AKBA - Q3 2021 misses for Akebia Therapeutics leads to share decline

Misses on both EPS and revenue estimates in its Q3 earnings report today have led shares of Akebia Therapeutics down (AKBA -9.1%). Year over year, net loss decreased slightly to $59.5M from $60M in the prior-year period. Net revenue for Auryxia (ferric citrate) increased 7% to $36.8M. The company ended the quarter with $207.2M in cash. Akebia has also begun pre-commercialization activities for vadadustat for anemia due to chronic kidney disease. The candidate is under review by the FDA with an action date of March 29, 2022. Late last month, its partner, Otsuka (OTCPK:OTSKF), submitted an application for vadadustat to the European Medicines Agency.

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Q3 2021 misses for Akebia Therapeutics leads to share decline