Akebia Therapeutics (AKBA) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Product portfolio and market positioning

• Two commercial products: Auryxia (phosphate binder, $170M revenue) and Vafseo (recently FDA-approved for anemia in dialysis patients).

• Vafseo is approved in 37 countries, with U.S. launch planned for January and focus on becoming the new oral standard of care for anemia in dialysis.

• Commercial infrastructure and relationships from Auryxia will support Vafseo's launch and growth.

• Early-stage HIF pipeline includes two preclinical products targeting kidney disease.

Launch strategy and market opportunity

• U.S. dialysis market has about 540,000 patients, with 90% requiring anemia treatment, representing a $1B opportunity.

• Launch strategy centers on driving prescriber demand, effective contracting with dialysis providers, and generating new clinical data.

• Vafseo offers a physiologic, oral alternative to ESAs, with high physician awareness and interest (85% unaided awareness, 52% expect to prescribe).

• Initial adoption expected among home dialysis patients and those on high ESA doses, totaling over 200,000 target patients.

Reimbursement and pricing

• Vafseo will be reimbursed under TDAPA for two years, allowing premium pricing and margin for providers; after TDAPA, price aligns with bundled ESA cost.

• Contracting leverages Auryxia relationships, with volume discounts and off-invoice pricing to incentivize adoption.

• WAC price set at $15,500/year per patient, with actual prices lower under contracts.