Business
Ironwood Pharmaceuticals Reports Second Quarter 2023 Results; Raises Full Year 2023 LINZESS® U.S. Net Sales and Ironwood Revenue Guidance
– LINZESS (Iinaclotide) EUTRx prescription demand growth increased 9% year-over-year; LINZESS U.S. net sales of $270 million, an increase of 9%
About this update from Ironwood Pharmaceuticals, Inc.
[{"type":"text","content":"\n– LINZESS (Iinaclotide) EUTRx prescription demand growth increased 9% year-over-year; LINZESS U.S. net sales of $270 million, an increase of 9% year-over-year –\n\n\n– Expands clinical utility of LINZESS with FDA approval for pediatric patients ages 6-17 years-old suffering from functional constipation (FC) –\n\n\n– Strengthens GI development portfolio with acquisition of VectivBio Holding AG and its lead investigational asset, apraglutide, for the potential treatment of short bowel syndrome with intestinal failure –\n\n\n– Completes STARS Phase III clinical trial enrollment; now expects topline data in March of 2024 –\n\n\n BOSTON--(BUSINESS WIRE)--\nIronwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today reported its second quarter 2023 results and updated its full year 2023 financial guidance.\n\n\n“We made significant progress towards the goal of becoming the leading GI healthcare company, as the second quarter was truly transformative for Ironwood,” said Tom McCourt, chief executive officer of 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.”\n\n\nSecond Quarter 2023 Financial Highlights1\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\n2Q 2023\n\n\n\n\n\n\n\n2Q 2022\n\n\n\n\n\n\n\n\nTotal revenues\n\n\n\n\n\n\n\n$107,382\n\n\n\n\n\n\n\n$97,231\n\n\n\n\n\n\n\n\nTotal operating expenses2\n\n\n\n\n\n\n\n1,190,521\n\n\n\n\n\n\n\n41,576\...