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Jun 30, 2024
Akebia Q2 2024 Earnings Report
Akebia reported financial results for the second quarter ended June 30, 2024, and recent business highlights.
Key Takeaways
Akebia Therapeutics reported total revenues of $43.6 million and a net loss of $8.6 million for the second quarter of 2024. The company is focused on the commercial launch of Vafseo and contracting Auryxia through dialysis organizations.
Vafseo market availability is on track for January 2025.
TDAPA application submission and WAC pricing announcement for Vafseo were completed.
Auryxia net product revenues for the second quarter of 2024 were $41.2 million.
Akebia regained full rights to sell Vafseo in the U.S.
Akebia
Akebia
Akebia Revenue by Segment
Revenue by Segment
Auryxia Net Product Revenue
CapyFin.comLicense, Collaboration & Other Revenue
CapyFin.com Forward Guidance
Akebia expects Auryxia full year 2024 net product revenues to be in line with 2023 Auryxia net product revenue levels and anticipates phosphate binders will be added to the Centers for Medicare & Medicaid Services bundled payment for dialysis care in January 2025. Akebia expects its existing cash resources and cash from operations will be sufficient to fund its current operating plan, including the U.S. Vafseo launch, for at least two years.
Positive Outlook
- Vafseo global launch activities are underway.
- Akebia is actively contracting Auryxia through dialysis organizations for 2025.
- Akebia expects phosphate binders to be added to the Centers for Medicare & Medicaid Services bundled payment for dialysis care in January 2025.
- Akebia expects existing cash resources and cash from operations will be sufficient to fund its current operating plan for at least two years.
- Akebia expects to have HCPCS codes assigned in October 2024 and TDAPA designation by January 1, 2025.
Challenges Ahead
- Vafseo sales in dialysis will be under contracts that include an off-invoice discount as well as volume-based tier discounts off the WAC price.
- Akebia is exposed to risks associated with the potential demand and market potential and acceptance of, as well as coverage and reimbursement related to, Auryxia and Vafseo, including estimates regarding the potential market opportunity
- Akebia is exposed to risks associated with the competitive landscape for Auryxia and Vafseo, including potential generic entrants
- Akebia is exposed to risks associated with decisions made by health authorities, such as the FDA, with respect to regulatory filings
- Akebia is exposed to risks associated with the potential therapeutic benefits, safety profile, and effectiveness of Vafseo
Revenue & Expenses
Visualization of income flow from segment revenue to net income