Shares of Ardelyx (NASDAQ: ARDX) were up 9.5% as of 3:47 p.m. after the biotech company announced better-than-expected third-quarter 2023 results.
Ardelyx's quarterly revenue skyrocketed to $56.4 million from just under $5 million in the same year-ago period. That translated to generally accepted accounting principles (GAAP) net income of $6.6 million, or $0.03 per share, swinging from a loss of $0.14 per share in last year's Q3. Analysts, on average, were expecting a loss of $0.10 per share.
Licensing revenue comprised just over $32 million of Ardelyx's top line, while product sales arrived at $22.3 million, with the latter comprised entirely of sales from Ardelyx's first commercialized product, Ibsrela, a novel treatment for irritable bowel syndrome with constipation (IBS-C). Ibsrela sales were also up 22% sequentially from last quarter, reflecting what management described as "a persistent growth pattern" for the drug. Product-supply revenue comprised the remainder of Adelyx's total at $2.1 million.
Source Fool.com