Slide 1: Q1 2026 Earnings Call
Q1 2026 Earnings Call April 30, 2026 This presentation is intended for investor purposes only and is not intended for promotional purposes.
Slide 2: Introduction
2Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. Introduction Lisa Caperelli Senior Vice President, Investor Relations & Corporate Communications
Slide 3: Participants
Participants Mike Raab President & Chief Executive Officer Eric Foster Chief Commercial Officer Sue Hohenleitner, CPA, CMA Chief Financial Officer 3This presentation is intended for investor purposes only and is not intended for promotional purposes. Q1 2026 Earnings
Slide 4: Forward-Looking Statements
4Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. Forward-Looking Statements To the extent that statements contained in this presentation are not descriptions of historical facts regarding Ardelyx, they are forward-looking stateme
Slide 5: Opening Remarks
5Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. Opening Remarks Mike Raab President and CEO
Slide 6: Well-Positioned to Execute on Our Priorities
This presentation is intended for investor purposes only and is not intended for promotional purposes. Significantly grow IBSRELA demand Maintain XPHOZAH momentum Build and expand our pipeline of innovative medicines Continue delivering strong financial performance Well-Positioned to Execute on Our
Slide 7: Q1 Demonstrated Strength of Fundamentals Driving Business
7Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. Grew IBSRELA Demand YoY Maintained XPHOZAH Momentum Q1 Demonstrated Strength of Fundamentals Driving Business $70.1M Q1 2026 Revenue 58% YoY Growth $23.3M Q1 2026 Revenue
Slide 8: Our Development Pipeline
8Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. PRECLINICAL PHASE I PHASE II PHASE III APPROVED Our Development Pipeline The safety and efficacy of the agents for the indications under investigation have not been established. Bu
Slide 9: Expanding Leadership Team
9Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. Expanding Leadership Team Rajani Dinavahi, MD Chief Medical Officer Felecia Ettenberg Chief Legal Officer
Slide 10: Well-Positioned for 2026 Growth
This presentation is intended for investor purposes only and is not intended for promotional purposes. Well-Positioned for 2026 Growth 10Q1 2026 Earnings $410 - $430M Reiterating 2026 Revenue Guidance $110 - $120M
Slide 11: Commercial Update
11Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. Commercial Update Eric Foster Chief Commercial Officer
Slide 12: 12Q1 is not intended for promotional purposes.This presentation is intended f r investor purposes
12Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes.This presentation is intended f r investor purposes o ly and is not intended for prom tional purposes.
Slide 13: Q1 2026 IBSRELA Highlights
13Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. Strong Commercial Performance Large and Growing Market Significant Unmet Need Q1 2026 IBSRELA Highlights 1. IQVIA NPA Audit 2025. Market basket defined as Rx products with indicat
Slide 14: IBSRELA Value Proposition Unlocks Significant Growth Potential
14Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. IBSRELA Value Proposition Unlocks Significant Growth Potential Growth Drivers * Projected $158.3M $80.1M $15.6M $274.2M $410-430M* $1B* 2022 2023 2024 2025 2026 2029 Continued gro
Slide 15: 15Q1 is not intended for promotional purposes.This intended for pro otional purposes.
15Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes.This presentation is intended for investor purposes only and is not intended for pro otional purposes.
Slide 16: Q1 2026 Highlights: XPHOZAH Differentiation Driving Momentum
16Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. Q1 2026 Highlights XPHOZAH Differentiation is Driving Momentum in High Unmet-Need Market Growth Drivers Targeted sales execution Broaden reach via cross- channel engagement
Slide 17: Financial Performance
17Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. Financial Performance Sue Hohenleitner, CPA, CMA Chief Financial Officer
Slide 18: First Quarter 2026 Financial Highlights
18Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. First Quarter 2026 Financial Highlights $ in millions, excluding EPS Q1 2026 Q1 2025 % Change IBSRELA Revenue $70.1 $44.4 58% XPHOZAH Revenue $23.3 $23.4 19%* Total Product Revenu
Slide 19: Poised to Deliver Meaningful Growth in 2026 and Beyond
19Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. 2025 2026 2029 Poised to Deliver Meaningful Growth in 2026 and Beyond Revenue growth continues to outpace operating expenses $ in millions Guidance Range* YoY Change IBSRELA Reven
Slide 20: Capital Allocation Strategy
20Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. Capital Allocation Strategy Looking ahead: as IBSRELA scales toward $1B and we approach sustained profitability, capital allocation priorities may evolve. Disciplined investment f
Slide 21: Closing Remarks
21Q1 2026 EarningsThis presentation is intended for investor purposes only and is not intended for promotional purposes. Closing Remarks Mike Raab President and CEO
Slide 22: Q1 2026 Earnings Q&A
22Q1 2026 Earnings Q&A This presentation is intended for investor purposes only and is not intended for promotional purposes.
Slide 23: Thank You
Thank You This presentation is intended for investor purposes only and is not intended for promotional purposes.