Business
Ironwood Pharmaceuticals Provides Update on FY 2021 Financial Guidance and Announces FY 2022 Financial Guidance
– LINZESS Expected to Achieve Blockbuster Status with U.S. Net Sales in Excess of $1 Billion in 2021 – – Initiates Board Authorized Share Repurchase Program
About this update from Ironwood Pharmaceuticals, Inc.
[{"type":"text","content":"\n– LINZESS Expected to Achieve Blockbuster Status with U.S. Net Sales in Excess of $1 Billion in 2021 –\n\n– Initiates Board Authorized Share Repurchase Program in Q4 2021 –\n\n– Expects Continued Double-Digit LINZESS® Prescription Demand Growth in 2022 –\n\n BOSTON--(BUSINESS WIRE)--\nIronwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today provided updated financial guidance for full year 2021 and announced financial guidance for full year 2022. The results were announced in advance of the Company’s presentation at the 40th Annual J.P. Morgan Healthcare Conference, which will take place on Wednesday, January 12, 2022 at 7:30 a.m. ET.\n\n“Among the key highlights of 2021 was the progress we made across our three strategic priorities which strengthened our organization and delivered strong operational performance,” said Tom McCourt, chief executive officer of Ironwood. “We expect to report solid financial results in 2021 and deliver our third consecutive year of profits. Notably, we expect LINZESS to exceed $1 billion in U.S. net sales reaching blockbuster status, a significant accomplishment for Ironwood. Additional highlights include advanced innovation through our expanded pipeline and development programs, and the initiation of a share repurchase program of up to $150 million through December 2022.”\n\n“Looking ahead in 2022, we remain committed to further advancing our strategic priorities, unlocking new opportunities for LINZESS and strengthening our pipeline with innovative GI assets. We expect continued double-digit LINZESS prescription demand growth, further reinforcing its position as the #1 prescribed brand in the U.S. for the treatment of adults with IBS-C or chronic idiopathic constipation. For 2022, we have also refined our mix of brand investment and class-leading payer access, which we expect to result in low single digit LINZESS net sales growth, and we expect to deliver strong brand margins. At the same time, we expect adjusted EBITDA growth well in excess of Ironwood revenue growth in 2022. Overall, we believe we remain well positioned for long term growth and are focused on delivering patient benefit and shareholder value.”\n\nUpdated Full Year 2021 Financial Guidance1\n\nIronwood expects LINZESS U.S. net sales to exceed $1 billion in 20212, with LINZESS U.S. net sales growth, t...