Business
Ironwood Pharmaceuticals Reports Strong Third Quarter 2022 Results; Maintains Full Year 2022 Financial Guidance
– LINZESS® (Iinaclotide) EUTRx prescription demand growth in Q3 2022 increased 10% year-over-year – – Ironwood and its partner, AbbVie, plan to submit a
About this update from Ironwood Pharmaceuticals, Inc.
[{"type":"text","content":"\n– LINZESS® (Iinaclotide) EUTRx prescription demand growth in Q3 2022 increased 10% year-over-year –\n\n– Ironwood and its partner, AbbVie, plan to submit a supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) for a potential indication in functional constipation in pediatric patients aged 6-17 by the end of 2022 –\n\n– GAAP net income of $50 million and adjusted EBITDA of $69 million; ended Q3 2022 with $574 million in cash and cash equivalents –\n\n– Reiterates 2022 guidance of U.S. LINZESS net sales growth of low single digits %, total Ironwood revenue of $420 to $430 million and adjusted EBITDA of >$250 million –\n\n BOSTON--(BUSINESS WIRE)--\nIronwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today reported its third quarter 2022 results and recent business performance.\n\n“As we approach the end of the year, I am excited about what we have done to support patients living with gastroenterology diseases and the progress made toward realizing our vision to become the leading GI company in the industry,” said Tom McCourt, chief executive officer of Ironwood. “I am pleased to share that the strong performance of LINZESS continues, and we delivered another quarter of double-digit year-over-year prescription demand growth. For the first time, LINZESS exceeded 1 million total prescriptions in a quarter, a remarkable achievement. We believe there is still a significant opportunity to reach appropriate new adult patients and drive additional prescription growth. We also continued to advance our pipeline programs, highlighted by the exciting positive topline data from the Phase III trial of LINZESS in pediatric patients aged 6 to 17 with functional constipation. The results of this study bring us one step closer to being able to potentially expand the clinical utility of LINZESS to this critical but underserved patient population, as there are currently no FDA approved prescription therapies for the treatment of functional constipation in pediatric patients. Looking ahead, we believe our capabilities in GI, strong balance sheet and disciplined capital allocation continue to position our company for growth.”\n\n\n\nThird Quarter 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\n3Q 2022\n\n\n\n\n3Q 202...