Financial Data and Key Metrics Changes - Ironwood Pharmaceuticals reported Q1 2022 U.S. net sales of LINZESS at $232 million, an 8% increase year-over-year, driven by strong prescription demand despite net price erosion [26][28] - The commercial margin for LINZESS improved to 74% in Q1 2022 from 73% in Q1 2021 [28] - Ironwood's total revenues for Q1 2022 were $98 million, reflecting a 10% year-over-year increase [28] - GAAP net income for Q1 2022 was $39 million, with adjusted EBITDA at $58 million [29] Business Line Data and Key Metrics Changes - LINZESS prescription demand increased by 11% year-over-year in Q1 2022, marking five consecutive quarters of double-digit growth [11][26] - The share of 90-day prescriptions for LINZESS reached an all-time high of 21% at the end of Q1 2022 [11] - Ironwood's revenues from U.S. LINZESS collaboration were $94 million in Q1 2022 [28] Market Data and Key Metrics Changes - LINZESS holds an 83% share in the branded IBS-C and chronic constipation market and a 43% share in the combined branded and generic market [10][11] - The company has supported nearly 4 million unique patients with LINZESS since its launch in 2012 [11] Company Strategy and Development Direction - The company aims to maximize LINZESS, strengthen its pipeline through acquisitions, and maintain sustained profits and cash flow [9][16] - Ironwood is focused on advancing treatments for GI diseases and becoming a leading GI healthcare company in the U.S. [7][8] - The company plans to present new data at the Digestive Disease Meeting, highlighting its commitment to advancing GI therapies [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of LINZESS, expecting double-digit prescription demand growth despite a forecast of low single-digit net sales growth for the year [33] - The company is well-positioned with $593 million in cash and cash equivalents, allowing for strategic investments and share repurchase programs [31][32] Other Important Information - Ironwood adopted a new convertible debt accounting standard in Q1 2022, affecting non-cash interest expense and diluted earnings per share calculations [30] - The company has repurchased $118 million of its common stock through March 31, 2022, as part of its share repurchase program [31] Q&A Session Summary Question: Pediatric opportunity for linaclotide - Management discussed expectations for the pediatric study, emphasizing the potential for clinically meaningful improvements in spontaneous bowel movements [41][61] Question: Business development and M&A potential - Management highlighted a cautious approach to M&A, focusing on value creation and capital preservation in the current market environment [54] Question: OTC version of linaclotide - Ongoing discussions with AbbVie regarding an OTC version of LINZESS were confirmed, with a focus on safety and regulatory metrics [50][52] Question: Marketing expenses for LINZESS - Management indicated ongoing discussions about optimizing marketing expenses without significantly impacting revenue, particularly in professional promotion [65]

Financial Performance - For the three months ended March 31, 2022, the company recorded net income of $38.8 million, compared to $39.9 million for the same period in 2021[160]. - Total revenues for the three months ended March 31, 2022, were $97.5 million, up 9.8% from $88.8 million in the prior year[195]. - Collaborative arrangements revenue increased by $8.9 million to $97.5 million for the three months ended March 31, 2022, representing a 10.0% increase compared to the same period in 2021[196]. - Net income for the three months ended March 31, 2022, was $38.8 million, down from $39.9 million in the same period in 2021[195]. - Cash and cash equivalents as of March 31, 2022, totaled $593.4 million[206]. - Net cash provided by operating activities was $64.1 million for the three months ended March 31, 2022, compared to $73.7 million in the prior year[213]. - Cash used in financing activities totaled $90.9 million, primarily due to $92.5 million in share repurchases[215]. Research and Development - Total research and development expenses for the three months ended March 31, 2022, were $10.8 million, a decrease from $15.5 million in the same period in 2021[175]. - Research and development expenses for linaclotide were $4.6 million for the three months ended March 31, 2022[175]. - The company is developing IW-3300, a GC-C agonist, for visceral pain conditions, with Phase I clinical trials commencing in Q1 2022[171]. - CNP-104, developed through a collaboration with COUR Pharmaceutical, targets primary biliary cholangitis and has received U.S. Fast Track Designation[172]. - The company expects to continue investing in linaclotide and its GI-focused product candidates for the foreseeable future[182]. - The company anticipates substantial expenses in the coming years for the development and commercialization of linaclotide and other products, while aiming to maintain positive cash flows[217]. Expenses - Selling, general and administrative expenses increased by $1.2 million to $28.9 million, a rise of 4% year-over-year[199]. - Interest expense decreased by $5.3 million to $2.3 million, a decline of 69% compared to the previous year[201]. - Research and development expenses decreased by $4.7 million to $10.8 million, a reduction of 30% compared to the same period in 2021[198]. Strategic Partnerships and Commercialization - Linaclotide, the company's commercial product, is available in the U.S., Mexico, Japan, and China, and is indicated for IBS-C and CIC[155]. - The company has strategic partnerships with AbbVie, AstraZeneca, and Astellas to support the commercialization of linaclotide globally[156]. - LINZESS sales in the U.S. are shared equally between the company and AbbVie after deducting commercial costs, constituting a significant portion of total revenue[217]. Risks and Future Outlook - The company has experienced fluctuations in quarterly settlement payments due to changes in selling, general, and administrative expenses related to remote selling activities[228]. - The COVID-19 pandemic has impacted operations and may continue to affect sales and marketing activities, particularly in-person promotions[223][228]. - The company is focused on maintaining the availability of LINZESS for IBS-C and CIC patients, with no significant disruptions to manufacturing reported as of the latest quarterly report[227]. - The company is exposed to interest rate risk, but an immediate 1% change in interest rates is not expected to materially affect the fair market value of its investment portfolio[231]. - The company has no significant monetary assets or liabilities in foreign currencies, thus minimizing foreign currency risk exposure[238]. - The company may consider additional funding through collaborative arrangements, strategic alliances, and equity or debt financing to strengthen its liquidity profile[221]. - The company’s financial forecasts involve risks and uncertainties, and actual results may vary materially from projections due to various factors[218]. Accumulated Deficit - As of March 31, 2022, the company had an accumulated deficit of approximately $832.6 million[160]. - The company had an accumulated deficit of approximately $832.6 million as of March 31, 2022[210].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34620 IRONWOOD PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) Delaware 04-3404176 (St ...

Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) Q4 2021 Earnings Conference Call February 17, 2022 8:30 AM ET Company Participants Matt Roache - Director of IR Thomas McCourt - CEO Michael Shetzline - CMO and Head of R&D Sravan K. Emany - CFO Conference Call Participants Boris Peaker - Cowen & Company Eric Joseph - JPMorgan Timothy Chiang - Northland Capital Unidentified Analyst - Wells Fargo Operator Ladies and gentlemen, good morning. My name is Abby and I will be your conference operator today. At this time ...

| --- | --- | --- | |---------------------------|-------|-------| | | | | | | | | | Ironwood Q4 and Full Year | | | | | | | | | | | | 2021 Investor Update | | | | February 17, 2022 | | | Ironwood Introduction Matt Roache 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 well against our strategic priorities; the Company's strategy, business, fi ...

Leading in GI through Growth and Innovation J.P. Morgan Healthcare Conference January 12, 2022 PRESENTED BY Tom McCourt, CEO Ironwood Pharmaceuticals, Inc. Safe Harbor Statement 2 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; our strategy, business, financial position and operations, including with respect to maximizing LINZESS® (linac ...

| --- | --- | |------------------|-------| | | | | | | | | | | | | | | | | Ironwood Q3 2021 | | | | | | Earnings Update | | | November 4, 2021 | | Ironwood Introduction Matt Roache 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; our strategy, business, financial position and operations, including with respect to max ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34620 IRONWOOD PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) (State or oth ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34620 IRONWOOD PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) (State or other ju ...

| --- | --- | |------------------|-------| | | | | | | | | | | Ironwood 1Q 2021 | | | | | | Earnings Update | | Ironwood Introduction Meredith Kaya 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; our strategy, business, financial position and operations, including with respect to maximizing LINZESS® (linaclotide), b ...