Business
Ironwood Pharmaceuticals Reports Second Quarter 2024 Results
– LINZESS® (linaclotide) EUTRx prescription demand growth of 11% year-over-year – – Plans to pursue apraglutide rolling NDA review; expects to complete
About this update from Ironwood Pharmaceuticals, Inc.
[{"type":"text","content":"\n– LINZESS® (linaclotide) EUTRx prescription demand growth of 11% year-over-year –\n\n\n– Plans to pursue apraglutide rolling NDA review; expects to complete submission in the first quarter of 2025 –\n\n\n– On track to deliver CNP-104 topline results in the third quarter of 2024 –\n\n\n– Revises FY 2024 financial guidance due to continued LINZESS pricing pressure associated with higher-than-expected Medicaid utilization trends –\n\n\n BOSTON--(BUSINESS WIRE)--\nIronwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today reported its second quarter 2024 results and recent business performance.\n\n\n“We continued to make progress across our portfolio in the second quarter,” said Tom McCourt, chief executive officer of Ironwood Pharmaceuticals. “LINZESS prescription demand and new-to-brand growth remain robust, increasing 11% and 15% year-over-year in Q2, respectively. While demand is up, LINZESS continues to experience pricing headwinds driven by higher-than-expected Medicaid utilization trends. Even with continued LINZESS pricing pressure, we believe we are in a fortunate position with meaningful cash flow generation from LINZESS and a capital structure to support the continued execution of our strategic priorities. Beyond LINZESS, we have continued to receive positive feedback from physicians, key opinion leaders, and patient advocacy partners on apraglutide’s clinical profile. This positive feedback supports our belief that, if approved, apraglutide would be the drug of choice among physicians to treat adult patients with short bowel syndrome who are dependent on parenteral support, based on its demonstrated efficacy, tolerability and once-weekly dosing convenience. In addition, we look forward to providing an update on CNP-104 later this quarter, which will inform a decision on our option to acquire an exclusive license from COUR for CNP-104 in the U.S.”\n\n\nSecond Quarter 2024 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\nQ2 2024\n\n\n\n\n\n\n\nQ2 2023\n\n\n\n\n\n\n\n\nTotal revenue2\n\n\n\n\n\n\n$94,396\n\n\n\n\n\n\n\n$107,382\n\n\n\n\n\n\n\n\nTotal costs and expenses3\n\n\n\n\n\n\n69,419\n\n\n\n\n\n\n\n1,190,521\n\n\n\n\n\n\n\n\nGAAP net loss2,3\n\n\n\n\n\n\n(860)\n\n\n\n\n\n\n\n(1,089,478)\n\n\n\n\n\n\n\n\nGAAP net loss attributable to...