Ardelyx, Inc. · NASDAQ:ARDX
Ardelyx — Q2 2026 Earnings Presentation
18 slides from Ardelyx's earnings presentation, Aug 6, 2026
Slide 1: Q2 2026 Earnings Call
Q2 2026 Earnings Call August 6, 2026 This presentation is intended for investor purposes only and is not intended for promotional purposes. Q2 2026 Earnings 1
Slide 2: Introduction
Introduction Lisa Caperelli Senior Vice President, Investor Relations & Corporate Communications This presentation is intended for investor purposes only and is not intended for promotional purposes. Q2 2026 Earnings 2
Slide 3: Participants
Participants Mike Raab Eric Foster Sue Hohenleitner, CPA, CMA President & Chief Commercial Officer Chief Financial Officer Chief Executive Officer This presentation is intended for investor purposes only and is not intended for promotional purposes. Q2 2026 Earnings 3
Slide 4: Forward-Looking Statements
Forward-Looking Statements To the extent that statements contained in this presentation are not descriptions of historical facts regarding Ardelyx, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securi
Slide 5: Opening Remarks
Opening Remarks Mike Raab President and CEO This presentation is intended for investor purposes only and is not intended for promotional purposes. Q2 2026 Earnings 5
Slide 6: Largest revenue quarter in Ardelyx's history: $118.1M, +31% YoY
Largest revenue quarter in Ardelyx's history $118.1M +31% YoY Combined Q2 product revenue ✓ Strong Demand ✓ Growth Fueled by Patient Need, Physician Adoption, and ✓ Sustained Physician Confidence and Long-Term Clinical Differentiation Opportunity ✓ CMS Litigation Concluded; No Further Legal Action ✓
Slide 7: Our Long-Term Value Drivers
Our Long-Term Value Drivers Growth & Discipline Driving Financial Pipeline for Future Growth Strength Robust Revenue Growth Patent Estate with Long Runway Two Differentiated On the Path to First-in-Class Commercial Value Profitability in 2027 Products Drivers This presentation is intended for invest
Slide 8: Commercial Update
Commercial Update Eric Foster Chief Commercial Officer This presentation is intended for investor purposes only and is not intended for promotional purposes. Q2 2026 Earnings 8
Slide 9: Strategy to Grow IBSRELA
Strategy to Grow IBSRELA Strong Commercial Drivers to Address Payor Hurdles and Accelerate IBSRELA Demand Performance • Expanded dedicated team FRMs • Help HCPs navigate prior authorization criteria and step edits Q2 2026 Revenue • Reinforce driving scripts through IPN to increase fulfillment and im
Slide 10: IBS-C Market Opportunity
IBS-C Market Opportunity Significant Unmet Need Large and Growing Market $1B Revenue Opportunity Since launch, Increase and IBSRELA TRxEq Demand Since Launch Record Highs in: ✓ Demand 6.9 ✓ Total Writers 77% ✓ TRx per Writer of patients on a secretagogue ✓ Market Share continue to experience persist
Slide 11: XPHOZAH Differentiation is Driving Momentum in High Unmet-Need Market
XPHOZAH Differentiation is Driving Momentum in High Unmet-Need Market Significant Unmet Need Q2 2026 Highlights Key Commercial Drivers & Initiatives Q2 2026 Revenue ✓ Optimize and enhance $31.9M +27% YoY commercial approach ✓ Refined deployment of ✓ Increased Total Dispenses sales organization by 33
Slide 12: Financial Performance
Financial Performance Sue Hohenleitner, CPA, CMA Chief Financial Officer This presentation is intended for investor purposes only and is not intended for promotional purposes. Q2 2026 Earnings 12
Slide 13: Second Quarter 2026 Financial Highlights
Second Quarter 2026 Financial Highlights $ in millions, excluding EPS Q2 2026 Q2 2025 % Change Financially Strong IBSRELA Revenue $ 86.2 $ 65.0 33 % XPHOZAH Revenue $ 31.9 $ 25.0 27 % $281.8M Total Product Revenue $ 118.1 $ 90.1 31 % Cash & Investments2 as of June 30, 2026 R&D Expenses $ 26.1 $ 15.7
Slide 14: Corporate Outlook
Corporate Outlook FY 2026 Financial Guidance Previous Guidance Updated Guidance $ in millions IBSRELA Revenue $410-430 $350-370 XPHOZAH Revenue $110-120 Reiterated Represents annual growth >30% at midpoint Operating Expenses up to $520 Below $500 Longer-Term Guidance • Committed to providing guidanc
Slide 15: Capital Allocation Strategy
Capital Allocation Strategy Disciplined investment for durable growth Priority 1 Priority 2 Priority 3 Accelerate IBSRELA Fund pipeline opportunities Maintain financial strength o Commercial investment to grow IBS-C o CIC Phase 3 (ACCEL) —anticipate o Cash balance anticipated to grow YoY opportunity
Slide 16: Well-Positioned to Execute on Our Priorities
Well-Positioned to Execute on Our Priorities 2026 Strategic Priorities Significantly Maintain grow IBSRELA XPHOZAH demand momentum Building an innovative pipeline Continue delivering of medicines for Build and expand our pipeline of innovative strong financial patients to address medicines performan
Slide 17: Q&A
Q&A This presentation is intended for investor purposes only and is not intended for promotional purposes. Q2 2026 Earnings 17
Slide 18: Thank You
Thank You This presentation is intended for investor purposes only and is not intended for promotional purposes. Q2 2026 Earnings 18