Ardelyx Reports Q1 2024 Financial Results and Provides Business Update

May 3, 2024

DENVER, Colo., May 03, 2024 (247marketnews.com)- Ardelyx, Inc. (Nasdaq:ARDX) reported its first quarter financial results and provided a business update.

Results included significant year-over-year growth, as U.S. net IBSRELA sales revenue hit $28.4 million and XPHOZAH recorded $15.2 million net product sales, in the product’s first full quarter following FDA approval in October 2023

“The first quarter of 2024 marked an important milestone for Ardelyx as a commercial company. We continued to execute our disruptive approach to commercializing IBSRELA and XPHOZAH by targeting patients in established therapeutic areas who continue to have unmet treatment needs that can be addressed with our first-in-class medicines,” said Mike Raab, president and chief executive officer of Ardelyx. “We drove substantial topline growth as a result of the continued commercial performance of IBSRELA and the incredibly strong launch of XPHOZAH. At the same time, we thoughtfully managed our expenses, ending the quarter with a strong cash position, enabling us to invest in expanding our market position.”

Ardelyx ended the quarter with approximately $203 million in cash and investments.

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