Ironwood Pharmaceuticals, Inc. · NASDAQ:IRWD
Ironwood Pharmaceuticals — Q1 2026 Earnings Presentation
18 slides from Ironwood Pharmaceuticals's earnings presentation, May 7, 2026
Slide 1: Ironwood Pharmaceuticals Q1 2026 Investor Update
Ironwood Pharmaceuticals Q1 2026 Investor Update May 7, 2026 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about our ability to execute on our mi
Slide 3: Today's Agenda
Today’s Agenda • Strategic Priorities Tom McCourt, Chief Executive Officer • Maximizing LINZESS and Apraglutide Commercial Opportunity Tammi Gaskins, Chief Commercial Officer • Advancing Apraglutide Mike Shetzline, M.D., Ph.D., Chief Medical Officer • Financial Highlights and FY 2026 Guidance Greg M
Slide 4: Strong first quarter performance across our strategic priorities
Strong first quarter performance across our strategic priorities Q1 2026 Highlights Maximize Advance Deliver Sustained Profits LINZESS Apraglutide and Cash Flow ✓ Delivered $273 million1 Q1'26 LINZESS U.S. ✓ STARS-2 is a 24-week global, randomized, ✓ Generated adjusted EBITDA of $77 million5 net sal
Slide 5: Maximize LINZESS
Maximize LINZESS The U.S. prescription market leader for adults with Irritable Bowel Syndrome with Constipation (IBS-C) and Chronic Idiopathic Constipation (CIC) 5
Slide 6: Strong Q1 2026 results with 97% increase in LINZESS U.S. Net Sales
Strong Q1 2026 results with 97% increase in LINZESS U.S. Net Sales LINZESS U.S. Brand Collaboration Commercial Profit & Collaboration Revenue1 Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 (000s) (000s) LINZESS U.S. net product sales as reported by AbbVie2,3 $ 272,525 $ 138,477
Slide 7: Advance Apraglutide
Advance Apraglutide Glucagon-like peptide-2 (GLP-2) analog for Short Bowel Syndrome with Intestinal Failure (SBS-IF) 7
Slide 8: SBS-IF is a severe organ failure condition requiring life-long Parenteral Support
SBS-IF is a severe organ failure condition requiring life-long Parenteral Support (PS) with high quality of life burden SBS-IF Definition and PS Management PS and Quality of Life Burden SBS-IF patients have SBS-IF patients SBS patients surveyed Common complications had a large section of require lon
Slide 9: Apraglutide has potential to achieve >$700M in peak U.S. net sales
Apraglutide has A significant market potential to exists in the U.S. of SBS-IF patients who achieve >$700M require 3 or more days per week of PS If approved, apraglutide has the potential to: in peak U.S. net sales1 3 Increase GLP-2 use $700M+ 8,000+2 patients in the U.S. with $4B+ Apraglutide SBS-I
Slide 10: STARS-2 Phase 3 confirmatory clinical trial site initiations expected to begin Q2'26
STARS-2 Phase 3 confirmatory clinical trial site Apraglutide once weekly dosing initiations expected PRIMA RY ENDPOINT IN OV ERA LL POPULA TION Relative PS volume change from baseline to begin Q2'26 KEY SECONDA RY ENDPOINTS IN OV ERA LL POPULA TIO N Clinical response (>= 20% PS volume reduction) 24
Slide 11: Financial Highlights and 2026 Guidance
Financial Highlights and 2026 Guidance 11
Slide 12: Q1 2026 financial performance
Q1 2026 financial performance $273M $107M LINZESS U.S. Net Sales1,2 Total Ironwood Revenues Q1 2026 LINZESS net sales as reported by AbbVie were Primarily driven by $104M in U.S. LINZESS $273M, up 97% year-over-year, driven by improved net collaboration revenue pricing and 5% demand growth YoY $41M
Slide 13: We are maintaining our FY 2026 financial guidance
We are maintaining our FY 2026 financial guidance FY 2026 Guidance (May 2026) U.S. LINZESS net sales $1.125 to $1.175 billion Total revenue $450 – $475 million Adjusted EBITDA1 >$300 million 1 Adjusted EBITDA is calculated by subtracting stock-based compensation, restructuring expenses, net interest
Slide 14: Appendix
APPENDIX 14
Slide 15: Q1 2026 Financial Summary
Q1 2026 Financial Summary Reconciliation of GAAP results to non-GAAP financial measures (page 1) Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 (000s, except per share (000s, except per share amounts) amounts) GAAP net income (loss)1 $ 40,773 $ (37,386) Adjustments: Amortization
Slide 16: Q1 2026 Financial Summary
Q1 2026 Financial Summary Reconciliation of GAAP results to non-GAAP financial measures (page 2) Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 (000s, except per share (000s, except per share amounts) amounts) GAAP net income (loss) per share – diluted1 $ 0.24 $ (0.23) Adjustmen
Slide 17: Q1 2026 Financial Summary
Q1 2026 Financial Summary Reconciliation of GAAP net income to adjusted EBITDA Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 (000s) (000s) GAAP net income (loss)1 $ 40,773 $ (37,386) Adjustments: Stock-based compensation 3,653 5,291 Restructuring expenses, net (40) 18,559 Inter
Slide 18: Q1 2026 Financial Summary
Q1 2026 Financial Summary LINZESS U.S. Brand Collaboration Ironwood & AbbVie Total Net Profit1 Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 (000s) (000s) LINZESS U.S. net sales as reported by AbbVie2,3 $ 272,525 $ 138,477 AbbVie & Ironwood commercial costs, expenses and other
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