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Citigroup's Yigal Nochomovitz raised their price target on Ardelyx (NASDAQ: ARDX) by 7.7% from $13 to $14 on 2024/05/04. The analyst maintained their Strong Buy rating on the stock.

Ardelyx reported its Q1 2024 earnings on 2024/05/02.

Nochomovitz highlighted that "XPHOZAH's first full quarter of launch handily beat expectations."

Earnings Report

For Q1 2024, Ardelyx reported:

• Loss per share of $0.11, which beat the Zacks Consensus Estimate and Q1 2023's, both $(0.13), by 15.4%
• Revenue of $46.02M, which beat the Zacks Consensus Estimate by 25.64% and Q1 2023's $11.4M by 304.7%.
• U.S. net product sales revenue from IBSRELA of $28.4M, compared to Q1 2023's  $11.4M.
• U.S. net product sales revenue from XPHOZAH of $15.2M, compared to no revenue in Q1 2023.
• Cash at quarter-end of $202.6M, up from $184.3M at the end of Q4 2023.

For FY 2024, management guided:

• U.S. net product sales revenue for IBSRELA of $140M to $150M.

President & CEO Mike Raab commented: “Q1 2024 marked an important milestone for Ardelyx as a commercial company.

"We continued to execute our disruptive approach to commercializing IBSRELA and XPHOZAH by targeting patients in established therapeutic areas who continue to have unmet treatment needs that can be addressed with our first-in-class medicines.

“We drove substantial topline growth as a result of the continued commercial performance of IBSRELA and the incredibly strong launch of XPHOZAH.

"At the same time, we thoughtfully managed our expenses, ending the quarter with a strong cash position, enabling us to invest in expanding our market position.”