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Dec 31, 2025
Ardelyx Q4 2025 Earnings Report
Estimated Revenue:$118M
+55.2% YoY
Estimated EPS:$0.01
51.2% YoY
Key Takeaways
Ardelyx delivered a strong performance in Q4 2025, driven by significant growth in IBSRELA revenue and increased adoption of XPHOZAH. The company also advanced its clinical development programs, including a Phase 3 trial for IBSRELA in CIC and a new NHE3 inhibitor program, while maintaining a solid cash position.
IBSRELA revenue grew 61% in Q4 2025 compared to the same period in 2024, reaching $86.6 million.
XPHOZAH revenue for Q4 2025 was $27.8 million.
Total revenues for Q4 2025 were $125.2 million, an increase from $116.1 million in Q4 2024.
The company ended 2025 with $264.7 million in cash, cash equivalents, and short-term investments.
Revenue by Segment
Forward Guidance
Ardelyx anticipates continued growth for IBSRELA and XPHOZAH in 2026 and beyond, driven by increased market penetration and clinical conviction. The company expects to achieve significant milestones in its pipeline development, including the completion of enrollment for the ACCEL trial and advancement of RDX10531.
Positive Outlook
- IBSRELA full-year 2026 revenue is projected to be between $410 million and $430 million, representing at least 50% growth compared to 2025.
- IBSRELA is expected to achieve $1 billion in annual revenue by 2029.
- XPHOZAH full-year 2026 revenue is projected to be between $110 million and $120 million.
- Enrollment in the ACCEL Phase 3 trial for IBSRELA in CIC is expected to be completed by the end of 2026, with topline readout in H2 2027.
- An Investigational New Drug submission for RDX10531 is planned for H2 2026, followed by a Phase 1 clinical trial.
Challenges Ahead
- The forward-looking statements involve known and unknown risks and uncertainties that could cause actual outcomes to differ materially.
- Risks include uncertainties associated with the development, regulatory process, and commercialization of drugs.
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