Ardelyx, Inc., a pharmaceutical company, shared its third-quarter financial results, revealing that they had exceeded expectations with quarterly sales reaching $98.24 million, beating the analyst consensus estimate of $86.64 million. The company's key products, IBSRELA and XPHOZAH, contributed significantly to its success, generating $40.6 million and $51.5 million in net product sales revenue, respectively. Looking ahead, Ardelyx anticipates the full-year 2024 net sales revenue for IBSRELA to fall between $145 million and $150 million, indicating a positive outlook for the company's products.
Ardelyx's CEO, Mike Raab, expressed satisfaction with the company's performance in the third quarter, highlighting their ability to execute and achieve their objectives while prioritizing patient care and future growth. The company's financial position appears strong, with around $190 million in cash, cash equivalents, and investments at the end of the quarter. Following the earnings report, Ardelyx's stock price showed a 3.07% increase after-hours, reaching $6.05 per share, as reported by Benzinga Pro. This positive market response reflects investor confidence in the company's performance and future prospects.