Akebia Therapeutics ( (AKBA) ) has released its Q3 earnings. Here is a breakdown of the information Akebia Therapeutics presented to its investors.
Akebia Therapeutics, Inc. is a biopharmaceutical company focused on improving the lives of individuals affected by kidney disease, with a particular emphasis on developing treatments for anemia in dialysis patients.
In its recent financial report, Akebia Therapeutics announced its third-quarter 2024 results, highlighting the progress towards the U.S. market availability of Vafseo® (vadadustat) expected in January 2025. The company has successfully secured contracts covering approximately 60% of dialysis patient lives in the U.S. and received TDAPA reimbursement approval, positioning it well for the upcoming product launch.
The financial results for the third quarter of 2024 indicated a slight decline in total revenues to $37.4 million from $42.0 million in the same period of 2023, primarily due to reduced sales volume of Auryxia®. However, the cost of goods sold decreased, benefiting from previously written-down inventory sales. The company incurred higher selling, general, and administrative expenses related to Vafseo’s market preparations, resulting in a net loss of $20.0 million, compared to a $14.5 million loss in the third quarter of 2023.
Strategically, Akebia has been proactive in establishing Vafseo as a new standard of care for dialysis patients with anemia, participating in significant nephrology conferences and initiating trials to strengthen clinical evidence. These initiatives are part of their broader strategy to expand coverage and drive demand for Vafseo in the marketplace.
Looking forward, Akebia Therapeutics remains committed to the successful launch of Vafseo in the U.S. and is optimistic about increasing its market presence through additional partnerships and clinical initiatives, supported by its current cash resources projected to sustain its operations for at least two years.
