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Sep 30, 2022
Akebia Q3 2022 Earnings Report
Akebia's financial performance remained relatively stable with a slight increase in total revenue and a reduction in net loss compared to the same quarter last year. The company focused on managing operating expenses and advancing its regulatory and pipeline initiatives.
Key Takeaways
Akebia Therapeutics reported a slight increase in total revenue to $49.0 million, driven by a 14.9% increase in Auryxia net product revenue, offset by a decrease in license and collaboration revenue. The company's net loss was reduced to $51.9 million. Akebia is focused on managing operating expenses and pursuing regulatory approval for vadadustat.
Total revenue increased slightly to $49.0 million compared to $48.8 million in Q3 2021.
Auryxia net product revenue increased by 14.9% to $42.2 million compared to Q3 2021.
Net loss decreased to $51.9 million compared to $59.5 million in Q3 2021.
Cash and cash equivalents totaled $144.8 million as of September 30, 2022.
Revenue by Segment
Forward Guidance
Akebia affirmed its 2022 Auryxia net product revenue guidance of $170 - $175 million.
Positive Outlook
- Affirmed 2022 Auryxia net product revenue guidance of $170 - $175M
- Based on the current review timeline, Akebia expects a decision on the MAA from EMA in the first quarter of 2023.
- Akebia continued to strengthen its balance sheet position by retiring $33 million of its $100 million debt facility with Pharmakon, inclusive of the first quarterly principal repayment.
- Akebia has since further collaborated with UTHealth to begin outlining potential next steps associated with an ARDS development program.
- By focusing on operating expenses and winding down certain projects, we’re pleased to report a reduction in spend quarter over quarter in 2022.
Challenges Ahead
- The phosphate binder market has contracted 15%.
- A decrease from the second quarter of 2022 partially due to the drawdown of inventory at certain customers during the third quarter of 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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