Ardelyx Provides Update on Growing Commercial Momentum and 2024 Strategic Priorities

Company achieved significant commercial progress in 2023

IBSRELA now expected to generate greater than $1.0 billion in annual U.S. net product sales revenue at peak

Webcast scheduled for 7:00 PM ET / 4:00 PM PT to discuss IBS-C Market

WALTHAM, Mass., Jan. 08, 2024 (GLOBE NEWSWIRE) -- Ardelyx, Inc. (Nasdaq: ARDX), a biopharmaceutical company founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs, today provided an update on the company’s progress in 2023 and initial expectations for 2024.

“2023 was a landmark year for Ardelyx, marking our first full year as a commercial entity and the approval and launch of our second first-in-class product. XPHOZAH joins IBSRELA in our portfolio of important treatment options for patients with unmet needs,” said Mike Raab, president and chief executive officer. “We consistently grew sales of IBSRELA quarter-over-quarter and finished 2023 with strong revenue performance. We are poised to continue with a growth trend in 2024. At the same time, we are seeing a positive initial response to XPHOZAH and are focused on driving awareness and adoption of this important, new medication and establishing its role within the hyperphosphatemia treatment paradigm.”

Raab continued, “2024 will be a year when we further our efforts to shape the future of Ardelyx. We will continue to prioritize growing sales of our marketed therapies, while we also seek to advance our business through investments in internal research & development programs, international expansion and external partnerships. We demonstrated in 2023 that we can deliver strong results, and expect to do the same in 2024.”

IBSRELA (tenapanor) Preliminary 2023 Revenue, 2024 Guidance and Revised Peak Sales Expectations
U.S. net product sales revenue for the first full calendar year of commercialization of IBSRELA is expected to be approximately $80 million, subject to adjustment in connection with preparation of audited financial statements, following consistent quarter-over-quarter growth and strong performance across all key indicators, including new and repeat writers and new and refill prescriptions. Ardelyx expects IBSRELA to achieve greater than ten percent market share at peak and generate more than $1.0 billion in annual U.S. net product sales revenue before patent term expiration. In 2024, the company will continue to invest to support future realization of the full potential for IBSRELA, including the expansion of the IBSRELA sales team, additional promotional programming and omnichannel digital capabilities, increased sampling availability, and expanded support provided by the ArdelyxAssist patient services program.