Akebia reported third quarter 2026 results that fell short of analyst estimates on both top and bottom lines, as a steep decline in Auryxia sales more than offset progress in the Vafseo launch. Total revenue decreased 37% year-over-year, primarily due to generic competition and pricing pressure impacting Auryxia, while Vafseo's sequential performance was constrained by inventory drawdowns at a major customer.
Key Highlights
- Total revenue of $36.9 million missed the $46.94 million estimate, driven by Auryxia sales falling to $20.0 million from $42.5 million in the prior year period.
- Vafseo net product revenue reached $14.8 million, reflecting a modest increase from $14.3 million YoY but a sequential decline attributed to customer inventory reductions ahead of the 2027 CMS bundle transition.
- Active Vafseo patients grew to approximately 11,500, representing an 8.1% sequential increase and a 140% increase compared to the end of the third quarter 2025.
- The company maintained a cash position of $159.3 million, providing a projected runway of at least two years as it prepares for expanded Vafseo access in 2027.