Ardelyx, Inc.
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Range $13 – $17
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About the company
Ardelyx, Inc. is a biopharmaceutical firm dedicated to the discovery, development, and commercialization of innovative medicines. The company primarily focuses on addressing gastrointestinal (GI) and cardiorenal conditions, serving patients both domestically in the United States and across international markets.
- CEO
- Michael G. Raab
- IPO
- 2014
- Employees
- 489
- HQ
- Waltham, MA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $963.41M
- P/E
- -17.28
- Fwd P/E
- 8.36
- PEG
- 7.05
- P/S
- 2.14
- P/B
- 6.49
- EV/EBITDA
- -47.20
- Div Yield
- 0.00%
- Gross Margin
- 93.96%
- Op Margin
- -7.86%
- Net Margin
- -12.35%
- ROE
- -36.00%
- ROIC
- -7.96%
Latest fiscal year · YoY change
- Revenue
- $407.32M+22.1%
- Gross Profit
- $364.72M+28.9%
- Op Income
- $-40,977,000
- Net Income
- $-61,599,000-57.4%
- EPS
- $-0.26-52.9%
- OCF Growth
- +5.2%
- FCF Growth
- +4.0%
- 52W High
- $8.40
- 52W Low
- $3.86
- 50D MA
- $5.12
- 200D MA
- $5.98
- Beta
- 0.73
- RSI (14)
- 27
- Avg Volume
- 4.11M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Ardelyx posted record quarterly product revenue of $118 million, but IBSRELA access hurdles forced a full-year guidance cut while XPHOZAH guidance was reaffirmed.· August 6, 2026
- Combined IBSRELA and XPHOZAH revenue hit $118 million, up 31% year over year, the highest quarterly revenue in company history.
- IBSRELA demand remained strong, but management said more step edits and stricter prior authorizations slowed new patient starts and access.
- Full-year 2026 IBSRELA guidance was reduced to $350 million to $370 million; XPHOZAH guidance stayed at $110 million to $120 million.
- The company lowered 2026 OPEX guidance to below $500 million and said it remains on track to become income positive in 2027.
- Management also pulled the $750 million XPHOZAH revenue target while it reassesses TDAPA/post-TDAPA and other market dynamics.
Total product revenue in Q2 2026 was $118 million versus $90 million in Q2 2025, up 31% year over year. IBSRELA revenue was $86.2 million, up 33% year over year, and XPHOZAH revenue was $31.9 million, up 27% year over year. R&D expense was $26.1 million versus $15.7 million a year ago; SG&A was $101.4 million versus $84 million; and net loss was $16.7 million versus $19.1 million. The company ended the quarter with $281.8 million in cash, cash equivalents, and short-term investments, and it drew down $50 million from its SLR facility during the quarter. For 2026, IBSRELA guidance was cut to $350 million to $370 million, XPHOZAH guidance was reiterated at $110 million to $120 million, and OPEX was revised to below $500 million. Management also said it still expects sequential IBSRELA revenue growth in the second half, with Q4 the highest revenue quarter of the year, and expects profitability in 2027.
Mike Raab framed the quarter as a record revenue milestone, but he stressed that performance fell short of expectations because payer hurdles slowed IBSRELA access. He said the long-term view for IBSRELA remains intact, including the goal of $1 billion in revenue, and emphasized a set of actions to improve access, fulfillment, and patient awareness. He also highlighted Ardelyx’s two commercial products, its expanding pipeline, and a belief that the company is moving toward sustained profitability in 2027 and beyond.
Sue Hohenleitner emphasized that Ardelyx is using its revenue base to fund commercial operations and the pipeline while keeping a disciplined capital allocation posture. She cited $118 million in total product revenue, $86.2 million from IBSRELA, $31.9 million from XPHOZAH, $26.1 million in R&D, $101.4 million in SG&A, and a $16.7 million net loss, noting that the loss narrowed from both last year and Q1. She also said the company ended with $281.8 million in liquidity, drew $50 million from SLR for general corporate purposes and flexibility, lowered IBSRELA guidance to $350 million to $370 million, kept XPHOZAH at $110 million to $120 million, and cut OPEX guidance to below $500 million. She reiterated that management expects to be income positive in 2027.
Analysts focused heavily on IBSRELA access, asking whether demand was still intact but scripts were getting blocked or slowed. Management said the main issues were more step edits and stricter prior authorizations, which are slowing new patient starts rather than completely blocking them, and said the expanded field reimbursement team and IBSRELA Pharmacy Network are helping with approvals, resubmissions, and fulfillment. Questions also covered whether payer pushback is broader across IBS-C and whether any ANDA challenges have surfaced; management said payer friction is meaningful across enough plans to affect the business, but declined to comment specifically on challenges, while noting the product’s non-absorbed profile, FDA requirements, and expanding patent estate as barriers. On XPHOZAH, management explained that the $750 million target was pulled because TDAPA is ending and the post-TDAPA reimbursement environment, including a proposed phosphorus quality measure, is still uncertain.
Management said IBSRELA demand remains strong, with record demand metrics, strong refills, and highest total prescriptions to date, even as access gets tougher. XPHOZAH also showed resilience with 27% revenue growth, 33% higher total dispenses, and 25% higher paid prescriptions, and the company believes it can continue to grow both products while funding its own operations and pipeline.
IBSRELA’s growth is being constrained by payer friction, specifically more step edits and stricter prior authorizations, which slowed new patient starts enough to force a guidance cut. XPHOZAH faces reimbursement uncertainty as TDAPA ends, the post-TDAPA environment evolves, and management pulled the $750 million target pending more clarity. The company also said it is still assessing market dynamics and the timing of some long-term goals, which adds uncertainty to the outlook.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 96.0%
- Shares Outstanding
- 247.03M
- Float Shares
- 237.16M
of shares held by institutions
252 13F filers
Buy/sell ratio 0.50. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 23.50M | ▲ 2.34M |
| Vanguard Group Inc | 18.98M | ▲ 610.16K |
| Rubric Capital Management LP | 16.20M | ▲ 14.34M |
| Millennium Management LLC | 13.90M | ▼ 3.94M |
| State Street Corp | 13.36M | ▼ 248.18K |
| Vanguard Capital Management LLC | 10.47M | ▲ 105.98K |
| Macquarie Management Holdings, Inc. | 9.55M | ▲ 1.38M |
| Janus Henderson Group PLC | 8.37M | ▼ 6.14M |
| Geode Capital Management, LLC | 6.40M | ▲ 394.28K |
| Two Sigma Investments, LP | 5.21M | ▲ 935.78K |
| Nuveen, LLC | 4.00M | ▼ 1.24M |
| Goldman Sachs Group Inc | 3.69M | ▲ 468.82K |
Held by 201 ETFs
Biggest fund positions in ARDX by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 15, 26 | RAAB MICHAEL | other | 20,834 |
| Jul 15, 26 | RAAB MICHAEL | sell | 41,668 |
| Jul 15, 26 | RAAB MICHAEL | other | 20,834 |
| Jun 18, 26 | Williams Laura A | other | 31,000 |
| Jun 18, 26 | Williams Laura A | sell | 81,898 |
| Jun 18, 26 | Williams Laura A | other | 31,000 |
| Jun 16, 26 | Parsey Merdad | other | 26,455 |
| Jun 16, 26 | Parsey Merdad | other | 39,715 |
| Jun 16, 26 | Rodgers Richard J | other | 26,455 |
| Jun 16, 26 | Rodgers Richard J | other | 39,715 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our ARDX coverage
Recent articles, reports, and earnings notes.
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Generate ARDX report →Levi & Korsinsky Notifies Investors of Pending Investigation Into Securities Claims Involving Ardelyx (ARDX)
globenewswire.com · Aug 18
ARDX Investor Alert: Levi & Korsinsky Notifies Investors of Investigation Into Ardelyx (ARDX)
gurufocus.com · Aug 17
ARDX Investor Alert: Levi & Korsinsky Notifies Investors of Investigation Into Ardelyx (ARDX)
businesswire.com · Aug 17
ARDX SHAREHOLDER INVESTIGATION: SueWallSt Notifies Investors of Potential Securities Claims Involving Ardelyx
prnewswire.com · Aug 14
Ardelyx Investigation Notice: Levi & Korsinsky Notifies Investors of Pending Investigation Into Ardelyx (ARDX)
gurufocus.com · Aug 13
Ardelyx Investigation Notice: Levi & Korsinsky Notifies Investors of Pending Investigation Into Ardelyx (ARDX)
prnewswire.com · Aug 13
Ardelyx Q2: Strong Demand, But Payer Friction Clouds The Story
seekingalpha.com · Aug 12
Ardelyx, Inc. (ARDX) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 7
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