Akebia Therapeutics

Pricing is currently enhanced by TDAPA mechanics but will revert toward ESA pricing on January 1, 2027. Management explicitly guides to lower Vafseo revenue post‑TDAPA even as volume rises. Auryxia’s loss of exclusivity and generic entry further demonstrate weak pricing power in the legacy product.

Net pricing is largely set by CMS policy and dialysis operator negotiations, not by brand leverage, so latent pricing power is low.