Ardelyx says Q2 product revenue at record high but IBSRELA revenue below expectations

Ardelyx

06/08/2026 21:49

Overview
U.S. biopharma firm's Q2 product revenue rose 31% yr/yr to record $118.1 mln
IBSRELA Q2 revenue grew 33% but was below company expectations due to payor restrictions
Company reported Q2 net loss of $16.7 mln, narrowing from prior year

Outlook
Ardelyx now sees 2026 IBSRELA revenue between $350 mln and $370 mln
Company reiterates 2026 XPHOZAH revenue guidance of $110 mln to $120 mln
Ardelyx expects 2026 operating expenses below $500 mln

Result Drivers
DEMAND FOR IBSRELA - Co said Q2 growth was driven by increased refills and total prescriptions, reaching highest demand quarter to date
PAYOR RESTRICTIONS - Co said IBSRELA Q2 revenue was below expectations due to significantly increased utilization management processes from payors
DEMAND FOR XPHOZAH - Co said Q2 growth was driven by strong increase in total writers, new and refill prescriptions, and total prescriptions

Company press release: ID:nGNXCZz7T

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Product Sales
 
$118.13 mln
 
Q2 Net Loss
 
$16.72 mln
 
Q2 Operating Income
 
-$12.43 mln
 

Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 12 "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 $16.00, about 225.9% above its August 5 closing price of $4.91
The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 39 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)