Shares of Ardelyx Inc. (ARDX) soared 5.11% on Wednesday, November 1, after the biopharmaceutical company reported strong third-quarter financial results, driven by robust revenue growth and better-than-expected earnings.
The company's total revenue for the quarter ended September 30, 2024, surged 74.2% year-over-year to $98.2 million, exceeding analysts' expectations of $86.64 million. This impressive growth was fueled by increased sales of Ardelyx's two key products, IBSRELA and XPHOZAH.
IBSRELA, a treatment for irritable bowel syndrome with constipation (IBS-C), saw its net product sales nearly double compared to the same period last year, reaching $40.6 million. The sales growth was further bolstered by a 15% increase from the second quarter of 2024, highlighting the product's strong demand and market acceptance.
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