Ardelyx provides update, 2024 strategic priorities

Ardelyx provided an update on the company’s progress in 2023 and initial expectations for 2024. IBSRELA Preliminary 2023 Revenue, 2024 Guidance and Revised Peak Sales Expectations: U.S. net product sales revenue for the first full calendar year of commercialization of IBSRELA is expected to be approximately $80 million, subject to adjustment in connection with preparation of audited financial statements, following consistent quarter-over-quarter growth and strong performance across all key indicators, including new and repeat writers and new and refill prescriptions. Ardelyx expects IBSRELA to achieve greater than ten percent market share at peak and generate more than $1.0 billion in annual U.S. net product sales revenue before patent term expiration. In 2024, the company will continue to invest to support future realization of the full potential for IBSRELA, including the expansion of the IBSRELA sales team, additional promotional programming and omnichannel digital capabilities, increased sampling availability, and expanded support provided by the ArdelyxAssist patient services program. Ardelyx currently expects full-year 2024 U.S. net product sales revenue for IBSRELA to be between $140.0 and $150.0 million. XPHOZAH Launch Progress and Preliminary 2023 Revenue: Following approval by the U.S. Food and Drug Administration of XPHOZAH in October 2023 and launch in November 2023, Ardelyx has seen a strong initial response from the nephrology community. U.S. net product sales revenue for the first quarter of commercialization of XPHOZAH is expected to be approximately $2.5 million, subject to adjustment in connection with preparation of audited financial statements. Strong Cash Position: As of December 31, 2023, the company had total cash, cash equivalents and short-term investments of approximately $184 million. Ardelyx had approximately 232 million shares outstanding as of December 31, 2023.