Ardelyx Q1 product revenue rises 38% on IBSRELA growth

Overview

• U.S. biopharma firm's Q1 product revenue rose 38% yr/yr, driven by IBSRELA growth

• Company's net loss narrowed to $37.6 mln from $41.1 mln a year earlier

• Company reiterated 2026 revenue guidance for IBSRELA and XPHOZAH

Outlook

• Ardelyx reiterates 2026 IBSRELA revenue guidance of $410-$430 mln

• Company maintains 2026 XPHOZAH revenue guidance of $110-$120 mln

• Company expects ACCEL Phase 3 trial enrollment to complete by end-2026, topline data in H2 2027

Result Drivers

• IBSRELA DEMAND - Growth in IBSRELA revenue was driven by increases in total writers, new and refill prescriptions, and improved prescription pull-through

• XPHOZAH PAID PRESCRIPTIONS - XPHOZAH revenue was driven by a strong increase in paid prescriptions

Company press release: ID:nGNX6js6Jm

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 11 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy."

• Wall Street's median 12-month price target for Ardelyx Inc is $16.50, about 174.5% above its April 29 closing price of $6.01

• The stock recently traded at 36 times the next 12-month earnings vs. a P/E of 37 three months ago

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