Business
Ironwood Pharmaceuticals Reports First Quarter 2020 Results and Provides Update on Impact of COVID-19 Pandemic
– Grew LINZESS® (Iinaclotide) total prescription demand by 11% year-over-year – – Increased total revenue by 16% year-over-year to $80 million, driven
About this update from Ironwood Pharmaceuticals, Inc.
[{"type":"text","content":"\n– Grew LINZESS® (Iinaclotide) total prescription demand by 11% year-over-year –\n\n\n– Increased total revenue by 16% year-over-year to $80 million, driven primarily by U.S. LINZESS collaboration revenue of $71 million –\n\n\n– Delivered GAAP net income of $3 million and adjusted EBITDA of $14 million – \n\n\n– Maintains 2020 adjusted EBITDA guidance of >$105 million; withdraws remainder of previously disclosed 2020 financial guidance due to COVID-19 uncertainties –\n\n\n– Expects top-line data for Phase II MD-7246 trial in 2Q 2020 –\n\n BOSTON--(BUSINESS WIRE)--\nIronwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today provided an update on its first quarter 2020 results and recent business performance, as well as an update related to the impact of the COVID-19 pandemic on its business.\n\n\n“As we navigate the unprecedented challenges caused by the COVID-19 pandemic, Ironwood is prioritizing the safety of our employees, patients, healthcare providers and communities,” said Mark Mallon, chief executive officer of Ironwood. “At the same time, we have remained steadfast in our vision of becoming the leading U.S. GI healthcare company and advancing care for millions of GI patients in need. During the quarter, we delivered on each of our core priorities including driving 11% growth in LINZESS prescription demand, advancing our two late-stage GI pipeline programs – IW-3718 and MD-7246, and generating our fourth consecutive quarter of profits. Our ability to deliver on these priorities is a testament to our remarkable employees. While the near-term environment is uncertain, we believe the fundamentals of our business, strategy and financials remain strong and position us well for long-term value creation.”\n\n\nCOVID-19 Business Impact\n\n\nThe impact of the COVID-19 pandemic continues to be far-reaching and unpredictable in the U.S. and around the world. Ironwood is taking important actions designed to help mitigate the impacts of the COVID-19 pandemic on its business and is following guidance from the U.S. Centers for Disease Control and Prevention (CDC).\n\n\n\nProtecting Ironwood Colleagues and Communities. Since March 16, all Ironwood employees, including customer-facing employees, have been working remotely. Ironwood suspended all in-person interactions with customers, including visits to physicia...