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Key Takeaways IRWD posted Q4 loss and revenue miss, with sales down 47% and shares sliding 11%.Ironwood's Linzess profit share declined 49% as U.S. net sales dropped 27% Y/Y in Q4 2025.IRWD reaffirmed 2026 revenue outlook of $450M-$475M and continues to see EBITDA above $300M.Ironwood Pharmaceuticals (IRWD) reported an adjusted loss of 1 cent per share for the fourth quarter of 2025, against the Zacks Consensus Estimate of earnings of 2 cents. The company had reported adjusted earnings of 1 cent per share i ...

Ironwood Pharmaceuticals (NasdaqGS:IRWD) Q4 2025 Earnings call February 25, 2026 08:30 AM ET Company ParticipantsAmy Li - SVP of Equity ResearchGregory Martini - SVP and CFOMichael Shetzline - Chief Medical OfficerTammi Gaskins - Chief Commercial OfficerThomas McCourt - CEOConference Call ParticipantsChase Knickerbocker - Senior Equity Research AnalystDominic Rose - Equity Research AnalystJason Butler - Managing Director and Senior Biotechnology Equity Research AnalystMohit Bansal - Managing Director and Se ...

Ironwood Pharmaceuticals (NasdaqGS:IRWD) Q4 2025 Earnings call February 25, 2026 08:30 AM ET Speaker6Thank you for standing by. My name is Liz, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Ironwood Pharmaceuticals Q4 and Full Year 2025 Investor Update Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this ...

Ironwood Pharmaceuticals Q4 and FY 2025 Investor Update February 25, 2026 1 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 mission; our strategy, business, financial position and operations; our ability to drive growth and profitability; the commercial potentia ...

Core Insights - Ironwood Pharmaceuticals reported its fourth quarter and full year 2025 results, highlighting significant developments in its product LINZESS and the advancement of apraglutide [1][2]. Financial Performance - Total revenue for Q4 2025 was $47.7 million, down from $90.5 million in Q4 2024. For the full year 2025, total revenue was $296.2 million, compared to $351.4 million in 2024 [3][11]. - GAAP net loss for Q4 2025 was $2.3 million, or $(0.01) per share, compared to a net income of $2.3 million, or $0.01 per share, in Q4 2024. For the full year 2025, GAAP net income was $24.0 million, or $0.15 per share, compared to $0.9 million, or $0.01 per share, in 2024 [3][40]. - Adjusted EBITDA for Q4 2025 was $10.9 million, down from $37.3 million in Q4 2024. For the full year 2025, adjusted EBITDA was $138.1 million, compared to $129.4 million in 2024 [3][12]. Product Performance - LINZESS achieved 11% year-over-year demand growth in 2025, treating over 5.7 million unique patients since its launch. However, U.S. net sales for LINZESS were $163.2 million in Q4 2025, a 27% decrease from $223.0 million in Q4 2024, and $864.5 million for the full year 2025, a 6% decrease from $916.3 million in 2024 [2][8][9]. - Total LINZESS prescription demand in Q4 2025 was 63 million capsules, a 13% increase compared to Q4 2024, and 234 million capsules for the full year 2025, an 11% increase compared to 2024 [8][9]. Strategic Initiatives - The company plans to focus on maximizing LINZESS, advancing apraglutide, and delivering sustained profits and cash flows in 2026. The financial guidance for 2026 includes expected U.S. LINZESS net sales of $1.125 - $1.175 billion and adjusted EBITDA exceeding $300 million [2][13]. - Apraglutide is being developed for short bowel syndrome patients dependent on parenteral support, with a Phase 3 clinical trial (STARS-2) expected to initiate in Q2 2026 [8][10]. Corporate Developments - In December 2025, Ironwood entered into a settlement agreement with Ferring International Center S.A., agreeing to pay $12.5 million, with $7.5 million paid in December 2025 and the remaining $5.0 million due by December 31, 2026 [10].

Core Viewpoint - Ironwood Pharmaceuticals (IRWD) and Bausch Health (BHC) are both active in the branded gastrointestinal (GI) drug market, focusing on treatments for irritable bowel syndrome (IBS) and other therapeutic areas. Ironwood is a smaller, focused company centered around its key GI drug, while Bausch Health is a larger, diversified drugmaker with a broader product range [1][2]. Group 1: Ironwood Pharmaceuticals (IRWD) - Ironwood's primary product, Linzess (linaclotide), is approved for treating IBS with constipation (IBS-C) and functional constipation, marketed in collaboration with AbbVie (ABBV) [3][4]. - In the first nine months of 2025, Ironwood's share of net profit from Linzess sales in the U.S. was $244.1 million, with sales increasing due to strong demand [5]. - Ironwood anticipates total revenues of $450-$475 million in 2026, representing a 54% year-over-year increase at the midpoint [6]. - The company is developing apraglutide, a next-generation GLP-2 analog for short bowel syndrome with intestinal failure, with a confirmatory study expected to start in the first half of 2026 [7]. - Despite the positive outlook for Linzess and apraglutide, Ironwood's heavy reliance on a single product raises concerns [8]. Group 2: Bausch Health (BHC) - Bausch Health operates across multiple therapeutic areas, with its eye health business under Bausch + Lomb Corporation, and reported fourth-quarter 2025 results that missed earnings estimates but exceeded revenue expectations [9]. - The Salix business segment, which includes GI products, is a significant revenue contributor, with Xifaxan being the top revenue generator [11]. - Bausch Health expects 2026 revenues to be between $10.625 billion and $10.875 billion, with $5.375 billion to $5.475 billion coming from Bausch + Lomb [10][14]. - The company faced a setback with the failure of the RED-C clinical program, which did not meet its primary endpoint [15]. - Bausch Health's high levels of debt and generic competition in the market are ongoing concerns [16]. Group 3: Comparative Analysis - The Zacks Consensus Estimate for Ironwood's 2026 sales suggests a year-over-year increase of approximately 50.5%, while Bausch Health's estimate indicates a 4.2% increase [17][19]. - In the past six months, Ironwood's shares have surged by 291.5%, contrasting with a 21% decline in Bausch Health's shares [22]. - Ironwood's shares trade at a price-to-sales (P/S) ratio of 2.42, significantly higher than Bausch Health's 0.22, indicating a more expensive valuation for Ironwood [23]. - Ironwood is rated as a Zacks Rank 1 (Strong Buy), while Bausch Health holds a Zacks Rank 3 (Hold), suggesting a more favorable investment outlook for Ironwood [26]. - Despite Bausch Health's diversified operations, Ironwood's growth momentum and potential for long-term profitability position it as the better investment choice [28].

BOSTON--(BUSINESS WIRE)--Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), today announced it will host its fourth quarter and full year 2025 investor update conference call and webcast at 8:30 a.m. Eastern Time on Wednesday, February 25, 2026. Individuals interested in participating in the call should dial (888) 596-4144 (U.S. and Canada) or (646) 968-2525 (international) using conference ID number and event passcode 8188306. To access the webcast, please visit the Investors & Media section o. ...

Core Insights - Ironwood Pharmaceuticals (IRWD) shares have surged 307.3% over the past six months, significantly outperforming the industry, sector, and S&P 500 Index, which saw a decline of 1.7% during the same period [1][8]. Company Performance - The primary driver for the stock's rise is the increasing demand for Linzess (linaclotide), Ironwood's sole marketed product, which is approved for treating irritable bowel syndrome with constipation (IBS-C) and functional constipation in children [4][10]. - Ironwood's revenue guidance for 2026 is optimistic, projecting total revenues of $450-$475 million, representing a 54% year-over-year increase at the midpoint, with adjusted EBITDA expected to exceed $300 million [8][11]. Revenue Generation - Ironwood collaborates with AbbVie (ABBV) for the marketing of Linzess in the U.S., sharing profits and losses equally. In the first nine months of 2025, Ironwood's share of net profit from Linzess sales was $244.1 million, with expectations for continued growth in 2026 [6][7]. - The company also has partnerships with Astellas Pharma and AstraZeneca for Linzess in Japan and China, respectively, generating steady royalty revenues based on net sales in those markets [9]. Market Strategy - Despite a reduction in Linzess' list price effective January 1, 2026, management anticipates an increase in net sales year-over-year due to reduced mandatory government rebates, which should enhance net revenues [12]. - Ironwood is focusing on label expansion studies for Linzess to support long-term growth [12]. Pipeline Development - Ironwood is advancing apraglutide, a next-generation GLP-2 analog, toward a phase III study in the first half of 2026, targeting short bowel syndrome with intestinal failure [13][14]. - The company acquired the rights to develop apraglutide following the acquisition of VectivBio in June 2023 [14]. Valuation Metrics - Ironwood is currently trading at a price-to-sales (P/S) ratio of 2.33, slightly above the industry average of 2.31, but below its five-year mean of 4.06 [15]. - The Zacks Consensus Estimate for 2026 earnings per share (EPS) has increased from 47 cents to 76 cents over the past 30 days, indicating a positive outlook from analysts [16]. Investment Outlook - The company is viewed positively, with recommendations for prospective investors to consider adding IRWD stock to their portfolios for potential gains in both the short and long term [17][18].

Core Viewpoint - Ironwood Pharmaceuticals is experiencing increased demand for its primary product, Linzess, which is marketed in collaboration with AbbVie, indicating a positive outlook for the company's revenue growth in the coming years [1][5]. Group 1: Product and Market Performance - Linzess is approved for treating irritable bowel syndrome with constipation (IBS-C) in adults and children aged seven and above, as well as functional constipation in children aged six to 17 [2]. - Ironwood has partnerships with Astellas Pharma and AstraZeneca for Linzess' development in Japan and China, respectively, generating royalty revenue from these collaborations [3]. - The company's revenue primarily comes from its collaboration with AbbVie for Linzess in the U.S., where profits and losses are shared equally [4]. Group 2: Financial Outlook - Ironwood's share of net profit from Linzess sales in the U.S. was $244.1 million in the first nine months of 2025, with expectations for significant sales growth in 2026 [5][10]. - The company anticipates total revenues of $450 million to $475 million in 2026, representing a 54% year-over-year increase at the midpoint compared to 2025 [7]. - An adjusted EBITDA of over $300 million is expected in 2026, reflecting effective cost management [7]. Group 3: Stock Performance and Valuation - Ironwood's stock has surged 457.2% over the past six months, outperforming the industry and the S&P 500 [9]. - The company is trading at a price-to-sales (P/S) ratio of 2.35, which is higher than the industry average of 2.28, but below its five-year mean of 4.08 [11]. Group 4: Earnings Estimates - The Zacks Consensus Estimate for 2025 earnings per share (EPS) remains stable at 16 cents, while estimates for 2026 have increased from 47 cents to 76 cents [13].