Ironwood Pharmaceuticals, Inc. · NASDAQ:IRWD
Ironwood Pharmaceuticals — Q3 2021 Earnings Presentation
21 slides from Ironwood Pharmaceuticals's earnings presentation, Nov 4, 2021
Slide 1: Ironwood Q3 2021 Earnings Update
Ironwood Q3 2021 Earnings Update November 4, 2021
Slide 2: Introduction
Introduction Matt Roache
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about our ability to execute on our vision and mission; our strategy, business, financial position and operations
Slide 4: Today's Agenda
Today’s Agenda • Introduction Matt Roache, Director of Investor Relations • Q3 Overview, Strategic Priorities and Commercial Performance Tom McCourt, Chief Executive Officer • Pipeline Update Mike Shetzline, Chief Medical Officer • Q3 Financial Highlights & 2021 Guidance Jason Rickard, Chief Operati
Slide 5: Q3 Overview and Strategic Priorities
Q3 Overview and Strategic Priorities Tom McCourt
Slide 6: Our Strategy: Advancing Innovative Treatments for GI Diseases
We Aim to: Our Strategy: 1 Maximize LINZESS® Advancing Innovative (linaclotide) Treatments for GI § Drive LINZESS growth in demand and net sales § Enhance linaclotide clinical utility through robust Diseases lifecycle management opportunities We have a refreshed focus in areas of high unmet need whe
Slide 7: Pipeline Update
Pipeline Update Mike Shetzline
Slide 8: Expanding our pipeline with an option agreement with COUR Pharma for CNP-104
We are expanding our pipeline by entering into an option agreement with COUR Pharma for U.S. rights to CNP-104 for the treatment of primary biliary cholangitis (PBC) CNP-104 for PBC Transaction Rationale üPrimary biliary cholangitis (PBC) is a rare autoimmune üAdvances strategy through expansion of
Slide 9: Commercial Performance
Commercial Performance Tom McCourt
Slide 10: LINZESS demand growth in Q3 strengthened its IBS-C/CIC market share leadership
Impressive LINZESS demand growth in Q3 further strengthened its position as the IBS-C/CIC market share leader in the U.S. LINZESS Total Rx Demand1 IBS-C/CIC Market Share1 LINZESS 15,000,000 +12% y/y 50 ALL-TIME HIGH (43%) 45 14,000,000 40 13,000,000 35 TRx Market Share % LACTULOSE (33%) 30 12,000,00
Slide 11: Key drivers continue to fuel LINZESS growth
We believe these key drivers continue to fuel LINZESS growth Overall Abdominal Symptoms in IBS-C LCM Opportunities Clinical Differentiation Today Patient Activation IRWD GE Focus Payer Access Life-Cycle Optimized Refined Maintained Planned Consumer Professional Leading Payer Future LCM Marketing Mix
Slide 12: Updated LINZESS label modifies boxed warning and contraindication in children
Updated LINZESS label modifies the boxed warning and contraindication against use in children less than two years of age FDA Approved Revised LINZESS (linaclotide) Label 12 Previous Label Updated Label
Slide 13: Q3 Financial Performance and 2021 Financial Guidance
Q3 Financial Performance and 2021 Financial Guidance Jason Rickard
Slide 14: Another quarter of robust financial performance
We reported another quarter of robust financial performance $104M $253M Total Ironwood Revenues U.S. LINZESS Net Sales1 5% Y/Y growth Primarily driven by $100M in U.S. LINZESS collaboration revenue Primarily driven by 12% Y/Y prescription demand growth, partially offset by net price erosion and the
Slide 15: We are focused on delivering shareholder value
We are focused on delivering shareholder value Ended the third quarter with $574 million in cash and cash equivalents Total Shareholder Maximize LINZESS Return Return of Capital Seek to drive net sales growth via Board of directors authorized a share commercial innovation and repurchase program of u
Slide 16: Terms of agreement with COUR Pharmaceuticals for CNP-104
Terms of agreement with COUR Pharmaceuticals for CNP-104 üWe will pay COUR an upfront, non-refundable payment of $6M, and additional payments of $4M upon commencement of COUR’s clinical study for CNP- 104, $2M upon FDA Fast Track Designation for CNP-104, and approximately $7.5M to perform the study
Slide 17: We are maintaining our 2021 financial guidance
We are maintaining our 2021 financial guidance Ironwood continues to expect: FY 2021 Guidance LINZESS U.S. net sales 6 to 8% growth Total Ironwood revenue $390 - $410 million Adjusted EBITDA1 >$210 million 1. Adjusted EBITDA is calculated by subtracting net interest expense, income taxes, depreciati
Slide 18: Thank You
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Slide 19: Q3 2021 Financial Summary
Q3 2021 Financial Summary Reconciliation of GAAP results to non-GAAP financial measures1 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 (000s, except per share amounts) (000s, except per share amounts) GAAP net income $ 55,845 $ 487,074 Adjustments: Mark-to-market adjustm
Slide 20: Q3 2021 Financial Summary
Q3 2021 Financial Summary Reconciliation of GAAP net income to adjusted EBITDA Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 (000s) (000s) GAAP net income1 $ 55,845 $ 487,074 Adjustments: Mark-to-market adjustments on the derivatives related to (2,164) (1,388) convertibl
Slide 21: Q3 2021 Financial Summary
Q3 2021 Financial Summary LINZESS U.S. Brand Collaboration Commercial Profit & Collaboration Revenue1 Ironwood & AbbVie Total Net Profit Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 September 30, 2021 September 30, 2021 (000s) (000s)
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