Business
Ironwood Pharmaceuticals Reports Third Quarter 2021 Results and Provides Corporate Development Update
– LINZESS® (Iinaclotide) prescription demand growth increased 12% year-over-year; LINZESS U.S. net sales of $253 million, an increase of 5% year-over-year –
About this update from Ironwood Pharmaceuticals, Inc.
[{"type":"text","content":"\n– LINZESS® (Iinaclotide) prescription demand growth increased 12% year-over-year; LINZESS U.S. net sales of $253 million, an increase of 5% year-over-year –\n\n– Total revenue of $104 million; U.S. LINZESS collaboration revenue of $100 million –\n\n– GAAP net income of $56 million and adjusted EBITDA of $65 million; ended Q3 2021 with $574 million in cash and cash equivalents –\n\n– Expands pipeline by entering into an option agreement with COUR Pharmaceuticals Development Company, Inc. to acquire an exclusive license to develop and commercialize, in the U.S., CNP-104 for the treatment of primary biliary cholangitis (PBC) –\n\n BOSTON--(BUSINESS WIRE)--\nIronwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today reported financial results for third quarter 2021.\n\n“We remain highly confident we are well on our way to achieving our vision of becoming the country’s leading GI healthcare company, as evidenced by another stellar quarter of performance and profitability,” said Tom McCourt, chief executive officer of Ironwood. “It’s remarkable that since the launch of our best-selling IBS-C and CIC product in 2012, LINZESS continues as a powerhouse brand; experiencing accelerated demand and widespread acceptance in the GI community. We’re also pleased to expand our pipeline and development program through the option agreement with COUR Pharmaceuticals to acquire an exclusive license for CNP-104, in the U.S., for the treatment of primary biliary cholangitis, a rare autoimmune disease targeting the liver. This agreement highlights our focus on prudently allocating capital to value enhancing opportunities while simultaneously continuing to deliver sustainable profits and cash flow.”\n\nThird Quarter 2021 Financial Highlights1\n(in thousands, except for per share amounts)\n\n\n\n \n\n\n\n\n3Q 2021\n\n\n\n\n3Q 2020\n\n\n\n \n\n\n\n\n\nTotal revenues\n\n\n\n\n$103,747\n\n\n\n\n$103,468\n\n\n\n \n\n\n\n\n\nTotal costs and expenses\n\n\n\n\n38,576\n\n\n\n\n57,852\n\n\n\n \n\n\n\n\n\nGAAP net income\n\n\n\n\n55,845\n\n\n\n\n34,423\n\n\n\n \n\n\n\n\n\nGAAP net income per share – basic\n\n\n\n\n0.34\n\n\n\n\n0.22\n\n\n\n \n\n\n\n\n\nGAAP net income per share—diluted\n\n\n\n\n0.34\n\n\n\n\n0.21\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n65,456\n\n\n\n\n47,437\n\n\n\n \n\n\n\n\n\nNon-GAAP net income\n\n\n\n\n53,608\...