Business
Ironwood Pharmaceuticals Reports Fourth Quarter and Full Year 2022 Results
– 2022 GAAP and non-GAAP net income of $175 million – – 2022 adjusted EBITDA of $252 million; ended 2022 with $656 million in cash and cash equivalents – –
About this update from Ironwood Pharmaceuticals, Inc.
[{"type":"text","content":"\n– 2022 GAAP and non-GAAP net income of $175 million –\n\n– 2022 adjusted EBITDA of $252 million; ended 2022 with $656 million in cash and cash equivalents –\n\n– FDA granted priority review to the sNDA for LINZESS® (linaclotide) for the treatment of functional constipation in pediatric patients aged 6 to 17 with a PDUFA date in the second quarter of 2023 –\n\n BOSTON--(BUSINESS WIRE)--\nIronwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today reported its fourth quarter and full year 2022 results and recent business performance.\n\n“We performed well and made important progress across our strategic priorities in 2022,” said Tom McCourt, chief executive officer of Ironwood. “While full year LINZESS U.S. net sales growth came in lower than our expectations for 2022 primarily due to inventory fluctuations in the retail channel, we are encouraged by continued robust prescription demand and focused expense management, which helped us deliver our adjusted EBITDA guidance of over $250 million. We ended the year with a strong balance sheet, positioning us well to continue to invest in LINZESS as a growth brand and actively pursue highly differentiated GI assets to add to our portfolio. Looking ahead in 2023, we remain committed to further advancing our strategic priorities, unlocking new opportunities for LINZESS, and strengthening and progressing our innovative GI portfolio. We anticipate a number of exciting milestones this year, and believe Ironwood is well positioned to deliver long term growth and value to patients and shareholders.”\n\n\n\nFourth Quarter and Full Year 2022 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\n\n\n \n\n\n\n4Q 2022\n\n\n \n\n4Q 2021\n\n\n \n\nFY 2022\n\n\n \n\nFY 2021\n\n\n\n\n\nTotal revenues\n\n\n\n$107,199\n\n\n \n\n$117,130\n\n\n \n\n$410,596\n\n\n \n\n$413,753\n\n\n\n\n\nTotal operating expenses\n\n\n\n38,836\n\n\n \n\n60,538\n\n\n \n\n160,259\n\n\n \n\n181,494\n\n\n\n\n\nGAAP net income\n\n\n\n48,867\n\n\n \n\n41,374\n\n\n \n\n175,065\n\n\n \n\n528,448\n\n\n\n\n\nGAAP net income per share – basic\n\n\n\n0.32\n\n\n \n\n0.25\n\n\n \n\n1.13\n\n\n \n\n3.26\n\n\n\n\n\nGAAP net income per share –diluted\n\n\n\n0.27\n\n\n \n\n0.25\n\n\n \n\n0.96\n\n\n \n\n3.21\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n68,703\n\n\n \n\n...