Ardelyx (ARDX) investor relations material

Key conference themes and industry context

• Significant attention on renal disease and drug development, signaling a 'renal renaissance.'

• High booth traffic and strong interest in XPHOZAH from both current users and those facing access challenges.

• Real-world data and patient satisfaction presentations highlighted XPHOZAH's impact and side effect management.

• Ongoing regulatory and reimbursement changes are creating uncertainty for providers and patients.

• Providers and patients face turmoil due to payment system transitions and access barriers.

Product performance and clinical insights

• XPHOZAH enables patients to reach serum phosphorus levels previously unattainable with binders alone.

• Side effects, such as increased bowel movements, are manageable with proper patient education.

• Patient satisfaction surveys indicate adaptation to side effects over time.

• Amplify trial and real-world use show potential for broader success in hyperphosphatemia management.

Regulatory, reimbursement, and market access

• Medicare coverage remains a key variable; a positive court decision could expand access.

• Non-Medicare population estimated at 220,000 patients, with a $750M peak sales target based on 30% penetration.

• Decision not to enter TDAPA was to protect pricing and avoid negative precedents seen with other drugs.

• TDAPA period for binders creates temporary incentives, but post-period focus may return to clinical fundamentals.