Ironwood Pharmaceuticals, Inc. · NASDAQ:IRWD
Ironwood Pharmaceuticals — Q1 2024 Earnings Presentation
22 slides from Ironwood Pharmaceuticals's earnings presentation, May 9, 2024
Slide 1: Ironwood Pharmaceuticals Q1 2024 Investor Update
Ironwood Pharmaceuticals Q1 2024 Investor Update May 9, 2024 1
Slide 2: 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 vi
Slide 3: Introduction
Introduction Matt Roache \\ Ironwood’
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, Q1 2024 Financial Highlights and FY 2024 Guidance Sravan Emany, Chief Financial Officer 4
Slide 5: Overview
Overview Tom McCourt Ironwood
Slide 6: In Q1 2024, we continued to make significant advancements across our strategic priorities
In Q1 2024, we continued to make significant advancements across our strategic priorities Q1 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
Slide 7: Pipeline Update
Pipeline Update Mike Shetzline 7
Slide 8: Primary Endpoint
Primary Endpoint Apraglutide met its primary endpoint of relative change from baseline in actual weekly parenteral support volume at week 24, a 2x treatment effect relative to placebo, driven by both stoma and colon-in-continuity populations 8
Slide 9: Apraglutide's differentiated clinical profile supports its potential
• Demonstrated efficacy across both stoma and colon-in- continuity patients • Rapid onset of treatment effect observed at week 8 and onward throughout the study • Enteral autonomy in both stoma and colon-in-continuity patients Apraglutide’s differentiated clinical profile, including its once-weekly
Slide 10: 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 11: Commercial Update, Q1 2024 Financial Highlights and Revised FY 2024 Guidance
Commercial Update, Q1 2024 Financial Highlights and Revised FY 2024 Guidance Sravan Emany 11
Slide 12: Continued strong LINZESS demand growth in Q1, supported by robust new-to-brand prescription volume
Continued strong LINZESS demand growth in Q1, supported by robust new-to-brand prescription volume Q1 2024 LINZESS Total EUTRx Demand1 LINZESS NBRx Volume / Growth Y/Y2 18,000,000 180,000 +18% Y/Y 20% +10% Y/Y 18% 17,000,000 170,000 16% 16,000,000 160,000 14% 15,000,000 12% EUTRx Volume 150,000 14,0
Slide 13: LINZESS Q1 2024 change in estimate reconciliation to Ironwood's collaboration revenue
LINZESS Q1 2024 change in estimate reconciliation to Ironwood’s collaboration revenue Q1 2024 LINZESS U.S. Brand Collaboration - Commercial Profit & Collaboration Revenue1 Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (000s) (000s) LINZESS U.S. net product sales as reported by
Slide 14: Q1 2024 financial performance
Q1 2024 financial performance $257M $75M LINZESS U.S. Net Sales1 Total Ironwood Revenues including Q1 LINZESS adjustment2 LINZESS net sales as reported by AbbVie were $257M, up 3% Primarily driven by $72M in U.S. LINZESS year-over-year collaboration revenue Strong prescription demand growth of 10% (
Slide 15: We are revising our FY 2024 guidance due to a LINZESS U.S. gross-to-net change
We are revising our FY 2024 guidance due to a LINZESS U.S. gross-to-net change in estimate related to the year ended December 31, 2023 Previous FY 2024 Guidance Revised FY 2024 Guidance1 (February 15, 2024) (May 9, 2024) LINZESS U.S. Low-single digits % growth Mid-single digits % decline1 net sales2
Slide 16: Appendix
APPENDIX 16
Slide 17: Q1 2024 Financial Summary
Q1 2024 Financial Summary Reconciliation of GAAP results to non-GAAP financial measures (page 1) Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (000s, except per share (000s, except per share amounts) amounts) GAAP net income (loss)1,2,3 $ (4,162) $ 45,714 Adjustments: Mark-to-m
Slide 18: Q1 2024 Financial Summary
Q1 2024 Financial Summary Reconciliation of GAAP results to non-GAAP financial measures (page 2) Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (000s, except per share (000s, except per share amounts) amounts) GAAP net income (loss) per share – diluted $ (0.03) $ 0.25 Adjustment
Slide 19: Q1 2024 Financial Summary: Reconciliation to adjusted EBITDA
Q1 2024 Financial Summary Reconciliation of GAAP net income (loss) to adjusted EBITDA Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (000s) (000s) GAAP net income (loss)1,2,3 $ (4,162) $ 45,714 Adjustments: Mark-to-market adjustments on the derivatives related to convertible - (
Slide 20: Q1 2024 Financial Summary: LINZESS U.S. Brand Collaboration
Q1 2024 Financial Summary LINZESS U.S. Brand Collaboration Commercial Profit & Collaboration Revenue1 Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (000s) (000s) LINZESS U.S. net product sales as reported by AbbVie2 $ 256,600 $ 250,214 AbbVie & Ironwood commercial costs, expens
Slide 21: Q1 2024 Financial Summary: Ironwood & AbbVie Total Net Profit
Q1 2024 Financial Summary LINZESS U.S. Brand Collaboration Ironwood & AbbVie Total Net Profit1 Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (000s) (000s) LINZESS U.S. net sales as reported by AbbVie2 $ 256,600 $ 250,214 AbbVie & Ironwood commercial costs, expenses and other 73
Slide 22: Thank You
AThank You
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