Ardelyx shares fell 18.5% after the company cut guidance in response to growing payer hurdles that slowed new patient starts for IBSRELA, signaling investor concerns over demand deceleration despite revenue growth.
- Combined revenue from IBSRELA and XPHOZAH reached $118 million, up 31% year-over-year and the highest quarterly total in company history.
- New patient starts for IBSRELA were materially impacted by increased payer restrictions, dampening growth momentum.
- Refill rates and total prescriptions hit record highs, supported by the IBSRELA Pharmacy Network and expanded sales force initiatives.
- The company highlighted ongoing efforts to mitigate payer barriers, including doubling the field reimbursement team and ramping up direct-to-consumer marketing.
- Management reaffirmed long-term revenue potential but will no longer pursue further legal action regarding CMS reimbursement, removing a potential lever for future pricing flexibility.
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