Ardelyx Shares Rally Premarket as 1Q Revenue Tops Street Views

Dow Jones05-03

By Colin Kellaher

Shares of Ardelyx jumped more than 20% in premarket trading Friday, after the biopharmaceutical company posted first-quarter results that topped expectations amid a strong launch of its kidney-disease drug Xphozah.

After the closing bell Thursday, Ardelyx said its quarterly revenue more than quadrupled to $46 million, with Xphozah pulling in $15.2 million in net product sales revenue during its first full quarter.

Analysts polled by FactSet, on average, were expecting quarterly sales of $36.4 million.

In a research note, analysts at Citi said they had penciled in $9 million of sales revenue for Xphozah for the quarter, and they raised their full-year forecast for the drug to $109 million from $65 million.

Ardelyx also said U.S. net product sales revenue for its irritable-bowel-syndrome drug Ibsrela more than doubled in the quarter to $28.4 million, and the Waltham, Mass., company forecast full-year U.S. net product sales revenue for the drug of $140 million to $150 million.

Ardelyx shares, which closed Thursday at $6.79, were recently up 21% to $8.24 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 03, 2024 07:13 ET (11:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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