The call emphasized strong commercial momentum driven by IBSRELA (73% revenue growth in 2025), meaningful revenue guidance and a strengthened pipeline (Phase III CIC trial and next-gen NHE3), supported by improved cash and a new Orange Book-listed formulation patent. Counterbalancing that are a sizable decline in XPHOZAH revenue due to Medicare reimbursement changes, materially higher SG&A/R&D spending and a wider net loss. Management is investing to scale IBSRELA and advance pipeline programs and expects these investments to drive outsized revenue growth versus expense growth over time.

Company Guidance

Ardelyx guided 2026 IBSRELA revenue of $410–$430 million (at least 50% YoY growth at the low end) and XPHOZAH revenue of $110–$120 million, reaffirming a longer‑term IBSRELA target of $1.0 billion in 2029 (implying a 38% CAGR) and an XPHOZAH peak opportunity of $750 million prior to the 2034 patent expiry. They expect 2026 Q1 phasing to resemble 2025 (≈16% of full‑year IBSRELA revenue), gross‑to‑net deductions to be similar to 2025, and plan ~25% higher 2026 operating expenses (OpEx up to ~$520 million) to fund increased R&D and SG&A. For context, full‑year 2025 results were $407.3 million total revenue (+22% YoY) with IBSRELA $274.2M (+73% YoY) and XPHOZAH $103.6M (−36%), R&D $71.5M, SG&A $337.2M, net loss $61.6M ($0.26/sh), $49M in share‑based comp, cash of $264.7M and two consecutive quarters of positive cash flow. Pipeline and timing: the ACCEL Phase III CIC study plans ~700 patients across ~110 U.S. sites with topline in H2 2027 (sNDA to follow), and an IND for next‑gen NHE3 candidate 531 is targeted in H2 2026 with a Phase I to follow.

IBSRELA Strong Revenue Growth

IBSRELA net revenue of $274.2M in 2025, up 73% vs 2024; Q4 year-over-year growth of 61%. Company expects IBSRELA 2026 revenue of $410M–$430M (at least +50% YoY at the low end) and projects $1B in revenue by 2029 (CAGR ~38%).

Total Company Revenue Growth and Cash Position

Total 2025 revenue of $407.3M, up 22% vs $333.6M in 2024. Ended 2025 with $264.7M cash, cash equivalents and short-term investments (up from $250.1M at end of 2024, ~+6%), and reported two consecutive quarters of positive cash flow.

Commercial Execution and Market Momentum

Record highs across key commercial metrics for IBSRELA in 2025, continued quarter-over-quarter growth for both brands, and investments to expand prescriber reach, double field reimbursement managers and deploy a specialty pharmacy network to improve prescription pull-through.

XPHOZAH Access and Dispense Improvements (Excluding Medicare)

Total XPHOZAH dispenses increased 9% year-over-year in 2025; paid dispenses (excluding Medicare) increased 41%. Company expects XPHOZAH 2026 revenue of $110M–$120M and reaffirms a long-term peak opportunity of $750M (pre-2034 patent expiry).

Pipeline Advancement — ACCEL Phase III (CIC)

ACCEL Phase III trial for tenapanor in chronic idiopathic constipation initiated (first patient dosed). Planned ~700 patients across ~110 U.S. sites; study powered and designed with primary endpoint of durable CSBM at week 12. Company expects full enrollment by year-end and topline results in the second half of next year, with an sNDA to follow.

Next-Generation NHE3 Program (RDX-10531 / 531)

Preclinical improvements: ~10x potency and ~30x solubility vs tenapanor, supporting potential once-daily dosing. Preparing IND in the second half of this year with a planned Phase I first-in-human study thereafter.

New Formulation Patent Listed in Orange Book

Issued formulation patent for commercial formulations of IBSRELA and XPHOZAH listed in the FDA Orange Book with expiration in 2042, strengthening IP beyond earlier composition patents (composition of matter expiry noted as 2033).

Ardelyx (ARDX) Earnings, Revenues Date & History

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ARDX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 30, 2026	2026 (Q1)	-0.12 / -	-0.17	―	―	―
Feb 19, 2026	2025 (Q4)	0.01 / 0.00	0.02	―	―
Oct 30, 2025	2025 (Q3)	-0.06 / 0.00	0	―	―
Aug 04, 2025	2025 (Q2)	-0.13 / -0.08	-0.07	-14.29% (>-0.01)	―
May 01, 2025	2025 (Q1)	-0.11 / -0.17	-0.11	-54.55% (-0.06)	―
Feb 20, 2025	2024 (Q4)	<0.01 / 0.02	-0.12	116.67% (+0.14)	―
Oct 31, 2024	2024 (Q3)	-0.05 / 0.00	0.03	―	―
Aug 01, 2024	2024 (Q2)	-0.11 / -0.07	-0.08	12.50% (<+0.01)	―
May 02, 2024	2024 (Q1)	-0.15 / -0.11	-0.13	15.38% (+0.02)	―
Feb 22, 2024	2023 (Q4)	-0.10 / -0.12	0.06	-300.00% (-0.18)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ARDX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 19, 2026	$6.74	$5.73	-14.99%
Oct 30, 2025	$5.01	$6.06	+20.96%
Aug 04, 2025	$4.39	$5.13	+16.86%
May 01, 2025	$5.47	$4.13	-24.50%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.