Ardelyx, Inc., a biopharmaceutical company, announced robust financial results for the second quarter ended June 30, 2024. The company reported significant growth in net product sales revenue, with IBSRELA generating $35.4 million and XPHOZAH bringing in $37.1 million. This represents a substantial increase compared to the same period in the previous year. Ardelyx ended the quarter with approximately $186 million in cash and investments. The company's president and CEO, Mike Raab, highlighted the continued success of IBSRELA and XPHOZAH, both of which are first-in-class medicines addressing significant unmet medical needs. Ardelyx expects full-year 2024 U.S. net product sales revenue for IBSRELA to be between $140.0 and $150.0 million. The company also took legal action against CMS regarding the inclusion of oral-only phosphate...Show More

Ardelyx, Inc., a biopharmaceutical company, announced robust financial results for the second quarter ended June 30, 2024. The company reported significant growth in net product sales revenue, with IBSRELA generating $35.4 million and XPHOZAH bringing in $37.1 million. This represents a substantial increase compared to the same period in the previous year. Ardelyx ended the quarter with approximately $186 million in cash and investments. The company's president and CEO, Mike Raab, highlighted the continued success of IBSRELA and XPHOZAH, both of which are first-in-class medicines addressing significant unmet medical needs. Ardelyx expects full-year 2024 U.S. net product sales revenue for IBSRELA to be between $140.0 and $150.0 million. The company also took legal action against CMS regarding the inclusion of oral-only phosphate lowering therapies in the ESRD PPS, which they believe could restrict patient access to XPHOZAH. Total revenue for Q2 2024 was $73.2 million, a significant increase from $22.3 million in the prior year's quarter. Research and development expenses were $12.8 million, and selling, general and administrative expenses were $64.7 million. The net loss for the quarter was $16.5 million, or $(0.07) per share. Ardelyx will host a conference call to discuss the announcement.