Ironwood Pharmaceuticals Stock IRWD
Ironwood Pharmaceuticals is a gastrointestinal-focused biopharmaceutical company whose primary commercial asset is LINZESS (linaclotide), a once-daily oral guanylate cyclase-C agonist approved in the United States for adults with irritable bowel syndrome with constipation and chronic idiopathic constipation. Ironwood Pharmaceuticals stock (IRWD): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, quarterly reporting. Stock analysis by NadirAlpha. Ironwood Pharmaceuticals stock (IRWD): listed on Nasdaq. NadirAlpha has evaluated 46 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Revenue Q2 2026: USD 113 million (+33% year on year). Latest reported (Q2 2026): Total revenue (Q2 2026), Net profit for LINZESS U.S. brand collaboration (Q2 2026), LINZESS year-over-year growth (Q2 2026). Latest reading: Net income doubled, Revenue decelerating, Margin expanding, Guidance raised, Regulation.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
Ironwood Pharmaceuticals Current Status
Where Ironwood Pharmaceuticals stands after the report for Q2 2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
“Throughout 2025, we made significant progress in maximizing LINZESS while delivering sustained profits and cash flows in an effort to strengthen our financial position and maintain compliance with debt covenants over the coming quarters. As we close 2025, we are on track to achieve the low-end of our full-year LINZESS U.S. net sales and total revenue guidance ranges and ended the fourth quarter with greater than $200 million in cash and cash equivalents. Also, in the fourth quarter we met with the FDA to align on a confirmatory Phase 3 trial design of apraglutide for the treatment of short bowel syndrome with intestinal failure (SBS-IF). Based on this meeting, we are on track to initiate a confirmatory trial in the first half of 2026 and expect to provide details on the trial design in our fourth quarter and full-year 2025 update later this quarter.”
“In 2026, we remain focused on our core priorities of maximizing LINZESS, advancing apraglutide and delivering sustained profits and cash flows. We believe our full-year 2026 guidance demonstrates the significant progress we've made to deliver on these priorities to help drive value for shareholders moving forward. Effective January 1, 2026, the LINZESS list price has been lowered in response to evolving health care dynamics and to support ongoing patient access. In turn, we expect higher net sales in 2026 for LINZESS year-over-year, specifically driven by the elimination of the inflationary component of statutory required rebates across channels, including Medicaid, due to the decrease in list price. In conjunction with the anticipated increased net sales, we expect our continued focus on disciplined expense management to result in greater than $300 million in adjusted EBITDA in 2026. Finally, we continue to progress our previously announced strategic alternatives review in an effort to maximize shareholder value and look forward to providing further updates as appropriate.”
Ironwood Pharmaceuticals Stock: Key Figures ($ million)
NadirAlpha shows fiscal years, half-years and quarters of Ironwood Pharmaceuticals one below the other, most recently Q2 2026; every figure is clickable and leads to raw value, location and source. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Revenue | Op. income | Net income | EPS ($) | EPS adj. ($) | EBITDA (adj.) | OCF | Source |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 296.2 | 98.5 | 24 | 0.15 | 0.23 | 138.08 | 127 | 29 |
| FY2024 | 351.4 | 93.1 | 0.9 | 0.01 | 0.01 | 150 | 103.5 | 20 |
| FY2023 | 442.7 | -945.4 | -1,002.2 | -6.45 | -6.34 | – | 183.4 | 12 |
Quarters
| Period | Published | Revenue | Op. income | Net income | EPS ($) | EPS adj. ($) | EBITDA (adj.) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-06 | 113 | 79.3 | 51.3 | 0.31 | 0.31 | 83 | – | 79.1 | – | 134 |
| 2026-Q1* | 2026-05-07 | 106.5 | 72.6 | 40.8 | 0.24 | 0.24 | 76.7 | – | 220.5 | – | 31 |
| 2025-Q4* | 2026-02-25 | 47.7 | 6.8 | -2.3 | -0.01 | -0.01 | 10.9 | – | 215.5 | – | 129 |
| 2025-Q3* | 2025-11-10 | 122.1 | 75.5 | 40.1 | 0.23 | 0.24 | 81.8 | 47.6 | 140.4 | 59.1 | 127 |
| 2025-Q2* | 2025-08-07 | 85.2 | 45.3 | 23.6 | 0.14 | 0.14 | 50.1 | -15.1 | 92.9 | 106.5 | 134 |
| 2025-Q1* | 2025-04-25 | 41.1 | -29.1 | -37.4 | -0.23 | -0.14 | -4.7 | 19.9 | 108.5 | 90.7~ | 21 |
| 2024-Q4* | 2025-02-27 | 90.5 | 31.5 | 2.3 | 0.01 | 0.01 | 37.3 | 15.2 | 88.6 | 110.4~ | 19 |
| 2024-Q3* | 2024-11-07 | 91.6 | 25.6 | 3.6 | 0.02 | 0.02 | 34.5 | 9.9 | 88.2 | 110.6~ | 127 |
| 2024-Q2* | 2024-08-08 | 94.4 | 25 | -0.9 | -0.01 | 0.00 | 36.5 | 33.4 | 105.5 | 93.1~ | 15 |
| 2024-Q1* | 2024-05-09 | 74.9 | 11 | -4.2 | -0.03 | -0.02 | 21.1 | 44.9 | 121.5 | 276.7 | 122 |
| 2023-Q4* | 2024-02-15 | 117.6 | 37.6 | -1.1 | -0.01 | -0.00 | 39.9 | 35.6 | 92.2 | 305.7 | 11 |
| 2023-Q3* | 2023-11-09 | 113.7 | 40 | 15.3 | 0.09 | 0.12 | 49.1 | 32.4 | 110.2 | 287.3 | 118 |
| 2023-Q2* | 2023-08-08 | 107.4 | -1,083.1 | -1,062.2 | -6.84 | -6.71 | -1,034.2 | 35 | 175.3 | 221.7 | 106 |
| 2023-Q1* | 2023-05-04 | 104.1 | 60.1 | 45.7 | 0.25 | 0.25 | 60.4 | 80.2 | 740.3 | -343.7~ | 114 |
Ironwood Pharmaceuticals Balance Sheet & Cash Flow ($ million)
NadirAlpha places cash, debt, operating cash flow and investments of Ironwood Pharmaceuticals side by side per period, balance sheet values as of the period end, flow items for the period. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-02-25 | 215.5 | – | – | 1.1 | 127 | 0 | 127 | 29 |
| FY2024 | 2025-03-31 | 88.6 | 199~ | 110.4~ | 1.2 | 103.5 | 0.1 | 103.4 | 20 |
| FY2023 | 2024-02-15 | 92.2 | 397.9 | 305.7 | 1.2 | 183.4 | 0.3 | 183.2 | 11 |
Quarters
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-06 | 79.1 | – | – | 0.5 | 58.3 | – | – | 134 |
| 2026-Q1 | 2026-05-07 | 220.5 | – | – | 0.4 | 5.1 | – | – | 31 |
| 2025-Q4 | 2026-02-25 | 215.5 | – | – | 0.5 | 74.6 | – | – | 129 |
| 2025-Q3 | 2025-11-10 | 140.4 | 199.5 | 59.1 | 0.5 | 47.6 | 0 | 47.6 | 127 |
| 2025-Q2 | 2025-08-07 | 92.9 | 199.3 | 106.5 | 0.5 | -15.1 | 0 | -15.1 | 134 |
| 2025-Q1 | 2025-05-07 | 108.5 | 199.2~ | 90.7~ | 0.5 | 20 | 0 | 19.9 | 122 |
| 2024-Q4 | 2025-03-31 | 88.6 | 199~ | 110.4~ | 0.5 | 15.2 | 0 | 15.2 | 20 |
| 2024-Q3 | 2024-11-07 | 88.2 | 198.8~ | 110.6~ | 0.5 | 9.9 | 0 | 9.9 | 127 |
| 2024-Q2 | 2024-08-08 | 105.5 | 198.6~ | 93.1~ | 0.5 | 33.5 | 0.1 | 33.4 | 15 |
| 2024-Q1 | 2024-05-09 | 121.5 | 398.3 | 276.7 | 0.5 | 45 | 0.1 | 44.9 | 122 |
| 2023-Q4 | 2024-02-15 | 92.2 | 397.9 | 305.7 | 0.5 | 35.8 | 0.2 | 35.6 | 11 |
| 2023-Q3 | 2023-11-09 | 110.2 | 397.5 | 287.3 | 0.5 | 32.5 | 0 | 32.4 | 118 |
| 2023-Q2 | 2023-08-08 | 175.3 | 397.1 | 221.7 | 0.3 | 35 | 0 | 35 | 106 |
| 2023-Q1 | 2023-05-04 | 740.3 | 396.7~ | -343.7~ | 0.3 | 80.2 | 0 | 80.2 | 114 |
Ironwood Pharmaceuticals Guidance Tracking (latest per metric/period · 7/14)
NadirAlpha records 14 guidance statements of Ironwood Pharmaceuticals neutrally: annual and quarterly targets, direction of change and outcome as a dot with legend, with no estimate of our own. NadirAlpha methodology
Actuals: revenue in $m
Direction: confirmedinitiatedraised Verdict: beatin linepending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | 2026-08-06 | Revenue | 460–485 | – | 34 | ||
| FY2026 | 2026-08-06 | EBITDA (adjusted) | 310 | – | 34 | ||
| FY2026 | 2026-08-06 | U.S. LINZESS Net Sales | 1,150–1,200 | – | 34 | ||
| FY2026 | 2026-01-02 | LINZESS U.S. net sales | 1,125–1,175 | – | 28 | ||
| FY2025 | 2025-11-10 | Revenue | 290–310 | 296.2 | 27 | ||
| FY2025 | 2025-11-10 | EBITDA (adjusted) | 135 | 138.08 | 27 | ||
| FY2025 | 2025-11-10 | U.S. LINZESS Net Sales | 860–890 | – | – | 27 | |
| FY2024 | 2024-08-08 | Revenue | 350–375 | 351.4 | 18 | ||
| FY2024 | 2024-08-08 | EBITDA (adjusted) | 75 | 150 | 18 | ||
| FY2024 | 2024-08-08 | U.S. LINZESS Net Sales | 900–950 | – | – | 18 | |
| FY2023 | 2023-08-08 | Revenue | 435–450 | 442.7 | 9 | ||
| FY2023 | 2023-08-08 | EBITDA (adjusted) | ~-900 | – | – | 9 | |
| FY2023 | 2023-08-08 | U.S. LINZESS Net Sales Growth | 6–8% | – | – | 9 | |
| FY2023 | 2023-01-09 | LINZESS U.S. net sales growth | 3–5% | – | – | 1 |
Ironwood Pharmaceuticals Stock: Price & Chart
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Ironwood Pharmaceuticals Event Timeline
What happened at Ironwood Pharmaceuticals since 2023: events from the filings, grouped by quarter, with the source date and a clickable source number. NadirAlpha methodology
2026 · 8 events
“Throughout the first half of the year, we have remained laser focused on meaningful execution of our three strategic priorities: maximizing LINZESS, advancing apraglutide, and delivering sustained profits and cash flows. We are pleased to report a second consecutive quarter of strong performance for LINZESS, fueled by improved net price and mid-single digit prescription demand growth which supported our decision to raise our full-year 2026 financial guidance. We also repaid our $200 million convertible notes during the quarter using cash on hand and remain committed to further debt reduction and strengthening our balance sheet through year end.”
LINZESS commercial margin improved to 78% in Q2 2026 from 69% in Q2 2025 34
Ironwood raised full-year LINZESS U.S. net sales guidance to $1.15-$1.20 billion and total revenue guidance to $460-$485 million for FY2026, representing greater than 30% year-over-year growth for LINZESS 34
FDA approved LINZESS for pediatric patients aged 2 to 5 years with functional constipation in May 2026 33
“We expect strong first quarter revenue to result in significant operating cash flows in the second quarter of 2026, which will help support repayment of our 2026 convertible notes at maturity in June.”
Ironwood reported net income of USD 40.8 million in Q1 2026, compared to a net loss of $37.4 million in Q1 2025, primarily driven by increased collaborative arrangements revenue from LINZESS 31
LINZESS U.S. net sales grew 97% year-over-year to $272.5 million in Q1 2026, driven by improved net price and 5% demand growth 32
LINZESS commercial margin improved to 76% in Q1 2026 from 52% in Q1 2025 32
2025 · 16 events
“Importantly, we ended 2025 with $215 million in cash and cash equivalents, positioning Ironwood well for 2026.”
HHS released Maximum Fair Price of $136 for LINZESS for 30-day equivalent supply, effective January 1, 2027 as new Medicare net price, in line with company expectations 30
Key design elements of STARS-2 confirmatory Phase III apraglutide trial aligned with FDA in Q4 2025; site initiations expected to begin in Q2 2026 30
Q4 2025 LINZESS U.S. net sales declined due to unfavorable quarterly phasing of gross-to-net rebate reserves and increased pricing headwinds associated with Medicare Part D redesign 29
Operating income more than halved YoY (31.5 to USD 6.8 million, -78%). 129
“LINZESS delivered a strong third-quarter performance, driven by accelerated double-digit prescription demand growth combined with improved net pricing, which prompted us to raise our full-year 2025 financial guidance. Importantly, we expect our strong third-quarter revenue will result in substantial fourth-quarter cash flows, which will strengthen our financial position, enable us to reduce our debt and maintain compliance with debt covenants over the coming quarters”
LINZESS U.S. net sales reached $314.9 million in Q3 2025, up 40% year-over-year, driven by increased net price and prescription demand 27
Full-year 2025 guidance raised to LINZESS U.S. net sales of $860-890 million, total revenue of $290-310 million, and adjusted EBITDA greater than $135 million 27
FDA approved LINZESS for treatment of IBS-C in pediatric patients aged 7 years and older in November 2025, establishing it as the first and only prescription drug approved for IBS-C treatment in patients 7-17 years old 27
Operating income more than doubled YoY (25.6 to USD 75.5 million, +195%). 26
Operating cash flow reached USD 47.6 million vs USD 9.9 million in 2024-Q3 (×4.8). 26
“In the second quarter, LINZESS delivered $248 million in U.S. net sales with robust EUTRx demand growth of 10% year-over-year. Additionally, LINZESS net price was in-line with our expectations for the quarter, further reinforcing our belief that we are on track to achieve our latest full year 2025 financial guidance. For apraglutide, we have been finalizing a confirmatory Phase 3 trial design and plan to align with the FDA in the fourth quarter. In parallel, we continue to evaluate all paths to increase shareholder value. We have two valuable assets, each of which we believe is worth more individually than our market cap today. We are actively progressing our strategic alternatives review process and look forward to providing an update as soon as possible.”
Q2 2025 GAAP net income was $23.6 million versus net loss of $0.9 million in Q2 2024, reflecting restructuring-driven reductions in SG&A and R&D expenses 24
LINZESS U.S. net sales rose 17% year-over-year to $248.0 million in Q2 2025 on 10% prescription demand growth 24
LINZESS commercial margin improved to 69% in Q2 2025 from 62% in Q2 2024 24
“LINZESS demand continues to be strong, and we remain on track to meet our full-year 2025 guidance and further, recently raised our adjusted EBITDA guidance. We are making a concerted effort to maximize stockholder value across all areas of the business, including advancing plans for a confirmatory Phase 3 trial for apraglutide and exploring strategic alternatives”
“Today, we are reiterating our full-year 2025 LINZESS U.S. net sales and total Ironwood revenue guidance. In the first quarter of 2025, we saw continued strong prescription demand growth of 8% year-over-year, which was offset by anticipated pricing headwinds as well as a change in estimate of AbbVie gross-to-net rebate reserves, which was refined to reflect rebates owed for units dispensed in the first quarter of 2025. We do not expect first quarter LINZESS U.S. net sales results or this change in estimate to impact the full-year results. In addition, we have raised our full-year 2025 adjusted EBITDA guidance to greater than $105 million as we no longer plan to make certain apraglutide commercial launch planning investments and will shift our focus to the confirmatory Phase 3 trial, consistent with the recent FDA feedback.”
Q1 2025 total revenue fell 45% year-over-year to $41.1 million, driven by AbbVie's change in gross-to-net rebate reserve estimates reducing the LINZESS U.S. profit share 22
FDA indicated a confirmatory Phase 3 trial is needed for apraglutide SBS-IF approval; Goldman Sachs & Co. LLC engaged to explore strategic alternatives; IW-3300 development ended based on Phase II data analysis 21 22 23
Full-year 2025 adjusted EBITDA guidance raised to greater than $105 million from prior guidance of greater than $85 million 21
2024 · 17 events
“We believe the significant progress we made across our strategic priorities last year has strengthened our position to be the leading GI healthcare company. We are on track to deliver on our 2023 LINZESS U.S. net sales guidance, driven by continued strong prescription demand and remain encouraged about the future growth potential of the brand. Furthermore in 2023, we strengthened our GI pipeline with the addition of apraglutide, which we believe has blockbuster potential in short bowel syndrome requiring parenteral support, if approved.”
Operating income turned positive for the first time after 1 negative fiscal year (-945.4 to +USD 93.1 million). 10
Net income turned positive for the first time after 1 negative fiscal year (-1002.2 to +USD 0.9 million). 10
“We believe that 2025 marks the beginning of a transformation for Ironwood that will lay the foundation for growth, long-term value creation, and the delivery of new medicines to rare disease and GI patients in need. We have taken strategic actions to position our organization for success, including streamlining our business operations and advancing the clinical development of apraglutide, while maintaining disciplined financial stewardship to drive cash flows, pay down our debt, and further strengthen our balance sheet.”
Apraglutide development for steroid-refractory gastrointestinal acute graft versus host disease discontinued December 2024 to focus investment on other priorities 20
Rolling NDA submission for apraglutide in SBS-IF initiated January 2025 with expected completion in Q3 2025 19
Approximately 50% workforce reduction initiated January 2025, primarily eliminating field-based sales employees, expected to generate $55-$60M in annual operating expense savings 19
“LINZESS continued to deliver robust prescription demand growth in the third quarter. LINZESS extended units and new-to-brand prescriptions each increased 13% year-over-year, respectively, reinforcing that patients and health care professionals continue to choose LINZESS in a growing market. Although LINZESS has faced pricing headwinds throughout 2024, we are maintaining our full year financial guidance. With apraglutide, we continue making progress in preparing the NDA submission and remain on track to complete the submission in the first quarter of 2025. Our team is focused on getting apraglutide to market as soon as possible, and we look forward to providing more updates on our progress in the months ahead. We believe that, if approved, apraglutide would be the drug of choice among physicians to treat adult patients with short bowel syndrome who are dependent on parenteral support.”
Q3 revenue declined to $91.6M from $113.7M YoY; LINZESS collaborative arrangements revenue decreased $21.2M driven by lower net price 18
LINZESS commercial margin contracted to 65% in Q3 2024 from 72% in Q3 2023 due to pricing headwinds 18
CNP-104 collaboration with COUR Pharmaceuticals terminated in September 2024 after decision not to exercise license option following Phase II results; IW-3300 Phase II further recruitment ended September 2024 17
Net income turned positive for the first time after 3 negative periods (-0.9 to +USD 3.6 million). 17
“We continued to make progress across our portfolio in the second quarter. LINZESS prescription demand and new-to-brand growth remain robust, increasing 11% and 15% year-over-year in Q2, respectively. While demand is up, LINZESS continues to experience pricing headwinds driven by higher-than-expected Medicaid utilization trends. Even with continued LINZESS pricing pressure, we believe we are in a fortunate position with meaningful cash flow generation from LINZESS and a capital structure to support the continued execution of our strategic priorities. Beyond LINZESS, we have continued to receive positive feedback from physicians, key opinion leaders, and patient advocacy partners on apraglutide's clinical profile. This positive feedback supports our belief that, if approved, apraglutide would be the drug of choice among physicians to treat adult patients with short bowel syndrome who are dependent on parenteral support, based on its demonstrated efficacy, tolerability and once-weekly dosing convenience. In addition, we look forward to providing an update on CNP-104 later this quarter, which will inform a decision on our option to acquire an exclusive license from COUR for CNP-104 in the U.S.”
LINZESS U.S. net sales declined to $211.2M from $269.7M due to higher-than-expected Medicaid utilization and pricing pressure, despite 11% prescription demand growth 16
FY2024 guidance revised downward again due to continued LINZESS pricing pressure from higher Medicaid utilization 16
Apraglutide late-breaking data presented at 2024 Digestive Disease Week; rolling NDA submission planned for Q1 2025 for SBS-IF indication 16
“In the first quarter of 2024, we made significant advancements across our portfolio. LINZESS maintained its strong demand momentum, experiencing a rise in prescription volume by a robust 10% year-over-year, while continuing to generate meaningful cash flow. Particularly noteworthy during the quarter was the positive Phase III clinical data for apraglutide, which validates its potential as the first and only once-weekly GLP-2 analog for adult patients with short bowel syndrome who are dependent on parenteral support. The positive results from the STARS trial, coupled with our proven track record of effective commercial execution, uniquely position Ironwood in the market and reinforce our belief in the long-term value potential of apraglutide for patients and shareholders. We are working swiftly and plan to file an NDA as soon as possible for apraglutide for adult SBS patients dependent on parenteral support. In addition, we remain focused on executing across our strategic priorities by advancing our other GI pipeline assets, driving robust LINZESS demand growth, and delivering sustained profits and cash flow.”
Q1 revenue $74.9M vs $104.1M YoY; $29.9M decrease in LINZESS U.S. net profits plus $30.0M gross-to-net reserve adjustment reduced collaborative arrangements revenue 14
FY2024 financial guidance revised downward due to LINZESS gross-to-net change in estimate of $30.0M reduction to Q1 collaborative arrangements revenue 14
Positive topline results from pivotal Phase III STARS trial of apraglutide in adult patients with SBS-IF announced February 2024; company planned regulatory filings 13
Operating income more than halved YoY (60.1 to USD 11.0 million, -82%). 13
2023 · 12 events
“Execution across our strategic priorities last year is positioning Ironwood for growth in 2023 and beyond. In 2022, we are on track to deliver another year of strong profits and expect to end the year with approximately $650 million of cash and cash equivalents on the balance sheet. Our performance continues to be driven by strong LINZESS prescription demand growth and disciplined expense management. We're excited about the potential to expand the clinical utility of LINZESS based on the recent sNDA submission in functional constipation for pediatric patients aged 6 to 17 years old, which, if approved, would make LINZESS the first and only FDA approved prescription therapy for this patient population.”
“In 2023, we made important progress toward realizing our vision to become the leading GI healthcare company in the industry. In its 11th year on market, LINZESS had another terrific year as the leading prescription treatment for adults with IBS-C or chronic idiopathic constipation, with prescription demand increasing a robust 10% year-over-year. In June of 2023, LINZESS received FDA approval for functional constipation in pediatric patients ages 6 to 17, becoming the first and only prescription therapy for this patient population. In addition, we strengthened our GI pipeline with the addition of apraglutide. We believe apraglutide has the potential to improve the standard of care for patients with short bowel syndrome dependent on parenteral support, if approved, as the only once-weekly GLP-2 therapy, and achieve $1 billion dollars in peak net sales. Looking ahead in 2024, we remain focused on maximizing LINZESS, advancing our GI pipeline and delivering sustained profits and cash flows. We are excited about the continued strong LINZESS performance and the key pipeline catalysts ahead of us, highlighted by the topline data from our STARS Phase 3 study expected in March and topline data from the ongoing Phase 2 study for CNP-104 expected in the third quarter, which we believe can propel Ironwood's next phase of growth and create value for patients and shareholders in the years to come.”
FY2023 GAAP net loss $1,002.2M vs. net income $175.1M in FY2022, driven by $1,095.5M non-recurring acquired IPR&D charge from VectivBio acquisition; excluding that charge, operations remained cash-generative at $183.4M OCF 12
LINZESS U.S. net sales approximately $1.1 billion in FY2023, +7% YoY; prescription demand growth +10% YoY 11
2024 guidance initiated: U.S. LINZESS net sales growth low-single digits %, total revenue $435-455M, adjusted EBITDA greater than $150M 11
“We are proud of the progress we have made across our strategic priorities so far this year, as we believe we have strengthened our position to become the leading GI healthcare company in the industry. Our high conviction in the STARS clinical program was augmented by the positive final data from the STARS Nutrition study, reinforcing our belief in apraglutide's potential to be a best-in-class GLP-2 analog for the whole spectrum of patients with short bowel syndrome with intestinal failure, including those with colon-in-continuity. In addition, we are encouraged to have seen T-cell immune responses in patients treated with CNP-104 for the potential treatment of primary biliary cholangitis and look forward to the topline results in the third quarter of 2024. Our commitment to developing and advancing innovative GI assets is as strong as it has ever been. We believe the positive momentum across our pipeline programs, combined with the continued strong performance of LINZESS, positions us well for success in our mission to be the leader in GI. We are looking forward to a strong finish to the year and meaningful pipeline catalysts ahead in 2024.”
LINZESS U.S. net sales rose 7% YoY to $279M in Q3 2023; prescription demand +8% YoY 9
Full-year 2023 guidance maintained: 6-8% U.S. LINZESS net sales growth, total revenue $435-450M, adjusted EBITDA approximately ($900M) including $1.1B one-time VectivBio IPR&D charge 9
Positive final data reported from STARS Nutrition Phase II study of apraglutide in short bowel syndrome with intestinal failure and colon-in-continuity 9
“We made significant progress towards the goal of becoming the leading GI healthcare company, as the second quarter was truly transformative for Ironwood. LINZESS continued its strong momentum with another quarter of impressive performance. As a result, we are raising our full-year 2023 U.S. net sales and Ironwood revenue guidance. Furthermore, we are thrilled that in June the FDA approved LINZESS for the treatment of pediatric patients ages 6 to 17 years-old with functional constipation, expanding its clinical utility and adding another potential growth driver for the brand. Also in the second quarter, we strengthened our GI portfolio with the acquisition of VectivBio, including its lead investigational asset, apraglutide, which we believe is poised to become the new standard of care for patients with short bowel syndrome with intestinal failure if successfully developed and approved, with the potential to achieve $1 billion in peak net sales. Looking ahead, we are excited about continuing to maximize LINZESS, advance our clinical programs, strengthen our financial position, and grow Ironwood's leadership within GI.”
$400.0M drawn under new revolving credit facility to partially fund VectivBio acquisition; cash declined from $740.3M at Q1 end to $175.3M, shifting balance sheet from net cash to net debt 7
Full-year 2023 U.S. LINZESS net sales growth guidance raised from 3-5% to 6-8%; total revenue guidance raised from $420-435M to $435-450M 6
Ironwood completed acquisition of VectivBio Holding AG for approximately $1.2 billion on June 29, 2023, adding apraglutide and Phase III STARS trial in short bowel syndrome with intestinal failure 6
“We are off to a terrific start to the year, as the strong momentum of LINZESS continues. In the first quarter, LINZESS prescription demand increased over 10% year-over-year, with LINZESS achieving an all-time high in new-to-brand patient volume. We look forward to our upcoming June 14th PDUFA date for a potential pediatric functional constipation indication in children and adolescents ages 6 to 17, which, if approved, would further expand the growth potential of the brand. In addition, we made progress with our pipeline programs, CNP-104 and IW-3300, and finished the quarter with $740 million of cash and cash equivalents on our balance sheet. We believe we are well-positioned to maximize LINZESS growth and continue to build an innovative GI portfolio supporting the next growth horizon for the company.”
LINZESS U.S. net sales $250.2M (+8% YoY); prescription demand +10% YoY, reaching all-time high new-to-brand patient volume 5
FDA granted priority review to linaclotide supplemental NDA for functional constipation in pediatric patients aged 6-17, PDUFA date June 14, 2023 4
Ironwood Pharmaceuticals Business Model
What Ironwood Pharmaceuticals does and how the company earns its money, written AI-editorially from the original reports alone, without any assessment of our own. NadirAlpha methodology
Ironwood Pharmaceuticals is a gastrointestinal-focused biopharmaceutical company whose primary commercial asset is LINZESS (linaclotide), a once-daily oral guanylate cyclase-C agonist approved in the United States for adults with irritable bowel syndrome with constipation and chronic idiopathic constipation. Ironwood Pharmaceuticals markets LINZESS in collaboration with AbbVie and earns revenue principally through U.S. net sales of the product and associated collaboration arrangements. Ironwood is advancing apraglutide, a next-generation GLP-2 receptor agonist, as its lead pipeline asset for the treatment of short bowel syndrome with intestinal failure, an orphan indication with significant unmet need. Ironwood Pharmaceuticals is pursuing a confirmatory Phase 3 development program for apraglutide while concurrently conducting a strategic alternatives review aimed at identifying options to maximize shareholder value.
Ironwood Pharmaceuticals Stock: Share-Price Drivers
What determines the business trajectory of Ironwood Pharmaceuticals according to management, summarised from the reports up to Q2 2026. NadirAlpha methodology
Ironwood reported positive STARS Phase III topline results for apraglutide in SBS-IF (February 2024, 20) and submitted a rolling NDA to the U.S. FDA (January 2025, 20), with a confirmatory STARS-2 Phase III trial planned to begin in 2026 (33); this positions apraglutide as the principal growth driver alongside the established LINZESS franchise.
Ironwood's apraglutide produced positive STARS Phase III topline results in SBS-IF (February 2024, 20) and the company advanced a rolling NDA submission to the U.S. FDA (January 2025, 20); a confirmatory STARS-2 Phase III trial is planned to start in 2026 (33), indicating the program is gaining traction toward potential approval.
LINZESS secured FDA approval for pediatric patients 7 years and older with IBS-C (November 2025, 29) and for patients 2 years of age and older with functional constipation (May 2026, 34), supported by pediatric exclusivity granted in October 2025 (31), broadening the addressable population for the commercial franchise.
LINZESS faces a generic challenge after Alkem Laboratories submitted an ANDA with a Paragraph IV certification (June 12, 2026, 33); Ironwood responded with a patent infringement lawsuit (July 2026, 33), leaving the timing of any generic entry unresolved.
Ironwood reported 2026-Q2 revenue of 113 million with operating income of 79.3 million and net income of 51.3 million (134), a move to profitability from a loss-making quarter a year earlier; the direction is higher.
Ironwood repaid its $200 million convertible senior notes at maturity (June 2026, 34) and carried out workforce reductions and restructuring initiatives (January 2025 and August 2025, 31), with cash of 79.1 million at the end of 2026-Q2 (134).
Sector trend: In the specialty gastrointestinal segment, demand for Ironwood's LINZESS franchise is broadening as successive pediatric indication approvals expand the treatable population (33, 34), while the company's operating profitability has turned higher; the key swing factor for sector KPIs is the timing of generic competition against LINZESS (33).
Ironwood Pharmaceuticals Products & announcements (25/48 active+recent)
48 product announcements of Ironwood Pharmaceuticals since 2023, grouped by year; active means still mentioned in the most recent reports, nothing is deleted. NadirAlpha methodology
Status: PlannedLaunchedDiscontinued
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2029 | |||
| Generic linaclotide entry (145 mcg and 290 mcg doses) (2x) | 2029-03 | 30 | |
| Generic LINZESS approval by Teva | 2029-03 | 12 | |
| 2026 | |||
| Patent infringement lawsuit filed against Alkem Laboratories | 2026-07 | 33 | |
| Repayment of 2026 Convertible Notes at maturity | 2026-06 | 33 | |
| Apraglutide confirmatory Phase 3 trial for short bowel syndrome with intestinal failure | 2026-06 | 28 | |
| Alkem Laboratories ANDA Paragraph IV certification notice | 2026-06 | 33 | |
| LINZESS sNDA for functional constipation (ages 2-5) | 2026-05 | 32 | |
| LINZESS pediatric indication approval for ages 2-5 years with functional constipation | 2026-05 | 33 | |
| FDA approval for LINZESS in pediatric patients 2 years of age and older with functional constipation | 2026-05 | 34 | |
| Convertible Senior Notes due | 2026 | 20 | |
| 2025 | |||
| LINZESS pediatric indication approval for ages 7+ years with IBS-C | 2025-11 | 33 | |
| LINZESS label expansion for IBS-C in pediatric patients 7-17 years | 2025-11 | 29 | |
| LINZESS approval for pediatric patients 7+ years with IBS-C | 2025-11 | 30 | |
| LINZESS approval for pediatric IBS-C | 2025-11 | 26 | |
| LINZESS approval for IBS-C in patients aged 7 years and older | 2025-11 | 30 | |
| LINZESS FDA approval for pediatric patients 7 years and older with IBS-C | 2025-11 | 31 | |
| FDA approval of LINZESS for IBS-C in pediatric patients aged 7 years and older | 2025-11 | 27 | |
| Pediatric exclusivity granted for linaclotide studies | 2025-10 | 33 | |
| LINZESS pediatric exclusivity (3x) | 2025-10 | 31 | |
| Apraglutide NDA submission (5x) | 2025-09 | 18 | |
| IW-3300 development terminated (3x) | 2025-04 | (2025-04) | 30 |
| Workforce reduction in January 2025 consisting primarily of field-based sales employees (2x) | 2025-01 | 20 | |
| LINZESS Medicare drug price negotiation 2nd cycle (2x) | 2025-01 | 30 | |
| 2024 | |||
| STARS Extend open-label extension study (2x) | 2024-12 | 30 | |
| 2023 | |||
| STARS Phase III clinical trial (41x) | 2023-06 | 30 | |
| 2024 | |||
| Decision to end further development of apraglutide for steroid-refractory gastrointestinal acute graft versus host disease | 2024-12 | 20 | |
| AstraZeneca non-contingent payments milestone | 2024-12 | 12 | |
| CONSTELLA approval for pediatric FC ages 6-17 in Canada | 2024-09 | 20 | |
| Decision to end further recruitment for IW-3300 Phase II study in IC/BPS (2x) | 2024-09 | (2024-09) | 20 |
| Apraglutide late-breaking data presentation at 2024 Digestive Disease Week | 2024-05 | 16 | |
| Apraglutide NDA for adult SBS patients dependent on parenteral support | 2024-03 | 14 | |
| STARGAZE Phase II trial continuing through two-year endpoint | 2024-03 | 14 | |
| LINZESS CONSTELLA commercialization in Canada for pediatric functional constipation | 2024 | 20 | |
| 2023 | |||
| CNP-104 topline data (15x) | 2023-12 | 10 | |
| Linaclotide pediatric functional constipation indication (ages 6-17) | 2023-06 | 5 | |
| LINZESS pediatric functional constipation sNDA approval | 2023-06 | 4 | |
| LINZESS pediatric functional constipation approval | 2023-06 | 20 | |
| LINZESS pediatric approval for FC ages 6-17 | 2023-06 | 20 | |
| LINZESS approval for pediatric functional constipation (ages 6-17) | 2023-06 | 25 | |
| LINZESS approval for pediatric FC | 2023-06 | 20 | |
| LINZESS approval as once-daily treatment for pediatric patients ages 6-17 with functional constipation | 2023-06 | 23 | |
| LINZESS FDA approval for pediatric FC patients ages 6-17 | 2023-06 | 12 | |
| LINZESS FDA approval for functional constipation in pediatric patients ages 6-17 | 2023-06 | 11 | |
| 2022 | |||
| LINZESS supplemental new drug application for functional constipation in children ages 6-17 | 2022-12 | 1 | |
| Development and commercialization agreement with AKP for apraglutide in Japan | 2022-03 | 12 | |
| 2021 | |||
| LINZESS label update for pediatric patients (boxed warning modification) | 2021-08 | 25 | |
| 2020 | |||
| LINZESS label update for abdominal symptoms in IBS-C | 2020-09 | 25 | |
Ironwood Pharmaceuticals Transactions & Events (13)
All recorded acquisitions, divestitures and exits of Ironwood Pharmaceuticals, plus partnerships, contracts and regulatory events affecting the business, each with date and source. NadirAlpha methodology
Acquisitions by Ironwood Pharmaceuticals
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Strategic alternatives review (3x) | 2025-04 | Completed | 28 |
| 2023 | |||
| VectivBio squeeze-out merger (3x) | 2023-12 | Completed | 6 |
| VectivBio Acquisition (4x) | 2023-06 | Completed | 25 |
Divestitures and exits by Ironwood Pharmaceuticals
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2024 | |||
| Decision to end apraglutide development for aGvHD | 2024-12 | Divested | 20 |
| Decision not to exercise option to acquire exclusive license to CNP-104 | 2024-09 | Divested | 20 |
| Decision not to exercise option for CNP-104 exclusive license | 2024-09 | Divested | 20 |
| CNP-104 license option (2x) | 2024-09 | Divested | 18 |
Partnerships and contracts of Ironwood Pharmaceuticals
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| AstraZeneca assignment of China collaboration rights to Grand Life Sciences | 2026-05 | Agreement | 33 |
| 2024 | |||
| COUR Collaboration Agreement terminated; option for CNP-104 not exercised | 2024-09 | Agreement | 31 |
| COUR Collaboration Agreement terminated | 2024-09 | Agreement | 26 |
| CNP-104 collaboration with COUR terminated | 2024-09 | Agreement | 30 |
| CNP-104 collaboration agreement terminated with COUR Pharmaceutical | 2024-09 | Agreement | 33 |
Terminated or withdrawn
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2024 | |||
| IW-3300 Phase II IC/BPS study enrollment pause | 2024-09 | Terminated (2025-04) | 18 |
Ironwood Pharmaceuticals Risks (22 since the annual report of 2026-01-02, 290 tracked in total)
Which risks Ironwood Pharmaceuticals has named since the annual report, company-specific first, generic standard risks in the expandable part; first mention refers to the document base from 2023. NadirAlpha methodology
Category: LegalFinancialCompetitionRegulatoryTechnology
| Risk | Category | Last reported |
|---|---|---|
| Ironwood Pharmaceuticals: first mention in 10-Q quarterly report of 2026-08-06 (2026-Q2), source 33 | ||
| Multiple Paragraph IV certifications received for generic LINZESS versions; patent exclusivity critical to revenue | = | |
| Generic drug manufacturers have filed ANDAs; Alkem Laboratories Ltd. ANDA notice received June 2026; patent litigation filed July 2026 in District Court New Jersey | = | |
| Ironwood Pharmaceuticals: first mention in 10-K annual report of 2026-02-26 (FY2025), source 30 | ||
| Licensing disagreements with Ferring and others could narrow IP scope or increase obligations | = | |
| LINZESS, apraglutide or candidates may infringe third-party intellectual property rights | = | |
| Generic manufacturers may challenge patents via inter partes review or post grant review | = | |
| Ironwood Pharmaceuticals: first mention in 8-K-EX99.1 earnings release of 2026-02-25 (FY2025), source 29 | ||
| Settlement with Ferring relating to prior complaint in U.S. District Court | = | |
| Ironwood Pharmaceuticals: first mention in 8-K-EX99.1 earnings release of 2026-01-02, source 28 | ||
| Risk indebtedness could restrict future operations and covenant compliance | = | |
| Ironwood Pharmaceuticals: first mention in 8-K-EX99.1 earnings release of 2025-11-10 (2025-Q3), source 27 | ||
| Ferring settled trade secret misappropriation and patent inventorship claim against VectivBio | FY2025 2026-02-26 30 | |
| Ironwood Pharmaceuticals: first mention in 10-Q quarterly report of 2025-08-11 (2025-Q2), source 25 | ||
| Costs of filing, prosecuting, defending and enforcing patent claims and intellectual property rights uncertain | = | |
| Ironwood Pharmaceuticals: first mention in 8-K-EX99.1 earnings release of 2024-08-08 (2024-Q2), source 16 | ||
| Patent strength uncertain; competitors may challenge or circumvent LINZESS and apraglutide patents | FY2025 2026-02-26 30 | |
| Ironwood Pharmaceuticals: first mention in 10-Q quarterly report of 2024-08-08 (2024-Q2), source 15 | ||
| Pharmaceutical pricing lawsuits ongoing; IRA Drug Price Negotiation Program challenged constitutionally | FY2025 2026-02-26 30 | |
| Ironwood Pharmaceuticals: first mention in 10-Q quarterly report of 2024-05-09 (2024-Q1), source 13 | ||
| New competing products may provide better alternatives | 2026-01-02 28 | |
| Ironwood Pharmaceuticals: first mention in 10-K annual report of 2024-02-16 (FY2023), source 12 | ||
| Multiple ANDA filings for generic LINZESS; ongoing patent infringement litigation with manufacturers | FY2025 2026-02-26 30 | |
| Five generic manufacturers have settlement agreements allowing market entry for 145/290 mcg doses as early as March 2029 | FY2025 2026-02-26 30 | |
| Product liability lawsuits could substantially affect cash and insurance costs | FY2025 2026-02-26 30 | |
| Unfavorable pricing and reimbursement policies could hinder product success | 2026-01-02 28 | |
| Ironwood Pharmaceuticals: first mention in 8-K-EX99.1 earnings release of 2024-02-15 (2023-Q4), source 11 | ||
| Healthcare reform and payor initiatives may adversely affect commercial success | 2026-01-02 28 | |
| Ironwood Pharmaceuticals: first mention in 10-Q quarterly report of 2023-11-09 (2023-Q3), source 8 | ||
| Risk apraglutide may not be approved by FDA | 2026-01-02 28 | |
| Ironwood Pharmaceuticals: first mention in 8-K-EX99.1 earnings release of 2023-08-08 (2023-Q2), source 6 | ||
| Patents protect competitive position; requires substantial costs for prosecution and defense. | 2026-Q1 2026-05-07 31 | |
| Ironwood Pharmaceuticals: first mention in 8-K-EX99.1 earnings release of 2023-05-04 (2023-Q1), source 5 | ||
| Risk of inadequate patent protection for linaclotide and apraglutide | 2026-01-02 28 | |
| Clinical programs may not progress as anticipated or studies may be delayed | 2026-01-02 28 | |
| Ironwood Pharmaceuticals: first mention in 8-K-EX99.1 earnings release of 2023-01-09 (2023-Q4), source 1 | ||
| Risk of inability to manage expenses or cash use as expected | 2026-01-02 28 | |
Ironwood Pharmaceuticals Reported KPIs (as disclosed) (171)
NadirAlpha collects 171 reported KPIs of Ironwood Pharmaceuticals from the filings up to Q2 2026; the definition comes from the company, period and source are stated at every value. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| Ironwood Pharmaceuticals, published 2026-08-06, period 2026-Q2 | ||
| Total revenue | $113 million | 34 |
| Revolving credit facility outstanding principal | $385.0 million | 34 |
| Revolving Credit Facility - total borrowing capacity | 550.0 million | 33 |
| Revolving Credit Facility - aggregate principal outstanding | 385.0 million | 33 |
| Net profit for LINZESS U.S. brand collaboration | $214.6 million | 34 |
| LINZESS year-over-year growth | 44% | 34 |
| LINZESS prescription demand growth | 4% | 34 |
| LINZESS U.S. net sales | $555 million | 34 |
| LINZESS U.S. net sales | $282.3 million | 34 |
| Commercial margin | 78% | 34 |
| Commercial margin | 69% | 34 |
| Collaboration revenue to Ironwood | $110.0 million | 34 |
| Cash from operations | $58.3 million | 34 |
| Cash and cash equivalents | $79.1 million | 34 |
| Cash and cash equivalents | 79.1 million | 33 |
| Accumulated deficit | approximately 1.6 billion | 33 |
| Ironwood Pharmaceuticals, published 2026-01-02, period FY2026 | ||
| Cash and cash equivalents | greater than $200 million | 28 |
| Ironwood Pharmaceuticals, published 2026-05-07, period 2026-Q1 | ||
| Operating cash flow | 5,121 | 31 |
| Net increase in cash | 5,015 | 31 |
| Investing cash flow | 0 | 31 |
| Financing cash flow | 0 | 31 |
| cash and cash equivalents | 220.5 million | 31 |
| accumulated deficit | approximately $1.6 billion | 31 |
| Total LINZESS prescription demand | 56.0 million LINZESS capsules | 32 |
| Revolving credit facility outstanding | 385,000 | 32 |
| Net profit for LINZESS U.S. brand collaboration | $204.7 million | 32 |
| LINZESS commercial margin | 76% | 32 |
| LINZESS U.S. net sales | $272.5 million | 32 |
| Collaboration revenue to Ironwood | $104.2 million | 32 |
| Cash from operations | 5,100 | 32 |
| Cash and cash equivalents | 220,471 | 32 |
| Ironwood Pharmaceuticals, published 2026-02-26, period FY2025 | ||
| revolving credit facility total capacity | 550.0 million | 30 |
| revolving credit facility outstanding | 385.0 million | 30 |
| convertible notes principal | 200.0 million | 30 |
| cash and cash equivalents | 215.5 million | 30 |
| accumulated deficit | approximately $1.7 billion | 30 |
| Cash from operations | 127.0 million | 30 |
| Cash and cash equivalents | 215.5 million | 30 |
| Ironwood Pharmaceuticals, published 2026-02-25, period FY2025 | ||
| Unique patients treated by LINZESS since launch | 5.7 million | 29 |
| Outstanding principal balance on revolving credit facility | $385.0 million | 29 |
| LINZESS prescription demand growth | 11% | 29 |
| LINZESS commercial margin | 54% | 29 |
| LINZESS EUTRx demand growth | 11% | 29 |
| Cash from operations | 127.0 million | 29 |
| Cash and cash equivalents | $215.5 million | 29 |
| Ironwood Pharmaceuticals, published 2025-11-10, period 2025-Q3 | ||
| revolving credit facility outstanding | 385.0 million | 26 |
| revolving credit facility capacity | 550.0 million | 26 |
| letter of credit subfacility | 10.0 million | 26 |
| convertible notes principal | 200.0 million | 26 |
| cash and cash equivalents | 140.4 million | 26 |
| accumulated deficit | approximately 1.7 billion | 26 |
| LINZESS prescription demand | 60.5 million capsules | 27 |
| LINZESS U.S. net sales | $314.9 million | 27 |
| Commercial margin | 76% | 27 |
| Cash and cash equivalents | 140,407 | 27 |
| Ironwood Pharmaceuticals, published 2025-08-11, period 2025-Q2 | ||
| cash and cash equivalents | 92.9 million | 25 |
| accumulated deficit | approximately 1.7 billion | 25 |
| Ironwood Pharmaceuticals, published 2025-08-07, period 2025-Q2 | ||
| LINZESS prescription demand | 10% | 24 |
| LINZESS commercial margin | 69% | 24 |
| LINZESS U.S. net sales | $248 million | 24 |
| EUTRx demand growth | 10% | 24 |
| Cash and cash equivalents | 92,852 | 24 |
| Ironwood Pharmaceuticals, published 2025-05-12, period 2025-Q1 | ||
| revolving credit facility outstanding | 385.0 million | 23 |
| revolving credit facility capacity | 550.0 million | 23 |
| convertible notes principal | 200.0 million | 23 |
| cash and cash equivalents | 108.5 million | 23 |
| accumulated deficit | approximately 1.7 billion | 23 |
| Ironwood Pharmaceuticals, published 2025-05-07, period 2025-Q1 | ||
| LINZESS prescription demand growth | 8% | 22 |
| LINZESS commercial margin | 52% | 22 |
| LINZESS U.S. net sales | $138.5 million | 22 |
| Cash from operations | $20.0 million | 22 |
| Cash and cash equivalents | $108.5 million | 22 |
| Ironwood Pharmaceuticals, published 2025-04-25, period 2025-Q1 | ||
| Total LINZESS Prescription Demand | 53 million capsules | 21 |
| LINZESS Q1 2025 U.S. Net Sales | $138.5 million | 21 |
| LINZESS Q1 2024 U.S. Net Sales | $256.6 million | 21 |
| LINZESS Prescription Demand Growth (YoY) | 8% | 21 |
| Ironwood Pharmaceuticals, published 2025-03-31, period FY2024 | ||
| cash and cash equivalents | 88.6 million | 20 |
| Ironwood Pharmaceuticals, published 2025-02-27, period 2024-Q4 | ||
| LINZESS prescription demand growth full year | 11% | 19 |
| LINZESS prescription demand growth Q4 | 12% | 19 |
| LINZESS commercial margin full year | 66% | 19 |
| LINZESS commercial margin full year | 73% | 19 |
| LINZESS commercial margin | 64% | 19 |
| LINZESS commercial margin | 77% | 19 |
| Ironwood Pharmaceuticals, published 2024-11-07, period 2024-Q3 | ||
| revolving credit facility capacity | $550.0 million | 17 |
| revolving credit facility borrowed | $400.0 million | 17 |
| convertible senior notes | $200.0 million | 17 |
| cash and cash equivalents | $88.2 million | 17 |
| accumulated deficit | approximately $1.7 billion | 17 |
| Revolving credit facility outstanding | 400,000 | 18 |
| LINZESS prescription demand growth | 13% | 18 |
| LINZESS new-to-brand prescriptions growth | 13% | 18 |
| LINZESS extended units growth | 13% | 18 |
| LINZESS commercial margin | 65% | 18 |
| LINZESS commercial margin | 72% | 18 |
| Cash and cash equivalents | 88,211 | 18 |
| Ironwood Pharmaceuticals, published 2024-08-08, period 2024-Q2 | ||
| accumulated deficit | 1.7 billion | 15 |
| LINZESS prescription demand growth | 11% | 16 |
| LINZESS new-to-brand growth | 15% | 16 |
| LINZESS commercial margin | 62% | 16 |
| Cash from operations | 33.5 million | 16 |
| Cash and cash equivalents | 105,524 | 16 |
| Ironwood Pharmaceuticals, published 2024-05-09, period 2024-Q1 | ||
| revolving credit facility outstanding | 275.0 million | 13 |
| revolving credit facility capacity | 500.0 million | 13 |
| convertible notes | 400.0 million | 13 |
| cash and cash equivalents | 121.5 million | 13 |
| accumulated deficit | approximately 1.7 billion | 13 |
| Operating cash flow | 45.0 million | 14 |
| LINZESS prescription demand | 50 million capsules | 14 |
| LINZESS commercial margin | 71% | 14 |
| LINZESS U.S. net sales | $256.6 million | 14 |
| Cash and cash equivalents | 121,540 | 14 |
| Ironwood Pharmaceuticals, published 2024-02-16, period FY2023 | ||
| Rest of world revenue % | 2.2% | 12 |
| Net loss | -1.0 billion | 12 |
| Collaborative arrangements revenue | 442.735 | 12 |
| Cash from operations | 183.4 million | 12 |
| Cash and equivalents year-end | 92.2 million | 12 |
| cash and cash equivalents | 92.2 | 12 |
| Acquired IPR&D charge | -1.1 billion | 12 |
| accumulated deficit | 1.7 billion | 12 |
| US revenue % | 97.8% | 12 |
| Revolving Credit Facility capacity | 500.0 million | 12 |
| Outstanding borrowings under Revolving Credit Facility | 300.0 million | 12 |
| Net cash from operations | 183,427 | 12 |
| LINZESS US net profits | 430.5 | 12 |
| LINZESS US collaborative revenue | 430.5 million | 12 |
| Convertible notes aggregate principal | 400.0 million | 12 |
| Cash and cash equivalents | 92.2 million | 12 |
| Accumulated deficit | 1.7 billion | 12 |
| Ironwood Pharmaceuticals, published 2024-02-15, period 2023-Q4 | ||
| Total stockholders' equity (deficit) | (346,295) | 11 |
| Revolving Credit Facility | $300,000 | 11 |
| LINZESS prescription demand | 50 million capsules | 11 |
| LINZESS prescription demand | 191 million capsules | 11 |
| LINZESS commercial margin | 77% | 11 |
| LINZESS commercial margin | 73% | 11 |
| LINZESS U.S. net sales | $274.4 million | 11 |
| LINZESS U.S. net sales | $1,073.2 million | 11 |
| LINZESS U.S. brand collaboration net profit | $202.5 million | 11 |
| LINZESS U.S. brand collaboration net profit | $749.9 million | 11 |
| Convertible senior notes, net of current portion | $198,309 | 11 |
| Cash and cash equivalents | $92,154 | 11 |
| Ironwood Pharmaceuticals, published 2023-11-09, period 2023-Q3 | ||
| unrestricted cash and cash equivalents | 110.2 million | 8 |
| total indebtedness | 725.0 million | 8 |
| revolving credit facility capacity | 500.0 million | 8 |
| revolving credit facility borrowings | 325.0 million | 8 |
| convertible senior notes | 400.0 million | 8 |
| accumulated deficit | 1.7 billion | 8 |
| LINZESS prescription demand growth | 8% | 9 |
| LINZESS full brand margin | 69% | 9 |
| LINZESS commercial margin | 72% | 9 |
| LINZESS U.S. net sales growth | 7% | 9 |
| LINZESS U.S. net sales | $279 million | 9 |
| Ironwood's collaborative arrangement revenue | $110.1 million | 9 |
| Ironwood Pharmaceuticals, published 2023-08-09, period 2023-Q2 | ||
| total indebtedness | 800.0 million | 7 |
| revolving credit facility capacity | 500.0 million | 7 |
| revolving credit facility borrowings | 400.0 million | 7 |
| cash and cash equivalents | 175.3 million | 7 |
| accumulated deficit | 1.7 billion | 7 |
| Ironwood Pharmaceuticals, published 2023-08-08, period 2023-Q2 | ||
| LINZESS prescription demand growth | 9% | 6 |
| LINZESS commercial margin | 71% | 6 |
| LINZESS U.S. net sales (Q2) | $269.7 million | 6 |
| Cash and cash equivalents | 175,321 | 6 |
| Ironwood Pharmaceuticals, published 2023-05-04, period 2023-Q1 | ||
| unrestricted cash and cash equivalents | 740.3 | 4 |
| aggregate principal amount of convertible notes | 400.0 | 4 |
| accumulated deficit | -650.7 | 4 |
| LINZESS prescription demand growth | 10% | 5 |
| LINZESS commercial margin | 73% | 5 |
| LINZESS U.S. net sales | 250.2 million | 5 |
| Cash from operations | 80.2 million | 5 |
| Cash and cash equivalents | 740,342 | 5 |
| Ironwood Pharmaceuticals, published 2023-01-09, period 2023-Q4 | ||
| LINZESS U.S. net sales growth | ~0% | 1 |
| Cash and cash equivalents | approximately $650 million | 1 |
Ironwood Pharmaceuticals Development
The business development of Ironwood Pharmaceuticals period by period up to Q2 2026, each text from the original report of that period, source numbers lead to the source. NadirAlpha methodology
FY2026: Ironwood Pharmaceuticals
Ironwood generated collaborative arrangements revenue of USD 106.5 million in Q1 2026 and USD 113 million in Q2 2026, driven by increased net price and prescription demand for LINZESS 31 33. Net income turned positive in both quarters of the reported period, reaching USD 40.8 million in Q1 compared to a net loss of $37.4 million in Q1 2025, and USD 51.3 million in Q2 compared to $23.6 million in Q2 2025 31 33. In May 2026, the FDA approved LINZESS for pediatric patients aged 2 to 5 years with functional constipation, and Ironwood initiated the STARS-2 confirmatory Phase 3 trial of apraglutide for short bowel syndrome with intestinal failure in June 2026 33. Ironwood Pharmaceuticals repaid $200 million in convertible senior notes at scheduled maturity in June 2026 using cash on hand, reducing the cash balance to USD 79.1 million 33. Following H1 results, Ironwood raised full-year total revenue guidance to $460-$485 million and adjusted EBITDA guidance to greater than $310 million for FY2026 34.
FY2025: Ironwood Pharmaceuticals
Ironwood Pharmaceuticals reported full-year 2025 total revenue of $296.2 million, down from $351.4 million in 2024, as a $51.1 million decline in LINZESS U.S. collaborative arrangements revenue from net price headwinds and AbbVie's change in gross-to-net rebate reserve estimates effective at the start of 2025 more than offset 11% full-year prescription demand growth to 234 million capsules 30. Operating income rose to $98.5 million from $93.1 million in 2024, driven by a $62.0 million reduction in selling, general and administrative expenses and a $16.3 million decrease in research and development expenses, both attributable to workforce restructuring actions executed in January and August 2025 30. GAAP net income improved to $24.0 million ($0.15 per diluted share) from $0.9 million in 2024, and adjusted EBITDA increased to $138.1 million from $129.4 million 29. Cash from operations grew to $127.0 million from $103.5 million in 2024, with year-end cash increasing to $215.5 million from $88.6 million 29. Key strategic developments included the FDA's April 2025 determination that a confirmatory Phase 3 trial (STARS-2) is required for apraglutide NDA approval in short bowel syndrome with intestinal failure patients dependent on parenteral support, the November 2025 FDA approval of LINZESS for pediatric IBS-C patients aged 7 and older, and the ongoing exploration of strategic alternatives with Goldman Sachs & Co. LLC engaged since April 2025 29 30.
FY2024: Ironwood Pharmaceuticals
Ironwood Pharmaceuticals reported FY2024 total revenues of $351.4 million, down from $442.7 million in FY2023, driven primarily by a $90.1 million decrease in collaborative arrangements revenue from LINZESS U.S. sales due to decreased net price and higher government rebates, despite 11% full-year prescription demand growth 20. Operating income improved to $93.1 million from a loss of $945.4 million in FY2023 primarily due to the absence of approximately $1.1 billion in acquired in-process research and development expense related to the VectivBio Acquisition recorded in 2023, not from underlying operational improvement 20. FY2024 guidance was revised downward twice during the year, reflecting persistent LINZESS net price headwinds from higher-than-expected Medicaid utilization and changes in estimates of sales reserves and allowances 16. A pivotal milestone was reached in February 2024 with positive Phase III STARS trial results for apraglutide in adult patients with short bowel syndrome with intestinal failure, leading to initiation of a rolling NDA submission to the U.S. FDA in January 2025 20. Ironwood Pharmaceuticals generated $103.5 million in operating cash flow in 2024, ending the year with $88.6 million in cash and net debt of $110.4 million; in December 2024 Ironwood discontinued apraglutide development for acute graft-versus-host disease, and in January 2025 initiated an approximately 50% workforce reduction targeting $55-$60 million in annual operating expense savings 19 20.
FY2023: Ironwood Pharmaceuticals
Ironwood Pharmaceuticals reported FY2023 total revenue of $442.7 million, up from $410.6 million in FY2022, driven by a $31.7 million increase in LINZESS collaborative arrangements revenue as U.S. prescription demand grew 10% year-over-year and U.S. net sales reached approximately $1.1 billion 12. Ironwood Pharmaceuticals recorded a GAAP net loss of $1,002.2 million for FY2023, compared to net income of $175.1 million in FY2022, primarily attributable to a $1,095.5 million non-recurring acquired in-process research and development charge related to the June 2023 acquisition of VectivBio Holding AG for approximately $1.2 billion 12. The VectivBio acquisition added apraglutide, a next-generation GLP-2 analog targeting rare gastrointestinal diseases, with the Phase III STARS trial in short bowel syndrome with intestinal failure expecting topline results in March 2024 11. Operating cash flow reached $183.4 million in FY2023, while year-end cash declined to $92.2 million from $656.2 million at end of 2022 as $400.0 million was drawn under a new revolving credit facility to partially fund the acquisition, with $300.0 million outstanding at year-end 12.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
The evidence base for Ironwood Pharmaceuticals stock: every document with type and date, every figure in the report leads here by number and to the original by link. NadirAlpha methodology
Older sources (+12)
| # | Document type | Published |
|---|---|---|
| #202 | 10-K annual report | 2016-05-10 |
| #201 | 10-Q quarterly report | 2016-08-08 |
| #205 | 10-K annual report | 2017-02-22 |
| #203 | 10-Q quarterly report | 2017-05-08 |
| #204 | 10-Q quarterly report | 2017-08-03 |
| #207 | 10-K annual report | 2018-02-22 |
| #206 | 10-Q quarterly report | 2018-08-06 |
| #209 | 10-K annual report | 2019-02-25 |
| #208 | 10-Q quarterly report | 2019-07-30 |
| #211 | 10-K annual report | 2020-02-13 |
| #210 | 10-Q quarterly report | 2020-08-06 |
| #212 | 10-Q quarterly report | 2021-08-05 |
Ironwood Pharmaceuticals Stock FAQ
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does Ironwood Pharmaceuticals report?
As reported for Q2 2026: Total revenue (Q2 2026), Net profit for LINZESS U.S. brand collaboration (Q2 2026), LINZESS year-over-year growth (Q2 2026), LINZESS prescription demand growth (Q2 2026), LINZESS U.S. net sales (year-to-date 2026), LINZESS U.S. net sales (Q2 2026). The chapter Reported KPIs lists every value with its source.
Where can I find the official investor relations documents of Ironwood Pharmaceuticals?
NadirAlpha links all 46 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.