Ardelyx Reports 73% IBSRELA Sales Surge, Guides 50% Revenue Rise, Stock Slides
Ardelyx posted a Q4 breakeven EPS versus a $0.01 consensus and revenue of $125.2 million, topping the $118.1 million estimate. In 2025, IBSRELA sales jumped 73% to $274.2 million, and 2026 revenue guidance of $410–$430 million implies over 50% growth year-over-year.
1. Q4 Financial Results
Ardelyx reported a breakeven per-share result for Q4, compared with a consensus estimate of $0.01 earnings per share, and delivered revenue of $125.22 million versus the $118.13 million forecast.
2. Product Revenue and 2026 Guidance
In 2025, IBSRELA generated $274.2 million in sales, up 73% year-over-year, including $86.6 million in Q4 (61% growth). XPHOZAH sales reached $103.6 million for the year with $27.8 million in Q4. Ardelyx expects IBSRELA revenue of $410–$430 million and XPHOZAH revenue of $110–$120 million in 2026, and aims for $1 billion in annual IBSRELA sales by 2029.
3. Pipeline Expansion
The Phase 3 ACCEL trial for chronic idiopathic constipation began dosing its first patient in Q1 2026, with enrollment due by end 2026 and topline results expected in H2 2027. A development program for next-generation NHE3 inhibitor RDX10531 is advancing toward an IND submission in the second half of 2026.
4. Market Reaction and Analyst Outlook
Ardelyx shares fell 8.6% in premarket trading to $6.16, trading below its 20-day and 100-day SMAs amid neutral RSI and bearish MACD readings. The stock carries Buy ratings with an average price target of $12.86, with recent targets set at $17 and $19.