Business
Akebia Therapeutics Reports First Quarter 2022 Financial Results and Business Update
Net Auryxia® (ferric citrate) product revenue of $41.4M, a 36% increase over Q1 20212022 Net Auryxia product revenue guidance of $165 - $170MOutlines refined
About this update from Akebia Therapeutics, Inc.
[{"type":"text","content":"Net Auryxia® (ferric citrate) product revenue of $41.4M, a 36% increase over Q1 20212022 Net Auryxia product revenue guidance of $165 - $170MOutlines refined strategic focus to deliver shareholder valueAkebia to host conference call on Monday, May 9 at 4:30 p.m. ETCAMBRIDGE, Mass., May 9, 2022 /PRNewswire/ -- Akebia Therapeutics®, Inc. (Nasdaq: AKBA), a biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease, today announced financial results for the first quarter ended March 31, 2022 and provided business updates. \n\n \n \n \n \n \n \n\n \n\"While we were surprised and disappointed by the vadadustat Complete Response Letter we received from the FDA in March, our team has responded aggressively by working to strengthen and secure the company financially, with an aim of allowing us to continue to deliver on our purpose to better the lives of people impacted by kidney disease. We plan to focus on Auryxia commercial success while exploring our earlier stage assets and pursuing other value creating business opportunities,\" said John Butler, Chief Executive Officer of Akebia. \"The past six months of Auryxia net sales have been the strongest ever. This is a testament to the strength of our commercial team, which has delivered, even as COVID-19 disproportionately impacted the patients we serve. As we emerge from the pandemic, we believe Auryxia revenue is positioned to continue to grow and provide a solid basis for ongoing financial support for the company.\"\nAkebia has outlined three pillars of its refined strategic focus:\nDrive Auryxia revenue and identify cash management opportunities with the objective to enable Akebia to manage the company with existing cash resources and ongoing cash from operations;Support our partners selling and seeking regulatory approval for vadadustat globally, including potential EMA approval and European launch; and evaluate options for potential U.S. approval; and,Thoughtfully invest in our pipeline of internal assets and assess other strategic growth opportunities.Akebia refined its strategic focus following receipt on March 29, 2022 of a Complete Response Letter (CRL) from the U.S. Food & Drug Administration (FDA) for Akebia's New Drug Application for vadadustat, an investigational oral hypoxia-inducible factor prolyl hydroxylase inhibitor for the treatm...