Ironwood Pharmaceuticals, Inc. · NASDAQ:IRWD
Ironwood Pharmaceuticals — FY2020 Earnings Presentation
25 slides from Ironwood Pharmaceuticals's earnings presentation, Feb 17, 2021
Slide 1: Ironwood 4Q and FY 2020 Earnings Update
Ironwood 4Q and FY 2020 Earnings Update February 17, 2021
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 our ability to execute on our vision and mission; the Company’s strategy, business, financial position and
Slide 4: Today’s Agenda
Today’s Agenda • Introduction Meredith Kaya, VP Investor Relations & Corporate Communications • Overview Mark Mallon, Chief Executive Officer • 2021 Strategic Priorities and Commercial Performance Tom McCourt, President • 2020 Financial Highlights & 2021 Guidance Gina Consylman, Chief Financial Offi
Slide 5: 2020 Overview
2020 Overview Mark Mallon
Slide 6: To Become the Leading U.S. Gastrointestinal Healthcare Company
OUR VISION To Become the Leading U.S. Gastrointestinal Healthcare Company OUR MISSION To advance the treatment of GI diseases and redefine the standard of care for GI patients 6
Slide 7: Disciplined Execution in 2020 Positions Ironwood for 2021 and Beyond
Disciplined Execution in 2020 Positions Ironwood for 2021 and Beyond ✓ ~$931M U.S. LINZESS net sales in 2020, up ✓ New-to-brand Rx demand achieved all Drive LINZESS® 10% Y/Y1 time highs in 2H 20203 ✓ LINZESS Rx demand up ~9% in 2020 Y/Y2 ✓ Launched new virtual detailing capability (linaclotide) grow
Slide 8: 2021 Strategic Priorities and Commercial Highlights
2021 Strategic Priorities and Commercial Highlights Tom McCourt
Slide 9: Our Path Forward: Advancing Innovative Treatments for GI Diseases
We Aim to: Our Path Forward: Maximize LINZESS® Advancing Innovative Treatments for GI 1 (linaclotide) ▪ 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
Slide 10: LINZESS Maintained Strong Demand Growth and ~40% IBS-C / CIC Market Share in 2020
LINZESS Maintained Strong Demand Growth and ~40% IBS-C / CIC Market Share in 20201 LINZESS Y/Y Total Rx Demand1 2020 IBS-C/CIC Market Share1 3,300,000 LINZESS ALL-TIME HIGH (41%) 3,100,000 45 40 2,900,000 35 LACTULOSE (33%) 2,700,000 30 Market Share % 2,500,000 25 20 2,300,000 15 2,100,000 OTHER (10
Slide 11: Strong LINZESS New-to-brand Volume and 90-Day Prescriptions
Strong LINZESS New-to-brand Volume and 90-Day Prescriptions Are Key Indicators of Future Growth Potential LINZESS NBRx Volume Growth2 LINZESS 90-Day Prescription Growth3 43.0 300,000 42.5 42.0 Average TRx Fill Size 250,000 41.5 41.0 200,000 40.5 Avg % of TRx that is 90 ct4 40.0 19% 17% 150,000 15% 3
Slide 12: On Track to Exceed $1 Billion in LINZESS Net Sales
On Track to Exceed $1 Billion in LINZESS Net Sales Currently evaluating multiple opportunities to drive further growth Enhancing HCP / Communicating Strengthening Broadening Payer Patient Experience Overall Abdominal Clinical Utility via Access Symptom Data LCM We seek to: We seek to: We seek to: ✓
Slide 13: 2020 Financial Performance and 2021 Financial Guidance
2020 Financial Performance and 2021 Financial Guidance Gina Consylman
Slide 14: Continued Strong Financial Performance in 2020
Continued Strong Financial Performance in 2020 2020 represents Ironwood’s 2nd full year of profitability $390M $931M Total Ironwood Revenues U.S. LINZESS Net Sales1 10% Y/Y growth Primarily driven by $369M in U.S. LINZESS collaboration Primarily driven by 9% Y/Y prescription demand revenue growth co
Slide 15: Strong Execution and Disciplined Investments Puts Ironwood in Strong Financial Position
Strong Execution and Disciplined Investments Puts Ironwood in Strong Financial Position Total revenues and cash continued to grow in 2020 behind LINZESS strength and disciplined capital allocation Total Ironwood Revenue1 Cash and Cash Equivalents $120 $117 $400 $363 $103 $350 $100 $308 $90 $300 $80
Slide 16: Provides 2021 Financial Guidance
Provides 2021 Financial Guidance Ironwood expects: FY 2021 Guidance LINZESS U.S. net sales 3 to 5% growth Total Ironwood revenue $370 - $385 million Adjusted EBITDA1 >$190 million 1) Adjusted EBITDA is calculated by subtracting net interest expense, income taxes, depreciation, amortization, mark-to-
Slide 17: We are Focused on Delivering Shareholder Value
We are Focused on Delivering Shareholder Value Seeking to Allocate Capital to Highest Return Opportunities Total Shareholder Maximize LINZESS Return Consider Return of Capital Seek to drive net sales growth via Explore deploying excess free cash commercial innovation and towards opportunistic share
Slide 18: Corporate Development Strategy Guided by Clear Principles
Corporate Development Strategy Guided by Clear Principles Focused on Delivering Patient Benefit and Shareholder Value In assessing any new potential asset, we seek to: 1 Prioritize diseases that are primarily managed by 2 Focus on organic GI diseases, where mechanisms are well 3 Target innovation, v
Slide 19: GI Science
GI Science Mike Shetzline
Slide 20: Prioritizing Serious, Organic GI Diseases
Prioritizing Serious, Organic GI Diseases We Have Identified >100 GI Assets in >25 Prioritized Disease Areas, Including: Abdominal Liver Injury / Celiac Disease Pruritis Pain Failure Mucositis / Gut Rare GI Esophageal / Pancreatitis Inflammation Diseases Allergic Note: Organic GI diseases have measu
Slide 21: Advancing IW-3300, a GC-C Agonist, into Phase I Development
Advancing IW-3300, a GC-C Agonist, into Phase I Development for Potential Treatment of Visceral Pain Conditions Opportunity to test the “cross-talk” hypothesis in humans for the first time • Strong pre-clinical data: Stable peptide expected to provide flexibility in formulation – IW-3300 reversed en
Slide 22: Thank You
Thank You 7 ~ q ronwoo
Slide 23: 4Q and Full Year 2020 Financial Summary
4Q and Full Year 2020 Financial Summary Reconciliation of GAAP results to non-GAAP financial measures1 Three Months Ended Twelve Months Ended December 31, 2020 December 31, 2020 (000s, except per share (000s, except per share amounts) amounts) GAAP net income $ 43,204 $ 106,176 Adjustments: Mark-to-
Slide 24: 4Q and Full Year 2020 Financial Summary
4Q and Full Year 2020 Financial Summary Reconciliation of GAAP income from continuing operations to adjusted EBITDA Three Months Ended Twelve Months Ended December 31, 2020 December 31, 2020 (000s) (000s) GAAP income from continuing operations1 $ 43,204 $ 106,176 Adjustments: Mark-to-market adjustme
Slide 25: 4Q and Full Year 2020 Financial Summary
4Q and Full Year 2020 Financial Summary LINZESS U.S. Brand Collaboration Commercial Profit & Collaboration Revenue1 Ironwood & AbbVie Total Net Profit Three Months Ended Twelve Months Ended December 31, 2020 December 31, 2020 Three Months Ended Twelve Months Ended December 31, 2020 December 31, 2020
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