Business
Ardelyx Reports Second Quarter 2023 Financial Results and Provides 2023 IBSRELA Net Sales Revenue Guidance
Continued successful launch of IBSRELA, with Q2 net sales revenue of $18.3 million; Company currently expects 2023 full year IBSRELA net sales revenue to be
About this update from Ardelyx, Inc.
[{"type":"text","content":"Continued successful launch of IBSRELA, with Q2 net sales revenue of $18.3 million; Company currently expects 2023 full year IBSRELA net sales revenue to be $72 to $77 million XPHOZAH expected to launch in Q4, pending FDA approval Company ends Q2 with $127.6 million in cash and investments Conference call scheduled for 8:00 AM Eastern Time WALTHAM, Mass., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Ardelyx, Inc. (Nasdaq: ARDX), 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 second quarter ended June 30, 2023 and provided a business update. “Ardelyx continued the momentum we established during a historic 2022 through the first half of 2023 and we are poised to deliver on our corporate priorities to drive IBSRELA growth and prepare for the potential approval and launch of XPHOZAH in the fourth quarter,” said Mike Raab, president and chief executive officer. “IBSRELA is carving out an important role in treating IBS-C, offering a meaningful new option for patients looking for a different approach to manage their IBS-C. With 61% quarter-over-quarter net sales revenue growth from Q1 to Q2 and usage and awareness continuing to increase, we are establishing IBSRELA as a meaningful therapeutic choice for patients and building market acceptance among the prescribing community, both of which are critical to our success. Now, with more than a year of launch metrics to work with, we are pleased, for the first time, to share that we expect IBSRELA net sales revenue to be between $72 and $77 million for the full year 2023. This guidance reflects continued, meaningful growth and we believe demonstrates the potential for this drug to generate $500 million or more of annual peak net sales revenue.” Raab continued, “We also have commercial launch preparations underway ahead of the goal review date for XPHOZAH of October 17. Pending FDA approval, we are looking forward to bringing this novel therapy to patients in the fourth quarter of this year, delivering on a promise to patients and the vision of Ardelyx for the second time in two years.” IBSRELA® (tenapanor) Update: Growth continues with $18.3 million in net sales revenue in Q2 2023Revenue for Ardelyx’s first commercialized product, IBSRELA, c...