Ironwood Pharmaceuticals, Inc. · NASDAQ:IRWD
Ironwood Pharmaceuticals — Q2 2019 Earnings Presentation
20 slides from Ironwood Pharmaceuticals's earnings presentation, Jul 30, 2019
Slide 1: Ironwood 2Q 2019 Earnings
Ironwood 2Q 2019 Earnings July 30, 2019
Slide 2: Introduction
Introduction Meredith Kaya
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 the development, launch, commercial availability and commercial potential of linaclotide and our other prod
Slide 4: Today's Agenda
Today’s Agenda • Introduction Meredith Kaya, VP Investor Relations & Communications • 2Q 2019 Overview Mark Mallon, Chief Executive Officer • Financial Highlights & Guidance Gina Consylman, Chief Financial Officer • Commercial and Development Highlights Tom McCourt, President 4
Slide 5: 2Q 2019 Overview
2Q 2019 Overview Mark Mallon
Slide 6: Ironwood is dedicated to making a difference
WE AIM TO: Accelerate LINZESS® (linaclotide) growth ✔ 13% Y/Y Rx demand growth, $196M U.S. net sales in 2Q19 ✔ Generated positive topline Phase IIIb data from linaclotide abdominal symptom trial Advance late-stage U.S. GI development portfolio ✔ MD-7246: Initiated dosing in Phase IIb ✔ IW-3718: Cont
Slide 7: Financial Highlights & 2019 Financial Guidance
Financial Highlights & 2019 Financial Guidance Gina Consylman
Slide 8: 2Q 2019 financial summary: Discontinued Operations
2Q 2019 financial summary Reconciliation of Discontinued Operations (unaudited) Three Months Ended Six Months Ended (000s, except per share amounts) Reconciliation of GAAP Results to Non-GAAP June 30, Financial Measures June 30, 2019 2018 2019 2018 Costs and expenses included in $ - $ 15,745 $ 21,79
Slide 9: 2Q 2019 financial performance
2Q 2019 financial performance $102.2M $80.6M in Ironwood revenues in total costs and expenses (incl. $77.3M in collaboration revenue and Including: $24.9M in linaclotide API sales) $43.2M in R&D, $28.8M in SG&A, $0.5M in restructuring, $11.3M in cost of revenues Offset by a gain of $3.2M related to
Slide 10: Full year 2019 financial guidance
Full year 2019 financial guidance Ironwood continues to expect: Total revenue $370 – $390 million Net interest expense ~$35 million Separation expenses1 $30 – $40 million Restructuring expenses2 $3 – $4 million Adjusted EBITDA from continuing operations3 >$65 million LINZESS net sales growth Low-to-
Slide 11: Commercial and Development Highlights
Commercial and Development Highlights Tom McCourt
Slide 12: Strong LINZESS demand growth in 2Q 2019
Strong LINZESS demand growth in 2Q 2019 Extended Unit Growth up 13% Y/Y in 2Q 20191 New to Brand Growth up 11% Y/Y in 2Q 20191 Total New to Brand Rx Total Extended Units 12 1. IQVIA Smart, June 2019
Slide 13: Positive topline data from Phase IIIb LINZESS trial in IBS-C
Positive topline data from Phase IIIb LINZESS trial in IBS-C Data showed LINZESS improvement on overall abdominal symptoms (bloating, pain, discomfort) Phase IIIb trial met primary ≥1x/week and secondary endpoints Majority of IBS-C Demonstrated linaclotide patients surveyed improved overall abd symp
Slide 14: Advancement of GI pipeline
Advancement of GI pipeline Two important data milestones expected in 2020 MD-7246 - Phase IIb data expected 2H 2020 ✔ In development for treatment of abdominal pain associated with IBS-D ✔ Initiated Phase IIb clinical trial in adult IBS-D patients ✔ ~16 million U.S. adults suffering from IBS-D1,2 IW
Slide 15: Ironwood is dedicated to making a difference
WE AIM TO: Accelerate LINZESS® (linaclotide) growth Advance late-stage U.S. GI development portfolio IRONWOOD is dedicated to making a difference Deliver profits beginning in 2019 for patients living with GI diseases
Slide 16: Thank You!
Thank You J — a te ronwoo
Slide 17: 2Q 2019 financial summary: Statement of operations
2Q 2019 financial summary Condensed consolidated statement of operations (unaudited) Three Months Ended June 30, 2019 (000s, except per share amounts) Revenue $ 102,215 Cost and expenses: Cost of revenue 11,313 Research and development 28,758 Selling, general and administrative 43,246 Restructuring
Slide 18: Reconciliation of GAAP results to non-GAAP financial measures
2Q 2019 financial summary Reconciliation of GAAP results to non-GAAP financial measures Three Months Ended June 30, 2019 (000s, except per share amounts) Reconciliation GAAP net income of GAAP Results to Non-GAAP Financial Measures $ 12,283 Adjustments: Mark-to-market adjustments on the derivatives
Slide 19: Reconciliation to adjusted EBITDA from continuing operations
2Q 2019 financial summary Reconciliation of GAAP net income (loss) from continuing operations to adjusted EBITDA from continuing operations Three Months Ended Six Months Ended June 30, June 30, 2019 2019 (000s, except per share amounts) (000s, except per share amounts) GAAP net income (loss) from co
Slide 20: LINZESS U.S. brand collaboration
2Q 2019 financial summary LINZESS U.S. brand collaboration Commercial Profit & Collaboration Revenue1 Ironwood & Allergan Total Net Profit Three Months Ended June 30, 2019 Three Months Ended June 30, 2019 (000s) (000s) LINZESS U.S. net product sales $ 195,958 LINZESS U.S. net product sales $ 195,958
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