Ardelyx reaffirms IBSRELA revenue guidance of $350 million to $370 million for 2026
Key Facts
On November 3, 2026, Ardelyx reaffirmed its guidance for IBSRELA revenue in fiscal 2026 at a range of $350 million to $370 million, according to the company’s filing with the U.S. Securities and Exchange Commission. The range was maintained after the drug generated revenue of $96.3 million in the third quarter, up 23% year over year. The company said IBSRELA’s growth was tied to an increase in prescribers and prescriptions, pointing to expanded use during the period. XPHOZAH generated revenue of $29.2 million in the quarter, up 7% year over year. The company thus maintained its full-year outlook while reporting growth in revenue from both drugs during the quarter.
Ardelyx’s total product revenue was $125.5 million in the quarter ended September 30, 2026, compared with $105.5 million in the corresponding quarter of 2025, representing year-over-year growth of 19%, according to the filing. The company attributed the increase to higher demand for its products. IBSRELA revenue of $96.3 million accounted for the largest share of total product revenue, while XPHOZAH contributed $29.2 million. Both drugs recorded year-over-year growth, although IBSRELA’s 23% growth outpaced XPHOZAH’s 7%. These results put the quarter’s performance in the context of the annual guidance the company maintained, without making one quarter’s results a substitute for full-year revenue.
On expenses, research and development costs rose to $25.2 million in the third quarter of 2026 from $18.1 million in the corresponding period a year earlier. Ardelyx said the increase was primarily tied to investment in the Phase 3 ACCEL trial. Selling, general and administrative expenses were $93.9 million, compared with $83.6 million a year earlier. The company attributed the increase to deliberate investments to address barriers to IBSRELA access and support adoption. These expense items show that the company continued spending on clinical development and commercial expansion in the same quarter it recorded product revenue growth.
The company reported a net loss of $0.7 million in the third quarter of 2026, compared with a loss of $1.0 million in the corresponding period of 2025, according to Ardelyx’s filing. At the end of September, the company had $285.3 million in cash, cash equivalents and short-term investments, up from $264.7 million on December 31, 2025. The company maintained its XPHOZAH revenue guidance for the current year at $110 million to $120 million and reiterated its expectation that operating expenses would remain below $500 million. On the earnings call, the chief financial officer said gross margin exceeds 95%, and that “gross margin above 95% and disciplined operating expense management” should support operating margin expansion over time. Management presented these factors in the context of its path to profitability in 2027, without describing the target as operating profitability.
In regular trading on November 3, shares of ARDX closed at $3.03, according to EL7 data and Investing.com coverage. The stock then rose after the close to $3.32, up 9.57%, following the earnings announcement, according to Investing.com. The $3.03 price represents the regular-session close, while the higher price relates to after-hours trading on the same day. The move followed the release of third-quarter results and confirmation of IBSRELA revenue guidance, alongside the company’s maintained outlook for XPHOZAH and operating expenses. These data do not include the regular session’s high and low prices.
Ardelyx is maintaining its long-term target of $1 billion in annual IBSRELA revenue, according to its filing; that target exceeds the company’s expected revenue range for the drug in 2026. The company also completed enrollment in the Phase 3 ACCEL trial ahead of schedule and is targeting the announcement of topline results in the second half of 2027. The trial is testing a treatment for chronic idiopathic constipation, according to the filing. The timing of the clinical results sets a later milestone for tracking developments in commercial scale reflected in the quarterly results, while the company maintained its stated path to profitability in 2027. Product revenue, costs to support access and adoption, and ACCEL results remain among the key factors the company cited in outlining its near- and long-term outlook.