Ardelyx, Inc. reported its fourth‑quarter and full‑year 2025 financial results on February 19 2026. Total revenue reached $407.3 million, up 22% from $333.6 million in 2024, driven almost entirely by a 73% year‑over‑year increase in IBSRELA sales to $274.2 million. The company’s flagship IBSRELA product, approved for irritable bowel syndrome with constipation, continued to accelerate, with fourth‑quarter sales rising 61% to $68.5 million.
XPHOZAH, Ardelyx’s treatment for chronic constipation, posted revenue of $103.6 million, a decline of 36% from $160.9 million in 2024. The drop reflects the loss of Medicare Part D reimbursement for oral‑only therapies, which has reduced the drug’s market share in the U.S. Medicare‑eligible population.
The company’s fourth‑quarter operating income was $4.7 million, but the full‑year net loss widened to $61.6 million, translating to an earnings‑per‑share loss of $(0.26). The loss expansion reflects higher research and development expenses of $71.5 million and a sharp rise in selling, general and administrative costs to $337.2 million, up from $258.7 million in 2024.
Revenue for the quarter of $125.2 million beat the consensus estimate of $117.6 million by $7.6 million, a 6.5% overrun. However, the fourth‑quarter EPS of $0.00 fell short of the $0.02 estimate, marking a miss of $0.02. The revenue beat was largely driven by IBSRELA’s robust demand, while the EPS miss was attributable to the company’s continued investment in commercial expansion and pipeline development, which increased operating expenses.
Management raised its 2026 guidance for IBSRELA to $410–$430 million, representing at least 50% growth from 2025, and reiterated a target of $1 billion in IBSRELA revenue by 2029. Guidance for XPHOZAH was set at $110–$120 million for 2026. The company also confirmed plans to submit a supplemental New Drug Application for the chronic idiopathic constipation indication and to file an Investigational New Drug for its next‑generation NHE3 inhibitor, RDX10531, in the second half of 2026.
Cash, cash equivalents and short‑term investments stood at $264.7 million as of December 31 2025, providing a solid liquidity base to support ongoing commercial and research activities.
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