Ardelyx Reports Preliminary 2025 Revenue and Provides 2026 Strategic Outlook

Rhea-AI Summary

Ardelyx (Nasdaq: ARDX) reported preliminary, unaudited 2025 product revenue of approximately $378 million with IBSRELA generating about $274 million/b in 2025, a 73% increase vs. 2024 and ~$87 million in Q4. XPHOZAH revenue was ~ for 2025 with ~$28 million in Q4. The company ended 2025 with $265 million in cash, cash equivalents and investments. Guidance: 2026 IBSRELA revenue is expected at $410–430 million (≥50% growth vs. 2025) and XPHOZAH at $110–120 million. Long-term outlook projects IBSRELA reaching $1 billion revenue by 2029. Corporate updates include a Phase 3 CIC trial commencing and a Notice of Allowance for a patent expiring December 6, 2041.

Positive

• IBSRELA revenue +73% year-over-year to $274M in 2025
• Product revenue total of approximately $378M in 2025
• 2026 IBSRELA guidance of $410–430M (≥50% growth)
• Cash, cash equivalents, investments of $265M at 12/31/2025
• Patent Notice of Allowance extending protection to Dec 6, 2041

Negative

• XPHOZAH revenue modest growth to $104M in 2025
• IBSRELA severe diarrhea reported in 2.5% of treated patients
• XPHOZAH diarrhea occurred in 43–53% of patients; 5% severe
• IBSRELA contraindicated under 6 years; avoid 6–<12 years (dehydration risk)

News Market Reaction

+20.07% 3.0x vol

43 alerts

+20.07% News Effect

+31.8% Peak in 26 hr 10 min

+$327M Valuation Impact

$1.95B Market Cap

3.0x Rel. Volume

On the day this news was published, ARDX gained 20.07%, reflecting a significant positive market reaction. Argus tracked a peak move of +31.8% during that session. Our momentum scanner triggered 43 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $327M to the company's valuation, bringing the market cap to $1.95B at that time. Trading volume was very high at 3.0x the daily average, suggesting strong buying interest.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

2025 product revenue: $378 million 2025 IBSRELA revenue: $274 million Q4 2025 IBSRELA revenue: $87 million +5 more

8 metrics

2025 product revenue $378 million Preliminary 2025 total product revenue, 18% year-over-year growth

2025 IBSRELA revenue $274 million Full-year 2025 IBSRELA revenue, 73% growth vs. 2024

Q4 2025 IBSRELA revenue $87 million Fourth quarter 2025 IBSRELA product revenue

2025 XPHOZAH revenue $104 million Full-year 2025 XPHOZAH product revenue

Q4 2025 XPHOZAH revenue $28 million Fourth quarter 2025 XPHOZAH product revenue

Cash & investments $265 million Cash, cash equivalents and investments as of Dec 31, 2025

2026 IBSRELA guidance $410–$430 million Expected full-year 2026 IBSRELA revenue, at least 50% growth vs. 2025

2026 XPHOZAH guidance $110–$120 million Expected full-year 2026 XPHOZAH revenue

Market Reality Check

Price: $7.69 Vol: Volume 7,205,098 vs 20-da...

high vol

$7.69 Last Close

Volume Volume 7,205,098 vs 20-day average 3,677,000 (relative volume 1.96) ahead of the revenue/guidance update. high

Technical Price 5.83 trades above 200-day MA 5.07 and is 14.01% below the 52-week high of 6.78.

Peers on Argus

ARDX gained 4.86% with strong revenue and guidance. Key biotech peers (AUPH +2.1...

ARDX gained 4.86% with strong revenue and guidance. Key biotech peers (AUPH +2.1%, MNKD +3.45%, VCEL +1.71%, VERA +2.01%) also traded higher, but momentum scanners did not flag a coordinated sector move.

Common Catalyst Several biotech peers also issued business updates or conference participation news, suggesting concurrent but not tightly correlated corporate news flow.

Historical Context

5 past events · Latest: Nov 07 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 07	Clinical data update	Positive	+1.1%	Real-world XPHOZAH data showed phosphate reductions and high patient satisfaction.
Nov 05	Investor conference	Neutral	+6.3%	Jefferies London fireside chat offered access to management commentary and updates.
Nov 04	Investor conference	Neutral	-5.4%	Wedbush ASN investor conference participation with webcast access for investors.
Oct 30	Earnings update	Positive	+1.0%	Q3 2025 results with strong IBSRELA growth and raised full-year guidance.
Oct 28	Clinical data update	Positive	+0.2%	IBSRELA data at ACG 2025 showing high patient satisfaction and symptom relief.

Pattern Detected

Recent fundamentally positive and data-focused news events for ARDX have usually seen modest positive price alignment, with one notable divergence on a conference appearance.

Recent Company History

Over the last few months, Ardelyx has highlighted clinical and real-world data for both XPHOZAH and IBSRELA, plus steady financial progress. An Oct 30, 2025 earnings report showed strong Q3 product revenue and raised IBSRELA guidance, followed by multiple conference presentations and XPHOZAH data at ASN on Nov 7, 2025. Price reactions were generally modestly positive, indicating the market has been receptive but measured toward incremental data and financial updates, which frames today’s preliminary 2025 revenue and 2026 outlook.

Market Pulse Summary

The stock surged +20.1% in the session following this news. A strong positive reaction aligns with A...

Analysis

The stock surged +20.1% in the session following this news. A strong positive reaction aligns with Ardelyx’s update that preliminary 2025 product revenue reached $378M, with IBSRELA at $274M and guidance implying at least 50% IBSRELA growth in 2026. Recent history shows mostly aligned price responses to clinical data and earnings. Investors may later reassess sustainability against factors like execution on the Phase 3 CIC program and maintaining IBSRELA’s growth trajectory as the base grows.

Key Terms

phase 3, chronic idiopathic constipation, notice of allowance, intellectual property, +4 more

8 terms

phase 3 medical

"A Phase 3 clinical trial evaluating IBSRELA in patients with chronic idiopathic..."

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

chronic idiopathic constipation medical

"A Phase 3 clinical trial evaluating IBSRELA in patients with chronic idiopathic..."

Chronic idiopathic constipation is a long-lasting condition where a person has infrequent or difficult bowel movements and no identifiable medical cause; “idiopathic” means doctors cannot find a specific underlying disease. It matters to investors because it represents a sizable, persistent patient population and a steady market for treatments, diagnostics and clinical trials—think of it as a common plumbing problem that creates ongoing demand for better tools and services.

notice of allowance regulatory

"A Notice of Allowance has been received for a patent that, when issued..."

A notice of allowance is an official confirmation from a patent office that a patent application has met all necessary requirements and is approved for granting. It signals that the invention is likely to receive legal protection soon, which can be important for investors considering the value and exclusivity of a new product or technology. Think of it as a green light indicating that the invention is on track to become legally protected.

intellectual property regulatory

"will extend the intellectual property protection for IBSRELA and XPHOZAH."

Intellectual property are legal rights that protect creations of the mind—such as inventions, brand names, designs, software, or secret formulas—giving the owner control over who can use, copy or sell them. For investors, IP is like owning a blueprint or recipe: it can generate steady income through exclusive sales or licensing, boost a company’s competitive edge and valuation, and also create costs or risks if rights must be defended or challenged in court.

sodium/hydrogen exchanger 3 (NHE3) inhibitor medical

"Development of RDX10531, a next generation sodium/hydrogen exchanger 3 (NHE3) inhibitor..."

A sodium/hydrogen exchanger 3 (NHE3) inhibitor is a drug that blocks a protein in the gut and kidneys that normally pumps salt into cells; blocking it reduces how much sodium and water the body absorbs. Think of it as turning down a tiny pump that pulls salt and fluid inward, which can relieve constipation, reduce fluid overload or lower blood pressure. Investors care because this mechanism can create new treatment options, affect drug safety profiles, and drive commercial value if regulators approve it.

boxed warning regulatory

"Please see full Prescribing Information, including Boxed Warning, for additional risk..."

A boxed warning is the strongest safety alert a drug regulator places on a medication’s official label to highlight life‑threatening or very serious risks, similar to a bold red flag attached to a product. For investors, it matters because this warning can reduce sales, increase regulatory scrutiny, raise liability and monitoring costs, and change market perception of the drug’s future revenue and risk profile.

contraindications medical

"CONTRAINDICATIONS IBSRELA is contraindicated in patients less than 6 years of age..."

Contraindications are specific conditions, factors, or situations that make using a drug, device, or medical procedure unsafe or inadvisable for a particular person. For investors, contraindications are important because they limit how many patients can use a product and can affect regulatory labeling, sales forecasts and legal risk—think of them as built‑in “do not use” signs that narrow a product’s market.

placebo-controlled medical

"two randomized, double-blind, placebo-controlled trials of IBS-C."

"Placebo-controlled" describes a testing method where one group receives the actual treatment or intervention, while another group receives a harmless, inactive version called a placebo. This approach helps determine whether the real treatment has genuine effects beyond psychological expectations. For investors, understanding this ensures confidence that reported benefits are real and not influenced by bias or false perceptions.

AI-generated analysis. Not financial advice.

01/08/2026 - 08:30 AM

Company achieved significant commercial progress in 2025, generating approximately $378 million in product revenue¹ 

IBSRELA achieved $274 million in revenue in 2025, representing 73% growth vs. 2024¹

IBSRELA expected to achieve $410-430 million in revenue in 2026

IBSRELA revenue expected to reach $1 billion in 2029

WALTHAM, Mass., Jan. 08, 2026 (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 its preliminary and unaudited fourth quarter and full year 2025 product revenue, currently expected product revenue for 2026 and updated long-term outlook for IBSRELA, along with recent business updates.

“For Ardelyx, 2025 was a remarkable year characterized by outstanding commercial execution and performance. IBSRELA delivered significant revenue growth of 73% over 2024, and we successfully protected patient access to XPHOZAH. We advanced our pipeline by commencing a Phase 3 program for IBSRELA in chronic idiopathic constipation and began development of a next generation NHE3 inhibitor with RDX10531, creating momentum behind our efforts to continue positioning Ardelyx for durable long-term growth,” said Mike Raab, president and chief executive officer. “We enter 2026 exceptionally well positioned to deliver significant growth and long-term value creation as we invest in our business to accelerate our commercial opportunities. We have first-in-class medicines in areas of unmet need, an innovative commercial strategy that continues to deliver exceptional results, strong development capabilities and a robust cash position that will enable us to further advance our portfolio, achieve our vision of bringing important medicines to patients who need them and create meaningful value for shareholders.”

Financial Highlights¹:

• 2025 total product revenue was approximately $378 million, representing 18% year-over-year growth.
• IBSRELA finished 2025 with full year revenue totaling approximately $274 million, 73% growth compared to 2024, generating revenue of approximately $87 million in the fourth quarter.
• XPHOZAH finished 2025 with revenue totaling approximately $104 million, generating approximately $28 million in revenue in the fourth quarter.
• The company had $265 million in cash, cash equivalents and investments as of December 31, 2025, sufficient to support high impact investments to grow adoption of its commercial products and advance its pipeline.

Financial Guidance and Outlook:

• Full-year 2026 revenue for IBSRELA is expected to be between $410 and $430 million, representing growth of at least 50% compared to 2025.
• 2029 IBSRELA revenue is expected to be $1 billion with continued growth through loss of exclusivity.
• Full-year 2026 XPHOZAH revenue is expected to be between $110 and $120 million.
  

Corporate and Pipeline Updates:

• A Phase 3 clinical trial evaluating IBSRELA in patients with chronic idiopathic constipation (CIC) has commenced and is expected to be completed in the second half of 2027.
• A Notice of Allowance has been received for a patent that, when issued, will extend the intellectual property protection for IBSRELA and XPHOZAH. The patent covers the commercial formulations of IBSRELA and XPHOZAH and will have an expiration date of December 6, 2041.
• Development of RDX10531, a next generation sodium/hydrogen exchanger 3 (NHE3) inhibitor, continued.
  

IMPORTANT SAFETY INFORMATION (IBSRELA)

WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS IBSRELA is contraindicated in patients less than 6 years of age; in nonclinical studies in young juvenile rats administration of tenapanor caused deaths presumed to be due to dehydration. Avoid use of IBSRELA in patients 6 years to less than 12 years of age. The safety and effectiveness of IBSRELA have not been established in patients less than 18 years of age.

CONTRAINDICATIONS

• IBSRELA is contraindicated in patients less than 6 years of age due to the risk of serious dehydration.
• IBSRELA is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.

WARNINGS AND PRECAUTIONS
Risk of Serious Dehydration in Pediatric Patients

• IBSRELA is contraindicated in patients below 6 years of age. The safety and effectiveness of IBSRELA in patients less than 18 years of age have not been established. In young juvenile rats (less than 1 week old; approximate human age equivalent of less than 2 years of age), decreased body weight and deaths occurred, presumed to be due to dehydration, following oral administration of tenapanor. There are no data available in older juvenile rats (human age equivalent 2 years to less than 12 years).
• Avoid the use of IBSRELA in patients 6 years to less than 12 years of age. Although there are no data in older juvenile rats, given the deaths in younger rats and the lack of clinical safety and efficacy data in pediatric patients, avoid the use of IBSRELA in patients 6 years to less than 12 years of age.

Diarrhea
Diarrhea was the most common adverse reaction in two randomized, double-blind, placebo-controlled trials of IBS-C. Severe diarrhea was reported in 2.5% of IBSRELA-treated patients. If severe diarrhea occurs, suspend dosing and rehydrate patient.

MOST COMMON ADVERSE REACTIONS
The most common adverse reactions in IBSRELA-treated patients (incidence ≥2% and greater than placebo) were: diarrhea (16% vs 4% placebo), abdominal distension (3% vs <1%), flatulence (3% vs 1%) and dizziness (2% vs <1%).

INDICATION
IBSRELA (tenapanor) is indicated for the treatment of Irritable Bowel Syndrome with Constipation (IBS-C) in adults.

Please see full Prescribing Information, including Boxed Warning, for additional risk information.

IMPORTANT SAFETY INFORMATION (XPHOZAH)

CONTRAINDICATIONS

XPHOZAH is contraindicated in:

• Pediatric patients under 6 years of age
• Patients with known or suspected mechanical gastrointestinal obstruction

WARNINGS AND PRECAUTIONS
Diarrhea
Patients may experience severe diarrhea. Treatment with XPHOZAH should be discontinued in patients who develop severe diarrhea.

MOST COMMON ADVERSE REACTIONS
Diarrhea, which occurred in 43-53% of patients, was the only adverse reaction reported in at least 5% of XPHOZAH-treated patients with CKD on dialysis across trials. The majority of diarrhea events in the XPHOZAH-treated patients were reported to be mild-to-moderate in severity and resolved over time, or with dose reduction. Diarrhea was typically reported soon after initiation but could occur at any time during treatment with XPHOZAH. Severe diarrhea was reported in 5% of XPHOZAH-treated patients in these trials.

INDICATION
XPHOZAH (tenapanor), 30 mg BID, is indicated to reduce serum phosphorus in adults with chronic kidney disease (CKD) on dialysis as add-on therapy in patients who have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy.

For additional safety information, please see full Prescribing Information.

About Ardelyx
Ardelyx was founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs. Ardelyx has two commercial products approved in the United States, IBSRELA® (tenapanor) and XPHOZAH® (tenapanor). The company’s pipeline includes the Phase 3 development of IBSRELA for chronic idiopathic constipation (CIC) and RDX10531, a next-generation NHE3 inhibitor with potential application across multiple therapeutic areas. Ardelyx has agreements for the development and commercialization of tenapanor outside of the U.S. Kyowa Kirin commercializes PHOZEVEL^® (tenapanor) for hyperphosphatemia in Japan. A New Drug Application for tenapanor for hyperphosphatemia has been approved in China with Fosun Pharma. Knight Therapeutics commercializes IBSRELA in Canada. For more information, please visit https://ardelyx.com/ and connect with us on X (formerly known as Twitter), LinkedIn and Facebook.

Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Ardelyx, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, Ardelyx’s current expectations regarding: product revenue for IBSRELA and XPHOZAH for full year 2025 and the fourth quarter ended December 31, 2025; its cash position at December 31, 2025; the year in which IBSRELA will achieve U.S. product revenue of $1 billion; product revenue for IBSRELA and XPHOZAH for 2026; its ability to deliver significant growth and long-term value creation, advance its portfolio and deliver meaningful value for shareholders; and the timing for the completion of the Phase 3 CIC trial. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control, that could cause actual outcomes or results to differ materially from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, risks related to the preparation and audit of financial statements; clinical development and regulatory approval; commercialization, market acceptance and payer coverage; manufacturing and supply; competition; pricing and regulatory changes; intellectual property and exclusivity; reliance on third parties; and macroeconomic conditions in the U.S. and internationally. Ardelyx undertakes no obligation to update or revise any forward-looking statements, except as required by law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ardelyx's business in general, please refer to Ardelyx's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on October 30, 2025, and its future current and periodic reports to be filed with the Securities and Exchange Commission.

Investor and Media Contacts:
Caitlin Lowie
clowie@ardelyx.com

¹ Financial results for the fourth quarter and full year 2025 reported are preliminary, unaudited and are subject to change, perhaps materially, upon the audit of the Company’s financial statements for the year ended December 31, 2025.

FAQ

What were Ardelyx (ARDX) preliminary product revenues for 2025?

Ardelyx reported approximately $378 million in product revenue for 2025.

How much revenue did IBSRELA (ARDX) generate in 2025 and what was the growth rate?

IBSRELA generated about $274 million in 2025, a 73% increase versus 2024.

What is Ardelyx's 2026 revenue guidance for IBSRELA (ARDX)?

Full-year 2026 IBSRELA revenue is expected to be between $410 million and $430 million.

When does Ardelyx expect IBSRELA to reach $1 billion in revenue?

Ardelyx expects IBSRELA revenue to reach $1 billion in 2029.

What clinical and IP updates did Ardelyx announce on Jan 8, 2026 for ARDX?

Ardelyx commenced a Phase 3 trial for IBSRELA in CIC and received a Notice of Allowance for a patent expiring Dec 6, 2041.

What safety risks are highlighted for IBSRELA and XPHOZAH that investors should note?

IBSRELA has a boxed pediatric dehydration risk and severe diarrhea in 2.5% of patients; XPHOZAH reported diarrhea in 43–53% of patients with 5% severe.