(RTTNews) - Ardelyx Inc. (ARDX) today reported preliminary fourth quarter and full year 2025 product revenue, currently expected product revenue for 2026 and updated long-term outlook for IBSRELA, along with recent business updates.
IBSRELA, Ardelyx's first-in-class therapy for irritable bowel syndrome with constipation (IBS-C), generated $274 million in revenue during 2025, up from $158.3 million in 2024, a 73% increase year-over-year. The drug generated approximately $87 million in the fourth quarter of 2025 compared to $53.8 million in Q4 2024.
XPHOZAH, approved to reduce serum phosphorus in adults with chronic kidney disease on dialysis, contributed only $104 million in the full year 2025, down from $160.9 million in 2024, due to loss of Medicare Part D coverage. XPHOZAH's revenue in the fourth quarter of 2025 was $28 million, down from $57.2 million in the year-ago quarter.
Together, the two products drove 2025 total revenue growth of 18% year-over-year.
Chief Executive Officer Mike Raab said the company's execution in 2025 positioned Ardelyx for durable growth. "IBSRELA delivered significant revenue growth, and we successfully protected patient access to XPHOZAH. We advanced our pipeline by commencing a Phase 3 program for IBSRELA in chronic idiopathic constipation and began development of a next-generation NHE3 inhibitor, creating momentum behind our efforts to continue positioning Ardelyx for long-term growth, "Raab noted.
Financial Position and Outlook:
Ardelyx ended 2025 with $265 million in cash, cash equivalents, and investments, providing resources to support commercial expansion and pipeline development.
For 2026, the company expects IBSRELA revenue between $410 million and $430 million, representing growth of at least 50% over 2025.
XPHOZAH revenue is projected between $110 million and $120 million for 2026. Ardelyx also reaffirmed its long-term target of $1 billion in IBSRELA revenue by 2029.
Pipeline Progress:
The company has initiated a Phase 3 clinical trial of IBSRELA in chronic idiopathic constipation, with completion expected in the second half of 2027.
Ardelyx also advanced RDX10531, a next-generation sodium/hydrogen exchanger 3 (NHE3) inhibitor, while securing new patent allowances that extend intellectual property protection for IBSRELA and XPHOZAH until December 2041.
Strategic Outlook:
Looking ahead, Ardelyx said it is "exceptionally well positioned" to deliver significant growth in 2026 and beyond, citing its innovative commercial strategy, robust cash position, and expanding pipeline.
ARDX has traded between $3.21 and $6.78 over the past year. The stock is currently trading at $6.50, up 11.49%.
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