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Akebia Therapeutics, Inc., a biopharmaceutical company, focuses on the development and commercialization of therapeutics for patients with kidney diseases. Its product portfolio includes Vafseo (vadadustat), an oral hypoxia-inducible factor prolyl hydroxylase, for the treatment of anemia due to chronic kidney disease (CKD) in dialysis-dependent (DD) and non-dialysis dependent (NDD) patients; and Auryxia, a ferric citrate that is used to control the serum phosphorus levels in adult patients with DD-CKD and the treatment of iron deficiency anemia in adult patients with NDD-CKD. The company is also developing AKB-9090, which is in Phase 2 clinical trial for treating cardiac surgery-related acute kidney injury and acute respiratory distress syndrome; and AKB-10108 for the treatment of retinopathy of prematurity in neonates. The company has license and collaboration agreements with Tanabe Pharma Corporation for the development and commercialization of Vafseo in Japan and other Asian countries; Vafseo License and Collaboration Agreements; CSL Vifor Agreements; Averoa License Agreement; License Agreement with Panion & BF Biotech, Inc.; Cyclerion Therapeutics License Agreement; and Q32 Asset Purchase Agreement. Akebia Therapeutics, Inc. was incorporated in 2007 and is headquartered in Cambridge, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $236M | $22M | $-5M | $60M | -16.4% | 47.5% | - |
| 2024 | $160M | $-14M | $-69M | $-41M | 141.1% | -17.7% | - |
| 2023 | $195M | $-8M | $-52M | $-23M | 169.8% | -33.5% | - |
| 2022 | $292M | $-41M | $-94M | $-73M | -1801.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 292.48 | 194.62 | 160.18 | 236.20 |
| Cost Of Revenue | 85.57 | 74.15 | 63.18 | 39.46 |
| Gross Profit | 206.92 | 120.47 | 97 | 196.73 |
| Operating Expense | 271.76 | 166.55 | 147.42 | 173.24 |
| Operating Income | -64.85 | -46.08 | -50.41 | 23.50 |
| EBITDA | -40.84 | -8.27 | -13.72 | 21.73 |
| EBIT | -78.54 | -45.89 | -51.23 | 20.46 |
| Pretax Income | -94.23 | -51.92 | -69.41 | -3.72 |
| Tax Provision | 0 | 0 | 0 | 1.62 |
| Net Income | -94.23 | -51.92 | -69.41 | -5.34 |
| Net Income Common Stockholders | -94.23 | -51.92 | -69.41 | -5.34 |
| Total Expenses | 357.33 | 240.70 | 210.59 | 212.70 |
| Interest Expense | 15.69 | 6.03 | 18.18 | 24.18 |
| Research And Development | 129.99 | 63.08 | 37.65 | 62.36 |
| Selling General And Administration | 138.60 | 100.23 | 106.55 | 107.48 |
| Normalized EBITDA | -24 | -7.56 | -12.82 | 24.83 |
| Normalized Income | -77.39 | -51.22 | -68.50 | -2.90 |
| Basic EPS | -0.51 | -0.28 | -0.33 | -0.02 |
| Diluted EPS | -0.51 | -0.28 | -0.33 | -0.02 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | -0.65 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0.21 |
| Total Unusual Items | -16.84 | -0.70 | -0.91 | -3.10 |
| Total Unusual Items Excluding Goodwill | -16.84 | -0.70 | -0.91 | -3.10 |
| Net Income From Continuing Operation Net Minority Interest | -94.23 | -51.92 | -69.41 | -5.34 |
| Reconciled Depreciation | 37.70 | 37.63 | 37.50 | 1.27 |
| Reconciled Cost Of Revenue | 85.57 | 74.15 | 63.18 | 39.46 |
| Net Interest Income | -15.69 | -6.03 | -18.18 | -24.18 |
| Net Income From Continuing And Discontinued Operation | -94.23 | -51.92 | -69.41 | -5.34 |
| Total Operating Income As Reported | -80.78 | -46.26 | -50.47 | 23.50 |
| Diluted Average Shares | 182.78 | 187.47 | 210.95 | 257.16 |
| Basic Average Shares | 182.78 | 187.47 | 210.95 | 257.16 |
| Diluted NI Availto Com Stockholders | -94.23 | -51.92 | -69.41 | -5.34 |
| Net Income Including Noncontrolling Interests | -94.23 | -51.92 | -69.41 | -5.34 |
| Net Income Continuous Operations | -94.23 | -51.92 | -69.41 | -5.34 |
| Other Income Expense | -13.69 | 0.18 | -0.81 | -3.04 |
| Other Non Operating Income Expenses | 3.15 | 0.89 | 0.09 | 0.06 |
| Special Income Charges | -16.84 | -0.70 | -0.57 | 0 |
| Other Special Charges | 0.91 | 0.52 | 0.52 | 0 |
| Restructuring And Mergern Acquisition | 15.93 | 0.18 | 0.06 | 0 |
| Gain On Sale Of Security | 0 | 0 | -0.33 | -3.10 |
| Net Non Operating Interest Income Expense | -15.69 | -6.03 | -18.18 | -24.18 |
| Total Other Finance Cost | 15.69 | 0 | 0 | 0 |
| Interest Expense Non Operating | 15.69 | 6.03 | 18.18 | 24.18 |
| Other Operating Expenses | 3.17 | 3.24 | 3.22 | 3.40 |
| Selling And Marketing Expense | 138.60 | 100.23 | 0 | 0 |
| General And Administrative Expense | 141.87 | 0 | 0 | 0 |
| Other Gand A | 141.87 | 0 | 0 | 0 |
| Operating Revenue | 292.48 | 194.62 | 160.18 | 236.20 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Akebia Therapeutics, Inc.this co. | AKBA | $365M | - | 11.06 | -16.4% | 13.87 |
| Niagen Bioscience, Inc. | NAGE | $381M | 23.80 | 4.97 | 22.7% | 21.23 |
| Puma Biotechnology, Inc. | PBYI | $381M | 12.26 | 2.89 | 23.9% | 6.57 |
| Viemed Healthcare, Inc. | VMD | $381M | 26.73 | 2.66 | 10.4% | 7.66 |
| Rocket Pharmaceuticals, Inc. | RCKT | $380M |
| - |
| 1.36 |
| -80.5% |
| -0.98 |
| OrthoPediatrics Corp. | KIDS | $376M | - | 1.06 | -11.4% | -53.45 |
| NRC Health | NRC | $373M | 42.41 | 26.76 | 82.9% | 12.41 |
| The Oncology Institute, Inc. | TOI | $367M | - | -23.33 | 385.5% | -14.99 |
| Delcath Systems, Inc. | DCTH | $355M | 145.86 | 3.18 | 2.4% | 294.72 |
| Peer Median | - | 26.73 | 2.77 | 16.6% | 7.11 | |