Ardelyx Earlier Provided Update On 2024 Strategic Priorities; Expects FY24 U.S. Net Product Sales Revenue For IBSRELA To Be Between $140M-$150M; As Of December 31, 2023, The Co Had Total Cash, Cash Equivalents And Short-Term Investments Of ~$184M
Portfolio Pulse from Benzinga Newsdesk
Ardelyx, Inc. (NASDAQ:ARDX) reported significant commercial progress in 2023 with the approval and launch of IBSRELA and XPHOZAH. IBSRELA is expected to generate over $1.0 billion in annual U.S. net product sales at peak and is projected to have $140M-$150M in sales for FY24. XPHOZAH launched in November 2023 with an expected $2.5M in sales for its first quarter. Ardelyx ended 2023 with approximately $184M in cash and equivalents. The company plans to expand its sales team and promotional efforts for IBSRELA in 2024.
January 08, 2024 | 4:01 pm
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Ardelyx reported a successful 2023 with the launch of IBSRELA and XPHOZAH, expecting IBSRELA's FY24 sales to reach $140M-$150M and XPHOZAH's Q1 sales at $2.5M. The company has a strong cash position with $184M in reserves.
The positive sales projections for IBSRELA and the successful launch of XPHOZAH, combined with a robust cash position, suggest a strong outlook for Ardelyx, which is likely to positively impact investor sentiment and the stock price in the short term.
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IMPORTANCE 90
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