Financial PerformanceArdelyx reported a 3Q24 total revenues top line beat of ~$98M (~34% increase Q/Q), which was ~13%/~17% above FactSet consensus/our estimates, exhibiting strong growth for both Ibsrela in IBS-C and, once again, their newer launched product Xphozah for hyperphosphatemia.
Growth PotentialIbsrela's momentum is tracking well toward mgmt’s ~$1B revenue guidance, and in our view, it could provide nice 'support level' to the stock.
Market PerformanceXphozah's net sales revenue in the U.S. was significantly higher than estimated, indicating strong market performance.