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Ardelyx (NASDAQ:ARDX) inventory rallied 20% in morning buying and selling Monday after the biotech firm stated it now expects its drug Ibsrela to generate peak US web product gross sales income of greater than $1B.
Ardelyx stated it expects Ibsrela to generate US web product gross sales income for its full first calendar yr available on the market to be round $80M, with 2024 gross sales of between $140M and $150M.
It added that it sees the product taking greater than 10% market share and producing US web product gross sales income upwards of $1B earlier than it loses patent safety.
The corporate stated it might focus this yr on persevering with to spend money on Ibsrela’s commercialization, together with increasing the product’s gross sales crew and rising omnichannel promotion.
The biotech firm additionally reported that it has seen “optimistic preliminary response” to its not too long ago launched drug Xphozah, with US web merchandise gross sales income for its first quarter of commercialization anticipated to be round $2.5M.
Ardelyx added that as of the top of December, the corporate had roughly $184M in money and equivalents.