Ardelyx disclosed preliminary product revenue for 2025 of $378 million, an 18% year‑over‑year increase from $319.2 million in 2024. The jump is driven by a 73% rise in IBSRELA sales to $274 million, up from $158.3 million in 2024, while XPHOZAH revenue fell 35% to $104 million from $160.9 million the prior year.
IBSRELA’s acceleration is attributed to intensified prescriber outreach, growing patient demand, and a robust marketing push that has expanded its market share in the IBS‑C segment. The company’s patent protection through 2041 further secures its competitive position. A Phase 3 program for IBSRELA in chronic idiopathic constipation is slated to complete in the second half of 2027, potentially opening a new therapeutic indication.
XPHOZAH’s revenue decline reflects the loss of Medicare Part D coverage, a headwind that has reduced reimbursement for dialysis patients. Ardelyx has taken steps to protect patient access, including legal action and alternative coverage strategies, which have helped maintain a steady revenue stream despite the reimbursement setback.
For 2026, Ardelyx projects IBSRELA revenue of $410–$430 million, representing at least 50% growth over 2025, and forecasts U.S. sales of $1 billion by 2029. Cash and liquidity remain strong, with $242.7 million in cash, cash equivalents and short‑term investments as of September 30 2025 and $265 million as of December 31 2025. The company also announced the initiation of RDX10531, a next‑generation NHE3 inhibitor, marking a new entry in its pipeline.
Gross margin for 2025 was 88.2%, underscoring pricing power, but operating and net margins remained negative due to significant investments in research, development and commercialization. The high gross margin suggests that, once operating costs are controlled, profitability could improve as revenue scales.
Investors responded positively to the release, citing the robust revenue growth, strong guidance, and pipeline expansion as key factors that reinforce confidence in Ardelyx’s long‑term trajectory.
"For Ardelyx, 2025 was a remarkable year characterized by outstanding commercial execution and performance," said CEO Mike Raab. "IBSRELA delivered significant revenue growth of 73% over 2024, and we successfully protected patient access to XPHOZAH. We advanced our pipeline by commencing a Phase 3 program for IBSRELA in chronic idiopathic constipation and began development of a next‑generation NHE3 inhibitor, creating momentum behind our efforts to continue positioning Ardelyx for long‑term growth."
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