Ardelyx (NASDAQ:ARDX) Releases Earnings Results, Misses Expectations By $0.03 EPS

Ardelyx (NASDAQ:ARDX) announced its earnings results on Thursday. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03), FiscalAI reports. Ardelyx had a negative net margin of 15.12% and a negative return on equity of 42.05%. The business had revenue of $125.22 million during the quarter, compared to the consensus estimate of $118.04 million. During the same period in the previous year, the firm posted $0.02 EPS. The company’s revenue was up 7.8% compared to the same quarter last year.

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

• IBSRELA delivered strong commercial momentum with 2025 revenue growth of ~73% year‑over‑year (Q4 +61%), 2026 guidance of $410–$430M, and management forecasting $1 billion in revenue by 2029.
• XPHOZAH revenue was materially impacted by loss of Medicare Part D reimbursement (effective Jan 1, 2025), lowering reported XPHOZAH revenue in 2025 while the company reported higher total dispenses (+9%) and 2026 guidance of $110–$120M.
• Pipeline expansion: the company has begun the Phase 3 ACCEL study for tenapanor in CIC (~700 patients; topline data expected H2 2026) and is advancing a next‑generation NHE3 inhibitor, RDX10531, targeting an IND in H2 2026 and a Phase 1 thereafter.
• Ardelyx expects operating expenses to rise ~25% in 2026 (OpEx up to ~$520M), widening near‑term losses (2025 net loss $61.6M) even as management says ~$265M in cash plus revenue growth should fund planned investments.
• The company added a new Orange Book‑listed formulation patent for IBSRELA and XPHOZAH expiring in 2042, which management says strengthens intellectual property protection beyond the composition patent timeline.

Ardelyx Stock Performance

NASDAQ:ARDX opened at $5.73 on Friday. The stock’s 50-day simple moving average is $6.77 and its 200 day simple moving average is $6.11. The firm has a market capitalization of $1.39 billion, a PE ratio of -22.92 and a beta of 0.57. The company has a quick ratio of 4.11, a current ratio of 4.41 and a debt-to-equity ratio of 1.31. Ardelyx has a twelve month low of $3.21 and a twelve month high of $8.40.

Key Ardelyx News

Here are the key news stories impacting Ardelyx this week:

• Positive Sentiment: Strong commercial growth — IBSRELA revenue grew 73% in 2025 to $274.2M and total revenues reached $407.3M, demonstrating meaningful top-line momentum that supports future cash flow potential. Ardelyx Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update
• Positive Sentiment: Revenue beat — Q4 revenue of $125.2M topped analyst estimates (~$118M), showing continued commercial execution even as EPS missed. MarketBeat Q4 results summary
• Positive Sentiment: Bullish analyst support — BTIG reaffirmed a buy rating and set a $17 price target, and at least one firm reportedly raised its target sharply (~+80%), showing divergent analyst views and potential upside if sentiment improves. Benzinga note on BTIG rating
• Neutral Sentiment: Earnings call and disclosures — the full Q4 earnings call transcript is available; management reiterated the XPHOZAH access strategy and said the company is well-capitalized to pursue growth and development programs. Investors will parse the call for guidance on margins and R&D spend. Q4 2025 Earnings Call Transcript
• Neutral Sentiment: Data noise on short interest — several data feeds reported large short-interest “increases” but with zero shares and NaN changes, indicating erroneous/unclear short-interest reporting rather than a meaningful squeeze or piling on. Investors should treat those items cautiously.
• Negative Sentiment: EPS miss and margin concerns — Ardelyx reported EPS of ($0.01) vs. consensus $0.02, and commentary showed heavy operational spend that clouds near-term profitability; that miss is the primary near-term driver of selling pressure. Zacks Q4 EPS coverage
• Negative Sentiment: Mixed investor reaction to outlook — post-earnings commentary and coverage highlighted concerns about the IBSRELA outlook and high operating expenses, which prompted the stock decline despite strong sales numbers. Seeking Alpha: Strong IBSRELA Growth, But Heavy Operational Spend Clouds Profitability

Analyst Upgrades and Downgrades

ARDX has been the subject of a number of recent research reports. BTIG Research reissued a “buy” rating and issued a $17.00 price objective on shares of Ardelyx in a report on Friday. HC Wainwright boosted their price target on Ardelyx from $10.00 to $18.00 and gave the company a “buy” rating in a research note on Friday. Citigroup increased their price target on Ardelyx from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Wedbush lifted their price objective on Ardelyx from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Finally, TD Cowen reiterated a “buy” rating on shares of Ardelyx in a research report on Thursday, January 29th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $15.09.

Insider Buying and Selling

In other news, insider Laura A. Williams sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $6.98, for a total value of $349,000.00. Following the sale, the insider directly owned 361,563 shares in the company, valued at approximately $2,523,709.74. This trade represents a 12.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.80% of the company’s stock.

Institutional Trading of Ardelyx

A number of hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. increased 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 buying an additional 59,597 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in Ardelyx by 4.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 38,512 shares of the biopharmaceutical company’s stock worth $225,000 after acquiring an additional 1,722 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Ardelyx by 12.8% in 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 increased its holdings in Ardelyx by 1,690.9% in the 4th quarter. NewEdge Advisors LLC now owns 17,909 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 16,909 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Ardelyx in the fourth 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.