Ardelyx revises IBSRELA guidance, pulls XPHOZAH long-term outlook amid payor hurdles
Ardelyx reported Q2 2026 revenue growth but cited increased payor utilization management as it updates full-year and long-term projections.
Ardelyx reported second quarter 2026 results on August 6, 2026, with IBSRELA (tenapanor) revenue of $86.2 million, up 33% year-over-year, driven by increases in refills and total prescriptions reaching the highest demand quarter to date1. XPHOZAH (tenapanor) revenue reached $31.9 million, up 27% year-over-year, driven by a strong increase in total writers and prescriptions.1
CEO Mike Raab said demand for IBSRELA was strong despite revenues below the company's expectations resulting from significantly increased utilization management processes from payors that the company said it is actively addressing1.
Ardelyx updated its outlook: full-year 2026 revenue guidance for IBSRELA was revised to between $350 and $370 million1, while full-year 2026 revenue guidance for XPHOZAH was reiterated at $110 to $120 million1. Operating expense guidance was revised to below $500 million.1 The company said its long-term guidance of $1 billion in IBSRELA revenue remains in place, though it is evaluating market dynamics and their impact on timing.1 XPHOZAH long-term guidance was pulled as the company assesses evolving market dynamics and growth rates that could reshape the long-term market opportunity.1
On the pipeline, IBSRELA is being evaluated for chronic idiopathic constipation in the Phase 3 ACCEL trial, with enrollment completion on track by the end of 2026 and top-line data expected in the second half of 2027.1 RDX10531, the company's next-generation NHE3 inhibitor, is in IND-enabling studies and, if successful, has potential for broad applications across multiple therapeutic areas.1
In corporate developments, on June 29, 2026, the company drew $50 million from its existing financing arrangement with SLR Investment Corp. for general corporate purposes1, and on June 26, 2026, the U.S. Court of Appeals for the D.C. Circuit affirmed dismissal of the company's lawsuit against CMS over XPHOZAH reimbursement classification, and the company said it will not pursue further litigation on the matter.1
As of June 30, 2026, the company had total cash, cash equivalents and short-term investments of $281.8 million, compared to $264.7 million as of December 31, 2025.1
Written by readthrough’s AI from the linked primary sources and fact-checked against them automatically before publishing. Not investment advice.