Shares of biopharmaceutical company Ardelyx reached a new 52-week high on Monday following an optimistic sales outlook. The stock, based in Waltham, Mass., was trading at $7.45, experiencing a 21% increase. Earlier in the session, it reached a peak of $7.52.
Ardelyx announced its projection for the 2024 net product sales revenue of its irritable bowel syndrome drug, Ibsrela. Last year, Ibsrela generated approximately $80 million in sales revenue. The company now expects the revenue to amount to $140 million to $150 million in the United States. Furthermore, Ardelyx anticipates that the drug will reach an annual U.S. net product sales revenue exceeding $1 billion at its peak.
In addition to Ibsrela, Ardelyx disclosed the strong initial response received from the nephrology community for its kidney-disease drug, Xphozah. The drug was launched in November after receiving approval from the U.S. Food and Drug Administration. For the first quarter, Ardelyx expects the net product sales revenue of Xphozah to be approximately $2.5 million in the United States.