Business
Ironwood Pharmaceuticals Reports Strong Third Quarter 2020 Results and Increases Full Year 2020 Financial Guidance
– U.S. LINZESS® (linaclotide) net sales increased 10% year-over-year to $241 million, as reported by AbbVie Inc. (AbbVie) – – U.S. LINZESS collaboration
About this update from Ironwood Pharmaceuticals, Inc.
[{"type":"text","content":"\n– U.S. LINZESS® (linaclotide) net sales increased 10% year-over-year to $241 million, as reported by AbbVie Inc. (AbbVie) –\n\n– U.S. LINZESS collaboration revenue to Ironwood increased 18% year-over-year to $100 million, resulting in 3Q 2020 total Ironwood revenue of $103 million – \n\n– 3Q 2020 GAAP net income was $34 million and adjusted EBITDA was $47 million –\n\n– Expect total cost savings of approximately $95 million, excluding anticipated one-time costs, relating to discontinuation of IW-3718 and planned workforce reduction –\n\n BOSTON--(BUSINESS WIRE)--\nIronwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today provided an update on its third quarter 2020 results and recent business performance.\n\n“Ironwood’s strong financial performance this quarter was bolstered by continued demand for our market leading product LINZESS, which delivered 10% growth in net sales year-over-year, and another quarter of profitability and positive cash flow for Ironwood,” said Mark Mallon, chief executive officer of Ironwood. “While our pipeline experienced disappointing setbacks, we are confident that under the seasoned leadership of our talented, GI-experienced team, we are positioned well to execute against our strategic priorities. Through our focused efforts, we seek to unlock meaningful shareholder value as we progress our mission of advancing GI medicines and redefining the standard of care for GI patients.”\n\nThird Quarter 2020 Financial Highlights1\n(in thousands, except for per share amounts)\n\n\n\n \n\n\n\n\n3Q 2020\n\n\n\n\n3Q 2019\n\n\n\n\n\nTotal revenues\n\n\n\n\n$103,468\n\n\n\n\n$131,167\n\n\n\n\n\nTotal costs and expenses\n\n\n\n\n57,852\n\n\n\n\n65,280\n\n\n\n\n\nGAAP income from continuing operations, net of income taxes\n\n\n\n\n34,423\n\n\n\n\n20,648\n\n\n\n\n\nGAAP net income\n\n\n\n\n34,423\n\n\n\n\n20,648\n\n\n\n\n\nGAAP net income per share – basic\n\n\n\n\n0.22\n\n\n\n\n0.13\n\n\n\n\n\nGAAP net income per share –diluted\n\n\n\n\n0.21\n\n\n\n\n0.13\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n47,437\n\n\n\n\n75,659\n\n\n\n\n\nNon-GAAP net income\n\n\n\n\n38,271\n\n\n\n\n62,921\n\n\n\n\n\nNon-GAAP net income per share - basic\n\n\n\n\n0.24\n\n\n\n\n0.40\n\n\n\n\n\nNon-GAAP net income per share – diluted\n\n\n\n\n0.23\n\n\n\n\n0.40\n\n\n\n\n\nRefer to the Reconciliation of GAAP Results to Non...