Akebia reports Q2 EPS (53c), consensus (89c)
Reports Q2 revenue $28.5M, consensus $26.5M. CEO John Butler said, "Our agreement with Vifor Pharma establishes vadadustat as its exclusive HIF product for distribution to Fresenius Medical Care, the largest kidney dialysis provider in the U.S., following FDA approval. In addition, we initiated our Phase 2 FO2RWARD study in patients with renal anemia who are hyporesponsive to erythropoiesis-stimulating agents, and plan to start our Phase 3 TRILO2GY trial in the second half of the year to confirm previous positive results of vadadustat administered on a three-times-weekly basis. Topline data from both of these studies are expected by the end of 2018, followed by results from our global Phase 3 program for vadadustat. Substantial financial commitments from our collaborators, together with our existing cash, position Akebia well in advance of multiple value-creating events anticipated over the next 12-18 months, including filing an IND for AKB-5169, our HIF product candidate for inflammatory bowel disease, in the first half of next year."