframe [79]

Company reports strong commercial performance in the second quarter, recording $97.7 million in total revenue, reflecting 33% growth year-over-year IBSRELA generated net sales revenue of $65.0 million; XPHOZAH generated net sales revenue of $25.0 million Company ends Q2 with $238.5 million in cash, cash equivalents and investments Company raises 2025 IBSRELA net sales revenue expectations to $250-$260 million Conference call scheduled for 4:30 PM Eastern Time WALTHAM, Mass., Aug. 04, 2025 (GLOBE NEWSWIRE) - ...

Financial Performance & Expectations - Ardelyx reported $44.4 million in net sales revenue for IBSRELA and $23.4 million for XPHOZAH in Q1 2025[5] - The company finished Q1 2025 with $214.0 million in cash and investments[5] - Ardelyx anticipates U S IBSRELA net product sales revenue to be between $240 million and $250 million for the full year 2025[9, 64] - IBSRELA is projected to achieve approximately 10% market share at its peak, generating over $1 billion in net product sales revenue before its patent expires[9, 36] - XPHOZAH is expected to generate $750 million in annual net product sales revenue before its patent expires[41, 62] - Ardelyx expects aggregate peak revenue for both products to be greater than $175 billion annually before patent expiration[65, 76] Market Overview & Clinical Data - The U S IBS-C indicated net product sales reached $40 billion in 2024, representing a 16% increase compared to 2023[14] - TRxs for IBS-C indicated products have grown 21% from 2020 to 2024[15] - Approximately 70% of patients on phosphate binders are unable to consistently achieve and maintain target phosphorus levels over a 6-month period[39, 44, 62] - In a long-term Phase 3 trial, 365% of IBSRELA-treated patients were overall responders, compared to placebo[26, 27] - 96% of surveyed nephrologists rate XPHOZAH as a moderate or substantial advancement[57]

Core Insights - Ardelyx reported $74.11 million in revenue for Q1 2025, a year-over-year increase of 61.1%, but fell short of the Zacks Consensus Estimate by 8.14% [1] - The company posted an EPS of -$0.17, which is a decline from -$0.11 a year ago, resulting in a surprise of -70.00% compared to the consensus estimate of -$0.10 [1] Revenue Breakdown - Product sales netted $67.81 million, below the six-analyst average estimate of $77.61 million, reflecting a year-over-year change of +55.9% [4] - Sales of IBSRELA reached $44.40 million, compared to the average estimate of $53.71 million [4] - Sales of XPHOZAH were $23.41 million, slightly below the estimated $24.55 million [4] - Product supply revenue was $0.25 million, significantly lower than the four-analyst average estimate of $3.70 million, marking a year-over-year decline of 88.1% [4] - Non-cash royalty revenue related to future royalties was $1.03 million, exceeding the average estimate of $0.68 million [4] Stock Performance - Ardelyx shares have returned +12.8% over the past month, contrasting with a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported total revenues of $74.1 million for Q1 2025, a 61% increase compared to $46 million in Q1 2024 [20] - Net sales revenue for IBSRELA was $44.4 million, reflecting a 57% increase year-over-year [20] - Exposa generated net sales revenue of $23.4 million, up approximately 55% from $15.2 million in the same quarter last year [21] - The company recorded a net loss of approximately $41.1 million or $0.17 per share, compared to a net loss of $26.5 million or $0.11 per share in the prior year [24] Business Line Data and Key Metrics Changes - IBSRELA experienced strong prescription demand, with one of the highest prescription demand quarters to date during Q1 [7] - Exposa grew by 30% year-over-year when excluding a one-time gross to net adjustment for return reserve release [9][15] - The gross to net deduction for IBSRELA was 34.8%, expected to improve throughout the year [21] Market Data and Key Metrics Changes - The IBS C market traditionally contracts in Q1, which was observed this year, but the company remains optimistic about recovery in subsequent quarters [12][30] - The dialysis market is undergoing significant disruption due to the loss of Medicare Part D coverage for phosphate-lowering therapies, impacting Exposa's market dynamics [10] Company Strategy and Development Direction - The company is focused on executing its strategic priorities, driving strong commercial execution for IBSRELA, and navigating access complexities for Exposa [11] - The company aims to achieve peak annual net sales revenue of over $1 billion for IBSRELA and $750 million for Exposa [25][92] - The company is building a pipeline to unlock long-term growth while maintaining a commitment to patient-centric innovation [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of IBSRELA and Exposa, citing strong demand and effective commercial strategies [6][20] - The company is closely monitoring market dynamics and will provide updates as the landscape evolves [10] - Management emphasized the importance of building clinical conviction among healthcare providers and enhancing patient access [8][17] Other Important Information - The company received a $5 million milestone payment from a partner in China following the approval of a cannabinoid for hyperphosphatemia [23] - Research and development expenses increased to $14.9 million, reflecting greater engagement with scientific and medical communities [23] Q&A Session Summary Question: Expectations for the IBS C market improvement in Q2 - Management expects the IBS C market to improve as the year progresses, despite the traditional contraction seen in Q1 [30] Question: Clarification on return reserve and its impact on sales - The return reserve was deemed unnecessary due to zero returns and limited bottles in distribution, leading to modest improvements in gross to net going forward [29] Question: Insights on the contraction in Q1 and its comparison to previous years - The market has consistently contracted in Q1, but the company is pleased with its performance relative to others in the market [35][36] Question: Long-term gross to net targets and updates on the China launch - The long-term guidance for gross to net is expected to be around 30% plus or minus 5% [40] Question: Discrepancy between reported revenue and script data - Management acknowledged fluctuations in scripts and emphasized the importance of focusing on guidance rather than individual quarter performance [48][50] Question: Updates on the Patient Assistance Program and commercial trends - The Patient Assistance Program has been effective in helping patients access Exposa, and the company is focused on driving non-Medicare business [75][78] Question: Strategy for expanding Exposa uptake in non-Medicare channels - The strategy involves focusing on Medicaid and commercial channels, with a closed distribution system to manage patient access effectively [108]

Financial Data and Key Metrics Changes - The company reported total revenues of $74.1 million for Q1 2025, a 61% increase compared to $46 million in Q1 2024 [19] - Net sales revenue for IBSRELA was $44.4 million, reflecting a 57% increase year-over-year [19] - Exposa generated net sales revenue of $23.4 million, up approximately 55% from $15.2 million in the same quarter last year [19][21] - The company recorded a net loss of approximately $41.1 million or $0.17 per share, compared to a net loss of $26.5 million or $0.11 per share in the prior year [23] Business Line Data and Key Metrics Changes - IBSRELA experienced strong prescription demand, with one of the highest prescription demand quarters to date [6] - Exposa grew by 30% year-over-year when excluding a one-time gross to net adjustment for return reserve release [7][21] - The gross to net deduction for IBSRELA was 34.8%, expected to improve throughout the year [20] Market Data and Key Metrics Changes - The IBS C market traditionally contracts in Q1, which was observed this year, but the company remains optimistic about recovery in subsequent quarters [31] - The dialysis market is undergoing significant disruption due to the loss of Medicare Part D coverage for phosphate-lowering therapies, impacting Exposa's market dynamics [8] Company Strategy and Development Direction - The company is focused on driving strong commercial execution for IBSRELA and navigating access complexities for Exposa [10] - The strategic imperatives include raising awareness of IBSRELA and positioning it as a first-line treatment for appropriate patients [13] - The company aims to achieve peak annual net sales revenue of over $1 billion for IBSRELA and $750 million for Exposa [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of IBSRELA and Exposa, citing strong patient demand and effective commercial strategies [5][10] - The company is closely monitoring market dynamics and will provide further updates as the landscape evolves [9] - Management remains committed to building long-term value for shareholders despite current market challenges [10] Other Important Information - The company received a $5 million milestone payment from a partner in China following the approval of a cannabinoid for hyperphosphatemia [22] - Research and development expenses increased to $14.9 million, reflecting greater engagement with scientific and medical communities [22] Q&A Session Summary Question: Expectations for the IBS C market improvement in Q2 - Management expects the IBS C market to improve as the year progresses, based on strong prescription demand observed in Q1 [31][32] Question: Details on the return reserve and its impact - The return reserve was deemed unnecessary due to zero returns and limited bottles in distribution, leading to modest improvements in gross to net going forward [29][30] Question: Insights on the Q1 contraction and its differences from previous years - The contraction is consistent with historical trends, but the company remains optimistic about future growth [35][37] Question: Long-term gross to net targets and updates on the China launch - Long-term guidance for gross to net is expected to be around 30% plus or minus 5% [40] Question: Discrepancies between reported revenue and script data for IBSRELA - Management acknowledged fluctuations in scripts and emphasized the importance of focusing on guidance rather than individual quarter performance [48][50] Question: Metrics for assessing the expanded field force's impact - Key metrics include increases in activity, new riders, and new/refill prescriptions, all of which showed positive trends in Q1 [56][57] Question: Updates on the Kidney Patient Act and potential external asset acquisitions - The Kidney Patient Act is viewed as a call option, and the company is actively pursuing external assets in renal and GI spaces [102][104]

Corporate Presentation March 2023 Forward-Looking Statements To the extent that statements contained in this presentation are not descriptions of historical facts regarding Ardelyx, they are forward- looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Reform Act of 1995, including potential commercial opportunities and other opportunities for the company, Ardelyx's current expectation for the timing of the NDA submission ...