Ironwood Pharmaceuticals, Inc. · NASDAQ:IRWD
Ironwood Pharmaceuticals — Q2 2020 Earnings Presentation
23 slides from Ironwood Pharmaceuticals's earnings presentation, Aug 6, 2020
Slide 1: Ironwood 2Q 2020 Earnings Call
Ironwood 2Q 2020 Earnings Call August 6, 2020
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 to become a leader in GI; our ability to execute on our strategy, incl
Slide 4: Today's Agenda
Today’s Agenda • Introduction Meredith Kaya, VP Strategy, Investor Relations & Communications • Overview Mark Mallon, Chief Executive Officer • Commercial and Pipeline Performance Tom McCourt, President • 2Q Financial Highlights & 2020 Guidance Gina Consylman, Chief Financial Officer 4
Slide 5: 2Q 2020 Overview
2Q 2020 Overview Mark Mallon
Slide 6: Become the Leading U.S. Gastrointestinal Healthcare Company
IRONWOOD’S VISION & MISSION Become the Leading U.S. Gastrointestinal Healthcare Company We are dedicated to advancing the treatment of GI diseases and redefining the standard of care for millions of GI patients 6
Slide 7: Executing on Our Strategy
Executing on Our Strategy Drive LINZESS® Advance U.S. GI Deliver (linaclotide) growth development portfolio sustainable profits ✓ Delivered 2Q 2020 U.S. net sales of ✓ IW-3718: Made updates designed to ✓ Fifth consecutive profitable quarter $219 million1, driven by 9% demand strengthen IW-3718 Phase
Slide 8: Commercial and Development Highlights
Commercial and Development Highlights Tom McCourt
Slide 9: LINZESS Performance Driven by Strong Prescription Demand
LINZESS Performance Driven by Strong Prescription Demand Average weekly new-to-brand Rx demand in June 2020 increased >15% vs March 2020 levels LINZESS Prescription Unit Demand Up 9% YoY1 LINZESS New-to-Brand Patient Demand2 2,900,000 10,000 1Q 20 2Q 20 2,800,000 9,500 2,700,000 9,000 LINZESS EuTRx
Slide 10: LINZESS: Evolving Customer Engagement Strategy
LINZESS: Evolving Customer Engagement Strategy Re-Initiating Select In- Launched New DTC Continued TeleMedicine Person Promotion Campaign Efforts • Many customer-facing • New DTC campaign launched • LINZESS is a fitting brand for employees have resumed in- in early April 2020 TeleMedicine person wor
Slide 11: LINZESS Remains #1 Prescribed Medicine for IBS-C/CIC
LINZESS is Remains #1 Prescribed Medicine for IBS-C/CIC LINZESS is the prescription market leader with nearly 40% market share1 IBS-C/CIC Prescription Category in US1 350,000 300,000 LACTULOSE 250,000 200,000 TRx 150,000 AMITIZA 100,000 50,000 TRULANCE MOTEGRITY ZELNORM - Mar Jun Sep Dec Mar Jun 201
Slide 12: Strengthened IW-3718 Pivotal Phase 3 Program Design
Strengthened IW-3718 Pivotal Phase 3 Program Design Placebo IW-3718 + PPI (BID) 1500 mg + PPI (BID) 8 WEEK TREATMENT PERIOD Key Updates Primary Endpoint 1. Changed primary endpoint from previous responder to continuous endpoint • Change from baseline to Week 8 in weekly heartburn severity score 2. C
Slide 13: IW-3718 Presents Opportunity to Bring Relief for Millions of Adult rGERD Patients
IW-3718 Presents Opportunity to Bring Relief for Millions of Adult rGERD Patients Compelling Bile Established High Unmet Need 1st In Class MOA Acid Story GI Leadership • ~8-10M U.S. adults suffer • Bile acids play a • IW-3718 is designed to target • GI category leadership from rGERD despite key role
Slide 14: 2Q 2020 Financial Performance
2Q 2020 Financial Performance Gina Consylman
Slide 15: Strong Financial Performance in 2Q 2020
Strong Financial Performance in 2Q 2020 Second quarter represents fifth consecutive quarter of delivering profitability $89M $219M Total Ironwood Revenues U.S. LINZESS Net Sales1 5% Y/Y growth Primarily driven by $87M in U.S. LINZESS collaboration Primarily driven by 9% Y/Y prescription demand reven
Slide 16: LINZESS Net Sales Historical Reconciliation
LINZESS Net Sales Historical Reconciliation Reconciliation of previously reported LINZESS net sales by AbbVie to recast LINZESS net sales in connection with its acquisition of Allergan1 Three Months Three Months Three Months Three Months Year Ended Three Months Ended Ended Ended Ended December 31, E
Slide 17: Continued Cash Generation
Continued Cash Generation Cash position continues to grow behind strength of LINZESS and disciplined capital allocation strategy $300 $253 $250 $231 Allows us to be opportunistic when Cash and Cash Equivalents evaluating business development $200 opportunities $177 Generated $20M in cash from (milli
Slide 18: Full Year 2020 Financial Guidance
Full Year 2020 Financial Guidance Reinstating FY 2020 guidance Ironwood now expects: Full Year 2020 Guidance LINZESS U.S. net sales growth Mid-single digit % increase Total Ironwood revenue $360 – 380 million Adjusted EBITDA1 >$105 million 1) Adjusted EBITDA is calculated by subtracting net interest
Slide 19: Executing on Our Strategy
Executing on Our Strategy Drive LINZESS® Advance late-stage Deliver (linaclotide) growth U.S. GI development sustainable profits portfolio 19
Slide 20: Thank You
Thank You 7 ~ q ronwoo
Slide 21: 2Q 2020 Financial Summary
2Q 2020 Financial Summary Reconciliation of GAAP results to non-GAAP financial measures1 Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 (000s, except per share (000s, except per share Reconciliation of GAAP Results to Non-GAAP Financial Measures amounts) amounts) GAAP net income $ 2
Slide 22: 2Q 2020 Financial Summary
2Q 2020 Financial Summary Reconciliation of GAAP net income from continuing operations to adjusted EBITDA Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 (000s, except per share amounts) (000s, except per share amounts) GAAP net income from continuing operations1 $ 25,204 $ 28,549 Ad
Slide 23: 2Q 2020 Financial Summary
2Q 2020 Financial Summary LINZESS U.S. Brand Collaboration Commercial Profit & Collaboration Revenue1 Ironwood & AbbVie Total Net Profit Three Months Ended Six Months Ended June June 30, 2020 30, 2020 Three Months Six Months Ended Ended June 30, 2020 (000s) (000s) June 30, 2020 $ 218,945 $ 411,767 L
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