Akebia's Q1 2025 Earnings Call: Unpacking Contradictions in Vafseo Adoption, Auryxia Sales, and NDD Trial Progress

Vafseo prescription and dosing patterns, Auryxia to generic shift, progression of NDD trial, focus on large dialysis organizations, and Auryxia sales and generic penetration are the key contradictions discussed in Akebia Therapeutics' latest 2025Q1 earnings call.



Strong Vafseo Launch:
- Akebia Therapeutics reported US net product revenues of $12 million for Vafseo in Q1 2025, exceeding guidance of $10 million to $11 million.
- The successful launch was driven by nephrologists' interest in a new treatment option for anemia in CKD patients on dialysis.

Revenue Growth and Financial Position:
- Total revenues increased to $57.3 million in Q1 2025, compared to $32.6 million in Q1 2024, primarily due to Vafseo sales and Auryxia revenue growth.
- The company ended the quarter with $113.4 million in cash and cash equivalents, bolstered by a public offering that raised over $46 million in net proceeds.

Expansion of Prescriber Base and Patient Access:
- The number of prescribers for Vafseo increased by nearly 25% from the end of February to the end of March, reaching over 640 prescribers.
- This expansion was attributed to the company's strategy to build prescriber demand and transition patients onto Vafseo, with a focus on small to mid-sized dialysis organizations.

Advancements in the VOICE Study:
- Approximately 75% of patients have been enrolled in the VOICE study, which is expected to provide data on the benefits of Vafseo, including potential improvements in hospitalization rates.
- The rapid enrollment is due to the collaboration with US Renal Care and the study's potential to offer insights into Vafseo's benefits for dialysis patients.