Akebia Therapeutics ((AKBA)) has held its Q3 earnings call. Read on for the main highlights of the call.
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Akebia Therapeutics’ recent earnings call reflected a mixed sentiment, showcasing strong prescription growth and financial improvements, yet highlighting operational and adherence challenges impacting the rollout of Vafseo. The company has seen significant revenue and patient access growth, but must address logistical and adherence issues to maintain this momentum.
Vafseo Prescription Milestone
Vafseo has achieved a significant milestone, generating more total prescriptions in its first 41 weeks of launch than any recent dialysis product. This achievement underscores a strong reception from the dialysis community, indicating robust demand and acceptance of Vafseo among healthcare providers.
Significant Increase in Patient Access
Patient access to Vafseo has seen a remarkable increase, rising from 40,000 in the first half of the year to nearly 70,000 by the end of Q3. This growth is expected to continue, particularly with the expansion of partnerships with DaVita and other providers, potentially increasing access to over 260,000 patients.
Revenue Growth
Akebia reported a substantial increase in total revenues, reaching $58.8 million in Q3 2025, up from $37.4 million in Q3 2024. Net product revenues also saw a significant rise, climbing to $56.8 million from $35.6 million, reflecting the successful uptake of Vafseo.
Positive Financial Performance
The company reported a positive financial turnaround, achieving a net income of approximately $540,000 in Q3 2025, compared to a net loss of $20 million in the same quarter of the previous year. This improvement was largely driven by increased net product revenues.
Operational Challenges
Despite the successes, Akebia faces operational challenges, particularly in aligning logistics and processes for Vafseo’s delivery. These delays have affected the speed of patient adoption, especially in transitioning to home delivery, which is crucial for broader market penetration.
Adherence Issues
Adherence rates have been lower than expected, with anemia managers at USRC switching patients back to ESA instead of titrating Vafseo dosage. This issue highlights the need for better adherence strategies to ensure sustained patient outcomes.
Inventory Transition Impact
The transition to 300-milligram tablets for in-center use at USRC may impact inventory levels and new patient starts in Q4 2025. This transition requires careful management to prevent disruptions in patient care.
Forward-Looking Guidance
Looking ahead, Akebia is focused on overcoming operational challenges and improving patient adherence to sustain growth. The company is working closely with dialysis providers to align logistics for home delivery and expects the positive results from the INNO2VATE trial to drive future prescribing growth. With a significant increase in total revenues and net income, Akebia is poised for continued success, provided they can address these operational hurdles.
In summary, Akebia Therapeutics’ earnings call highlighted a period of strong growth tempered by operational challenges. The company has made significant strides in increasing patient access and revenue, but must focus on resolving logistical and adherence issues to sustain this growth trajectory. Investors and stakeholders will be keenly watching how Akebia navigates these challenges in the coming quarters.