Ardelyx (NASDAQ:ARDX) Issues Earnings Results, Misses Expectations By $0.02 EPS

02 May 2026, 12:07 by Teresa Graham · The Cerbat Gem

Ardelyx (NASDAQ:ARDX – Get Free Report) posted its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02), FiscalAI reports. Ardelyx had a negative return on equity of 37.80% and a negative net margin of 13.58%.The firm had revenue of $94.47 million during the quarter, compared to analysts’ expectations of $92.78 million. During the same period last year, the company earned ($0.17) earnings per share. The business’s revenue for the quarter was up 27.5% compared to the same quarter last year.

Here are the key takeaways from Ardelyx’s conference call:

IBSRELA delivered 58% year‑over‑year product revenue growth in Q1, the company reiterated 2026 guidance of $410–$430M and is targeting at least $1 billion in annual revenue by 2029.
XPHOZAH showed continued commercial momentum with total dispenses up 32% and paid prescriptions up 19% YoY, and Ardelyx reiterated 2026 guidance of $110–$120M while emphasizing patient access programs.
Pipeline expansion includes initiation of the EXHALE Phase III trial in CIC (all pre‑identified sites active, enrollment on track for year‑end, topline data expected H2 2027), ongoing pediatric studies that could extend exclusivity by six months, and IND‑enabling work on next‑gen NHE3 inhibitor RDX10531.
Financial flexibility improved as Q1 total product revenue was $93.4M (38% YoY), cash and short‑term investments totaled $238.1M, and a refinancing reduced cost of capital and extended loan maturities to support growth investments.
Operating spend increased meaningfully (Q1 R&D $20.2M, SG&A $102.3M), Ardelyx expects ~ $520M total OpEx for 2026 and reported a Q1 net loss of $37.6M, reflecting continued investment pressure on near‑term profitability.

Ardelyx Trading Up 8.7%

ARDX stock traded up $0.55 during mid-day trading on Friday, reaching $6.88. The company had a trading volume of 11,615,845 shares, compared to its average volume of 2,920,685. The company has a debt-to-equity ratio of 1.21, a current ratio of 4.31 and a quick ratio of 4.11. The company has a market capitalization of $1.69 billion, a PE ratio of -27.52 and a beta of 0.66. The firm has a 50 day moving average of $6.02 and a 200 day moving average of $6.14. Ardelyx has a 12 month low of $3.21 and a 12 month high of $8.40.

Insiders Place Their Bets

In other Ardelyx news, insider Laura A. Williams sold 8,176 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $5.85, for a total value of $47,829.60. Following the transaction, the insider directly owned 436,082 shares in the company, valued at $2,551,079.70. This represents a 1.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Raab sold 45,982 shares of the company’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $5.85, for a total transaction of $268,994.70. Following the completion of the transaction, the chief executive officer owned 1,856,986 shares in the company, valued at $10,863,368.10. This represents a 2.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 128,604 shares of company stock worth $751,917. 4.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds have recently added to or reduced their stakes in ARDX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Ardelyx by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 159,061 shares of the biopharmaceutical company’s stock valued at $781,000 after purchasing an additional 4,436 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Ardelyx by 10.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,378,738 shares of the biopharmaceutical company’s stock valued at $11,680,000 after purchasing an additional 221,486 shares in the last quarter. Focus Partners Wealth bought a new position in shares of Ardelyx during the first quarter valued at approximately $72,000. Strs Ohio bought a new position in shares of Ardelyx during the first quarter valued at approximately $135,000. Finally, Legal & General Group Plc boosted its stake in shares of Ardelyx by 13.5% during the second quarter. Legal & General Group Plc now owns 275,344 shares of the biopharmaceutical company’s stock valued at $1,080,000 after purchasing an additional 32,738 shares in the last quarter. 58.92% of the stock is currently owned by institutional investors.

Key Headlines Impacting Ardelyx

Here are the key news stories impacting Ardelyx this week:

Positive Sentiment: Q1 product and revenue strength: Ardelyx reported Q1 total product revenue of about $93.4M and overall revenue that beat estimates, driven by strong demand for IBSRELA which grew ~58% year‑over‑year to $70.1M — a key driver of the upside. Ardelyx Reports First-Quarter 2026 Financial Results
Positive Sentiment: Company reiterated full‑year revenue guidance of $410–$430M and reported a solid cash balance (~$238.1M), which supports ongoing commercialization and strategic investments. Press Release
Positive Sentiment: Unusual options activity: buyers acquired ~7,048 call options (≈+267% vs. typical), signaling speculative/structured bullish positioning into or after the print — this can amplify intraday upside. (trade report)
Neutral Sentiment: Earnings call and management commentary emphasized continued commercial investment and pipeline progress; read the call highlights for detail on strategy and priorities. Earnings Call Highlights
Neutral Sentiment: Full Q1 earnings call transcript is available for investors who want granular color on sales trends, patient starts, and SG&A/R&D pacing. Earnings Call Transcript
Negative Sentiment: EPS miss: Ardelyx reported a GAAP loss of $0.15/share versus consensus loss of $0.13 (miss of $0.02); company remains unprofitable with negative net margin and return on equity metrics that could restrain some valuation upside. Zacks: Q1 loss, revenue beat

Analyst Ratings Changes

A number of analysts recently weighed in on ARDX shares. Jefferies Financial Group reissued a “buy” rating and issued a $15.00 price objective on shares of Ardelyx in a research report on Tuesday, January 27th. HC Wainwright increased their price objective on shares of Ardelyx from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Piper Sandler raised shares of Ardelyx from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $10.00 to $16.00 in a research report on Thursday, January 8th. Wedbush reissued an “outperform” rating and issued a $19.00 price objective on shares of Ardelyx in a research report on Monday, February 23rd. Finally, BTIG Research reissued a “buy” rating and issued a $17.00 price objective on shares of Ardelyx in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Ardelyx presently has an average rating of “Moderate Buy” and an average price target of $15.70.

Check Out Our Latest Stock Analysis on Ardelyx

About Ardelyx

(Get Free Report)

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.