Ardelyx, Inc. earnings

Management highlights

• Mike Robb mentioned 2026 is a significant growth year, focusing on four key priorities: accelerating Ibsrella growth, maintaining Exposa momentum, building/expanding pipeline, and delivering strong financial results. • Eric Foster discussed Ibsrella's 58% revenue growth, key demand drivers like growing breadth/depth of writing, increasing patient activation, and improving prescription pull-through/fulfillment. Also, Exposa saw 32% increase in total dispenses and 19% increase in paid prescriptions. • Sue Hohenleitner talked about financials, R&D expenses increase for phase three CIC trial, SG&A expenses increase due to commercialization efforts, net loss details, and financial strength with $238.1 million in cash, etc. • Mike also mentioned new additions to the executive team, pipeline progress including Excel Trial for CIC, pediatric program for Ibsrella, and development of next-generation NHG3 inhibitor 531

Guidance

• Reiterated 2026 revenue guidance for Ibsrella between $410 and $430 million, expecting 50%-57% year-over-year growth driven by quarter-over-quarter demand increases and improved prescription pull-through, with long-term goal of at least $1 billion in 2029. • Reiterated Exposa's revenue guidance between $110 and $120 million in 2026, expecting full year product revenues to grow 38%-46%, outpacing operational expenses growing ~25%. • Prioritized capital allocation: accelerating Ibsrella growth as highest ROI use of capital, investing in current pipeline and external business development opportunities, and maintaining financial strength

Segment performance

Ibsrella: In Q1, disciplined commercial execution drove 58% year-over-year revenue growth. Q1 2026 revenues were $70.1 million. Exposa: Revenue in Q1 2026 was $23.3 million. On an as-reported basis, it remained consistent with the prior year revenue. However, when adjusting for a $3.8 million favorable product returns adjustment in Q1 2025, paid prescriptions revenue of Exposa grew 19% year over year. Ibsrella contributed significantly to total product revenues with a 58% growth, and Exposa's revenue was $23.3 million in Q1 2026

Analyst Q&A

• Q: How should Ibsrella demand flow through to next quarters in light of current guidance and despite storms?

  A: Eric said pleased with Q1 demand, expects quarter-over-quarter growth to continue, confident in team and strategy.

• Q: Track towards December enrollment completion target for phase three CIC trial?

  A: All pre-identified sites initiated, enrollment at pace on par with TEMPO program, confident in timeframe.

• Q: Thoughts on Lilly's phase two study for IBSC and durability of Ibsrella franchise?

  A: Mike said follow data, anything helping patients is good, not seeing massive threat to Ibsrella's market.

• Q: Details on Ibsrella pediatric trials and patent life?

  A: Pediatric trials to show safety, six months of additional patent life significant.

• Q: Physician touchpoint differences between CIC and IBS constipation?

  A: Mike said CIC market larger, majority patients treated with OTC meds, Eric mentioned targeting in field.

• Q: Expansion of field manager level impact on guidance?

  A: Field reimbursement managers help with prescription pull-through, impact both breadth and depth of prescribing.

• Q: Reiteration of Exposa long-term guide and investments?

  A: Reiterated $750 million long-term guide, ensure Exposa continues as financial contributor.

• Q: Growth to net for products and cash for profitability?

  A: Sue said first quarter likely highest GTN, blended GTN rate low 30s, monitor cash flow.

• Q: Which Ibsrella growth driver has most room to grow?

  A: Eric said all growth drivers have room to grow, massive opportunity in IBSC market