Akebia Therapeutics Inc
akebia.comWhat Do They Do?
Sells oral medicines for anemia and other kidney-disease complications through dialysis organizations, wholesalers and specialty pharmacies.
10-K for FY2025, filed Feb 26, 2026Vafseo® (vadadustat) is an orally administered medicine that was approved by the U.S. Food and Drug Administration, or the FDA, in March…View ↗
Auryxia® (ferric citrate) is an orally administered medicine approved and marketed in the U.S. for two indications: (1) the control of…View ↗
We generate product revenue from commercial sales of Auryxia and Vafseo to a limited number of customers, including dialysis organizations…View ↗
How Do They Make Money?
Akebia sells Auryxia and Vafseo to dialysis organizations, wholesale distributors, specialty pharmacies and an authorized generic distributor; product sales are earned when customers receive the medicines. Partners pay through license fees, development, regulatory and commercial milestones, royalties on licensed-product sales, and product Akebia supplies.
10-K for FY2025, filed Feb 26, 2026We generate product revenue from commercial sales of Auryxia and Vafseo to a limited number of customers, including dialysis organizations…View ↗
License, collaboration and other revenue includes revenue earned under our agreements with our partners, including license fees, royalty…View ↗
The Company recognizes product revenues on sales of Auryxia and Vafseo primarily attributable to a limited number of customers, including…View ↗
The Company recognizes revenue on product sales when the customer obtains control of the Company’s products, which occurs at a point in…View ↗
The Company enters into license and collaboration agreements within the scope of ASC 606, under which it licenses certain rights to its…View ↗
$236.2M
-
10-K for FY2025, filed Feb 26, 2026
$236.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product revenue, net
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
96%
FY2022: 60%
|
Product revenue, net, FY2025
$227.3M Sources
|
Sold outright |
|
License, collaboration and other revenue
|
3.8%
FY2022: 40%
|
License, collaboration and other revenue, FY2025
$8.9M Sources
|
Who Are Their Customers?
Dialysis organizations and medicine distributors—including specialty pharmacies and the authorized generic distributor—buy products from Akebia and resell them to health care providers and patients.
10-K for FY2025, filed Feb 26, 2026
Do Revenues Turn Into Profits?
Not on paper. It lost $5.3M in FY2025, but brought in more cash than it spent: $67.7M of free cash flow.
10-K for FY2025, filed Feb 26, 2026
$23.5MView ↗
10-K for FY2025, filed Feb 26, 2026
−$5.3MView ↗
10-K for FY2025, filed Feb 26, 2026
$67.7MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
−$8.9MView ↗
- ▼ Now a loss
- vs $247K in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
Who Do They Compete With?
Competes with Amgen, Johnson & Johnson, CSL Vifor, Roche Holding, Astellas, Teva Pharmaceuticals, Stada Arzneimittel, Hexal, Sandoz, Bayer, Sanofi, Fresenius Medical Care North America, Shire Pharmaceuticals Group, OPKO Health, Unicycive, Ardelyx, and Pfizer
10-K for FY2025, filed Feb 26, 2026Drugs that compete with Vafseo include Epogen® (epoetin alfa) and Aranesp® (darbepoetin alfa), both commercialized by Amgen, Procrit®…View ↗
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