Ardelyx (NASDAQ:ARDX) Releases Earnings Results, Misses Estimates By $0.02 EPS

Ardelyx (NASDAQ:ARDX) issued its earnings results on Thursday. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02), FiscalAI reports. Ardelyx had a negative return on equity of 38.11% and a negative net margin of 13.58%.The firm had revenue of $120.88 million during the quarter, compared to the consensus estimate of $121.03 million. During the same period last year, the business earned ($0.08) earnings per share. The firm’s revenue for the quarter was up 34.3% compared to the same quarter last year.

Here are the key takeaways from Ardelyx’s conference call:

• Q2 product revenue reached a record $118 million, up 31% year over year, with IBSRELA revenue increasing 33% to $86.2 million and XPHOZAH revenue rising 27% to $31.9 million.
• IBSRELA faced more stringent payer prior authorizations and step edits, slowing new-patient starts despite record demand, refills, and total prescriptions. The company lowered 2026 IBSRELA revenue guidance to $350 million-$370 million.
• Ardelyx reiterated XPHOZAH 2026 revenue guidance of $110 million-$120 million but withdrew its longer-term $750 million revenue target while it assesses post-TDAPA market dynamics and upcoming dialysis payment policies.
• Management is expanding field reimbursement and commercial support for IBSRELA, including doubling reimbursement staff, increasing the sales force to 144 representatives, and further promoting the IBSRELA Pharmacy Network to improve fulfillment and adherence.
• The company ended the quarter with $281.8 million in cash, revised 2026 operating-expense guidance to below $500 million, and maintained its expectation of achieving profitability in 2027 while advancing its pipeline and tenapanor patent estate.

Ardelyx Trading Down 0.8%

NASDAQ ARDX opened at $4.87 on Friday. Ardelyx has a 12 month low of $4.71 and a 12 month high of $8.40. The stock has a 50-day simple moving average of $5.41 and a 200 day simple moving average of $6.09. The company has a current ratio of 3.49, a quick ratio of 3.28 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $1.20 billion, a PE ratio of -21.17 and a beta of 0.70.

Analyst Ratings Changes

ARDX has been the topic of a number of research analyst reports. HC Wainwright restated a “buy” rating on shares of Ardelyx in a research report on Friday. LADENBURG THALM/SH SH initiated coverage on Ardelyx in a research report on Tuesday, June 16th. They issued a “buy” rating and a $16.00 price objective for the company. Weiss Ratings lowered Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 29th. Finally, Zacks Research cut Ardelyx from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.10.

Insider Activity at Ardelyx

In other Ardelyx news, insider Eric Duane Foster sold 7,998 shares of Ardelyx stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $50,147.46. Following the transaction, the insider directly owned 417,972 shares in the company, valued at approximately $2,620,684.44. The trade was a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mike Kelliher sold 7,248 shares of Ardelyx stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $45,444.96. Following the transaction, the insider owned 357,418 shares in the company, valued at $2,241,010.86. This trade represents a 1.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 24,572 shares of company stock worth $154,066 in the last three months. 5.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ARDX. Invesco Ltd. raised its holdings in shares of Ardelyx by 23.1% during the fourth quarter. Invesco Ltd. now owns 317,410 shares of the biopharmaceutical company’s stock worth $1,851,000 after acquiring an additional 59,597 shares during the period. Mercer Global Advisors Inc. ADV boosted its stake in Ardelyx by 4.7% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 38,512 shares of the biopharmaceutical company’s stock worth $225,000 after purchasing an additional 1,722 shares during the period. Mackenzie Financial Corp increased its holdings in Ardelyx by 12.8% during the 4th quarter. Mackenzie Financial Corp now owns 199,550 shares of the biopharmaceutical company’s stock worth $1,155,000 after purchasing an additional 22,715 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of Ardelyx by 1,690.9% in the 4th quarter. NewEdge Advisors LLC now owns 17,909 shares of the biopharmaceutical company’s stock valued at $104,000 after purchasing an additional 16,909 shares during the period. Finally, XTX Topco Ltd acquired a new stake in shares of Ardelyx in the 4th quarter valued at about $698,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

About Ardelyx

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.