Business
Akebia Therapeutics Reports Second Quarter 2022 Financial Results and Recent Business Highlights
Akebia to host conference call on August 4 at 4:30 p.m. ET Reported net Auryxia® (ferric citrate) product revenue of $43.7M, a 32.4% increase over Q2
About this update from Akebia Therapeutics, Inc.
[{"type":"text","content":"Akebia to host conference call on August 4 at 4:30 p.m. ET\nReported net Auryxia® (ferric citrate) product revenue of $43.7M, a 32.4% increase over Q2 2021Increased 2022 net Auryxia product revenue guidance to $170 - $175MRegained full rights to vadadustat in the U.S., Europe and other marketsDelivered a decrease in operating expenses supporting its three strategic pillarsShared initial findings from investigator-sponsored study evaluating vadadustat for the prevention and treatment of acute respiratory distress syndrome (ARDS) in patients with COVID-19 and hypoxemiaCAMBRIDGE, Mass., Aug. 4, 2022 /PRNewswire/ -- Akebia Therapeutics®, Inc. (Nasdaq: AKBA), a biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease, today reported financial results for the second quarter ended June 30, 2022 and provided business highlights.\n\n \n \n \n \n \n \n\n \n\"In May we outlined the pillars of our refined strategic focus in the wake of the unexpected Complete Response Letter (CRL) for vadadustat from the FDA to focus on driving Auryxia revenue while managing our overall spending, supporting the regulatory path for vadadustat, and thoughtfully investing in our pipeline,\" said John P. Butler, Chief Executive Officer of Akebia. \"Today we are reporting 32.4% revenue growth for Auryxia versus the second quarter of 2021 and are increasing our revenue guidance for 2022. Since the beginning of the second quarter, we have regained the rights to vadadustat from Otsuka in the U.S., Europe, and other territories, completed our end of review conference with the FDA, and today we shared data for vadadustat in ARDS that we believe supports further development of the drug for this indication. The progress we've made in alignment with our refined focus is a testament to the resilience and tenacity of the Akebia team. We look forward to continuing our progress.\"\nThe company had several important business updates since the beginning of the second quarter 2022:\nIn April, Akebia completed a reduction in force, reducing the employee base by 42% of full-time employees, and further reducing open headcount for a 47% overall reduction.In June, Akebia and Otsuka Pharmaceuticals Co. Ltd (Otsuka) agreed to terminate their U.S. and international collaboration agreements. As a result, Akebia has regained the rights for vada...