WALTHAM, Mass. — January 8, 2026 — Leads & Copy — Ardelyx, Inc., a biopharmaceutical company (Nasdaq: ARDX), announced its preliminary unaudited fourth quarter and full year 2025 product revenue, expected product revenue for 2026, and an updated long-term outlook for IBSRELA, along with recent business updates.
The company reported approximately $378 million in product revenue for 2025, with IBSRELA achieving $274 million in revenue, a 73% increase compared to 2024. Ardelyx anticipates IBSRELA revenue to reach $410-430 million in 2026 and $1 billion in 2029.
According to Mike Raab, president and chief executive officer, 2025 was a remarkable year for Ardelyx, marked by commercial execution and performance. Raab noted the significant revenue growth of IBSRELA and the successful protection of patient access to XPHOZAH. He also noted the commencement of a Phase 3 program for IBSRELA in chronic idiopathic constipation and the development of a next generation NHE3 inhibitor with RDX10531.
Total product revenue for 2025 reached approximately $378 million, representing an 18% year-over-year increase. IBSRELA concluded 2025 with approximately $274 million in revenue, a 73% increase from 2024, including $87 million in the fourth quarter. XPHOZAH finished 2025 with approximately $104 million in revenue, with $28 million generated in the fourth quarter.
As of December 31, 2025, the company held $265 million in cash, cash equivalents, and investments. This is expected to support investments to grow adoption of its commercial products and advance its pipeline.
The company expects full-year 2026 revenue for IBSRELA to be between $410 and $430 million, representing a growth of at least 50% compared to 2025. It projects IBSRELA revenue to reach $1 billion by 2029, with continued growth expected through loss of exclusivity. Full-year 2026 XPHOZAH revenue is expected to be between $110 and $120 million.
A Phase 3 clinical trial evaluating IBSRELA in patients with chronic idiopathic constipation (CIC) has begun and is expected to be completed in the second half of 2027. Ardelyx has received a Notice of Allowance for a patent that will extend intellectual property protection for IBSRELA and XPHOZAH until December 6, 2041. The patent covers the commercial formulations of both drugs.
Development of RDX10531, a next generation sodium/hydrogen exchanger 3 (NHE3) inhibitor, is ongoing.
IBSRELA is indicated for the treatment of Irritable Bowel Syndrome with Constipation (IBS-C) in adults. XPHOZAH is indicated to reduce serum phosphorus in adults with chronic kidney disease (CKD) on dialysis as add-on therapy in patients who have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy.
Important Safety Information for IBSRELA: IBSRELA is contraindicated in patients less than 6 years of age due to the risk of serious dehydration. Avoid use in patients 6 years to less than 12 years of age. The safety and effectiveness have not been established in patients less than 18 years of age. Common adverse reactions include diarrhea, abdominal distension, flatulence, and dizziness.
Important Safety Information for XPHOZAH: XPHOZAH is contraindicated in pediatric patients under 6 years of age and patients with known or suspected mechanical gastrointestinal obstruction. Diarrhea is a common adverse reaction. Treatment with XPHOZAH should be discontinued in patients who develop severe diarrhea.
Investor and Media Contacts:
Caitlin Lowie
clowie@ardelyx.com
Source: Ardelyx, Inc.
