Shares of biopharmaceutical company Ardelyx (NASDAQ:ARDX) are soaring in the pre-market session today after the company delivered robust fourth-quarter numbers.
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Revenue rose ~4300% year-over-year to $44.18 million, outperforming expectations by a whopping $21 million. EPS at $0.06 too, came in ahead of expectations by $0.07. The surge in revenue came on the back of the launch of Ibsrela, the company’s first therapy.
Additionally, it also remains on track for a possible launch of Xphozah (if approved) in the second half of this year. During the quarter, Ibsrela clocked net sales of $8.7 million and Ardelyx had a cash pile of $123.9 million as of December 31, 2022. Total collaboration revenue was $36.6 million for the year ended December 31, 2022.
Overall, Wall Street has a consensus price target of $5 on ARDX, implying a 73% potential upside in the stock. That’s on top of a 240% surge in the share price over the past year.
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