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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Akebia Therapeutics
Akebia Therapeutics (AKBA) investor relations material
Akebia Therapeutics Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 revenue fell 37% YoY to $36.9M, primarily as Auryxia sales declined amid generic competition; net loss was $14.4M versus $0.5M net income a year earlier.
Vafseo active patients reached ~11,500, up ~140% YoY, while Q3 revenue was $14.8M versus $14.3M; inventory reductions muted reported sales despite patient growth.
VOICE and VOCAL results strengthened vadadustat’s clinical and commercial case, with VOICE showing fewer hospitalizations and VOCAL meeting its hemoglobin non-inferiority endpoint.
Ebribafusp and praliciguat Phase II programs advanced; initial ebribafusp data are expected in 2027.
Financial highlights
Total revenue was $36.9M versus $58.8M in Q3 2025; product revenue was $34.8M versus $56.8M, and license, collaboration and other revenue was $2.1M versus $2.0M.
Q3 operating loss was $11.5M versus $4.4M operating income; net loss was $14.4M versus $0.5M net income, with diluted EPS of $(0.05) versus $0.00.
R&D expense rose to $16.2M from $14.9M; SG&A fell to $23.5M from $29.1M, and COGS declined to $6.4M from $9.4M.
9M revenue was $139.6M versus $178.6M; net loss was $32.3M versus $6.9M net income, and operating cash flow was $(15.4)M versus $36.9M provided.
Outlook and guidance
Post-TDAPA pricing is expected within the ESA price range; higher Vafseo unit volume is expected in 2027, but revenue is expected to decline significantly versus 2026.
Vafseo access is expected to expand beyond TDAPA-only patients in 2027; the post-TDAPA period begins Jan. 1, with reimbursement through the dialysis bundle and expected annual treatment cost of $1,000–$1,500.
Customer inventory reductions are expected to continue at year-end 2026; DaVita’s gradual rollout is expected to begin in Q4 and become more significant in early 2027.
Cash and expected product, royalty, supply and license receipts are expected to fund the current plan for at least two years, contingent on refinancing the secured term loan; without refinancing, runway is at least 12 months from filing.
Initial ebribafusp Phase II data are expected in 2027; praliciguat data timing will be set as enrollment visibility improves.
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Latest events from Akebia Therapeutics
- Vafseo's growth offset Auryxia's decline, but total Q2 2026 revenues and net income fell year-over-year.AKBA
Q2 2026 - Vafseo's launch accelerates with broad market access, pivotal trials, and strong financial outlook.AKBAWells Fargo 20th Annual Healthcare Conference 2025
- All proposals passed, including director elections and share authorization increase.AKBAAGM 2026
- Vafseo growth accelerates, pipeline advances, and broad access expected post-2026.AKBAJefferies Global Healthcare Conference 2026
- Vafseo revenues rose 32% as Auryxia declined, with $162.6M cash to fund operations for two years.AKBAQ1 2026
- Key votes include director elections, share authorization increase, and auditor ratification.AKBAProxy filing
- Shareholders will vote on director elections, share increases, compensation, and auditor ratification.AKBAProxy filing
- Vafseo is gaining traction in dialysis anemia, with strong growth and robust clinical support.AKBAJefferies London Healthcare Conference 2025
- Vafseo launch on track for January 2025; Auryxia stable, net loss narrowed, cash runway secured.AKBAQ2 2024
Next Akebia Therapeutics earnings date
Q4 202611 Mar, 2027
Akebia Therapeutics
Next Akebia Therapeutics earnings date
Q4 202611 Mar, 2027
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Frequently asked questions
Akebia Therapeutics, Inc., a biopharmaceutical company, focuses on the development and commercialization of therapeutics for patients with kidney diseases. The company's lead product candidate include Vadadustat, an oral therapy for the treatment of anemia due to chronic kidney disease in non-dialysis and dialysis patients; and AKB-9778, which is intended for the treatment of hypoxia-inducible factor stabilization. Its clinical programs also comprise AKB-6548, for the treatment of asthma, chronic obstructive pulmonary disease, and idiopathic pulmonary fibrosis; AKB-5169 for the treatment of pain associated with osteoarthritis; and AKB-6899 for use as a bioavailable prodrug of oxaloacetate to treat disorders accompanied by oxidative stress.