Akebia Therapeutics (AKBA) Q3 2026 earnings summary

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.