Strong Vafseo Quarterly Revenue Growth
Vafseo net product revenues were $15.8M in Q1 2026 versus $12.0M in Q1 2025, a 32% year-over-year increase and the highest quarter of Vafseo revenue to date.
Akebia Therapeutics
· AKBA
May 7th, 2026
Summary
- Earnings Call Date:
- 2026-05-07
- Change Since:
- -10.17%
- Next Earnings Date:
- 2026-07-30
Earnings Call Sentiment
NeutralThe call highlights strong commercial momentum for Vafseo (32% revenue growth, ~60% patient growth quarter-over-quarter, higher prescriber engagement and improved adherence under observed dosing) and meaningful pipeline progress with supportive clinical data and upcoming readouts. However, legacy product Auryxia faces notable generic-driven revenue decline (≈-17%), the company swung to a net loss in the quarter, experienced sizable inventory write-downs and higher operating expenses, and cash declined q/q. While the launch and clinical developments are encouraging and provide a clear growth narrative, the near-term financial headwinds and competitive/enrollment risks temper the outlook.
Company Guidance
Akebia’s call guided to continued commercial and pipeline execution: Q1’26 total revenues were $53.5M with Vafseo net product revenue of $15.8M (highest quarter-to-date; +32% YoY from $12.0M) and Auryxia $36.2M (down from $43.8M), license/collab revenues $1.6M; Vafseo patients grew to nearly 7,500 (≈60% QoQ), ~1,025 prescribers (+28% vs Q4’25) with ~30% from non‑USRC dialysis organizations, ~2/3 of patients on 3x/week dosing and first‑refill adherence ≈86% (85–90% range); cash was $162.6M (vs $184.8M 12/31/25) and expected to fund operations ≥2 years; company expects TDAPA opportunity for the balance of 2026 and bundle entry planning for 2027, anticipates Auryxia revenues to decline in 2026, and reiterated pipeline milestones—VOCAL topline by year‑end 2026, VOICE early 2027, AKB‑9090 Phase I (up to 70 participants) topline early 2027, praliciguat Phase II targeting ~60 patients, and AKB‑097 Phase II basket to start H2’26 with initial data in 2027.
Rapid Patient and Prescriber Adoption
Patients on Vafseo increased nearly 60% quarter-over-quarter to ~7,500 at the end of Q1 2026 (vs end of Q4 2025). Approximately 1,025 prescribers wrote scripts in Q1, ~28% higher than Q4 2025, and ~30% of prescribers were from dialysis organizations other than USRC.
Improved Adherence with Observed Dosing
Approximately two-thirds of Vafseo patients were treated 3x weekly by quarter end. First-refill adherence for patients under observed dosing protocols was ~86%, consistent with historical 85–90% levels and expected to remain stable as adoption scales.
Favorable Real-World and Clinical Evidence
Post-hoc INNOVATE analysis published in JASN showed lower risk of death or hospitalization for Vafseo vs ESA. Economic analysis indicated 7.7% fewer hospitalization events, a 16% reduction in hospitalization days, and a 14.8% lower annual hospitalization cost (Medicare-based) for Vadadustat-treated patients.
Ongoing and Upcoming Clinical Milestones
VOCAL topline results (DaVita clinics, 3x weekly dosing) expected by year-end 2026; VOICE topline expected early 2027. Multiple pipeline programs advancing: praliciguat Phase II (FSGS, up to ~60 patients), AKB-097 (Abribafisp) Phase II basket trial planned H2 2026, and AKB-9090 Phase I initiated with topline expected early 2027.
Commercial Momentum Beyond Initial Provider
Adoption is broadening across dialysis organizations: USRC, IRC and DCI progressed to observed dosing with rapid uptake; DaVita showing growth and expected to move to observed dosing in H2 2026, representing a large addressable opportunity.
Strategic R&D Positioning and Investor Engagement
R&D Day in April showcased preclinical and clinical data (praliciguat, AKB-097) with positive reception from clinical experts; company emphasizes kidney-disease focused pipeline as a multi-product, long-term value driver.
Sufficient Near-Term Liquidity
Cash and cash equivalents were $162.6M as of March 31, 2026. Company expects existing cash resources and cash from operations to fund the current operating plan for at least two years.
Operator
Good day, and thank you for standing by. Welcome to Akebia's First Quarter 2026 Financial Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Mercedes Carrasco. Please go ahead.
Mercedes Carrasco
Thank you, and welcome to Akebia's First Quarter 2026 Financial Results and Business Update Conference Call. Please note that a press release was issued earlier today, Thursday, May 7, detailing our first quarter 2026 financial results, and that release is available on the Investors section of our website. For your convenience, a replay of today's call will be available on our website after we conclude. Joining me for today's call, we have John Butler, Chief Executive Officer; Nick Grund, Chief Commercial Officer; and Erik Ostrowski, Chief Financial and Chief Business Officer. Dr. Steven Burke, our Chief Medical Officer, will also be available during Q&A. I'd like to remind everyone that this call includes forward-looking statements. Each forward-looking statement on this call is subject to risks and uncertainties that could cause actual results to differ materially from those described in these statements.
Additional information describing these risks is included in the financial results press release that we issued on May 7 as well as in the Risk Factors and Management Discussion and Analysis section of our most recent annual and quarterly reports filed with the SEC. With that, I'd like to introduce our CEO, John Butler.
John Butler
Thanks, Mercedes, and thanks to all of you for ...
Subscribe to unlock transcripts
Get The Fly Pro 7 days for free