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Ardelyx
Ardelyx (ARDX) investor relations material
Ardelyx Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved all 2025 strategic priorities, including strong commercial execution, pipeline expansion, and robust financial performance.
IBSRELA revenue grew 73% year-over-year to $274.2 million in 2025, with total revenues reaching $407.3 million, driven by strong adoption and expanded access strategies.
XPHOZAH revenue was $103.6 million in 2025, reflecting growth in total dispenses and increased non-Medicare patient uptake.
Pipeline advanced with a Phase 3 trial for IBSRELA in chronic idiopathic constipation (CIC) and preclinical work on next-generation NHE3 inhibitor RDX10531.
Ended 2025 with a stronger financial position and $264.7 million in cash, cash equivalents, and short-term investments.
Financial highlights
Total 2025 revenue grew 22% year-over-year to $407.3 million (from $333.6 million in 2024), primarily due to IBSRELA growth.
IBSRELA revenue reached $274.2 million, up 73% from 2024; XPHOZAH revenue was $103.6 million, down from $160.9 million in 2024.
Other revenues, including product supply, licensing, and non-cash royalty, totaled $29.5 million, up from $14.4 million in 2024.
Net loss for 2025 was $61.6 million ($0.26/share), compared to $39.1 million ($0.17/share) in 2024.
R&D expenses rose to $71.5 million (from $52.3 million), and SG&A expenses increased to $337.2 million (from $258.7 million) year-over-year.
Outlook and guidance
2026 IBSRELA revenue guidance: $410–$430 million, at least 50% year-over-year growth.
2026 XPHOZAH revenue guidance: $110–$120 million.
IBSRELA projected to reach $1 billion in revenue by 2029, with 38% CAGR.
XPHOZAH expected to reach $750 million before patent expiration in 2034.
Enrollment for the CIC Phase 3 trial expected to complete by end of 2026, with topline results in H2 2027.
Reconcile XPHOZAH revenue decline vs dispenses
RDX10531's potential across therapeutic areas
Key drivers for IBSRELA's $1B 2029 revenue target
IBSRELA: Impact of pull-through/pharmacy network?
CIC trial: Rationale for testing multiple doses?
XPHOZAH: Path to $750M peak revenue by 2034?
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Next Ardelyx earnings date
Leerink Global Healthcare Conference 202610 Mar, 2026
Ardelyx
Next Ardelyx earnings date
Leerink Global Healthcare Conference 202610 Mar, 2026
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Frequently asked questions
Ardelyx Inc is a biopharmaceutical company engaged in discovering, developing, and commercializing novel treatments for patients with gastrointestinal and cardiorenal diseases. Their approach focuses on creating targeted, first-in-class, oral, small molecule therapies that address significant unmet medical needs. The company's flagship product candidate is tenapanor, aimed at treating irritable bowel syndrome with constipation. Furthermore, Ardelyx is advancing XPHOZAH in Phase III clinical trials for controlling serum phosphorus in patients with chronic kidney disease on dialysis, and other product candidates like RDX013 and RDX020 target hyperkalemia and metabolic acidosis, respectively. Ardelyx has formed strategic partnerships with Kyowa Kirin, Fosun Pharmaceutical Industrial Development Co. Ltd., and Knight Therapeutics, Inc. for the development and commercialization of tenapanor in various territories. Originally founded as Nteryx, Inc., the company rebranded to Ardelyx, Inc. in 2008 and is headquartered in Waltham, Massachusetts, with its shares listed on the NASDAQ.
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