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Extra Everything: The Story of Chipotle
Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Ardelyx
Ardelyx (ARDX) investor relations material
Ardelyx Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary30 Apr, 2026
Executive summary
Achieved Q1 2026 total product revenue of $93.4 million, a 38% year-over-year increase, driven by strong demand for IBSRELA (up 58% to $70.1 million) and XPHOZAH ($23.3 million).
Focused on four key priorities: accelerating IBSRELA growth, maintaining XPHOZAH momentum, expanding the pipeline (including Phase 3 trial for CIC and RDX10531), and delivering strong financial results.
Maintained financial flexibility with $238.1 million in cash, cash equivalents, and short-term investments as of March 31, 2026.
Net loss for Q1 2026 was $37.6 million ($0.15/share), improved from $41.1 million ($0.17/share) in Q1 2025.
Added new executive talent and expanded leadership to support legal, medical, and commercial operations.
Financial highlights
Q1 2026 total product revenues reached $93.4 million, up from $67.8 million in Q1 2025 (38% growth); net product sales rose 38% year-over-year.
IBSRELA revenue was $70.1 million, a 58% increase year-over-year; XPHOZAH revenue was $23.3 million, flat year-over-year as reported, but paid prescriptions grew 19%.
R&D expenses rose to $20.2 million (from $14.9 million), reflecting increased development and clinical trial activity.
SG&A expenses increased to $102.3 million (from $83.2 million), supporting commercialization and infrastructure.
Gross-to-net (GTN) rate blended at 36.4% in Q1, reflecting channel mix and rebates.
Outlook and guidance
Reiterated 2026 revenue guidance: IBSRELA $410–$430 million (50–57% growth), XPHOZAH $110–$120 million.
Long-term target for IBSRELA: at least $1 billion in annual revenue by 2029 (38% CAGR); XPHOZAH long-term revenue target reaffirmed at $750 million.
Full-year product revenue expected to grow 38–46%, outpacing operational expense growth (~25%).
Total 2026 OpEx guided to ~$520 million, with ramp-up expected as clinical trial enrollment progresses.
Expects to complete enrollment in the Phase 3 CIC trial by end of 2026, with topline data in H2 2027.
Impact of IPN on IBSRELA fulfillment and refills
Strategic rationale for IBSRELA CIC expansion
Benefits of the SLR debt refinancing agreement
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Latest events from Ardelyx
- IBSRELA targets $1B+ sales by 2029, with pipeline and cash flow fueling future growth.ARDX
Leerink Global Healthcare Conference 20265 May 2026 - Proxy covers director elections, say-on-pay, auditor ratification, and equity plan amendment.ARDXProxy filing29 Apr 2026
- IBSRELA revenue jumped 73% in 2025, fueling 22% total growth and a strong 2026 outlook.ARDXQ4 202510 Apr 2026
- Revenue and commercial momentum accelerate as innovative therapies expand and pipeline development advances.ARDX43rd Annual J.P. Morgan Healthcare Conference 202513 Feb 2026
- TDAPA application for XPHOZAH was declined to protect patient access amid CMS policy changes.ARDXBusiness Update3 Feb 2026
- Q2 revenue soared 228% to $73.2M, but XPHOZAH faces 2025 Medicare reimbursement risk.ARDXQ2 20242 Feb 2026
- Strong product launches and sales force expansion drive growth amid evolving regulatory landscape.ARDXJefferies Global Healthcare Conference1 Feb 2026
- IBSRELA and XPHOZAH drive growth amid reimbursement shifts, with global expansion and pipeline focus.ARDX2024 Cantor Fitzgerald Global Healthcare Conference20 Jan 2026
- Q3 revenue surged 74% year-over-year, led by strong IBSRELA and XPHOZAH sales growth.ARDXQ3 202417 Jan 2026
Next Ardelyx earnings date
Q2 20263 Aug, 2026
Ardelyx
Next Ardelyx earnings date
Q2 20263 Aug, 2026
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