Following the disclosure of its quarterly performance yesterday, Ardelyx, Inc. (NASDAQ: ARDX) observes a notable surge in its stock, climbing 18.25% to $8.03 during today’s pre-market trading session. The elevation of ARDX shares is solely be attributed to the unveiling of financial metrics.
Ardelyx (ARDX) disclosed a total revenue of $46.0 million, primarily attributed to an upswing in net product sales and product supply revenue. The initial quarter of 2024 signifies a pivotal juncture for Ardelyx as a commercial entity.
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ARDX remains steadfast in implementing its disruptive strategy to commercialize IBSRELA and XPHOZAH, targeting patient demographics in established therapeutic domains with unmet treatment requisites, amenable to its pioneering pharmaceutical interventions.
ARDX witnessed significant growth in its revenue streams owing to the sustained commercial performance of IBSRELA and the robust launch of XPHOZAH. U.S. net product sales revenue for IBSRELA in Q1 2024 amounted to $28.4 million, reflecting substantial year-on-year and quarter-on-quarter expansion.
The demand for IBSRELA persisted throughout the quarter, encompassing both new and refill prescriptions, alongside the broadening adoption among healthcare providers, both new and recurring. Ardelyx anticipates the full-year 2024 U.S. net product sales revenue for IBSRELA to range between $140.0 and $150.0 million.
Conversely, the rollout of XPHOZAH continues its trajectory, amassing $15.2 million in net product sales revenue during Q1 2024. Post the approval by the U.S. Food and Drug Administration in October 2023, Ardelyx continued to witness a resounding acceptance within the nephrology community.
The U.S. net product sales revenue in Q1 2024 tallied at $15.2 million, constituting the first complete quarter of sales post the product’s launch in November 2023. Spherix Global Insights, a reputable market research entity renowned for its independent, syndicated monthly tracking studies, highlights elevated levels of awareness, inclination to embrace, and contentment with XPHOZAH in its April 2024 LaunchDynamix report.
Concurrently, Ardelyx judiciously managed its expenditures, concluding the quarter with a robust cash reserve, facilitating strategic investments aimed at enhancing its market presence.
