10-K · February 26, 2026
Akebia reported strong commercial traction in 2025 driven by the U.S. launch of Vafseo and continued Auryxia sales, with the company reporting full-year net product revenues of $227.3 million (a 49% increase over 2024)…
Earnings analysis · 10-Q
AKBA earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Akebia Therapeutics reported Q1 2026 revenues of $53.5 million, a 7% decrease from the prior year, with a diluted EPS of -$0.03, underperforming against expectations of -$0.01. Although revenues from Auryxia declined…
Read full summary
Akebia Therapeutics reported Q1 2026 revenues of $53.5 million, a 7% decrease from the prior year, with a diluted EPS of -$0.03, underperforming against expectations of -$0.01. Although revenues from Auryxia declined due to generic competition, Vafseo experienced significant growth. Cash position remains strong at $164.3 million, despite a net loss of $9.1 million, as management signals cautious optimism regarding ongoing commercialization amidst regulatory pressures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.03
- Segment
- Auryxia
- Segment
- Vafseo
What stood out
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Revenue Decline
Total revenue fell to $53.5 million, down 7% from $57.3 million a year ago.
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Increased Vafseo Revenue
Vafseo revenue increased to $15.8 million from $12.0 million year-over-year.
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Strong Cash Position
Cash and cash equivalents at the end of the quarter stood at $164.3 million.
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Net Loss Nearly Doubled
Net loss of $9.1 million marks a significant increase from prior year's income of $6.1 million.
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R&D and SG&A Surge
R&D expenses were up 52% to $14.8 million while SG&A rose 18% to $30.4 million.
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Compliance Focus
Management indicates ongoing efforts to enhance compliance with evolving regulations.
What to watch
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Decline in Auryxia Sales
Auryxia sales dropped to $36.2 million from $43.8 million last year due to increased generic competition.
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Regulatory Scrutiny
FDA's increased oversight on promotional advertising could hinder marketing.
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Dependence on Third-Party Manufacturers
Potential supply issues from reliance on third-party CDMOs raise concerns about meeting demand.
Management's outlook
Management anticipates continued challenges from market competition and regulatory environment.
Earlier filings 4
10-Q · November 10, 2025
Akebia reported strong Q3 results driven by the commercial launch of Vafseo and higher Auryxia volumes: revenue rose to $58.766M (+57% YoY) and the company produced GAAP net income of $0.54M (basic EPS $0.00). Gross…
10-Q · May 8, 2025
Akebia reported Q1 revenue of $57.3M, up 76% year-over-year and producing product revenue of $55.8M driven by Vafseo launch and higher Auryxia sales. Gross margin expanded to 86.7% and operating income was $13.5M…
10-Q · November 7, 2024
Akebia reported total revenue of $37.4M in Q3 2024, down 11% year-over-year, driven by Auryxia product sales of $35.6M. Gross margin remained healthy at ~62.2% but the company recorded a GAAP net loss of $20.0M (EPS…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.