Akebia Therap

Q3 FY2026 EarningsQ3 FY26 results missed consensus across the board, with total revenue of $36.9M falling 21.39% short of the $46.9M expected. The miss was primarily driven by accelerating revenue erosion for Auryxia due to generic competition from Teva and customer destocking of Vafseo ahead of the TDAPA period expiration in Dec 2026. Consequently, GAAP EPS of -$0.05 missed the -$0.037 consensus, as the operating loss widened to $11.5M against an expected $6.9M loss. Management warned of a significant Vafseo pricing cliff in 2027 as it transitions to ESA-level pricing, creating a challenging outlook for FY27.