Akebia's Q2 2025 Earnings Call: Unpacking Contradictions in Vafseo Trends, Auryxia Revenue, and FDA Strategies

Vafseo prescription trends, Auryxia revenue growth post-generic, USRC protocol and patient segmentation, FDA interactions and study design, Auryxia revenue growth and generic competition strategy are the key contradictions discussed in Akebia Therapeutics' latest 2025Q2 earnings call.



Vafseo Launch and Sales Growth:
- Akebia Therapeutics reported $13.3 million in Vafseo revenue for Q2, a 55% increase from Q1.
- Growth was driven by a successful launch in dialysis during the TDAPA period, increased access to patients, and geographical expansion.

Patient Access Expansion:
- The company expects patient access to increase from 40,000 to over 75,000 by the end of Q3, and potentially to over 275,000 by the end of Q4.
- Expansion is due to the addition of major dialysis providers like DCI, IRC, and DaVita to their patient access, along with the completion of operational protocols.

Dialysis Provider Coverage and Reimbursement:
- Medicare Advantage plans cover 20% of Vafseo prescriptions, with potential for this to grow as more dialysis providers adopt Vafseo.
- The increase in Medicare Advantage coverage is driven by the growing Medicare Advantage population and the broadening adoption of Vafseo by dialysis providers.

Auryxia Revenue Resilience:
- Auryxia sales reached $47.2 million in Q2, despite losing patent exclusivity.
- The strong performance is attributed to increased patient access due to broader insurance coverage and physician familiarity with the product.

Strong Financial Position and Cash Balance:
- Akebia ended Q2 with $137.3 million in cash and cash equivalents, supporting its operations and pipeline development.
- This financial strength is a result of the revenue performance of both Vafseo and Auryxia, along with careful management of operating expenses.