Ironwood Pharmaceuticals, Inc. · NASDAQ:IRWD
Ironwood Pharmaceuticals — Q3 2019 Earnings Presentation
19 slides from Ironwood Pharmaceuticals's earnings presentation, Oct 31, 2019
Slide 1: Ironwood 3Q 2019 Earnings
Ironwood 3Q 2019 Earnings October 31, 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 Strategy, Investor Relations & Communications • 3Q 2019 Overview Mark Mallon, Chief Executive Officer • Commercial and Development Highlights Tom McCourt, President • Financial Highlights & Guidance Gina Consylman, Chief Financial Officer 4
Slide 5: 3Q 2019 Overview
3Q 2019 Overview Mark Mallon
Slide 6: Ironwood is dedicated to making a difference for patients living with GI diseases
WE AIM TO: Accelerate LINZESS® (linaclotide) growth ✓ 15% yoy Rx demand growth, 12% new-to-brand growth, $215M net sales in 3Q19 ✓ Refreshed LINZESS consumer materials to include IBS-C disease state information, including reference to bloating Advance late-stage U.S. GI development portfolio ✓ MD-72
Slide 7: Commercial and Development Highlights
Commercial and Development Highlights Tom McCourt
Slide 8: LINZESS is #1 prescribed IBS-C/CIC treatment
LINZESS is #1 prescribed IBS-C/CIC treatment (branded & generic) Rx demand achieved all time highs during 3Q 2019; new-to-brand growth increased 12% Y/Y Extended Unit Growth up 15% Y/Y in 3Q 20191 Strengthening Commercial GI Expertise 2,700,000 ✓ Refreshing LINZESS lifecycle management plans • Conti
Slide 9: Advancement of GI pipeline
Advancement of GI pipeline Two important data milestones targeted in 2020 MD-7246 ✓ Phase II top line data now expected mid-2020 due to faster enrollment ✓ Potential to be a non-opioid, intestinal, pain-relieving agent for treatment of abd pain associated with certain GI diseases ✓ Initially in deve
Slide 10: Financial Highlights & 2019 Financial Guidance
Financial Highlights & 2019 Financial Guidance Gina Consylman
Slide 11: Ex-U.S. agreements amended to simplify business and share in long-term value
Ex-U.S. agreements amended to simplify business, eliminate manufacturing responsibilities & share in long-term value Europe & rest of world Japan China (incl. Hong Kong & Macau) • Amended and restated agreement August 2019 • Amended and restated agreement September 2019 • Astellas to assume full res
Slide 12: Convertible Notes Outstanding
Restructured debt to further strengthen balance sheet Raised $400M in convertible debt to pay-off remaining balance of 8.375% Notes and ~$215M of existing 2022 Convertible Notes Increases Cash Lowers Cash Interest Improves Debt Generation to Enable Maintains Strategic & Expense Over Next Maturity Pr
Slide 13: Raising full year 2019 financial guidance
Raising full year 2019 financial guidance Revised 2019 guidance for total revenue and adjusted EBITDA from continuing operations includes ~$42M in milestone payments Ironwood now expects: Original 2019 Guidance Revised 2019 Guidance Total revenue $370 – $390 million $410 – $420 million Net interest
Slide 14: Ironwood is dedicated to making a difference for patients living with GI diseases
WE AIM TO: Accelerate LINZESS® (linaclotide) growth Advance late-stage U.S. GI development portfolio IRONWOOD is dedicated to making a difference for Deliver profits beginning in 20191 patients living with GI diseases 1. Based on adjusted EBITDA from continuing operations
Slide 15: Thank You
Thank You ~ \ q ronwoo
Slide 16: 3Q 2019 financial summary
3Q 2019 financial summary Condensed consolidated statement of operations (unaudited) Three Months Ended September 30, 2019 (000s, except per share amounts) Revenue $ 130,524 Cost and expenses: Cost of revenue; excluding amortization of acquired intangible assets 506 Write-down of commercial supply a
Slide 17: 3Q 2019 financial summary
3Q 2019 financial summary Reconciliation of GAAP results to non-GAAP financial measures Three Months Ended September 30, 2019 (000s, except per share amounts) Reconciliation of GAAP Results to Non-GAAP Financial Measures GAAP net income $ 20,648 Adjustments: Mark-to-market adjustments on the derivat
Slide 18: 3Q 2019 financial summary
3Q 2019 financial summary Reconciliation of GAAP net income from continuing operations to adjusted EBITDA from continuing operations Nine Months Ended Three Months Ended September 30, 2019 September 30, 2019 (000s, except per share amounts) (000s, except per share amounts) GAAP net income from conti
Slide 19: 3Q 2019 financial summary
3Q 2019 financial summary LINZESS U.S. Brand Collaboration Commercial Profit & Collaboration Revenue1 Ironwood & Allergan Total Net Profit Three Months Ended September 30, 2019 Three Months Ended September 30, 2019 (000s) (000s) LINZESS U.S. net product sales $ 214,743 $ 214,743 LINZESS U.S. net pro
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