Ardelyx, Inc. (ARDX) has announced its third-quarter earnings, showcasing impressive growth and exceeding analyst expectations. The company’s quarterly revenue reached $98.24 million, surpassing the anticipated $86.64 million. This performance was driven by the strong performance of its key products, IBSRELA and XPHOZAH.
IBSRELA, Ardelyx’s treatment for hyperphosphatemia in chronic kidney disease patients on dialysis, generated $40.6 million in net product sales revenue during the quarter. The company projects full-year 2024 IBSRELA net sales revenue to be within the range of $145 million to $150 million, demonstrating its continued confidence in the product’s market potential.
XPHOZAH, Ardelyx’s treatment for hyperkalemia, contributed $51.5 million in net product sales revenue during the quarter. This reinforces the growing demand for XPHOZAH and its effectiveness in managing hyperkalemia.
Ardelyx concluded the quarter with an impressive cash position, holding approximately $190 million in cash, cash equivalents, and investments. This strong financial standing provides a solid foundation for future investments and growth initiatives.
Mike Raab, president, and CEO of Ardelyx expressed satisfaction with the company’s performance, stating, “The continued strong performance of Ardelyx reported during the third quarter demonstrates our ability to execute and deliver on our goals, to focus on serving the patient and to build towards the future.”
Following the announcement, Ardelyx shares experienced an upswing in after-hours trading, rising 3.07% to $6.05 per share at the time of publication on Thursday.
This strong performance highlights Ardelyx’s commitment to innovation and its ability to deliver value to patients and investors. The company’s positive outlook and financial strength position it well for continued growth and success in the pharmaceutical industry.
