Ardelyx

Q2 FY2026 EarningsQ2 FY26 revenue of $120.9M was in-line with the $121.6M consensus, while GAAP EPS of -$0.07 slightly missed the -$0.06 mean estimate. IBSRELA sales ($86.2M) grew 33% YoY but faced headwinds from payor utilization management, leading to a downward revision of FY26 IBSRELA guidance to $350M-$370M. The company reiterated XPHOZAH guidance but pulled long-term targets due to evolving market dynamics, though a path to profitability remains targeted for 2027.