Ironwood Pharmaceuticals Inc. IRWD
Net income doubled Revenue decelerating Guidance raised strategy: New market strategy: Strategic pivot
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Business Model#
What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.
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. The company 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. The company 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.
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Current Status#
Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.
Ironwood Pharmaceuticals reported Q2 2026 revenue of $113.0 million, operating income of $79.3 million, and diluted EPS of $0.31 134. The company raised its FY2026 total revenue guidance to $450–$475 million from $290–$310 million in FY2025, and adjusted EBITDA guidance to greater than $300 million from greater than $135 million in FY2025 28. A board-level strategic alternatives review is ongoing with a stated focus on maximizing shareholder value 28.
Management commentary on the FY2026 results (8-K-EX99.1, 2026-01-02):
„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.“ – Tom McCourt, Chief Executive Officer 28
„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 $300 million in adjusted EBITDA in 2026. Finally, we continue to progress our previously announced strategic alternatives review in an effort to maximize shareholder value and look forward to providing further updates as appropriate.“ – Tom McCourt, Chief Executive Officer 28
Revenue · 2026-Q2113$m+32.6 % vs. 2025-Q2
Net profit · 2026-Q251$m+117.4 % vs. 2025-Q2
EPS · 2026-Q20.31$+121.4 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, the company guides Revenue to $460 to $485 million (raised); EBITDA (adjusted) to >$310 million (raised); U.S. LINZESS Net Sales to $1.15 to $1.20 billion (raised). 34.
ProfitabilityQ2 2026 net income was $51.3 million and operating cash flow was $58.3 million 134. Diluted shares outstanding for the period were 167,179,000 134.
LeverageCash and cash equivalents stood at $79.1 million at the end of Q2 2026 134, down from greater than $200 million reported at the close of Q4 2025 28. No explicit net debt figure or net-debt-to-EBITDA ratio was provided in the available inputs. The company has flagged the risk that existing indebtedness could restrict future operations and affect covenant compliance 28.
Management viewIronwood raised its FY2026 LINZESS U.S. net sales guidance to $1.125–$1.175 billion from $860–$890 million in FY2025, driven by improved net price and low-single-digit percentage demand growth 28. The confirmatory Phase 3 trial for apraglutide in short bowel syndrome with intestinal failure was on track to initiate in H1 2026 following completion of an FDA alignment meeting on trial design in Q4 2025 28.
ChangeLINZESS list price was lowered effective January 1, 2026, in response to evolving health care dynamics and to support ongoing patient access 28.
Risks (current)Multiple ANDA filings for generic LINZESS are outstanding, with patent infringement litigation against the filing manufacturers ongoing 30. The company faces risks of inadequate patent protection for linaclotide and apraglutide, potential FDA non-approval of apraglutide, and the possibility that clinical programs may not progress as anticipated or may be delayed 28. A settlement with Ferring relating to a prior U.S. District Court complaint has been reached, and product liability lawsuits represent an additional risk to cash and insurance costs 29 30.
New this reporting periodThe confirmatory Phase 3 trial for apraglutide targeting short bowel syndrome with intestinal failure was on track to initiate in H1 2026, following FDA alignment on trial design completed in Q4 2025 28. A strategic alternatives review was active during the period, with the board evaluating options to maximize shareholder value 28.
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Price & Chart#
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Share-Price Drivers#
Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.
LINZESS (linaclotide) commercial franchise plus apraglutide (SBS-IF) pipeline
LINZESS collaboration revenue drives group results (Q2 2026 revenue $113.0m, operating income $79.3m), with pediatric label expansions and the apraglutide Phase 3 program the principal forward catalysts 134 33 29
LINZESS collaboration revenue drives group results (Q2 2026 revenue $113.0m, operating income $79.3m), with pediatric label expansions and the apraglutide Phase 3 program the principal forward catalysts 134 33 29
LINZESS pediatric label expansions (IBS-C ages 7+ approved Nov 2025; functional constipation ages 2+ approved May 2026)
Successive FDA pediatric approvals broaden the addressable population for the core product 31 33 34
Successive FDA pediatric approvals broaden the addressable population for the core product 31 33 34
LINZESS pediatric exclusivity
U.S. FDA granted pediatric exclusivity for linaclotide studies (Oct 15, 2025), extending protection 31 33
U.S. FDA granted pediatric exclusivity for linaclotide studies (Oct 15, 2025), extending protection 31 33
Apraglutide for short bowel syndrome (SBS-IF)
Acquired via VectivBio (June 2023); rolling NDA submission (Jan 2025) and confirmatory STARS-2 Phase III trial (site initiations Q2 2026) still pre-approval 20 29 33
Acquired via VectivBio (June 2023); rolling NDA submission (Jan 2025) and confirmatory STARS-2 Phase III trial (site initiations Q2 2026) still pre-approval 20 29 33
Generic/patent litigation on LINZESS
Alkem Laboratories ANDA Paragraph IV certification notice (June 12, 2026) followed by a patent infringement lawsuit (July 2026), signalling generic-entry risk 33
Alkem Laboratories ANDA Paragraph IV certification notice (June 12, 2026) followed by a patent infringement lawsuit (July 2026), signalling generic-entry risk 33
Revenue growth and return to profitability
Revenue rose to $113.0m in Q2 2026 with net income of $51.3m; change flags show accelerating growth and raised guidance 134 132
Revenue rose to $113.0m in Q2 2026 with net income of $51.3m; change flags show accelerating growth and raised guidance 134 132
Balance-sheet deleveraging and restructuring
Repayment of $200m 2026 convertible senior notes at maturity (June 2026) and workforce reductions (Jan 2025 and Aug 2025, primarily field-based sales) 33 34 31
Repayment of $200m 2026 convertible senior notes at maturity (June 2026) and workforce reductions (Jan 2025 and Aug 2025, primarily field-based sales) 33 34 31
Early-stage pipeline attrition (IW-3300, CNP-104)
Recruitment for the IW-3300 Phase II IC/BPS study ended and CNP-104 Phase II topline data received (2024), narrowing the earlier-stage pipeline 18 20
Recruitment for the IW-3300 Phase II IC/BPS study ended and CNP-104 Phase II topline data received (2024), narrowing the earlier-stage pipeline 18 20
Sector trend: Group KPIs are strengthening, with revenue and operating income rising and a return to positive net income and raised guidance, driven by LINZESS demand and pediatric label expansion 134 132. The forward profile hinges on apraglutide's Phase 3/NDA progression against emerging generic-competition risk to LINZESS 29 33.
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Event Timeline#
This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.
Overview: one dot per event · click jumps to the period
2026 · 8 events
2026-Q2 · Apr – Jun 2026
„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.“ – Tom McCourt, Chief Executive Officer 34
Guidance raised 2026-08-06
FY2026 LINZESS U.S. net sales guidance raised to $1.15-1.20B, total revenue guidance to $460-485M, and adjusted EBITDA guidance to greater than $310M 34
FY2026 LINZESS U.S. net sales guidance raised to $1.15-1.20B, total revenue guidance to $460-485M, and adjusted EBITDA guidance to greater than $310M 34
New market 2026-08-06
U.S. FDA approved LINZESS for pediatric patients 2-5 years old with functional constipation in May 2026 33
U.S. FDA approved LINZESS for pediatric patients 2-5 years old with functional constipation in May 2026 33
Strategic pivot 2026-08-06
STARS-2, a 24-week global confirmatory Phase 3 trial for apraglutide in short bowel syndrome with intestinal failure, initiated in June 2026 with active patient recruitment 33
STARS-2, a 24-week global confirmatory Phase 3 trial for apraglutide in short bowel syndrome with intestinal failure, initiated in June 2026 with active patient recruitment 33
2026-Q1 · Jan – Mar 2026
„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.“ – Tom McCourt, chief executive officer 32
Net income turned positive 2026-05-07
Q1 2026 net income of $40.8M vs. net loss of $37.4M in Q1 2025, primarily driven by increased LINZESS collaborative arrangements revenue; year-over-year comparison also reflects $18.6M lower restructuring charges from January 2025 workforce reduction 31
Q1 2026 net income of $40.8M vs. net loss of $37.4M in Q1 2025, primarily driven by increased LINZESS collaborative arrangements revenue; year-over-year comparison also reflects $18.6M lower restructuring charges from January 2025 workforce reduction 31
Revenue accelerating 2026-05-07
Collaborative arrangements revenue increased $65.4M to $106.5M in Q1 2026, driven by increased net price, inventory channel fluctuations, and prescription demand for LINZESS 31
Collaborative arrangements revenue increased $65.4M to $106.5M in Q1 2026, driven by increased net price, inventory channel fluctuations, and prescription demand for LINZESS 31
Margin expanding 2026-05-07
LINZESS commercial margin improved to 76% in Q1 2026 from 52% in Q1 2025 32
LINZESS commercial margin improved to 76% in Q1 2026 from 52% in Q1 2025 32
2025 · 16 events
2025-Q4 · Oct – Dec 2025
„Importantly, we ended 2025 with $215 million in cash and cash equivalents, positioning Ironwood well for 2026.“ – Tom McCourt, chief executive officer 29
Guidance initiated 2026-02-26
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
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
Strategic pivot 2026-02-26
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
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
Revenue decelerating 2026-02-25
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
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 halved 2026-02-25
Operating income more than halved YoY (31.5 to 6.8 USDm, -78%). 29
Operating income more than halved YoY (31.5 to 6.8 USDm, -78%). 29
2025-Q3 · Jul – Sep 2025
„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“ – Tom McCourt, Chief Executive Officer 27
Revenue accelerating 2025-11-10
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
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
Guidance raised 2025-11-10
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
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
New market 2025-11-10
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
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 doubled 2025-11-10
Operating income more than doubled YoY (25.6 to 75.5 USDm, +195%). 26
Operating income more than doubled YoY (25.6 to 75.5 USDm, +195%). 26
Cash flow inflection 2025-11-10
Operating cash flow reached 47.6 USDm vs 9.9 USDm in 2024-Q3 (×4.8). 26
Operating cash flow reached 47.6 USDm vs 9.9 USDm in 2024-Q3 (×4.8). 26
2025-Q2 · Apr – Jun 2025
„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.“ – Tom McCourt, Chief Executive Officer 24
Net income turned positive 2025-08-07
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
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
revenue 2025-08-07
LINZESS U.S. net sales rose 17% year-over-year to $248.0 million in Q2 2025 on 10% prescription demand growth 24
LINZESS U.S. net sales rose 17% year-over-year to $248.0 million in Q2 2025 on 10% prescription demand growth 24
Margin expanding 2025-08-07
LINZESS commercial margin improved to 69% in Q2 2025 from 62% in Q2 2024 24
LINZESS commercial margin improved to 69% in Q2 2025 from 62% in Q2 2024 24
2025-Q1 · Jan – Mar 2025
„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“ – Tom McCourt, Chief Executive Officer 22
„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.“ – Tom McCourt, Chief Executive Officer 21
Revenue decelerating 2025-05-07
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
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
Strategic pivot 2025-05-07
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
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
Guidance raised 2025-04-25
Full-year 2025 adjusted EBITDA guidance raised to greater than $105 million from prior guidance of greater than $85 million 21
Full-year 2025 adjusted EBITDA guidance raised to greater than $105 million from prior guidance of greater than $85 million 21
2024 · 17 events
FY2024 · Jan – Dec 2024
„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.“ – Tom McCourt, chief executive officer 10
Operating income turned positive 2024-01-08
Operating income turned positive for the first time after 1 negative fiscal year (-945.4 to +93.1 USDm). 10
Operating income turned positive for the first time after 1 negative fiscal year (-945.4 to +93.1 USDm). 10
Net income turned positive 2024-01-08
Net income turned positive for the first time after 1 negative fiscal year (-1002.2 to +0.9 USDm). 10
Net income turned positive for the first time after 1 negative fiscal year (-1002.2 to +0.9 USDm). 10
2024-Q4 · Oct – Dec 2024
„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.“ – Tom McCourt, Chief Executive Officer 19
Strategic pivot 2025-03-31
Apraglutide development for steroid-refractory gastrointestinal acute graft versus host disease discontinued December 2024 to focus investment on other priorities 20
Apraglutide development for steroid-refractory gastrointestinal acute graft versus host disease discontinued December 2024 to focus investment on other priorities 20
New market 2025-02-27
Rolling NDA submission for apraglutide in SBS-IF initiated January 2025 with expected completion in Q3 2025 19
Rolling NDA submission for apraglutide in SBS-IF initiated January 2025 with expected completion in Q3 2025 19
Strategic pivot 2025-02-27
Approximately 50% workforce reduction initiated January 2025, primarily eliminating field-based sales employees, expected to generate $55-$60M in annual operating expense savings 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
2024-Q3 · Jul – Sep 2024
„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.“ – Tom McCourt, Chief Executive Officer 18
Revenue decelerating 2024-11-07
Q3 revenue declined to $91.6M from $113.7M YoY; LINZESS collaborative arrangements revenue decreased $21.2M driven by lower net price 18
Q3 revenue declined to $91.6M from $113.7M YoY; LINZESS collaborative arrangements revenue decreased $21.2M driven by lower net price 18
Margin compressing 2024-11-07
LINZESS commercial margin contracted to 65% in Q3 2024 from 72% in Q3 2023 due to pricing headwinds 18
LINZESS commercial margin contracted to 65% in Q3 2024 from 72% in Q3 2023 due to pricing headwinds 18
Strategic pivot 2024-11-07
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
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 2024-11-07
Net income turned positive for the first time after 3 negative periods (-0.9 to +3.6 USDm). 17
Net income turned positive for the first time after 3 negative periods (-0.9 to +3.6 USDm). 17
2024-Q2 · Apr – Jun 2024
„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.“ – Tom McCourt, Chief Executive Officer 16
Revenue decelerating 2024-08-08
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
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
Guidance cut 2024-08-08
FY2024 guidance revised downward again due to continued LINZESS pricing pressure from higher Medicaid utilization 16
FY2024 guidance revised downward again due to continued LINZESS pricing pressure from higher Medicaid utilization 16
New market 2024-08-08
Apraglutide late-breaking data presented at 2024 Digestive Disease Week; rolling NDA submission planned for Q1 2025 for SBS-IF indication 16
Apraglutide late-breaking data presented at 2024 Digestive Disease Week; rolling NDA submission planned for Q1 2025 for SBS-IF indication 16
2024-Q1 · Jan – Mar 2024
„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.“ – Tom McCourt, chief executive officer 14
Revenue decelerating 2024-05-09
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
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
Guidance cut 2024-05-09
FY2024 financial guidance revised downward due to LINZESS gross-to-net change in estimate of $30.0M reduction to Q1 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
Strategic pivot 2024-05-09
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
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 halved 2024-05-09
Operating income more than halved YoY (60.1 to 11.0 USDm, -82%). 13
Operating income more than halved YoY (60.1 to 11.0 USDm, -82%). 13
2023 · 12 events
2023-Q4 · Oct – Dec 2023
„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.“ – Tom McCourt, Chief Executive Officer 1
„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.“ – Tom McCourt, Chief Executive Officer 11
Net income turned negative 2024-02-16
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
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
Revenue accelerating 2024-02-15
LINZESS U.S. net sales approximately $1.1 billion in FY2023, +7% YoY; prescription demand growth +10% YoY 11
LINZESS U.S. net sales approximately $1.1 billion in FY2023, +7% YoY; prescription demand growth +10% YoY 11
Guidance initiated 2024-02-15
2024 guidance initiated: U.S. LINZESS net sales growth low-single digits %, total revenue $435-455M, adjusted EBITDA greater than $150M 11
2024 guidance initiated: U.S. LINZESS net sales growth low-single digits %, total revenue $435-455M, adjusted EBITDA greater than $150M 11
2023-Q3 · Jul – Sep 2023
„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.“ – Tom McCourt, chief executive officer 9
revenue 2023-11-09
LINZESS U.S. net sales rose 7% YoY to $279M in Q3 2023; prescription demand +8% YoY 9
LINZESS U.S. net sales rose 7% YoY to $279M in Q3 2023; prescription demand +8% YoY 9
Guidance confirmed 2023-11-09
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
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
New market 2023-11-09
Positive final data reported from STARS Nutrition Phase II study of apraglutide in short bowel syndrome with intestinal failure and colon-in-continuity 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
2023-Q2 · Apr – Jun 2023
„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.“ – Tom McCourt, Chief Executive Officer 6
Net cash to net debt 2023-08-09
$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
$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
Guidance raised 2023-08-08
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
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
Acquisition 2023-08-08
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
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
2023-Q1 · Jan – Mar 2023
„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.“ – Tom McCourt, Chief Executive Officer 5
Revenue accelerating 2023-05-04
LINZESS U.S. net sales $250.2M (+8% YoY); prescription demand +10% YoY, reaching all-time high new-to-brand patient volume 5
LINZESS U.S. net sales $250.2M (+8% YoY); prescription demand +10% YoY, reaching all-time high new-to-brand patient volume 5
New market 2023-05-04
FDA granted priority review to linaclotide supplemental NDA for functional constipation in pediatric patients aged 6-17, PDUFA date June 14, 2023 4
FDA granted priority review to linaclotide supplemental NDA for functional constipation in pediatric patients aged 6-17, PDUFA date June 14, 2023 4
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Key Figures ($m)#
The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue ($m) · annual basis, as reported
Net income ($m) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($m) · annual basis, as reported
Revenue ($m) · quarterly basis, as reported
Net income ($m) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($m) · quarterly basis, as reported
Cash ($m) · annual basis, as reported
Capex ($m) · annual basis, as reported
FCF ($m) · annual basis, as reported
D&A ($m) · annual basis, as reported
Cash ($m) · quarterly basis, as reported
Debt ($m) · quarterly basis, as reported
Net Debt ($m) · quarterly basis, as reported
Capex ($m) · quarterly basis, as reported
FCF ($m) · quarterly basis, as reported
D&A ($m) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2016 is on record.
Fiscal years
Amounts in $m · EPS in $ per share · as reported
| 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 | 10 |
| FY2023 | 442.7 | -945.4 | -1,002.2 | -6.45 | -6.34 | – | 183.4 | 12 |
Quarters
Amounts in $m · EPS in $ per share · as reported
| 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 | – | 33 |
| 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 | 258.6 | 127 |
| 2025-Q2* | 2025-08-07 | 85.2 | 45.3 | 23.6 | 0.14 | 0.14 | 50.1 | -15.1 | 92.9 | 305.8 | 24 |
| 2025-Q1* | 2025-05-07 | 41.1 | -29.1 | -37.4 | -0.23 | -0.14 | -4.7 | 19.9 | 108.5 | 90.7 | 22 |
| 2024-Q4* | 2025-03-31 | 90.5 | 31.5 | 2.3 | 0.01 | 0.01 | 37.3 | 15.2 | 88.6 | 110.4 | 20 |
| 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 | 114 |
| 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 |
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.), Net Debt/EBITDA (not reported in any source for these periods).
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Balance Sheet & Cash Flow ($m)#
Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
Fiscal years
Amounts in $m · as reported
| 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
Amounts in $m · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-06 | 79.1 | – | – | – | 58.3 | – | – | 33 |
| 2026-Q1 | 2026-05-07 | 220.5 | – | – | – | 5.1 | – | – | 31 |
| 2025-Q4 | 2026-02-25 | 215.5 | – | – | 0.5 | 74.6 | – | – | 129 |
| 2025-Q3 | 2025-11-10 | 140.4 | 399 | 258.6 | 0.5 | 47.6 | 0 | 47.6 | 127 |
| 2025-Q2 | 2025-08-07 | 92.9 | 398.7 | 305.8 | – | -15.1 | 0 | -15.1 | 24 |
| 2025-Q1 | 2025-05-07 | 108.5 | 199.2 | 90.7 | – | 20 | 0 | 19.9 | 22 |
| 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 | 114 |
| 2023-Q4 | 2024-02-15 | 92.2 | 397.9 | 305.7 | 0.1 | 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 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
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Products & M&A (25/48 active+recent)#
Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.
| Product/Line | Since | Status | Source |
|---|---|---|---|
| Generic linaclotide entry (145 mcg and 290 mcg doses) (2x) | 2029-03 | Launched | 30 |
| Generic LINZESS approval by Teva | 2029-03 | Launched | 12 |
| Patent infringement lawsuit filed against Alkem Laboratories | 2026-07 | Launched | 33 |
| Repayment of 2026 Convertible Notes at maturity | 2026-06 | Launched | 33 |
| Apraglutide confirmatory Phase 3 trial for short bowel syndrome with intestinal failure | 2026-06 | Launched | 28 |
| Alkem Laboratories ANDA Paragraph IV certification notice | 2026-06 | Launched | 33 |
| LINZESS sNDA for functional constipation (ages 2-5) | 2026-05 | Launched | 32 |
| LINZESS pediatric indication approval for ages 2-5 years with functional constipation | 2026-05 | Launched | 33 |
| FDA approval for LINZESS in pediatric patients 2 years of age and older with functional constipation | 2026-05 | Launched | 34 |
| Convertible Senior Notes due | 2026 | Launched | 20 |
| LINZESS pediatric indication approval for ages 7+ years with IBS-C | 2025-11 | Launched | 33 |
| LINZESS label expansion for IBS-C in pediatric patients 7-17 years | 2025-11 | Launched | 29 |
| LINZESS approval for pediatric patients 7+ years with IBS-C | 2025-11 | Launched | 30 |
| LINZESS approval for pediatric IBS-C | 2025-11 | Launched | 26 |
| LINZESS approval for IBS-C in patients aged 7 years and older | 2025-11 | Launched | 30 |
| LINZESS FDA approval for pediatric patients 7 years and older with IBS-C | 2025-11 | Launched | 31 |
| FDA approval of LINZESS for IBS-C in pediatric patients aged 7 years and older | 2025-11 | Launched | 27 |
| Pediatric exclusivity granted for linaclotide studies | 2025-10 | Launched | 33 |
| LINZESS pediatric exclusivity (3x) | 2025-10 | Launched | 31 |
| Apraglutide NDA submission (5x) | 2025-09 | Launched | 18 |
| Workforce reduction in January 2025 consisting primarily of field-based sales employees (2x) | 2025-01 | Launched | 20 |
| LINZESS Medicare drug price negotiation 2nd cycle (2x) | 2025-01 | Launched | 30 |
| STARS Extend open-label extension study (2x) | 2024-12 | Launched | 30 |
| STARS Phase III clinical trial (41x) | 2023-06 | Launched | 30 |
| IW-3300 development terminated (3x) | 2025-04 | Discontinued (2025-04) | 30 |
| Decision to end further development of apraglutide for steroid-refractory gastrointestinal acute graft versus host disease | 2024-12 | Launched | 20 |
| AstraZeneca non-contingent payments milestone | 2024-12 | Launched | 12 |
| CONSTELLA approval for pediatric FC ages 6-17 in Canada | 2024-09 | Launched | 20 |
| Apraglutide late-breaking data presentation at 2024 Digestive Disease Week | 2024-05 | Launched | 16 |
| Apraglutide NDA for adult SBS patients dependent on parenteral support | 2024-03 | Launched | 14 |
| STARGAZE Phase II trial continuing through two-year endpoint | 2024-03 | Launched | 14 |
| LINZESS CONSTELLA commercialization in Canada for pediatric functional constipation | 2024 | Launched | 20 |
| CNP-104 topline data (15x) | 2023-12 | Launched | 10 |
| Linaclotide pediatric functional constipation indication (ages 6-17) | 2023-06 | Launched | 5 |
| LINZESS pediatric functional constipation sNDA approval | 2023-06 | Launched | 4 |
| LINZESS pediatric functional constipation approval | 2023-06 | Launched | 20 |
| LINZESS pediatric approval for FC ages 6-17 | 2023-06 | Launched | 20 |
| LINZESS approval for pediatric functional constipation (ages 6-17) | 2023-06 | Launched | 25 |
| LINZESS approval for pediatric FC | 2023-06 | Launched | 20 |
| LINZESS approval as once-daily treatment for pediatric patients ages 6-17 with functional constipation | 2023-06 | Launched | 23 |
| LINZESS FDA approval for pediatric FC patients ages 6-17 | 2023-06 | Launched | 12 |
| LINZESS FDA approval for functional constipation in pediatric patients ages 6-17 | 2023-06 | Launched | 11 |
| LINZESS supplemental new drug application for functional constipation in children ages 6-17 | 2022-12 | Launched | 1 |
| Development and commercialization agreement with AKP for apraglutide in Japan | 2022-03 | Launched | 12 |
| LINZESS label update for pediatric patients (boxed warning modification) | 2021-08 | Launched | 25 |
| LINZESS label update for abdominal symptoms in IBS-C | 2020-09 | Launched | 25 |
| Decision to end further recruitment for IW-3300 Phase II study in IC/BPS (2x) | 2024-09 | Discontinued (2024-09) | 20 |
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M&A (15)#
All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.
Acquisitions · 6Divestitures/exits · 9
Acquisitions
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| Repayment of $200 million convertible senior notes | 2026-06 | Completed | 34 |
| AstraZeneca assignment of China collaboration rights to Grand Life Sciences | 2026-05 | Completed | 33 |
| Strategic alternatives review (3x) | 2025-04 | Completed | 28 |
| VectivBio squeeze-out merger (3x) | 2023-12 | Completed | 6 |
| VectivBio Acquisition (4x) | 2023-06 | Completed | 25 |
Divestitures / exits
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 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 |
| COUR Collaboration Agreement terminated; decision not to exercise option for CNP-104 | 2024-09 | Divested | 31 |
| COUR Collaboration Agreement terminated | 2024-09 | Divested | 26 |
| CNP-104 license option (2x) | 2024-09 | Divested | 18 |
| CNP-104 collaboration with COUR terminated | 2024-09 | Divested | 30 |
| CNP-104 collaboration agreement terminated with COUR Pharmaceutical | 2024-09 | Divested | 33 |
| 2024 Convertible Notes repayment | 2024-06 | Divested | 20 |
Terminated / withdrawn
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| IW-3300 Phase II IC/BPS study enrollment pause | 2024-09 | Terminated (2025-04) | 18 |
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Reported KPIs (as disclosed) (171)#
Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| Date | Period | KPI | Value / change | Source |
|---|---|---|---|---|
| 2026-01-02 | FY2026 | Cash and cash equivalents | greater than $200 million | 28 |
| 2026-08-06 | 2026-Q2 | Total revenue (Q2 2026) | $113 million | 34 |
| 2026-08-06 | 2026-Q2 | Revolving credit facility outstanding principal (June 30, 2026) | $385.0 million | 34 |
| 2026-08-06 | 2026-Q2 | Revolving Credit Facility - total borrowing capacity | 550.0 million | 33 |
| 2026-08-06 | 2026-Q2 | Revolving Credit Facility - aggregate principal outstanding | 385.0 million | 33 |
| 2026-08-06 | 2026-Q2 | Net profit for LINZESS U.S. brand collaboration (Q2 2026) | $214.6 million | 34 |
| 2026-08-06 | 2026-Q2 | LINZESS year-over-year growth (Q2 2026) | 44% | 34 |
| 2026-08-06 | 2026-Q2 | LINZESS prescription demand growth (Q2 2026) | 4% | 34 |
| 2026-08-06 | 2026-Q2 | LINZESS U.S. net sales (year-to-date 2026) | $555 million | 34 |
| 2026-08-06 | 2026-Q2 | LINZESS U.S. net sales (Q2 2026) | $282.3 million | 34 |
| 2026-08-06 | 2026-Q2 | Commercial margin (Q2 2026) | 78% | 34 |
| 2026-08-06 | 2026-Q2 | Commercial margin (Q2 2025) | 69% | 34 |
| 2026-08-06 | 2026-Q2 | Collaboration revenue to Ironwood (Q2 2026) | $110.0 million | 34 |
| 2026-08-06 | 2026-Q2 | Cash from operations (Q2 2026) | $58.3 million | 34 |
| 2026-08-06 | 2026-Q2 | Cash and cash equivalents (June 30, 2026) | $79.1 million | 34 |
| 2026-08-06 | 2026-Q2 | Cash and cash equivalents | 79.1 million | 33 |
| 2026-08-06 | 2026-Q2 | Accumulated deficit | approximately 1.6 billion | 33 |
| 2026-05-07 | 2026-Q1 | Operating cash flow | 5,121 (USD in thousands) | 31 |
| 2026-05-07 | 2026-Q1 | Net increase in cash | 5,015 (USD in thousands) | 31 |
| 2026-05-07 | 2026-Q1 | Investing cash flow | 0 (USD in thousands) | 31 |
| 2026-05-07 | 2026-Q1 | Financing cash flow | 0 (USD in thousands) | 31 |
| 2026-05-07 | 2026-Q1 | cash and cash equivalents | 220.5 million | 31 |
| 2026-05-07 | 2026-Q1 | accumulated deficit | approximately $1.6 billion | 31 |
| 2026-05-07 | 2026-Q1 | Total LINZESS prescription demand | 56.0 million LINZESS capsules | 32 |
| 2026-05-07 | 2026-Q1 | Revolving credit facility outstanding | 385,000 | 32 |
| 2026-05-07 | 2026-Q1 | Net profit for LINZESS U.S. brand collaboration | $204.7 million | 32 |
| 2026-05-07 | 2026-Q1 | LINZESS commercial margin | 76% | 32 |
| 2026-05-07 | 2026-Q1 | LINZESS U.S. net sales | $272.5 million | 32 |
| 2026-05-07 | 2026-Q1 | Collaboration revenue to Ironwood | $104.2 million | 32 |
| 2026-05-07 | 2026-Q1 | Cash from operations | 5,100 | 32 |
| 2026-05-07 | 2026-Q1 | Cash and cash equivalents | 220,471 (USD in thousands) | 32 |
| 2026-02-26 | FY2025 | revolving credit facility total capacity | 550.0 million | 30 |
| 2026-02-26 | FY2025 | revolving credit facility outstanding | 385.0 million | 30 |
| 2026-02-26 | FY2025 | convertible notes principal | 200.0 million | 30 |
| 2026-02-26 | FY2025 | cash and cash equivalents | 215.5 million | 30 |
| 2026-02-26 | FY2025 | accumulated deficit | approximately $1.7 billion | 30 |
| 2026-02-26 | FY2025 | Cash from operations | 127.0 million | 30 |
| 2026-02-26 | FY2025 | Cash and cash equivalents | 215.5 million | 30 |
| 2026-02-25 | FY2025 | Unique patients treated by LINZESS since launch | 5.7 million | 29 |
| 2026-02-25 | FY2025 | Outstanding principal balance on revolving credit facility | $385.0 million | 29 |
| 2026-02-25 | FY2025 | LINZESS prescription demand growth | 11% | 29 |
| 2026-02-25 | FY2025 | LINZESS commercial margin | 54% | 29 |
| 2026-02-25 | FY2025 | LINZESS EUTRx demand growth | 11% | 29 |
| 2026-02-25 | FY2025 | Cash from operations | 127.0 million | 29 |
| 2026-02-25 | FY2025 | Cash and cash equivalents | $215.5 million | 29 |
| 2025-11-10 | 2025-Q3 | revolving credit facility outstanding | 385.0 million | 26 |
| 2025-11-10 | 2025-Q3 | revolving credit facility capacity | 550.0 million | 26 |
| 2025-11-10 | 2025-Q3 | letter of credit subfacility | 10.0 million | 26 |
| 2025-11-10 | 2025-Q3 | convertible notes principal | 200.0 million | 26 |
| 2025-11-10 | 2025-Q3 | cash and cash equivalents | 140.4 million | 26 |
| 2025-11-10 | 2025-Q3 | accumulated deficit | approximately 1.7 billion | 26 |
| 2025-11-10 | 2025-Q3 | LINZESS prescription demand | 60.5 million capsules | 27 |
| 2025-11-10 | 2025-Q3 | LINZESS U.S. net sales | $314.9 million | 27 |
| 2025-11-10 | 2025-Q3 | Commercial margin | 76% | 27 |
| 2025-11-10 | 2025-Q3 | Cash and cash equivalents | 140,407 (USD in thousands) | 27 |
| 2025-08-11 | 2025-Q2 | cash and cash equivalents | 92.9 million | 25 |
| 2025-08-11 | 2025-Q2 | accumulated deficit | approximately 1.7 billion | 25 |
| 2025-08-07 | 2025-Q2 | LINZESS prescription demand | 10% | 24 |
| 2025-08-07 | 2025-Q2 | LINZESS commercial margin | 69% | 24 |
| 2025-08-07 | 2025-Q2 | LINZESS U.S. net sales | $248 million | 24 |
| 2025-08-07 | 2025-Q2 | EUTRx demand growth | 10% | 24 |
| 2025-08-07 | 2025-Q2 | Cash and cash equivalents | 92,852 (USD in thousands) | 24 |
| 2025-05-12 | 2025-Q1 | revolving credit facility outstanding | 385.0 million | 23 |
| 2025-05-12 | 2025-Q1 | revolving credit facility capacity | 550.0 million | 23 |
| 2025-05-12 | 2025-Q1 | convertible notes principal | 200.0 million | 23 |
| 2025-05-12 | 2025-Q1 | cash and cash equivalents | 108.5 million | 23 |
| 2025-05-12 | 2025-Q1 | accumulated deficit | approximately 1.7 billion | 23 |
| 2025-05-07 | 2025-Q1 | LINZESS prescription demand growth | 8% | 22 |
| 2025-05-07 | 2025-Q1 | LINZESS commercial margin | 52% | 22 |
| 2025-05-07 | 2025-Q1 | LINZESS U.S. net sales | $138.5 million | 22 |
| 2025-05-07 | 2025-Q1 | Cash from operations | $20.0 million | 22 |
| 2025-05-07 | 2025-Q1 | Cash and cash equivalents | $108.5 million | 22 |
| 2025-04-25 | 2025-Q1 | Total LINZESS Prescription Demand Q1 2025 | 53 million capsules | 21 |
| 2025-04-25 | 2025-Q1 | LINZESS Q1 2025 U.S. Net Sales | $138.5 million | 21 |
| 2025-04-25 | 2025-Q1 | LINZESS Q1 2024 U.S. Net Sales | $256.6 million | 21 |
| 2025-04-25 | 2025-Q1 | LINZESS Prescription Demand Growth (YoY) | 8% | 21 |
| 2025-03-31 | FY2024 | cash and cash equivalents | 88.6 million | 20 |
| 2025-02-27 | 2024-Q4 | LINZESS prescription demand growth full year | 11% | 19 |
| 2025-02-27 | 2024-Q4 | LINZESS prescription demand growth Q4 | 12% | 19 |
| 2025-02-27 | 2024-Q4 | LINZESS commercial margin full year 2024 | 66% | 19 |
| 2025-02-27 | 2024-Q4 | LINZESS commercial margin full year 2023 | 73% | 19 |
| 2025-02-27 | 2024-Q4 | LINZESS commercial margin Q4 2024 | 64% | 19 |
| 2025-02-27 | 2024-Q4 | LINZESS commercial margin Q4 2023 | 77% | 19 |
| 2024-11-07 | 2024-Q3 | revolving credit facility capacity | $550.0 million | 17 |
| 2024-11-07 | 2024-Q3 | revolving credit facility borrowed | $400.0 million | 17 |
| 2024-11-07 | 2024-Q3 | convertible senior notes 2026 | $200.0 million | 17 |
| 2024-11-07 | 2024-Q3 | cash and cash equivalents | $88.2 million | 17 |
| 2024-11-07 | 2024-Q3 | accumulated deficit | approximately $1.7 billion | 17 |
| 2024-11-07 | 2024-Q3 | Revolving credit facility outstanding | 400,000 | 18 |
| 2024-11-07 | 2024-Q3 | LINZESS prescription demand growth | 13% | 18 |
| 2024-11-07 | 2024-Q3 | LINZESS new-to-brand prescriptions growth | 13% | 18 |
| 2024-11-07 | 2024-Q3 | LINZESS extended units growth | 13% | 18 |
| 2024-11-07 | 2024-Q3 | LINZESS commercial margin Q3 2024 | 65% | 18 |
| 2024-11-07 | 2024-Q3 | LINZESS commercial margin Q3 2023 | 72% | 18 |
| 2024-11-07 | 2024-Q3 | Cash and cash equivalents | 88,211 (USD in thousands) | 18 |
| 2024-08-08 | 2024-Q2 | accumulated deficit | 1.7 billion | 15 |
| 2024-08-08 | 2024-Q2 | LINZESS prescription demand growth | 11% | 16 |
| 2024-08-08 | 2024-Q2 | LINZESS new-to-brand growth | 15% | 16 |
| 2024-08-08 | 2024-Q2 | LINZESS commercial margin | 62% | 16 |
| 2024-08-08 | 2024-Q2 | Cash from operations | 33.5 million | 16 |
| 2024-08-08 | 2024-Q2 | Cash and cash equivalents | 105,524 (USD in thousands) | 16 |
| 2024-05-09 | 2024-Q1 | revolving credit facility outstanding | 275.0 million | 13 |
| 2024-05-09 | 2024-Q1 | revolving credit facility capacity | 500.0 million | 13 |
| 2024-05-09 | 2024-Q1 | convertible notes | 400.0 million | 13 |
| 2024-05-09 | 2024-Q1 | cash and cash equivalents | 121.5 million | 13 |
| 2024-05-09 | 2024-Q1 | accumulated deficit | approximately 1.7 billion | 13 |
| 2024-05-09 | 2024-Q1 | Operating cash flow | 45.0 million | 14 |
| 2024-05-09 | 2024-Q1 | LINZESS prescription demand | 50 million capsules | 14 |
| 2024-05-09 | 2024-Q1 | LINZESS commercial margin | 71% | 14 |
| 2024-05-09 | 2024-Q1 | LINZESS U.S. net sales | $256.6 million | 14 |
| 2024-05-09 | 2024-Q1 | Cash and cash equivalents | 121,540 (USD in thousands) | 14 |
| 2024-02-16 | FY2023 | Rest of world revenue % | 2.2% | 12 |
| 2024-02-16 | FY2023 | Net loss | -1.0 billion | 12 |
| 2024-02-16 | FY2023 | Collaborative arrangements revenue | 442.735 (USD millions) | 12 |
| 2024-02-16 | FY2023 | Cash from operations | 183.4 million | 12 |
| 2024-02-16 | FY2023 | Cash and equivalents year-end | 92.2 million | 12 |
| 2024-02-16 | FY2023 | cash and cash equivalents | 92.2 (USD millions) | 12 |
| 2024-02-16 | FY2023 | Acquired IPR&D charge | -1.1 billion | 12 |
| 2024-02-16 | FY2023 | accumulated deficit | 1.7 billion | 12 |
| 2024-02-16 | FY2023 | US revenue % | 97.8% | 12 |
| 2024-02-16 | FY2023 | Revolving Credit Facility capacity | 500.0 million | 12 |
| 2024-02-16 | FY2023 | Outstanding borrowings under Revolving Credit Facility | 300.0 million | 12 |
| 2024-02-16 | FY2023 | Net cash from operations | 183,427 | 12 |
| 2024-02-16 | FY2023 | LINZESS US net profits | 430.5 (USD millions) | 12 |
| 2024-02-16 | FY2023 | LINZESS US collaborative revenue | 430.5 million | 12 |
| 2024-02-16 | FY2023 | Convertible notes aggregate principal | 400.0 million | 12 |
| 2024-02-16 | FY2023 | Cash and cash equivalents | 92.2 million | 12 |
| 2024-02-16 | FY2023 | Accumulated deficit | 1.7 billion | 12 |
| 2024-02-15 | 2023-Q4 | Total stockholders' equity (deficit) | (346,295) | 11 |
| 2024-02-15 | 2023-Q4 | Revolving Credit Facility | $300,000 | 11 |
| 2024-02-15 | 2023-Q4 | LINZESS prescription demand Q4 2023 | 50 million capsules | 11 |
| 2024-02-15 | 2023-Q4 | LINZESS prescription demand FY 2023 | 191 million capsules | 11 |
| 2024-02-15 | 2023-Q4 | LINZESS commercial margin Q4 2023 | 77% | 11 |
| 2024-02-15 | 2023-Q4 | LINZESS commercial margin FY 2023 | 73% | 11 |
| 2024-02-15 | 2023-Q4 | LINZESS U.S. net sales Q4 2023 | $274.4 million | 11 |
| 2024-02-15 | 2023-Q4 | LINZESS U.S. net sales FY 2023 | $1,073.2 million | 11 |
| 2024-02-15 | 2023-Q4 | LINZESS U.S. brand collaboration net profit Q4 2023 | $202.5 million | 11 |
| 2024-02-15 | 2023-Q4 | LINZESS U.S. brand collaboration net profit FY 2023 | $749.9 million | 11 |
| 2024-02-15 | 2023-Q4 | Convertible senior notes, net of current portion | $198,309 | 11 |
| 2024-02-15 | 2023-Q4 | Cash and cash equivalents | $92,154 | 11 |
| 2023-01-09 | 2023-Q4 | LINZESS U.S. net sales growth (2022) | ~0% | 1 |
| 2023-01-09 | 2023-Q4 | Cash and cash equivalents | approximately $650 million | 1 |
| 2023-11-09 | 2023-Q3 | unrestricted cash and cash equivalents | 110.2 million | 8 |
| 2023-11-09 | 2023-Q3 | total indebtedness | 725.0 million | 8 |
| 2023-11-09 | 2023-Q3 | revolving credit facility capacity | 500.0 million | 8 |
| 2023-11-09 | 2023-Q3 | revolving credit facility borrowings | 325.0 million | 8 |
| 2023-11-09 | 2023-Q3 | convertible senior notes | 400.0 million | 8 |
| 2023-11-09 | 2023-Q3 | accumulated deficit | 1.7 billion | 8 |
| 2023-11-09 | 2023-Q3 | LINZESS prescription demand growth | 8% | 9 |
| 2023-11-09 | 2023-Q3 | LINZESS full brand margin | 69% | 9 |
| 2023-11-09 | 2023-Q3 | LINZESS commercial margin | 72% | 9 |
| 2023-11-09 | 2023-Q3 | LINZESS U.S. net sales growth | 7% | 9 |
| 2023-11-09 | 2023-Q3 | LINZESS U.S. net sales | $279 million | 9 |
| 2023-11-09 | 2023-Q3 | Ironwood's collaborative arrangement revenue | $110.1 million | 9 |
| 2023-08-09 | 2023-Q2 | total indebtedness | 800.0 million | 7 |
| 2023-08-09 | 2023-Q2 | revolving credit facility capacity | 500.0 million | 7 |
| 2023-08-09 | 2023-Q2 | revolving credit facility borrowings | 400.0 million | 7 |
| 2023-08-09 | 2023-Q2 | cash and cash equivalents | 175.3 million | 7 |
| 2023-08-09 | 2023-Q2 | accumulated deficit | 1.7 billion | 7 |
| 2023-08-08 | 2023-Q2 | LINZESS prescription demand growth | 9% | 6 |
| 2023-08-08 | 2023-Q2 | LINZESS commercial margin | 71% | 6 |
| 2023-08-08 | 2023-Q2 | LINZESS U.S. net sales (Q2) | $269.7 million | 6 |
| 2023-08-08 | 2023-Q2 | Cash and cash equivalents | 175,321 (USD in thousands) | 6 |
| 2023-05-04 | 2023-Q1 | unrestricted cash and cash equivalents | 740.3 (USD millions) | 4 |
| 2023-05-04 | 2023-Q1 | aggregate principal amount of convertible notes | 400.0 (USD millions) | 4 |
| 2023-05-04 | 2023-Q1 | accumulated deficit | -650.7 | 4 |
| 2023-05-04 | 2023-Q1 | LINZESS prescription demand growth | 10% | 5 |
| 2023-05-04 | 2023-Q1 | LINZESS commercial margin | 73% | 5 |
| 2023-05-04 | 2023-Q1 | LINZESS U.S. net sales | 250.2 million | 5 |
| 2023-05-04 | 2023-Q1 | Cash from operations | 80.2 million | 5 |
| 2023-05-04 | 2023-Q1 | Cash and cash equivalents | 740,342 (USD in thousands) | 5 |
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Guidance Tracking (latest per metric/period · 7/14)#
All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.
Actuals: revenue in $m
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | 2026-08-06 | Revenue | 460–485 | – | pending | raised | 34 |
| FY2026 | 2026-08-06 | EBITDA (adjusted) | 310 | – | pending | raised | 34 |
| FY2026 | 2026-08-06 | U.S. LINZESS Net Sales | 1,150–1,200 | – | pending | raised | 34 |
| FY2026 | 2026-01-02 | LINZESS U.S. net sales | 1,125–1,175 | – | pending | raised | 28 |
| FY2025 | 2025-11-10 | Revenue | 290–310 | 296.2 | in line | raised | 27 |
| FY2025 | 2025-11-10 | EBITDA (adjusted) | 135 | 138.08 | beat | raised | 27 |
| FY2025 | 2025-11-10 | U.S. LINZESS Net Sales | 860–890 | – | – | raised | 27 |
| FY2024 | 2024-08-08 | Revenue | 350–375 | 351.4 | in line | confirmed | 18 |
| FY2024 | 2024-08-08 | EBITDA (adjusted) | 75 | 150 | beat | confirmed | 18 |
| FY2024 | 2024-08-08 | U.S. LINZESS Net Sales | 900–950 | – | – | confirmed | 18 |
| FY2023 | 2023-08-08 | Revenue | 435–450 | 442.7 | in line | confirmed | 9 |
| FY2023 | 2023-08-08 | EBITDA (adjusted) | ~-900 | – | – | confirmed | 9 |
| FY2023 | 2023-08-08 | U.S. LINZESS Net Sales Growth | 6–8% | – | – | confirmed | 9 |
| FY2023 | 2023-01-09 | LINZESS U.S. net sales growth | 3–5% | – | – | initiated | 1 |
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Development#
A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.
FY2026
Ironwood Pharmaceuticals reported collaborative arrangements revenue of $106.5 million in Q1 2026 and $113.0 million in Q2 2026, with each quarter's year-over-year increase driven primarily by higher net price and growing prescription demand for LINZESS 31 33. Net income reached $40.8 million in Q1 2026 and $51.3 million in Q2 2026, compared to a net loss of $37.4 million and net income of $23.6 million in the respective prior-year periods; the Q1 year-over-year swing reflects both higher LINZESS revenue and $18.6 million lower restructuring charges following a January 2025 workforce reduction 31 33. LINZESS commercial margin expanded from 52% in Q1 2025 to 76% in Q1 2026 and from 69% in Q2 2025 to 78% in Q2 2026 32 34. In June 2026, the company initiated STARS-2, a 24-week global confirmatory Phase 3 trial for apraglutide in short bowel syndrome with intestinal failure, and in May 2026 the U.S. FDA approved LINZESS for pediatric patients 2 years of age and older with functional constipation 33. Following Q2 results, Ironwood raised its FY2026 guidance to total revenue of $460-485 million, LINZESS U.S. net sales of $1.15-1.20 billion, and adjusted EBITDA of greater than $310 million 34.
FY2025
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 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. The company 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 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. The company 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.
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Sources: official investor relations documents#
All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.
46 documents · 2016 – 2026 · SEC EDGAR (USA)
| # | Document type | Published | Link |
|---|---|---|---|
| #1 | 8-K-EX99.1 | 2023-01-09 | Open |
| #2 | 10-K | 2023-02-16 | Open |
| #3 / #103 | 8-K-EX99.1 | 2023-02-16 | Open |
| #4 | 10-Q | 2023-05-04 | Open |
| #5 / #105 | 8-K-EX99.1 | 2023-05-04 | Open |
| #6 / #106 | 8-K-EX99.1 | 2023-08-08 | Open |
| #7 | 10-Q | 2023-08-09 | Open |
| #8 | 10-Q | 2023-11-09 | Open |
| #9 / #109 | 8-K-EX99.1 | 2023-11-09 | Open |
| #10 | 8-K-EX99.1 | 2024-01-08 | Open |
| #11 / #111 | 8-K-EX99.1 | 2024-02-15 | Open |
| #12 | 10-K | 2024-02-16 | Open |
| #13 | 10-Q | 2024-05-09 | Open |
| #14 / #114 | 8-K-EX99.1 | 2024-05-09 | Open |
| #15 | 10-Q | 2024-08-08 | Open |
| #16 / #116 | 8-K-EX99.1 | 2024-08-08 | Open |
| #17 | 10-Q | 2024-11-07 | Open |
| #18 / #118 | 8-K-EX99.1 | 2024-11-07 | Open |
| #19 / #119 | 8-K-EX99.1 | 2025-02-27 | Open |
| #20 | 10-K | 2025-03-31 | Open |
| #21 | 8-K-EX99.1 | 2025-04-25 | Open |
| #22 / #122 | 8-K-EX99.1 | 2025-05-07 | Open |
| #23 | 10-Q | 2025-05-12 | Open |
| #24 / #124 | 8-K-EX99.1 | 2025-08-07 | Open |
| #25 | 10-Q | 2025-08-11 | Open |
| #26 | 10-Q | 2025-11-10 | Open |
| #27 / #127 | 8-K-EX99.1 | 2025-11-10 | Open |
| #28 | 8-K-EX99.1 | 2026-01-02 | Open |
| #29 / #129 | 8-K-EX99.1 | 2026-02-25 | Open |
| #30 | 10-K | 2026-02-26 | Open |
| #31 | 10-Q | 2026-05-07 | Open |
| #32 / #132 | 8-K-EX99.1 | 2026-05-07 | Open |
| #33 | 10-Q | 2026-08-06 | Open |
| #34 / #134 | 8-K-EX99.1 | 2026-08-06 | Open |
Older sources (+12)
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.
Where can I find the official investor relations documents of Ironwood Pharmaceuticals Inc.?
The sources chapter links all 61 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.
More reports#
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