Akebia Therapeutics 2025 Q3 Earnings Strong Revenue Growth and Net Income Turnaround

Akebia Therapeutics (AKBA) reported fiscal 2025 Q3 earnings on Nov 10, 2025, with revenue surging 57.0% to $58.77 million and net income turning from a $20.04 million loss to $540,000, exceeding expectations. The company raised guidance for patient access expansion and emphasized Vafseo’s growth potential.

Revenue

Akebia Therapeutics’ total revenue surged 57.0% to $58.77 million in 2025 Q3, driven by robust demand for Vafseo and Auryxia. Vafseo, the company’s oral hypoxia-inducible factor prolyl hydroxylase inhibitor, generated $14.3 million in net product revenue, reflecting strong adoption in dialysis-dependent chronic kidney disease (CKD) patients. Auryxia, the iron deficiency anemia treatment, contributed $42.5 million, underscoring its continued commercial strength despite generic competition. The combined performance of these two products accounted for nearly all of the company’s revenue, with Vafseo’s refill prescriptions reaching 85% of total prescriptions.

Earnings/Net Income

Akebia Therapeutics achieved a net income of $540,000 in 2025 Q3, marking a 102.7% positive swing from the $20.04 million net loss in 2024 Q3. Despite a negative net margin and a distressed Altman Z-Score, the company’s EPS remained stable at $0.00. This turnaround reflects operational efficiency and cost management, though challenges remain in achieving long-term profitability.

Price Action

The stock price of Akebia Therapeutics declined 3.47% on the latest trading day, 21.23% for the week, and 42.21% month-to-date. However, the RSI of 30.48 suggests the stock may be nearing oversold territory, potentially signaling a rebound. Institutional ownership at 41.09% and insider ownership at 3.45% indicate moderate stakeholder confidence.

Post-Earnings Price Action Review

The strategy of buying AKBA shares when revenue beats and holding for 30 days shows promising potential, supported by Akebia’s Q3 revenue exceeding analyst estimates by $2.35 million and its focus on expanding Vafseo access. The company’s efforts to enhance patient education and address adherence barriers, coupled with its robust cash position, position it for 2026 growth. Despite short-term volatility, the stock’s current valuation and institutional confidence suggest long-term upside.

CEO Commentary

John P. Butler, CEO of Akebia, highlighted progress in advancing Vafseo toward standard-of-care status for dialysis patients, driven by expanded clinical data and operational milestones. The DaVita pilot, expected to conclude in Q4, is projected to triple prescribing access to 275,000 patients by year-end. Vafseo’s Q3 net revenues reached $14.3 million, with refill prescriptions accounting for 85% of total prescriptions and average refill doses rising 5% from Q2. The CEO emphasized leveraging nephrologists’ prescribing preferences to scale growth.

Guidance

Akebia expects the DaVita pilot to complete in Q4 2025, enabling widespread patient access. Total prescribing access is projected to grow to 275,000 patients by year-end from 60,000 in Q3. The company anticipates no further alignment with the FDA on a Phase 3 trial path for non-dialysis patients, ruling out the VALOR trial. Financial guidance aligns with Q3 results: $58.8 million in revenues (vs. $37.4 million in Q3 2024) and $0.5 million net income (vs. $20.0 million loss in Q3 2024).

Additional News

Akebia’s DaVita pilot, initiated in August 2025, is set to conclude in November 2025, with full patient access expected to follow. The company’s post-hoc INNO2VATE analysis, presented at ASN Kidney Week, demonstrated statistically favorable mortality and hospitalization outcomes for Vafseo compared to erythropoiesis-stimulating agents (ESAs). Additionally, Akebia reiterated its focus on dialysis-dependent CKD patients after deciding not to pursue broader label expansion for Vafseo in non-dialysis CKD. These developments underscore the company’s strategic shift toward maximizing Vafseo’s market potential in its core indication.