Akebia Therapeutics Reports Q3 2026 Financial Results Amid Vafseo Growth and Auryxia Decline

Akebia Therapeutics reported a challenging third quarter for 2026, characterized by a significant shift in its product portfolio. Total revenue fell to $36.9 million from $58.8 million the previous year, primarily due to declining sales of Auryxia ($20 million vs. $42.5 million) caused by generic competition and pricing pressure. The company transitioned from a net income of $500,000 in Q3 2025 to a net loss of $14.4 million this quarter. Despite the revenue decline, Akebia's new product Vafseo showed strong momentum with approximately 11,500 active patients, representing 140% year-over-year growth. Management highlighted positive clinical data from the VOICE trial regarding hospitalization reduction and safety superiority over ESAs. Looking ahead, the company is preparing for the January 2027 TDAPA expiration, which will shift Vafseo's pricing environment to standard ESA levels.

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