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Why Keryx Biopharmaceuticals' Stock Is Cratering Today

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What: Shares of Keryx Biopharmaceuticals (NASDAQ:KERX), a biopharma developing therapies for patients with kidney disease, dropped by approximately 34% at the start of trading today after the company pulled its full-year forecast as a result of supply issues for its only approved drug, Auryxia. Auryxia is a treatment for high serum phosphorus levels in patients with chronic kidney disease who are on dialysis.

So what: This supply issue is only the latest hiccup in Keryx's quest to steal market share away from Sanofi's (NYSE:SNY) rival drugs Renagel and Renvela. For instance, Auryxia generated a meager $8.3 million in net U.S. sales for the second quarter of 2016, compared to a far more impressive $232 million (at current exchange rates) for Sanofi's market-leading drugs during the same period -- despite Auryxia being on the market for over a year and a half at this point. Put simply, Keryx doesn't appear to be convincing doctors to switch patients to...