Akebia Therapeutics reported its fourth‑quarter and full‑year 2025 financial results on February 26 2026. Net product revenue for the quarter rose to $57.6 million, up 49 % from $46.5 million in Q4 2024, while full‑year revenue reached $227.3 million, a 49 % increase over the $160.2 million reported for 2024. The company posted a net loss of $12.2 million for Q4 and a $5.3 million loss for the year, indicating that profitability has not yet been achieved.
Revenue growth was driven by strong performance in Akebia’s two commercial products. Vafseo generated $6.2 million in Q4 and $45.8 million for the year, while Auryxia contributed $48.1 million in Q4 and $181.5 million for the year. The expansion of Vafseo to 290,000 dialysis patients helped lift overall sales, but demand for the drug flattened in the second half of 2025 as dialysis organizations adopted observed dosing protocols, a headwind noted by the company’s commercial leadership.
Management highlighted the mixed financial picture. CEO John P. Butler said, "Vafseo commercial trends are showing marked improvement in early 2026, built on the solid foundation we created for the brand in its first year of launch." Chief Commercial Officer Nick Grund noted, "Q4 demand was 'slightly down' versus Q3, with $6.2 million in Q4 Vafseo net product revenue on about $11 million in demand. He attributed the demand softness primarily to dialysis organizations transitioning to observed in‑center dosing protocols, which delayed starts until protocols were available." Chief Financial Officer Erik Ostrowski added, "We anticipate generic competition for Auryxia to expand this year beyond the current authorized generic competition and therefore expect Auryxia revenues to decrease in 2026 as compared to 2025."
The company also confirmed progress in its rare‑kidney‑disease pipeline. Enrollment is underway for a Phase 2 praliciguat trial in focal segmental glomerulosclerosis, and a Phase 2 study of the complement inhibitor AKB‑097 is planned for the second half of 2026. These initiatives represent a strategic effort to diversify revenue streams beyond the dialysis market.
Investors responded positively to the strong revenue performance, which exceeded most analyst estimates, despite the EPS miss. The company’s cash position of $184.8 million provides a runway of at least two years, but the continued net loss signals that profitability remains a work in progress as Akebia balances commercial growth with ongoing investments in its pipeline.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.