Ironwood Pharmaceuticals, Inc. · NASDAQ:IRWD
Ironwood Pharmaceuticals — Q4 2025 Earnings Presentation
22 slides from Ironwood Pharmaceuticals's earnings presentation, Feb 25, 2026
Slide 1: Ironwood Pharmaceuticals Q4 and FY 2025 Investor Update
Ironwood Pharmaceuticals Q4 and FY 2025 Investor Update February 25, 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 • Introduction Greg Martini, Chief Financial Officer • Strategic Priorities and Maximizing LINZESS Tom McCourt, Chief Executive Officer • Advancing Apraglutide Mike Shetzline, M.D., Ph.D., Chief Medical Officer • Financial Highlights and FY 2026 Guidance Greg Martini, Chief Financial
Slide 4: In 2025, we took important steps that position us well to deliver shareholder value
In 2025, we took important steps that position us well to deliver shareholder value in 2026 and beyond 2025 Highlights Maximize Advance Deliver Sustained Profits LINZESS Apraglutide and Cash Flow ✓ Achieved latest financial guidance, with ✓ Met with FDA in fourth quarter of 2025 to align ✓ Generated
Slide 5: Strong 2026 outlook with expected $1.125 to $1.175 billion of LINZESS U.S. Net Sales
Strong 2026 outlook with expected $1.125 OUR FOCUSED PRIORITIES: to $1.175 billion of LINZESS U.S. Net Sales Maximize LINZESS With improved cash flows and strengthening balance sheet, we now Advance apraglutide have a clear path to execute our strategy and we continue to evaluate all options to maxi
Slide 6: Apraglutide Target Product Profile
Apraglutide Target Product Profile1 We believe Enabled by unique pharmacological properties and apraglutide has the development strategy potential to achieve + Only once weekly GLP-2 with positive placebo-controlled phase 3 data in SBS-IF2 >$700M in peak net sales in the U.S. + Long term outcomes, i
Slide 7: 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) 7
Slide 8: LINZESS is the prescription market leader in the U.S. for adults with IBS-C/CIC
LINZESS is the prescription market leader in the U.S. for adults with IBS-C/CIC with a large market opportunity IBS-C/CIC TRx Market Share1 Large Market Opportunity 60% (Combined Branded and Generic Market) LINZESS Estimated population of pediatric 50% 45% ~6M patients aged 6-17 with FC and 7-17 wit
Slide 9: Prescription Leader in IBS-C and CIC
Prescription Consistent Strong LINZESS Demand Growth Since Launch Leader in IBS-C and CIC 6,000,000 30,000 ~11% y/y EUTRx growth in 20251 5,000,000 25,000 LINZESS is a growing, market 4,000,000 20,000 leading brand with a EUTRx Volume NBRx Volume significant opportunity to 3,000,000 15,000 address h
Slide 10: Expect increased LINZESS U.S. net sales in 2026
Expect increased $1,400 LINZESS U.S. Net Sales $1.125B - LINZESS U.S. net $1,200 $1.175B1,2 sales growth in 2026, >30% y/y increase primarily driven by $1,000 improved net price >$440M3 $ Millions $800 Ironwood’s share of LINZESS commercial profits LINZESS continues to $600 generate strong brand pro
Slide 11: Advance Apraglutide
Advance Apraglutide Glucagon-like peptide-2 (GLP-2) analog for Short Bowel Syndrome with Intestinal Failure (SBS-IF) 11
Slide 12: 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 PRIMARY ENDPOINT IN OVERALL POPULATION Relative PS volume change from baseline to begin Q2'26 KEY SECONDARY ENDPOINTS IN OVERALL POPULATION Clinical response (>20% PS volume reduction) 24 week trial
Slide 13: Financial Highlights and 2026 Guidance
Financial Highlights and 2026 Guidance 13
Slide 14: FY 2025 financial performance
FY 2025 financial performance $865M $296M LINZESS U.S. Net Sales1 Total Ironwood Revenues Q4 2025 LINZESS net sales as reported by AbbVie were Primarily driven by $289M in U.S. LINZESS $163M, down 27% year-over-year, driven by net collaboration revenue price erosion2, partially offset by 13% demand
Slide 15: Expect strong LINZESS cash flows to enable continued deleveraging
Expect strong LINZESS cash flows to enable continued deleveraging while simultaneously funding investment to drive long-term growth Year-End Debt Principal Outstanding (in millions) Year-End Net Debt1 (in millions) $800 $700 $700 $608 $700 $600 $585 $585 $496 $600 $500 $500 $400 $370 $400 ~ $300 $30
Slide 16: We are maintaining our FY 2026 financial guidance
We are maintaining our FY 2026 financial guidance FY 2026 Guidance (February 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 int
Slide 17: Appendix
APPENDIX 17
Slide 18: Q4 and FY 2025 Financial Summary
Q4 and FY 2025 Financial Summary Reconciliation of GAAP results to non-GAAP financial measures (page 1) Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2025 (000s, except per share (000s, except per share amounts) amounts) GAAP net income (loss)1 $ (2,276) $ 24,017 Adjustments:
Slide 19: Q4 and FY 2025 Financial Summary
Q4 and FY 2025 Financial Summary Reconciliation of GAAP results to non-GAAP financial measures (page 2) Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2025 (000s, except per share (000s, except per share amounts) amounts) GAAP net income (loss) per share – diluted1 $ (0.01) $
Slide 20: Q4 and FY 2025 Financial Summary
Q4 and FY 2025 Financial Summary Reconciliation of GAAP net income to adjusted EBITDA Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2025 (000s) (000s) GAAP net income1 $ (2,276) $ 24,017 Adjustments: Stock-based compensation 3,823 17,250 Restructuring expenses, net (252) 20,2
Slide 21: Q4 and FY 2025 Financial Summary
Q4 and FY 2025 Financial Summary LINZESS U.S. Brand Collaboration Commercial Profit & Collaboration Revenue1 Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2025 (000s) (000s) LINZESS U.S. net product sales as reported by AbbVie2 $ 163,173 $ 864,507 AbbVie & Ironwood commercial
Slide 22: Q4 and FY 2025 Financial Summary
Q4 and FY 2025 Financial Summary LINZESS U.S. Brand Collaboration Ironwood & AbbVie Total Net Profit1 Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2025 (000s) (000s) LINZESS U.S. net sales as reported by AbbVie2 $ 163,173 $ 864,507 AbbVie & Ironwood commercial costs, expense
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