Ardelyx Reports First Quarter 2024 Financial Results and Provides Business Update By Investing.com

Company reports $45.6 million in Q1 product-related revenue, including $28.4  million in net product sales revenue for IBSRELA and $15.2  million in net product sales revenue for XPHOZAH

Company ends Q1 with approximately $203  million in cash and investments

Conference call scheduled for 4:30 PM Eastern Time

WALTHAM, Mass., May 02, 2024 (GLOBE NEWSWIRE) — Ardelyx, Inc. (Nasdaq: NASDAQ:), a biopharmaceutical company founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs, today reported financial results for the first quarter ended March  31, 2024 and provided a business update.

The first quarter of 2024 marked an important milestone for Ardelyx as a commercial company. We continued to execute our disruptive approach to commercializing IBSRELA and XPHOZAH by targeting patients in established therapeutic areas who continue to have unmet treatment needs that can be addressed with our first-in-class medicines, said Mike Raab, president and chief executive officer of Ardelyx. We drove substantial topline growth as a result of the continued commercial performance of IBSRELA and the incredibly strong launch of XPHOZAH. At the same time, we thoughtfully managed our expenses, ending the quarter with a strong cash position, enabling us to invest in expanding our market position.

IBSRELA ® (tenapanor) records $28.4  million in net product sales revenue in Q1 2024U.S. net product sales revenue for IBSRELA during the first quarter of 2024 was $28.4  million, reflecting significant year-over-year growth as well as quarter-over-quarter growth. Demand for IBSRELA continued during the quarter, including new and refill prescription growth along with expansion of new and repeat writing healthcare providers.

Ardelyx currently expects full-year 2024 U.S. net product sales revenue for IBSRELA to be between $140.0 and $150.0 million.

XPHOZAH ® (tenapanor) launch progresses, records $15.2  million net product sales revenue during Q1 2024Following approval by the U.S. Food and Drug Administration of XPHOZAH in October 2023, Ardelyx continued to see a strong response from the nephrology community. U.S. net product sales revenue during Q1 2024 was $15.2  million, the first full quarter of sales following the product’s launch in November 2023. Spherix Global Insights, a premier market research…