Ardelyx (NASDAQ:ARDX) shares jumped 15% on Thursday after the biopharmaceutical company released preliminary revenue figures for 2025 alongside a positive strategic outlook for the year ahead.
The company reported total product revenue of roughly $378 million for 2025, marking an 18% increase year over year. Its flagship therapy, IBSRELA, delivered about $274 million in sales, up 73% from 2024, with the fourth quarter contributing approximately $87 million.
Looking to 2026, Ardelyx forecasts IBSRELA revenue in the range of $410 million to $430 million, implying growth of at least 50% compared with 2025. Management reiterated its expectation that IBSRELA will reach $1 billion in annual sales by 2029 and continue growing until loss of exclusivity.
“For Ardelyx, 2025 was a remarkable year characterized by outstanding commercial execution and performance,” said Mike Raab, president and chief executive officer of Ardelyx.
The company’s second marketed product, XPHOZAH, generated around $104 million in revenue during 2025 and is projected to contribute between $110 million and $120 million in 2026.
Ardelyx ended the year with a solid balance sheet, reporting $265 million in cash, cash equivalents and investments as of December 31, 2025. The company said this liquidity provides sufficient resources to fund ongoing commercial expansion and advance its development pipeline.
Pipeline progress during the year included the launch of a Phase 3 clinical trial evaluating IBSRELA in patients with chronic idiopathic constipation, with completion expected in the second half of 2027. Ardelyx also announced it received a Notice of Allowance for a patent extending intellectual property protection for both IBSRELA and XPHOZAH through December 2041.