Akebia Therapeutics (AKBA) Q2 2026 earnings summary

Executive summary

• Focused on advancing the kidney disease pipeline, with Vafseo established as standard of care for anemia due to CKD in dialysis patients and Auryxia marketed for hyperphosphatemia and iron deficiency anemia, but facing generic competition and revenue decline.

• Initiated phase II basket trial for ebribafusp in rare kidney diseases and continued phase II enrollment for praliciguat in FSGS, with initial data expected in 2027.

• Achieved significant clinical milestone with Vafseo in the VOICE trial, showing reduced mortality and hospitalization, leading to early trial termination.

• Reported strong sequential and year-over-year growth in Vafseo revenue and patient adoption, with over 10,500 patients on therapy and a 17% increase in prescribers.

• Commercial reorganization in June 2026 reduced headcount by 13% and incurred a $1.9 million expense to improve efficiency.

Financial highlights

• Total revenues were $49.1 million in Q2 2026, down from $62.5 million in Q2 2025, mainly due to lower Auryxia revenues despite higher Vafseo sales.

• Vafseo net product revenue rose to $21.3 million, a 60% year-over-year increase; Auryxia revenues declined to $25.5 million from $47.2 million year-over-year.

• License, collaboration, and other revenue was $2.4 million, up 18% year-over-year, driven by supply agreements.

• Net loss was $8.9 million in Q2 2026 versus net income of $0.2 million in Q2 2025, impacted by lower revenues and higher expenses, including $1.9 million in restructuring costs.

• Cash and cash equivalents were $155.5 million as of June 30, 2026.

Outlook and guidance

• Expect Vafseo unit sales to increase in 2027, but revenues to decrease due to planned price reduction after TDAPA period ends.

• Auryxia revenues anticipated to continue declining due to generic competition and price pressure.

• Existing cash resources, anticipated revenues, and refinancing plans are projected to fund operations for at least two years.

• Ongoing focus on pipeline advancement and potential strategic transactions to support future growth.