Ardelyx Nearly Breaks Even as IBSRELA Sales Rise 23% to $96.3M and 2026 Guidance Holds
XPHOZAH sales rose 7% to $29.2M, cash reached $285.3M, and a Phase 3 tenapanor trial in chronic constipation finished enrolling ahead of schedule.
Ardelyx (ARDX) reported third-quarter 2026 total revenue of $127.7 million and product sales of $125.5 million, up 19%, led by a 23% increase in IBSRELA sales to $96.3 million. The company reported a net loss of $0.7 million, or $0.00 per share, essentially break-even, and reiterated its 2026 revenue guidance for both drugs. Shares were up about 10.6% in after-hours trading.
Third-quarter results
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Total revenue | $127.7M | $110.3M | +15.7% |
| Product sales, net | $125.5M | $105.5M | +19% |
| IBSRELA | $96.3M | $78.2M | +23% |
| XPHOZAH | $29.2M | $27.4M | +7% |
| Net loss | $0.7M | $1.0M | Narrower |
By our calculation, total product sales rose about 6.2% from the $118.1 million reported in the second quarter. Share-based compensation in the third quarter was $15.1 million, and the nine-month net loss was $55.1 million, or $0.22 per share. Chief Executive Mike Raab said IBSRELA's 23% growth is the engine driving product revenue.
2026 guidance reiterated
| Item | Guidance |
|---|---|
| IBSRELA revenue | $350M to $370M |
| XPHOZAH revenue | $110M to $120M |
| Operating expenses | Below $500M |
| IBSRELA long-term goal | $1B in annual revenue |
Pipeline and patent
- Tenapanor in CIC. Enrollment finished ahead of schedule in the Phase 3 ACCEL trial of tenapanor in chronic idiopathic constipation, with topline data expected in the second half of 2027.
- Patent. The U.S. Patent and Trademark Office notified Ardelyx that it will issue U.S. Patent No. 12,788,750 on Nov. 10, 2026. It expires Dec. 6, 2041 and covers the commercial formulations of IBSRELA and XPHOZAH.
What to watch
- Conference call. The Q4 trajectory needed to reach the $350 million to $370 million IBSRELA guide.
- XPHOZAH. Whether growth of 7% accelerates toward the $110 million to $120 million full-year range.
- Profitability. Whether the company turns profitable in the fourth quarter.
- Related coverage. See our reports on IDEXX, Omega Healthcare and Starbucks.
Sources: Ardelyx's third-quarter 2026 results on SEC EDGAR. The second-quarter product revenue figure comes from the company's second-quarter release, and the after-hours move comes from market data and may differ by source. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.
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