Business
Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance
– LINZESS (Iinaclotide) EUTRx prescription demand growth increased 10% year-over-year; LINZESS U.S. net sales of $250 million, an increase of 8%
About this update from Ironwood Pharmaceuticals, Inc.
[{"type":"text","content":"\n– LINZESS (Iinaclotide) EUTRx prescription demand growth increased 10% year-over-year; LINZESS U.S. net sales of $250 million, an increase of 8% year-over-year –\n\n\n– GAAP net income of $46 million and adjusted EBITDA of $60 million; ended Q1 2023 with $740 million in cash and cash equivalents –\n\n\n BOSTON--(BUSINESS WIRE)--\nIronwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today reported its first quarter 2023 results and recent business performance.\n\n\n“We are off to a terrific start to the year, as the strong momentum of LINZESS continues,” said Tom McCourt, chief executive officer of Ironwood. “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.”\n\n\nFirst Quarter 2023 Financial Highlights1\n\n\n(in thousands, except for per share amounts)\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n1Q 2023\n\n\n\n\n\n \n\n1Q 2022\n\n\n\n\n\n\n\n\nTotal revenues\n\n\n\n\n\n\n$104,061\n\n\n\n\n\n \n\n$97,529\n\n\n\n\n\n\n\n\nTotal operating expenses\n\n\n\n\n\n\n43,964\n\n\n\n\n\n \n\n39,683\n\n\n\n\n\n\n\n\nGAAP net income\n\n\n\n\n\n\n45,714\n\n\n\n\n\n \n\n38,801\n\n\n\n\n\n\n\n\nGAAP net income per share – basic\n\n\n\n\n\n\n0.30\n\n\n\n\n\n \n\n0.25\n\n\n\n\n\n\n\n\nGAAP net income per share –diluted\n\n\n\n\n\n\n0.25\n\n\n\n\n\n \n\n0.21\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n60,383\n\n\n\n\n\n \n\n58,201\n\n\n\n\n\n\n\n\nNon-GAAP net income\n\n\n\n\n\n\n45,695\n\n\n\n\n\n \n\n38,071\n\n\n\n\n\n\n\n\nNon-GAAP net income per share – basic\n\n\n\n\n\n\n0.30\n\n\n\n\n\n \n\n0.24\n\n\n\n\n\n\n\n\nNon-GAAP net income per share – diluted\n\n\n\n\n\n\n0.25\n\n\n\n\n\n \n\n0.21\n\n\n\n\n\n\n\n\n\n\n \n \n\n\n\nRefer to the Reconciliation of GAA...