Ardelyx, Inc. Q3 2026 Earnings Recap

Ardelyx shares rose 8.6% after earnings, with investors responding to Q3 revenue growth of 19% year over year and progress on pipeline expansion. IBSRELA’s 23% growth led the quarter, while XPHOZAH grew 7%, a more modest pace.

Key Takeaways

• Total Q3 revenue from IBSRELA and XPHOZAH exceeded $125 million, up 19% year over year.
• IBSRELA revenue was $96.3 million, up 23%; management said total prescriptions and market share continued to grow, while payer friction remains a focus.
• XPHOZAH revenue was $29.2 million, up 7%; paid prescriptions grew 22% year over year, though management described the dialysis reimbursement environment as complex.
• Ardelyx fully enrolled its ACCEL Phase III trial of IBSRELA in chronic idiopathic constipation ahead of schedule.
• The company launched its first IBSRELA direct-to-consumer campaign in September and reported early increases in website traffic; it has not yet established the campaign’s effect on new patient starts.