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Ardelyx (ARDX) investor relations material
Ardelyx H.C. Wainwright 27th Annual Global Investment Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Commercial performance and product updates
IBSRELA achieved $158 million in net sales last year, with 2024 guidance raised to $250–$260 million.
XPHOZAH launched in late 2023, generating over $160 million in its first year.
Both products address significant unmet needs with novel mechanisms, offering alternatives to existing therapies.
Sales force expansions and targeted marketing have driven prescription growth for IBSRELA.
Direct-to-patient strategies and omnichannel engagement are key to reaching the highly engaged patient population.
Market opportunity and growth outlook
IBSRELA is positioned as a >$1 billion peak sales drug, supported by a large, growing market and high unmet need.
XPHOZAH targets 220,000 CKD patients on dialysis, with 30–35% considered appropriate candidates.
Peak sales guidance for XPHOZAH is $750 million, not including potential Medicare coverage.
Market access investments and expanded sales teams are expected to sustain double-digit growth.
Both products benefit from strong clinical profiles and differentiated mechanisms.
Regulatory and reimbursement environment
Medicare Part D changes impacted XPHOZAH access, but the company implemented Ardelyx Assist to support patients.
The ESRD payment bundle now includes oral phosphate binders, affecting distribution and reimbursement.
Legal proceedings with CMS regarding XPHOZAH’s inclusion in the dialysis bundle are ongoing, with a key hearing on September 25.
A favorable court ruling could reinstate Medicare Part D coverage, potentially accelerating growth.
Current peak sales guidance for XPHOZAH excludes any Medicare benefit restoration.
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