Business
Ironwood Pharmaceuticals Reports Strong Second-Quarter 2021 Results, Raises Full-Year Guidance
– LINZESS® (Iinaclotide) U.S. net sales of $259 million, an increase of 18% year-over-year – – Total revenue of $104 million, an increase of 16%
About this update from Ironwood Pharmaceuticals, Inc.
[{"type":"text","content":"\n– LINZESS® (Iinaclotide) U.S. net sales of $259 million, an increase of 18% year-over-year –\n\n– Total revenue of $104 million, an increase of 16% year-over-year, driven primarily by U.S. LINZESS collaboration revenue of $100 million –\n\n– GAAP net income of $391 million, includes a $338 million non-recurring income tax benefit related to the release of the valuation allowance against the majority of the company’s deferred tax assets –\n\n– Adjusted EBITDA of $65 million; ended Q2 2021 with $493 million in cash and cash equivalents –\n\n BOSTON--(BUSINESS WIRE)--\nIronwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today reported financial results for second quarter 2021 and raised full year 2021 financial guidance.\n\nCommenting on the results, Tom McCourt, chief executive officer of Ironwood, said:\n“Continued exceptional execution behind a sound strategy resulted in another outstanding quarter for Ironwood. Building on the momentum of LINZESS and its impressive growth, we remain in a position of strength and confident in our future growth prospects. I am proud of our experienced leadership team and employees who continue to maintain laser focus on our strategic priorities in order to deliver important medicines to patients and value to our shareholders.”\n\nSecond Quarter 2021 Financial Highlights1\n\n(in thousands, except for per share amounts)\n\n\n\n \n\n\n\n\n\n2Q 2021\n\n\n\n\n\n2Q 2020\n\n\n\n\n\nTotal revenues\n\n\n\n\n\n$104,031\n\n\n\n\n\n$89,432\n\n\n\n\n\nTotal costs and expenses\n\n\n\n\n\n38,933\n\n\n\n\n\n56,719\n\n\n\n\n\nGAAP net income\n\n\n\n\n\n391,303\n\n\n\n\n\n25,204\n\n\n\n\n\nGAAP net income per share – basic\n\n\n\n\n\n2.42\n\n\n\n\n\n0.16\n\n\n\n\n\nGAAP net income per share—diluted\n\n\n\n\n\n2.39\n\n\n\n\n\n0.16\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n65,212\n\n\n\n\n\n33,353\n\n\n\n\n\nNon-GAAP net income\n\n\n\n\n\n56,387\n\n\n\n\n\n25,671\n\n\n\n\n\nNon-GAAP net income per share – basic\n\n\n\n\n\n0.35\n\n\n\n\n\n0.16\n\n\n\n\n\nNon-GAAP net income per share – diluted\n\n\n\n\n\n0.34\n\n\n\n\n\n0.16\n\n\n\n\n\nRefer to the Reconciliation of GAAP Results to Non-GAAP Financial Measures table and to the Reconciliation of GAAP Net Income to Adjusted EBITDA table at the end of this press release. Refer to Non-GAAP Financial Measures for additional information.\n\n\nSecon...