Ironwood Pharmaceuticals, Inc. · NASDAQ:IRWD
Ironwood Pharmaceuticals — Q2 2024 Earnings Presentation
21 slides from Ironwood Pharmaceuticals's earnings presentation, Aug 8, 2024
Slide 1: Ironwood Pharmaceuticals Q2 2024 Investor Update
Ironwood Pharmaceuticals Q2 2024 Investor Update August 8, 2024 1
Slide 2: Introduction
Introduction Matt Roache \\ Ironwood’
Slide 3: 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 4: Today's Agenda
Today’s Agenda • Introduction Matt Roache, Director, Investor Relations • Overview Tom McCourt, Chief Executive Officer • Pipeline Update Mike Shetzline, M.D., Ph.D., Chief Medical Officer • Commercial Update, Q2 2024 Financial Highlights and Revised FY 2024 Guidance Sravan Emany, Chief Operating Of
Slide 5: Overview
Overview Tom McCourt Ironwood
Slide 6: In Q2 2024, we continued to make progress across our portfolio
In Q2 2024, we continued to make progress across our portfolio Q2 Highlights Maximize Deliver Sustained Profits LINZESS Advance GI Pipeline and Cash Flow Continue to grow LINZESS demand Focus on serious, organic GI diseases Apply thoughtful and disciplined capital and net sales with high unmet patie
Slide 7: Pipeline Update
Pipeline Update Mike Shetzline 7
Slide 8: STARS Phase 3 data reinforce apraglutide's potential to improve the standard of care for SBS patients
STARS Phase 3 data reinforce apraglutide’s potential to improve the standard of care for SBS patients dependent on parenteral support (PS) Days Off PS and Once-Weekly Efficacy Safety and Tolerability Enteral Autonomy • Apraglutide is the only GLP-2 analog • PS volume reduction with significantly • A
Slide 9: CNP-104: Phase 2 proof of concept study in Primary Biliary Cholangitis (PBC)
CNP-104: Phase 2 proof of concept study in Expect Primary Biliary Cholangitis (PBC) topline data in Q3 2024 CNP-104 has the potential to be a disease-modifying therapy for PBC STUDY OBJECTIVES Safety, tolerability, pharmacodynamics (PD), and efficacy of two doses of CNP-104 42 patients with PBC KEY
Slide 10: Commercial Update, Q2 2024 Financial Highlights and Revised FY 2024 Guidance
Commercial Update, Q2 2024 Financial Highlights and Revised FY 2024 Guidance Sravan Emany 10
Slide 11: Continued robust LINZESS demand growth in Q2, with strength in new-to-brand prescriptions
Continued robust LINZESS demand growth in Q2, with strength in new-to-brand prescriptions Q2 2024 LINZESS Total EUTRx Demand1 LINZESS NBRx Volume / Growth Y/Y2 19,000,000 190,000 +15% Y/Y 20% 18% 18,000,000 +11% Y/Y 180,000 16% 17,000,000 170,000 14% 16,000,000 160,000 12% EUTRx Volume 15,000,000 15
Slide 12: LINZESS Q2 2024 reconciliation to Ironwood's collaboration revenue
LINZESS Q2 2024 reconciliation to Ironwood’s collaboration revenue Q2 2024 LINZESS U.S. Brand Collaboration - Commercial Profit & Collaboration Revenue1 Three Months Ended Three Months Ended June 30, 2024 June 30, 2023 (000s) (000s) LINZESS U.S. net product sales as reported by AbbVie2 211,183 269,6
Slide 13: Q2 2024 financial performance
Q2 2024 financial performance $211M $94M LINZESS U.S. Net Sales1 Total Ironwood Revenues including Q2 LINZESS adjustment2 Q2 2024 LINZESS net sales as reported by AbbVie were $211 million, a decrease of 22% year-over-year Strong prescription demand growth of 11% ($0.9M) $28M GAAP Net Loss Adjusted E
Slide 14: We are revising our FY 2024 guidance due to continued LINZESS pricing pressure
We are revising our FY 2024 guidance due to continued LINZESS pricing pressure as a result of higher-than-expected Medicaid utilization trends Previous FY 2024 Guidance Revised FY 2024 Guidance (May 9, 2024) (August 8, 2024) LINZESS U.S. Mid-single digits % decline2 $900 – $950 million net sales Iro
Slide 15: Appendix
APPENDIX 15
Slide 16: Q2 2024 Financial Summary
Q2 2024 Financial Summary Reconciliation of GAAP results to non-GAAP financial measures (page 1) Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 (000s, except per share amounts) (000s, except per share amounts) GAAP net loss1,2 (860) (5,022) Adjustments: Mark-to-market adjustments on
Slide 17: Q2 2024 Financial Summary
Q2 2024 Financial Summary Reconciliation of GAAP results to non-GAAP financial measures (page 2) Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 (000s, except per share amounts) (000s, except per share amounts) GAAP net loss attributable to Ironwood per share – diluted (0.01) (0.03)
Slide 18: Q2 2024 Financial Summary
Q2 2024 Financial Summary Reconciliation of GAAP net loss to adjusted EBITDA Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 (000s) (000s) GAAP net loss1,2 (860) (5,022) Adjustments: Mark-to-market adjustments on the derivatives related to convertible notes, net - - Restructuring exp
Slide 19: Q2 2024 Financial Summary
Q2 2024 Financial Summary LINZESS U.S. Brand Collaboration Commercial Profit & Collaboration Revenue1 Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 (000s) (000s) LINZESS U.S. net product sales as reported by AbbVie2 211,183 467,783 AbbVie & Ironwood commercial costs, expenses and o
Slide 20: Q2 2024 Financial Summary
Q2 2024 Financial Summary LINZESS U.S. Brand Collaboration Ironwood & AbbVie Total Net Profit1 Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 (000s) (000s) LINZESS U.S. net product sales as reported by AbbVie2 211,183 467,783 AbbVie & Ironwood commercial costs, expenses and other di
Slide 21: Thank You
A Thank You
Ironwood Pharmaceuticals — Q2 2024 Earnings Presentation on 6ix