Ironwood Pharmaceuticals Inc (IRWD)

Ironwood Pharmaceuticals to Participate in the Jefferies Global Healthcare ConferenceMay 28, 2026 4:05 PM
Business Wire Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), today announced that management will participate in a fireside chat at the Jefferies Global Healthcare Conference on Thursday, June 4th at 11:05 a.m. ET. A live webcast of Ironwood’s fireside chat will be accessible through the Investors & Media section of the company’s website at www.ironwoodpharma.com. A replay of the webcast will be available on Ironwood’s website following the conference. About Ironwood Pharmaceuticals Ironwood Pharmaceuticals (Nasdaq: IRWD) is a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases. Ironwood is advancing apraglutide, a next-generation, long-acting synthetic GLP-2 analog being developed for short bowel syndrome patients who are dependent on parenteral support. In addition, Ironwood has been a pioneer in the development of LINZESS® (linaclotide), the U.S. branded prescription market leader for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Building upon our history of innovation, we keep patients at the heart of our R&D and commercialization efforts to reduce the burden of diseases and address significant unmet needs. Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts, with a site in Basel, Switzerland. We routinely post information that may be important to investors on our website at www.ironwoodpharma.com. In addition, follow us on X and on LinkedIn. View source version on businesswire.com: https://www.businesswire.com/news/home/20260528613319/en/ Company contact:
Jeff Ruberti
jruberti@ironwoodpharma.com Investors:
Precision AQ (formerly Stern Investor Relations)
Stephanie Ascher
stephanie.ascher@precisionaq.com Original: Ironwood Pharmaceuticals to Participate in the Jefferies Global Healthcare Conference

Ironwood Pharmaceuticals Reports Strong First Quarter 2026 Results With 97% Year-Over-Year LINZESS U.S. Net Sales Growth; Maintains Full-Year 2026 Financial GuidanceMay 7, 2026 7:05 AM
Business Wire – LINZESS® (linaclotide) U.S. net sales of $273 million in Q1 2026, primarily driven by improved net price and 5% EUTRx demand growth year-over-year – – Total revenue of $107 million, GAAP net income of $41 million and adjusted EBITDA of $77 million in Q1 2026 – – On track to begin site initiations for Phase 3 confirmatory trial of apraglutide in short bowel syndrome with intestinal failure (SBS-IF) in the second quarter of 2026 – – sNDA for LINZESS treatment of functional constipation (FC) in patients 2 to 5 years of age accepted and granted priority review by FDA; PDUFA date set for May 24th – Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases, today reported its first quarter 2026 results and recent business performance. “Our first quarter of 2026 delivered strong financial performance, driven by significantly improved net price and mid-single digit prescription growth for LINZESS, positioning us well to achieve our full-year 2026 financial guidance,” said Tom McCourt, chief executive officer of Ironwood. “We expect strong first quarter revenue to result in significant operating cash flows in the second quarter of 2026, which will help support repayment of our 2026 convertible notes at maturity in June.” “We remain on track for site initiation for the confirmatory STARS-2 Phase 3 clinical trial in the second quarter,” said Michael Shetzline, chief medical officer, senior vice president and head of research and drug development at Ironwood. “Building on the positive results from STARS, we believe that the highly potent, selective, and long-acting pharmacologic properties of apraglutide have the potential to drive best-in-class efficacy and tolerability with once-weekly dosing and redefine the standard of care in SBS-IF. Importantly, the long-term data generated to date show compelling enteral autonomy outcomes, with rapid and sustained reductions in parenteral support over time.” First Quarter 2026 Financial Highlights1 (in thousands, except for per share amounts) Q1 2026 Q1 2025 Total revenue $ 106,506 $ 41,143   Total costs and expenses   33,933   70,251   GAAP net income (loss)   40,773   (37,386 ) GAAP net income (loss) – per share basic   0.25   (0.23 ) GAAP net income (loss) – per share diluted   0.24   (0.23 ) Adjusted EBITDA2   76,671   (4,742 ) Non-GAAP net income (loss)   40,945   (23,228 ) Non-GAAP net income (loss) per share – basic   0.25   (0.14 ) Non-GAAP net income (loss) per share – diluted   0.24   (0.14 )   1 Refer to the Reconciliation of GAAP Results to Non-GAAP Financial Measures table and to the Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA table at the end of this press release. Refer to Non-GAAP Financial Measures for additional information. 2 Adjusted EBITDA is calculated by subtracting stock-based compensation, net restructuring expenses, net interest expense, income taxes, depreciation and amortization, from GAAP net income (loss). First Quarter and Full Year 2026 Corporate Highlights U.S. LINZESS In January 2026, the FDA accepted and granted priority review of a supplemental New Drug Application (sNDA) for LINZESS for the treatment of functional constipation (FC) in patients 2 to 5 years of age. The FDA assigned a Prescription Drug User Fee Act (PDUFA) date of May 24th. Prescription Demand: Total LINZESS prescription demand in the first quarter of 2026 was 56.0 million LINZESS capsules, a 5% increase compared to the first quarter of 2025, per IQVIA. U.S. Brand Collaboration: LINZESS U.S. net sales are provided to Ironwood by its U.S. partner, AbbVie Inc. (“AbbVie”). LINZESS U.S. net sales were $272.5 million in the first quarter of 2026, a 97% increase compared to $138.5 million in the first quarter of 2025. Ironwood and AbbVie share equally in U.S. brand collaboration profits. Q1 2026 LINZESS U.S. net sales growth year-over-year was driven by 5% demand growth and significantly improved net price due to elimination of inflationary rebates and favorable time-phasing of gross-to-net rebate reserves in the first quarter of 2026 relative to 2025. LINZESS commercial margin was 76% in the first quarter of 2026, compared to 52% in the first quarter of 2025. See the U.S. LINZESS Full Brand Collaboration table at the end of this press release. Net profit for the LINZESS U.S. brand collaboration, net of commercial and research and development (“R&D”) expenses, was $204.7 million in the first quarter of 2026, a 211% increase compared to $65.9 million in the first quarter of 2025. See the U.S. LINZESS Full Brand Collaboration table at the end of this press release. Collaboration Revenue to Ironwood: Ironwood recorded $104.2 million in collaboration revenue in the first quarter of 2026 related to sales of LINZESS in the U.S., a 169% increase compared to $38.8 million for the first quarter of 2025. See the U.S. LINZESS Commercial Collaboration table at the end of the press release. Apraglutide Apraglutide is a once weekly, long-acting synthetic glucagon-like peptide-2 (“GLP-2”) analog with the potential to treat a range of rare gastrointestinal diseases where GLP-2 can play a central role in addressing disease pathophysiology. Ironwood is advancing apraglutide for short bowel syndrome (“SBS”) patients dependent on parenteral support (“PS”), a severe chronic malabsorptive condition. Ironwood believes apraglutide has the potential to improve the standard of care for adult patients with SBS who are dependent on PS as the first and only GLP-2 to achieve a statistically significant reduction in weekly PS volume with once-weekly administration. Ironwood expects to begin initiating clinical sites in the second quarter of 2026, for STARS-2, a confirmatory Phase 3 clinical trial of apraglutide for patients with SBS-IF. STARS-2 is planned to be a 24-week global, randomized, double-blind, placebo-controlled trial. The primary endpoint is relative change from baseline in actual weekly PS volume, with additional key secondary endpoints also planned. In May, during the 2026 Digestive Disease Week (DDW), Ironwood presented data pooled from the STARS clinical program - including the Phase 2 STARS Nutrition study, STARS Phase 3 randomized placebo-controlled study, and the ongoing open-label extension study STARS Extend - apraglutide showed a safety profile consistent with previous studies. These findings build on the positive data previously announced in 2024. First Quarter 2026 Financial Results Total Revenue. Total revenue in the first quarter of 2026 was $106.5 million, compared to $41.1 million in the first quarter of 2025. Total revenue in the first quarter of 2026 consisted of $104.2 million associated with Ironwood’s share of the net profits from the sales of LINZESS in the U.S., and $2.3 million in royalties and other revenue. Total revenue in the first quarter of 2025 consisted of $38.8 million associated with Ironwood’s share of the net profits from the sales of LINZESS in the U.S., and $2.3 million in royalties and other revenue. Total Costs and Expenses. Total costs and expenses in the first quarter of 2026 were $33.9 million, compared to $70.3 million in the first quarter of 2025. Total costs and expenses in the first quarter of 2026 consisted of $21.9 million in R&D expenses, $12.0 million in selling, general and administrative (“SG&A”) expenses, and reversal of an insignificant amount in restructuring expenses. Total costs and expenses in the first quarter of 2025 consisted of $27.4 million in R&D expenses, $24.3 million in SG&A expenses, and $18.6 million in restructuring expenses. Interest Expense. Interest expense was $9.1 million in the first quarter of 2026, in connection with Ironwood’s convertible senior notes and revolving credit facility. Interest expense was $8.1 million in the first quarter of 2025 in connection with Ironwood’s convertible senior notes and revolving credit facility. Interest and Investment Income. Interest and investment income was $1.7 million in the first quarter of 2026 and $0.9 million in the first quarter of 2025. Other. Other income was insignificant in the first quarter of 2026 and in the first quarter of 2025 and pertained to a gain recorded for pension-related activities. Income Tax Expense. Ironwood recorded $24.4 million of income tax expense in the first quarter of 2026, the majority of which was non-cash, as Ironwood continues to utilize net operating losses to offset taxable income for federal purposes and in many states. Ironwood recorded $1.1 million of income tax expense in the first quarter of 2025, the majority of which was non-cash, as Ironwood continued to utilize net operating losses to offset taxable income for federal purposes and in many states. GAAP Net Income (Loss). GAAP net income was $40.8 million, or $0.25 per share (basic) and $0.24 per share (diluted) in the first quarter of 2026, compared to GAAP net loss of $37.4 million, or ($0.23) per share (basic and diluted) in the first quarter of 2025. Non-GAAP Net Income (Loss). Non-GAAP net income was $40.9 million, or $0.25 per share (basic) and $0.24 per share (diluted), in the first quarter of 2026, compared to non-GAAP net loss of $23.2 million, or ($0.14) per share (basic and diluted), in the first quarter of 2025. Non-GAAP net income (loss) excludes the impact of amortization of acquired intangible assets, and net restructuring expenses, all net of tax effect. See Non-GAAP Financial Measures below. Adjusted EBITDA. Adjusted EBITDA was $76.7 million in the first quarter of 2026, compared to ($4.7) million in the first quarter of 2025. Adjusted EBITDA is calculated by subtracting stock-based compensation, net restructuring expenses, net interest expense, income taxes, depreciation and amortization, from GAAP net income (loss). See Non-GAAP Financial Measures below. Cash Flow Highlights. Ironwood ended the first quarter of 2026 with $220.5 million of cash and cash equivalents, compared to $215.5 million of cash and cash equivalents at the end of 2025. The outstanding principal balance on the revolving credit facility was $385.0 million as of March 31, 2026. Ironwood generated $5.1 million in cash from operations in the first quarter of 2026, compared to $20.0 million in cash from operations in the first quarter of 2025. Ironwood had $105.8 million in accounts receivable as of March 31, 2026, primarily related to first quarter 2026 collaboration revenues. Ironwood 2026 Financial Guidance. Ironwood continues to expect:   2026 Guidance (May 2026) U.S. LINZESS Net Sales $1.125 - $1.175 billion Driven by improved net price and low-single digit percentage demand growth Total Revenue1 $450 - $475 million Adjusted EBITDA2 >$300 million   1 Ironwood’s U.S. collaborative arrangements revenue includes reimbursement from AbbVie for a portion of Ironwood’s commercial expenses related to sales of LINZESS in the U.S. 2 Adjusted EBITDA is calculated by subtracting stock-based compensation, net restructuring expenses, net interest expense, income taxes, and depreciation and amortization from GAAP net income (loss). For purposes of this guidance, we have assumed that Ironwood will not incur material expenses related to business development activities in 2026. Ironwood does not provide guidance on GAAP net income or a reconciliation of expected adjusted EBITDA to expected GAAP net income because, without unreasonable efforts, it is unable to predict with reasonable certainty the non-GAAP adjustments used to calculate adjusted EBITDA. These adjustments are uncertain, depend on various factors and could have a material impact on GAAP net income for the guidance period. Management believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood’s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood’s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. Non-GAAP Financial Measures Ironwood presents non-GAAP net income (loss) and non-GAAP net income (loss) per share to exclude amortization of acquired intangible assets, and net restructuring expenses, all net of tax effect. Non-GAAP adjustments are further detailed below: Amortization of acquired intangible assets are non-cash expenses arising in connection with the acquisition of VectivBio and are considered to be non-recurring. Restructuring expenses are considered to be a non-recurring event as they are associated with distinct operational decisions. Restructuring expenses include costs associated with exit and disposal activities. Ironwood also presents adjusted EBITDA, a non-GAAP measure, as well as guidance on adjusted EBITDA. Adjusted EBITDA is calculated by subtracting stock-based compensation, net restructuring expenses, net interest expense, income taxes, depreciation and amortization from GAAP net income (loss). The adjustments are made on a similar basis as described above related to non-GAAP net income (loss), as applicable. Management believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood’s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood’s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. For a reconciliation of non-GAAP net income (loss) and non-GAAP net income (loss) per share to GAAP net income (loss) and GAAP net income (loss) per share, respectively, and for a reconciliation of adjusted EBITDA to GAAP net income (loss), please refer to the tables at the end of this press release. Ironwood does not provide guidance on GAAP net income or a reconciliation of expected adjusted EBITDA to expected GAAP net income because, without unreasonable efforts, it is unable to predict with reasonable certainty the non-GAAP adjustments used to calculate adjusted EBITDA. These adjustments are uncertain, depend on various factors and could have a material impact on GAAP net income for the guidance period. Conference Call Information Ironwood will host a conference call and webcast at 8:30 a.m. Eastern Time on Thursday, May 7th, 2026 to discuss its first quarter results and recent business activities. 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 3647053. To access the webcast, please visit the Investors section of Ironwood’s website at www.ironwoodpharma.com. The call will be available for replay via telephone starting Thursday, May 7th, 2026, at approximately 11:30 a.m. Eastern Time, running through 11:59 p.m. Eastern Time on Thursday, May 21st, 2026. To listen to the replay, dial (800) 770-2030 (U.S. and Canada) or (609) 800-9909 (international) using conference ID number 3647053. The archived webcast will be available on Ironwood’s website for 1 year beginning approximately one hour after the call has completed. About Ironwood Pharmaceuticals Ironwood Pharmaceuticals (Nasdaq: IRWD) is a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases. Ironwood is advancing apraglutide, a next-generation, long-acting synthetic GLP-2 analog being developed for short bowel syndrome patients who are dependent on parenteral support. In addition, Ironwood has been a pioneer in the development of LINZESS® (linaclotide), the U.S. branded prescription market leader for the treatment of irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Building upon our history of innovation, we keep patients at the heart of our R&D and commercialization efforts to reduce the burden of diseases and address significant unmet needs. Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts, with a site in Basel, Switzerland. We routinely post information that may be important to investors on our website at www.ironwoodpharma.com. In addition, follow us on X and on LinkedIn. About LINZESS (Linaclotide) LINZESS® is the #1 prescribed brand in the U.S. for the treatment of patients with irritable bowel syndrome with constipation (“IBS-C”) or chronic idiopathic constipation (“CIC”), based on IQVIA data. LINZESS is a once-daily capsule that helps relieve the abdominal pain and constipation, associated with IBS-C in adults and pediatric patients 7 years of age and older. LINZESS has also been shown to relieve constipation, infrequent stools, hard stools, straining, and incomplete evacuation associated with CIC in adult patients. LINZESS relieves constipation in children and adolescents aged 6 to 17 years with functional constipation. LINZESS is not a laxative; it is the first medicine approved by the FDA in a class called GC-C agonists. LINZESS contains a peptide called linaclotide that activates the GC-C receptor in the intestine. Activation of GC-C is thought to result in increased intestinal fluid secretion and accelerated transit and a decrease in the activity of pain-sensing nerves in the intestine. The clinical relevance of the effect on pain fibers, which is based on nonclinical studies, has not been established. In the United States, Ironwood and AbbVie co-develop and co-commercialize LINZESS for the treatment of adults with IBS-C or CIC. In Europe, AbbVie markets linaclotide under the brand name CONSTELLA® for the treatment of adults with moderate to severe IBS-C. In Japan, Ironwood's partner, Astellas, markets linaclotide under the brand name LINZESS for the treatment of adults with IBS-C or CIC. Ironwood also has partnered with AstraZeneca for development and commercialization of LINZESS in China, and with AbbVie for development and commercialization of linaclotide in all other territories worldwide. LINZESS Important Safety Information INDICATIONS AND USAGE LINZESS® (linaclotide) is indicated for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults and pediatric patients 7 years of age and older, and for the treatment of chronic idiopathic constipation (CIC) in adults, and for the treatment of functional constipation (FC) in pediatric patients 6 years of age and older. IMPORTANT SAFETY INFORMATION WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS LESS THAN 2 YEARS OF AGE   LINZESS is contraindicated in patients less than 2 years of age. In nonclinical studies in neonatal mice, administration of a single, clinically relevant adult oral dose of linaclotide caused deaths due to dehydration. Contraindications LINZESS is contraindicated in patients less than 2 years of age due to the risk of serious dehydration. LINZESS is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction. Warnings and Precautions Risk of Serious Dehydration in Pediatric Patients Less Than 2 Years of Age LINZESS is contraindicated in patients less than 2 years of age. In neonatal mice, linaclotide increased fluid secretion as a consequence of age-dependent elevated guanylate cyclase (GC-C) agonism, which was associated with increased mortality within the first 24 hours due to dehydration. There was no age dependent trend in GC-C intestinal expression in a clinical study of children 2 to less than 18 years of age; however, there are insufficient data available on GC-C intestinal expression in children less than 2 years of age to assess the risk of developing diarrhea and its potentially serious consequences in these patients. Diarrhea In adults, diarrhea was the most common adverse reaction in LINZESS-treated patients in the pooled IBS-C and CIC double-blind placebo-controlled trials. The incidence of diarrhea was similar in the IBS-C and CIC populations. Severe diarrhea was reported in 2% of 145 mcg and 290 mcg LINZESS-treated patients and in

Ironwood Survey Findings at DDW 2026 Underscore Need for Therapies that Address Multiple Dimensions of Total Parenteral Nutrition (TPN) Burden in Short Bowel Syndrome (SBS)May 4, 2026 7:05 AM
Business Wire
– Surveyed HCPs identified reduction of days on TPN as a top priority –


– Improved quality of life, lower risk of infection and thrombosis viewed as key benefits of reduced TPN dependence –


– Additional presentations feature long-term apraglutide safety and tolerability data, new linaclotide data analyses across patient populations –


Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases, presented new findings at Digestive Diseases Week® (DDW) 2026 from a survey assessing healthcare provider (HCP) perspectives on the use of total parenteral nutrition (TPN) in the treatment of short bowel syndrome (SBS). Surveyed HCPs emphasized the importance of reducing patient dependence on TPN to improve quality of life, reduce line infections and lower the risk of thrombosis. The majority (46.4%) identified reducing the number of days per week on TPN as a priority attribute of future therapies. An additional 30.1% prioritized reducing TPN hours per day, while fewer respondents (11.3%) prioritized reducing TPN volume.


SBS is a serious and chronic condition characterized by reduced absorptive capacity for fluids and/or nutrients, often requiring long-term dependence on parenteral support or PS (IV nutrition and/or IV hydration) to sustain life. Patients with SBS who are chronically dependent on PS, also referred to as SBS with intestinal failure (SBS-IF), frequently experience significant treatment burden, reduced quality of life and increased risk of severe complications such as infections. Despite current management approaches, substantial unmet need remains for therapies that reduce PS dependence and improve outcomes. An estimated 18,000 adult patients suffer from SBS-IF in the U.S., Europe and Japan, and have chronic dependence on PS.


“For many people living with short bowel syndrome, TPN is life-sustaining but can also profoundly affect quality of life. The LANDMARK survey shows that there remains a clear need for more therapies that further reduce TPN dependence,” said Syed-Mohammed R. Jafri, M.D., a gastroenterologist and transplant hepatologist with Detroit-based Henry Ford Health and lead author of the study. “While reducing TPN volume is still important, reducing the number of days on TPN may have a more meaningful impact on patients' lives.”


The survey findings also highlighted the significant burden associated with long-term TPN dependence among patients with SBS-IF. HCPs cited central line infections (59.8%), fatigue (47.9%), central line pain (43.2%), abdominal pain (40.5%), edema (37.5%) and thrombosis (29.5%) as the most common complications. Central line infections (49.7%) and central line pain (44.0%) were identified as the most distressing issues for patients. Nearly half of respondents (48.2%) cited central venous catheter related challenges – including infections, pain and thrombosis – as a primary limitation of TPN, followed by decreased quality of life (34.8%) and hepatotoxicity (32.4%).


“The survey findings underscore the real-world experience of patients suffering with SBS-IF while the endpoints in our STARS and STARS-2 clinical trials of apraglutide are designed to evaluate dimensions of parenteral support dependence, including reduction in TPN volume and increases in days off TPN,” said Michael Shetzline, M.D., Ph.D., chief medical officer, senior vice president and head of research and drug development at Ironwood Pharmaceuticals. “By staying grounded in real-world insights from HCPs – and patients – we can better focus on improving patient outcomes.”


In addition to the survey findings, Ironwood and its collaborators presented data from apraglutide and linaclotide studies. Key findings are summarized below.


Apraglutide Long-Term Safety Data



Data pooled from the STARS clinical program – including the Phase 2 STARS Nutrition study, STARS Phase 3 randomized placebo-controlled parent study and the ongoing open-label extension STARS Extend – demonstrated that apraglutide showed a well-tolerated long-term safety profile consistent with previous studies, low discontinuation rates due to TEAEs and no new safety observations.



Linaclotide Data



In pediatric patients aged 2-5 years with functional constipation, data from a Phase 3 open-label extension showed that linaclotide 72 mcg was well tolerated with no new safety signals. The majority of patients saw their FC symptoms resolve, with a low incidence of diarrhea.



In adults with IBS-C, a post-hoc analysis showed that linaclotide was associated with improved IBS-C symptoms across race, ethnicity and age subgroups. Safety outcomes were consistent with the established safety profile.



In adults with severe CIC, a post-hoc pooled analysis of Phase 3 studies showed that linaclotide 72 mcg or 145 mcg improved bowel movement frequency, stool consistency, straining and most abdominal symptoms, highlighting its ability to address both bowel function and symptom burden.



A post-hoc analysis showed that linaclotide demonstrated efficacy across key clinical endpoints in adults with CIC and IBS-C irrespective of pH-modifying agent use, and in IBS-C irrespective of pH-modifying agent use, with safety outcomes consistent with the known safety profile.



About the LANDMARK Survey


The LANDMARK disease burden survey is a cross-sectional study of HCPs, patients and caregivers assessing the real-world burden of SBS and PS dependence. The HCP survey recruited 336 participants (U.S., n=123; Europe, n=213) with two or more years of experience treating patients with SBS-IF and actively managing one or more patients. Respondents included physicians (42.0%), pharmacists (23.0%), and dietitians (18.0%), practicing primarily in gastroenterology (45.2%), clinical nutrition/nutritional support (23.5%) and internal medicine (17.3%).


About STARS and STARS-2


The STARS (STudy of ApRaglutide in SBS) pivotal Phase 3 clinical trial represents the largest Phase 3 clinical trial in SBS-IF to date.


This global, multicenter, double-blind, randomized, placebo-controlled trial evaluated the efficacy and safety of weekly subcutaneous injections of apraglutide in adult patients with SBS-IF. STARS enrolled 164 patients and dosed 163 stratified approximately 50/50 (stoma vs. colon-in-continuity), then evaluated them over 24 weeks (stoma and colon-in-continuity populations) and 48 weeks (colon-in-continuity population only). Patients were randomized 2:1 to either once weekly apraglutide or placebo. The primary endpoint was relative change from baseline in actual weekly PS volume at week 24. Key secondary endpoints included patients who achieved a reduction from baseline of at least 1 day/week of PS at week 24 (all patients); relative change from baseline in actual weekly PS volume at week 24 (stoma population); patients who achieved a reduction from baseline of at least 1 day/week of PS at week 48 (colon-in-continuity population); and patients reaching enteral autonomy at week 48 (colon-in-continuity population). The study was conducted in 18 countries with 68 active sites.


STARS-2 is a planned confirmatory Phase 3 clinical trial of apraglutide for patients with SBS-IF. STARS-2 is planned to be a 24-week global, randomized, double-blind, placebo-controlled trial. The clinical trial will consist of a primary endpoint measuring relative change from baseline in actual weekly PS as well as additional key secondary endpoints.


About Apraglutide


Apraglutide is an investigational, next-generation, long-acting synthetic GLP-2 analog with the potential to treat a range of rare gastrointestinal diseases where GLP-2 can play a central role in addressing disease pathophysiology. Ironwood is advancing apraglutide for short bowel syndrome (“SBS”) patients dependent on parenteral support (“PS”), a severe chronic malabsorptive condition. As the first and only GLP-2 to achieve a statistically significant reduction in weekly parenteral support volume with once-weekly administration, Ironwood believes apraglutide has the potential to improve the standard of care for adult patients with SBS who are dependent on PS.


About LINZESS (Linaclotide)


LINZESS® is the #1 prescribed brand in the U.S. for the treatment of patients with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC), based on IQVIA data. LINZESS is a once-daily capsule that helps relieve the abdominal pain and constipation, associated with IBS-C in adults and pediatric patients 7 years of age and older. LINZESS has also been shown to relieve constipation, infrequent stools, hard stools, straining and incomplete evacuation associated with CIC in adult patients. LINZESS relieves constipation in children and adolescents aged 6 to 17 years with functional constipation.


LINZESS is not a laxative; it is the first medicine approved by the FDA in a class called GC-C agonists. LINZESS contains a peptide called linaclotide that activates the GC-C receptor in the intestine. Activation of GC-C is thought to result in increased intestinal fluid secretion and accelerated transit and a decrease in the activity of pain-sensing nerves in the intestine. The clinical relevance of the effect on pain fibers, which is based on nonclinical studies, has not been established.


In the United States, Ironwood and AbbVie co-develop and co-commercialize LINZESS for the treatment of adults with IBS-C or CIC. In Europe, AbbVie markets linaclotide under the brand name CONSTELLA® for the treatment of adults with moderate to severe IBS-C. In Japan, Ironwood's partner, Astellas, markets linaclotide under the brand name LINZESS for the treatment of adults with IBS-C or CIC. Ironwood also has partnered with AstraZeneca for development and commercialization of LINZESS in China, and with AbbVie for development and commercialization of linaclotide in all other territories worldwide.


LINZESS Important Safety Information


INDICATIONS AND USAGE


LINZESS® (linaclotide) is indicated for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults and pediatric patients 7 years of age and older and for the treatment of chronic idiopathic constipation (CIC) in adults and for the treatment of functional constipation (FC) in children and adolescents 6 to 17 years of age.


IMPORTANT SAFETY INFORMATION


WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS LESS THAN 2 YEARS OF AGE

LINZESS is contraindicated in patients less than 2 years of age. In nonclinical studies in neonatal mice, administration of a single, clinically relevant adult oral dose of linaclotide caused deaths due to dehydration.


Contraindications



LINZESS is contraindicated in patients less than 2 years of age due to the risk of serious dehydration.



LINZESS is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.



Warnings and Precautions



LINZESS is contraindicated in patients less than 2 years of age. In neonatal mice, linaclotide increased fluid secretion as a consequence of age-dependent elevated guanylate cyclase (GC-C) agonism, which was associated with increased mortality within the first 24 hours due to dehydration. There was no age dependent trend in GC-C intestinal expression in a clinical study of children 2 to less than 18 years of age; however, there are insufficient data available on GC-C intestinal expression in children less than 2 years of age to assess the risk of developing diarrhea and its potentially serious consequences in these patients.



Diarrhea



In adults, diarrhea was the most common adverse reaction in LINZESS-treated patients in the pooled IBS-C and CIC double-blind placebo-controlled trials. The incidence of diarrhea was similar in the IBS-C and CIC populations. Severe diarrhea was reported in 2% of 145 mcg and 290 mcg LINZESS-treated patients and in

Ironwood Pharmaceuticals to Host First Quarter 2026 Investor Update CallApril 30, 2026 4:05 PM
Business Wire
Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), today announced it will host its first quarter 2026 investor update conference call and webcast at 8:30 a.m. Eastern Time on Thursday, May 7, 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 of Ironwood’s website at www.ironwoodpharma.com.


The call will be available for replay via telephone starting Thursday, May 7, 2026, at approximately 11:30 a.m. Eastern Time, running through 11:59 p.m. Eastern Time on Thursday, May 21, 2026. To listen to the replay, dial (800) 770-2030 (U.S. and Canada) or (609) 800-9909 (international) using conference ID number 8188306.


About Ironwood Pharmaceuticals


Ironwood Pharmaceuticals (Nasdaq: IRWD) is a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases. Ironwood is advancing apraglutide, a next-generation, long-acting synthetic GLP-2 analog being developed for short bowel syndrome patients who are dependent on parenteral support. In addition, Ironwood has been a pioneer in the development of LINZESS® (linaclotide), the U.S. branded prescription market leader for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Building upon our history of innovation, we keep patients at the heart of our R&D and commercialization efforts to reduce the burden of diseases and address significant unmet needs.


Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts, with a site in Basel, Switzerland.


We routinely post information that may be important to investors on our website at http://www.ironwoodpharma.com. In addition, follow us on X and on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430259256/en/
Company contact:

Greg Martini

Chief Financial Officer

gmartini@ironwoodpharma.com


Investors:

Precision AQ (formerly Stern Investor Relations)

Stephanie Ascher

stephanie.ascher@precisionaq.com


Original: Ironwood Pharmaceuticals to Host First Quarter 2026 Investor Update Call

Ironwood Pharmaceuticals to Share Real-World HCP Perspectives on Burden of Total Parenteral Nutrition in Short Bowel Syndrome (SBS) at Digestive Disease Week® 2026April 23, 2026 7:05 AM
Business Wire
– Separate poster will feature long-term safety and tolerability data from STARS clinical trial program of apraglutide in adults with SBS who are dependent on parenteral support (PS) –


– Linaclotide data presentations highlight efficacy and safety insights in IBS-C, CIC and pediatric FC –


Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases, announced today that the company will present data from its LANDMARK survey during the 2026 Digestive Disease Week® (DDW) meeting being held from May 2-5 in Chicago, IL. The data will spotlight healthcare professional (HCP) insights on the burden of total parenteral nutrition (TPN) for patients with short bowel syndrome (SBS), as well as preferred attributes for potential new therapies that reduce TPN dependence.


SBS is a serious and chronic condition characterized by reduced absorptive capacity for fluids and/or nutrients, often requiring long-term dependence on parenteral support (PS) (IV nutrition and/or IV hydration) to sustain life. Patients with SBS who are chronically dependent on PS, also referred to as SBS with intestinal failure (SBS-IF), frequently experience significant treatment burden, reduced quality of life and increased risk of severe complications such as infection. Despite current management approaches, substantial unmet need remains for therapies that reduce PS dependence and improve outcomes. An estimated 18,000 adult patients suffer from SBS-IF in the U.S., Europe and Japan, and have chronic dependence on PS.


Ironwood is advancing apraglutide, an investigational, next-generation, long-acting synthetic GLP-2 analog, for SBS patients dependent on PS.


“Short bowel syndrome remains a complex and underserved condition where patients and clinicians face significant challenges, particularly for those who rely on parenteral support, which is often life-sustaining but can be associated with substantial treatment burden,” said Michael Shetzline, M.D., Ph.D., chief medical officer, senior vice president and head of research and drug development at Ironwood Pharmaceuticals. “By bringing forward real-world healthcare professional perspectives, we aim to deepen understanding of current management and the factors that shape SBS-IF care in everyday practice and help inform future therapeutic approaches.”


In addition to the LANDMARK survey data, Ironwood will present long-term safety and tolerability data from the STARS clinical trial program of apraglutide in adults with SBS who are dependent on PS. Additional presentations include key findings from the company’s Phase 3 open-label safety extension study of linaclotide in pediatric patients aged 2–5 years with functional constipation, as well as analyses in adults with irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC).


A full list of the poster presentations is below.


Short Bowel Syndrome



“Burden of Total Parenteral Nutrition for Patients with Short Bowel Syndrome Dependent on Parenteral Support: Healthcare Professional Perspectives on Risks, Limitations, and Treatment Priorities” (Sunday, May 03, 12:30 pm CT) will be presented by Mena Boules, M.D., Ironwood Pharmaceuticals.



“Long-Term Safety and Tolerability of Once-Weekly Apraglutide in Patients with Short Bowel Syndrome and Intestinal Failure (SBS-IF)” (Sunday, May 03, 12:30 pm CT) will be presented by Palle Bekker Jeppesen, M.D., Dr.med/Sci., Ph.D., dls., Rigshospitalet, Copenhagen.



IBS-C, CIC and Functional Constipation



“Effect of pH-Modifying Agents on the Efficacy and Safety of Linaclotide in Adults with Chronic Idiopathic Constipation (CIC) or Irritable Bowel Syndrome with Constipation (IBS-C): A Post Hoc Analysis” (Saturday, May 02, 12:30 pm CT) will be presented by Satish SC Rao, M.D., Ph.D., FRCP (LON), FACG, AGAF, Augusta University.



“Safety and Efficacy of Linaclotide in Pediatric Patients Aged 2–5 Years with Functional Constipation (FC): Results from an Open-Label Safety Extension of a Phase 3 Study” (Monday, May 04, 12:30 pm CT) will be presented by Carlo Di Lorenzo, M.D., Nationwide Children’s Hospital.



“Efficacy and Safety of Linaclotide in Irritable Bowel Syndrome with Constipation (IBS-C): A Phase 3 Post Hoc Analysis by Race, Ethnicity and Age” (Saturday, May 02, 12:30 pm CT) will be presented by Aditya Ashok, M.D., Weill Cornell Medical College.



“Linaclotide Efficacy in Adults with Severe Chronic Idiopathic Constipation (CIC): A Post Hoc Pooled Analysis of Phase 3 Studies” (Monday, May 04, 12:30 pm CT) will be presented by Anthony J. Lembo, M.D., Digestive Disease Institute, Cleveland Clinic.



About the LANDMARK Survey


The LANDMARK disease burden survey is a cross-sectional study of HCPs, patients and caregivers assessing the real-world burden of SBS and PS dependence. The HCP survey recruited 336 participants (U.S., n=123; Europe, n=213) with two or more years of experience treating patients with SBS-IF and actively managing one or more patients. Respondents included physicians (42.0%), pharmacists (23.0%) and dietitians (18.0%), practicing primarily in gastroenterology (45.2%), clinical nutrition/nutritional support (23.5%) and internal medicine (17.3%).


About Apraglutide


Apraglutide is an investigational, next-generation, long-acting synthetic GLP-2 analog with the potential to treat a range of rare gastrointestinal diseases where GLP-2 can play a central role in addressing disease pathophysiology. Ironwood is advancing apraglutide for short bowel syndrome (“SBS”) patients dependent on parenteral support (“PS”), a severe chronic malabsorptive condition. As the first and only GLP-2 to achieve a statistically significant reduction in weekly parenteral support volume with once-weekly administration, Ironwood believes apraglutide has the potential to improve the standard of care for adult patients with SBS who are dependent on PS.


About LINZESS (Linaclotide)


LINZESS® is the #1 prescribed brand in the U.S. for the treatment of patients with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC), based on IQVIA data. LINZESS is a once-daily capsule that helps relieve the abdominal pain and constipation, associated with IBS-C in adults and pediatric patients 7 years of age and older. LINZESS has also been shown to relieve constipation, infrequent stools, hard stools, straining and incomplete evacuation associated with CIC in adult patients. LINZESS relieves constipation in children and adolescents aged 6 to 17 years with functional constipation.


LINZESS is not a laxative; it is the first medicine approved by the FDA in a class called GC-C agonists. LINZESS contains a peptide called linaclotide that activates the GC-C receptor in the intestine. Activation of GC-C is thought to result in increased intestinal fluid secretion and accelerated transit and a decrease in the activity of pain-sensing nerves in the intestine. The clinical relevance of the effect on pain fibers, which is based on nonclinical studies, has not been established.


In the United States, Ironwood and AbbVie co-develop and co-commercialize LINZESS for the treatment of adults with IBS-C or CIC. In Europe, AbbVie markets linaclotide under the brand name CONSTELLA® for the treatment of adults with moderate to severe IBS-C. In Japan, Ironwood's partner, Astellas, markets linaclotide under the brand name LINZESS for the treatment of adults with IBS-C or CIC. Ironwood also has partnered with AstraZeneca for development and commercialization of LINZESS in China, and with AbbVie for development and commercialization of linaclotide in all other territories worldwide.


LINZESS Important Safety Information


INDICATIONS AND USAGE


LINZESS® (linaclotide) is indicated for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults and pediatric patients 7 years of age and older and for the treatment of chronic idiopathic constipation (CIC) in adults and for the treatment of functional constipation (FC) in children and adolescents 6 to 17 years of age.


IMPORTANT SAFETY INFORMATION


WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS LESS THAN 2 YEARS OF AGE

LINZESS is contraindicated in patients less than 2 years of age. In nonclinical studies in neonatal mice, administration of a single, clinically relevant adult oral dose of linaclotide caused deaths due to dehydration.


Contraindications



LINZESS is contraindicated in patients less than 2 years of age due to the risk of serious dehydration.



LINZESS is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.



Warnings and Precautions



LINZESS is contraindicated in patients less than 2 years of age. In neonatal mice, linaclotide increased fluid secretion as a consequence of age-dependent elevated guanylate cyclase (GC-C) agonism, which was associated with increased mortality within the first 24 hours due to dehydration. There was no age dependent trend in GC-C intestinal expression in a clinical study of children 2 to less than 18 years of age; however, there are insufficient data available on GC-C intestinal expression in children less than 2 years of age to assess the risk of developing diarrhea and its potentially serious consequences in these patients.



Diarrhea



In adults, diarrhea was the most common adverse reaction in LINZESS-treated patients in the pooled IBS-C and CIC double-blind placebo-controlled trials. The incidence of diarrhea was similar in the IBS-C and CIC populations. Severe diarrhea was reported in 2% of 145 mcg and 290 mcg LINZESS-treated patients and in

I cannot interpret Sarissa selling a big chunk of their shares as nothing burger.

Denner had a significantly high average. Probably around $11-$12/sh. So he took almost $50M loss.
This shows that there is no strategic review or buyout talks in the horizon. Why would he sell it for $3 if he could sell for $6+ in a couple of months in case there were active buyout interest in the company.

If his investors wanted liquidation and this is why he sold, he would have sold another unimportant position in another company and wait this to be acquired if there was any interest.

Most likely he will also lose his board seat here.

As I said I cannot interpret this as OK'ish news. I think he was unhappy that the company decided to go solo with Apra and gave up. I expect him to unload rest of his shares. By the way, yesterday was another unusually high volume with 14 mil shares traded (4,7mil was after hours dark pool). It could be him, it could be another institutional investor.

Who bought those 20 million shares is another question.

By the way, I am long and was dreaming for a $8+/share buyout but I guess this went into dumpster for any foreseeable future.

Good call. Not worried about the sale, since execs use sales as majority of their compensation. Sad that the capital gains loophole lets them pay less taxes than the working man.

The disclosure shows entities advised by Sarissa Capital Management executed open-market sales of 6,730,800 shares of IRONWOOD PHARMACEUTICALS INC Class A Common Stock at prices around $3.05–$3.31. These are indirect holdings associated with director Alexander J. Denner, not his personal account.

After these trades, the Sarissa-advised vehicles still hold 9,188,635 shares indirectly, while Dr. Denner directly holds 256,309 shares following a 4,451-share award under the non-employee director compensation policy effective January 1, 2024. Footnotes emphasize that Sarissa Capital, the Sarissa Funds, and Dr. Denner each disclaim beneficial ownership beyond their pecuniary interests.

This pattern combines a sizable net reduction in fund-held shares with continued substantial exposure. The filing does not indicate any trading plan or broader strategic rationale, so the economic significance depends on the scale of Ironwood’s overall share base and future ownership disclosures.

https://www.stocktitan.net/sec-filings/IRWD/form-4-ironwood-pharmaceuticals-inc-insider-trading-activity-58e7fb54828d.html

Director's Institution sold. Possibly an arranged transaction with another entity - Form 4 Filed

Volume spike of 6,866,925 shares at 11:54, with downward price movement, with no news. Insider sales?

Ironwood Pharmaceuticals to Participate in The Citizens Life Sciences ConferenceMarch 4, 2026 4:05 PM
Business Wire
Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD) today announced that management will participate in a fireside chat at The Citizens Life Sciences Conference on Wednesday, March 11th at 4:00 p.m. ET.


A live webcast of Ironwood’s fireside chat will be accessible through the Investors & Media section of the company’s website at www.ironwoodpharma.com. A replay of the webcast will be available on Ironwood’s website following the conference.


About Ironwood Pharmaceuticals


Ironwood Pharmaceuticals (Nasdaq: IRWD) is a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases. Ironwood is advancing apraglutide, a next-generation, long-acting synthetic GLP-2 analog being developed for short bowel syndrome patients who are dependent on parenteral support. In addition, Ironwood has been a pioneer in the development of LINZESS® (linaclotide), the U.S. branded prescription market leader for the treatment of irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Building upon our history of innovation, we keep patients at the heart of our R&D and commercialization efforts to reduce the burden of diseases and address significant unmet needs.


Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts, with a site in Basel, Switzerland.


We routinely post information that may be important to investors on our website at www.ironwoodpharma.com. In addition, follow us on X and on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260304163323/en/
Company contact:

Greg Martini

gmartini@ironwoodpharma.com


Investors:

Precision AQ (formerly Stern Investor Relations)

Stephanie Ascher

stephanie.ascher@precisionaq.com


Original: Ironwood Pharmaceuticals to Participate in The Citizens Life Sciences Conference

https://investorshub.advfn.com/stock-market/NASDAQ/ironwood-pharmaceuticals-IRWD/trades

Schwab Equity rating “A” with a strong buy

I started loading again,chart shows gap filled from 1-1-26 gap up,appears reversal started

Ironwood Pharmaceuticals Reports Fourth Quarter and Full Year 2025 Results; Achieves 2025 Financial Guidance and Reiterates Strong 2026 OutlookFebruary 25, 2026 7:05 AM
Business Wire
– LINZESS® (linaclotide) EUTRx demand growth of 11% for full year 2025 year-over-year –


– 2025 Ironwood revenue of $296 million, GAAP net income of $24 million and adjusted EBITDA of $138 million –


– Continue to expect full-year 2026 LINZESS® U.S. net sales of $1.125 to $1.175 billion; total revenues of $450 to $475 million and adjusted EBITDA of greater than $300 million –


– Key elements of confirmatory Phase 3 clinical trial design of apraglutide in short bowel syndrome with intestinal failure (SBS-IF) have been finalized with site initiations expected to begin in the second quarter of 2026 –


Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases, today reported its fourth quarter and full-year 2025 results and recent business performance.


“In 2025, LINZESS delivered 11% EUTRx demand growth year-over-year, continuing to strengthen its position as the prescription market leader for the treatment of IBS-C and CIC, surpassing 5.7 million unique patients treated since launch. Additionally, throughout 2025 our disciplined approach to expense management allowed us to navigate LINZESS pricing headwinds, deliver $24 million in GAAP net income and $138 million in adjusted EBITDA and generate $127 million in cash flow from operations,” said Tom McCourt, chief executive officer of Ironwood. “Importantly, we ended 2025 with $215 million in cash and cash equivalents, positioning Ironwood well for 2026.”


“As we enter 2026, we remain focused on our core priorities of maximizing LINZESS, advancing apraglutide and delivering sustained profits and cash flows. We believe our full-year 2026 financial guidance demonstrates the significant progress we’ve made across these priorities and our ability to drive increasing shareholder value. In 2026, we expect increased LINZESS U.S. Net Sales and disciplined expense management to drive greater than $300 million in adjusted EBITDA, enabling us to continue advancing apraglutide and reduce our debt to further strengthen our financial position. We believe apraglutide has the potential to redefine the standard of care for patients living with SBS-IF and look forward to initiating sites for the confirmatory Phase 3 clinical trial, STARS-2, in the second quarter of this year. With an improved financial position, we now have a clear path to execute our strategy, and we continue to evaluate all options to maximize shareholder value.”


Fourth Quarter and Full Year 2025 Financial Highlights1


(in thousands, except for per share amounts)




 






Q4 2025






Q4 2024






FY 2025






FY 2024








Total revenue2






$47,709






$90,545






296,151






$351,410








Total costs and expenses






40,904






59,054






197,649






258,286








GAAP net income (loss)2 






(2,276)






2,256






24,017






880








GAAP net income (loss) – per share basic and diluted2






(0.01)






0.01






0.15






0.01








Adjusted EBITDA2, 3






10,913






37,256






138,083






129,364








Non-GAAP net income (loss)2






(2,274)






2,536






40,091






4,980








Non-GAAP net income (loss) per share – basic and diluted2






(0.01)






0.01






0.25






0.04








1 Refer to the Reconciliation of GAAP Results to Non-GAAP Financial Measures table and to the Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA table at the end of this press release. Refer to Non-GAAP Financial Measures for additional information.



2 Figures presented for the fourth quarter of 2024 collaboration revenue to Ironwood includes a $7.2 million positive adjustment to reflect Ironwood’s estimate of LINZESS gross-to-net reserves as of December 31, 2024.








3 Adjusted EBITDA is calculated by subtracting restructuring expenses, net interest expense, income taxes, depreciation and amortization and stock-based compensation, from GAAP net income (loss). The exclusion of stock-based compensation from Adjusted EBITDA represents an update to our definition of Adjusted EBITDA, effective in the first quarter of 2025. For comparison purposes, fourth quarter and full year 2024 Adjusted EBITDA have also been updated to reflect this updated definition.







Fourth Quarter and Full Year 2025 Corporate Highlights


Apraglutide



Apraglutide is a once weekly, long-acting synthetic glucagon-like peptide-2 (“GLP-2”) analog with the potential to treat a range of rare gastrointestinal diseases where GLP-2 can play a central role in addressing disease pathophysiology.



Ironwood is advancing apraglutide for short bowel syndrome (“SBS”) patients dependent on parenteral support (“PS”), a severe chronic malabsorptive condition. Ironwood believes apraglutide has the potential to improve the standard of care for adult patients with SBS who are dependent on PS as the first and only GLP-2 to achieve a statistically significant reduction in parenteral support volume with once-weekly administration.



Ironwood met with the U.S. Food and Drug Administration (“FDA”) in the fourth quarter of 2025 and aligned on key design elements of a confirmatory Phase 3 clinical trial (“STARS-2”) for patients with SBS-IF. STARS-2 is planned to be a 24-week global, randomized, double-blind, placebo-controlled trial. The clinical trial will consist of a primary endpoint measuring relative change from baseline in actual weekly PS volume as well as additional key secondary endpoints. Site initiations are expected to begin in the second quarter of 2026.



U.S. LINZESS



Label Expansion: In November, the FDA approved LINZESS for the treatment of irritable bowel syndrome with constipation (IBS-C) in patients aged 7 years of age and older. In addition to expanding its clinical utility, this new indication establishes LINZESS as the first and only prescription drug approved for the treatment of IBS-C in patients 7-17 years old.



Prescription Demand: Total LINZESS prescription demand in the fourth quarter of 2025 was 63 million LINZESS capsules, a 13% increase compared to the fourth quarter of 2024, per IQVIA. Total prescription demand was 234 million LINZESS capsules for the full year 2025, a 11% increase compared to the full year 2024, per IQVIA.



U.S. Brand Collaboration: LINZESS U.S. net sales are provided to Ironwood by its U.S. partner, AbbVie Inc. (“AbbVie”). LINZESS U.S. net sales were $163.2 million in the fourth quarter of 2025, a 27% decrease compared to $223.0 million in the fourth quarter of 2024, and $864.5 million for the full year 2025, a 6% decrease compared to $916.3 million for the full year 2024. Ironwood and AbbVie share equally in U.S. brand collaboration profits.


Fourth quarter 2025 LINZESS U.S. net sales decrease year-over-year was driven by unfavorable quarterly phasing of gross-to-net rebate reserves and increased net pricing headwinds associated with Medicare Part D redesign. As a reminder, gross-to-net rebate reserves in 2025 are based on rebates owed for units dispensed by channel in each applicable quarter. In its first quarter 2025 results, Ironwood stated that it expects gross-to-net rebate reserves based on units dispensed to impact quarterly phasing of 2025 LINZESS U.S. net sales.



LINZESS commercial margin was 54% in the fourth quarter of 2025, compared to 64% in the fourth quarter of 2024. LINZESS commercial margin was 66% for the full year in 2025 and 66% for the full year in 2024. See the U.S. LINZESS Full Brand Collaboration table at the end of this press release.



Net profit for the LINZESS U.S. brand collaboration, net of commercial and research and development (“R&D”) expenses, was $81.5 million in the fourth quarter of 2025, a 40% decrease compared to $135.2 million in the fourth quarter of 2024. Net profit for LINZESS U.S. brand collaboration, net of commercial and R&D expenses, was $545.4 million for the full year 2025, a 4% decrease compared to $570.9 million for the full year 2024. See the U.S. LINZESS Full Brand Collaboration table at the end of this press release.







Collaboration Revenue to Ironwood: Ironwood recorded $45.2 million in collaboration revenue in the fourth quarter of 2025 related to sales of LINZESS in the U.S., a 49% decrease compared to $88.4 million for the fourth quarter of 2024. Fourth quarter of 2024 collaboration revenue to Ironwood includes a $7.2 million positive adjustment to reflect Ironwood’s estimate of LINZESS gross-to-net reserves as of December 31, 2024. Ironwood recorded $289.3 million in collaboration revenue for the full year 2025 related to the sales of LINZESS in the U.S., a 15% decrease compared to $340.4 million in 2024. See the U.S. LINZESS Commercial Collaboration table at the end of the press release.



Corporate Updates



In December 2025, Ironwood, VectivBio AG and Ferring International Center S.A. (“Ferring”) entered into a license amendment and a settlement agreement and release pursuant to which the parties have settled all claims between the parties arising out of Ferring’s complaint filed in the U.S. District Court in the Eastern District of Texas. As part of the agreed-upon license amendment, Ironwood agreed to pay Ferring $12.5 million. Ironwood paid $7.5 million in December 2025 and is obligated to pay the remaining $5.0 million on or by December 31, 2026, subject to accelerated payment in certain circumstances.



Fourth Quarter and Full Year 2025 Financial Results



Total Revenue. Total revenue in the fourth quarter of 2025 was $47.7 million, compared to $90.5 million in the fourth quarter of 2024. Total revenue for the full year 2025 was $296.2 million, compared to $351.4 million for the full year 2024.


Total revenue in the fourth quarter of 2025 consisted of $45.2 million associated with Ironwood’s share of the net profits from the sales of LINZESS in the U.S., and $2.5 million in royalties and other revenue. Total revenue in the fourth quarter of 2024 consisted of $88.4 million associated with Ironwood’s share of the net profits from the sales of LINZESS in the U.S., and $2.1 million in royalties and other revenue.



Total revenue for the full year 2025 consisted of $289.3 million associated with Ironwood’s share of the net profits from the sales of LINZESS in the U.S. and $6.9 million in royalties and other revenue. Total revenue for the full year 2024 consisted of $340.4 million associated with Ironwood’s share of the net profits from the sales of LINZESS in the U.S. and $11.0 million in royalties and other revenue.






Total Costs and Expenses. Total costs and expenses in the fourth quarter of 2025 were $40.9 million, compared to $59.1 million in the fourth quarter of 2024. Total costs and expenses for the full year 2025 were $197.6 million, compared to $258.3 million for the full year 2024.


Total costs and expenses in the fourth quarter of 2025 consisted of $19.3 million in selling, general and administrative (“SG&A”) expenses, $21.9 million in R&D expenses, and reversal of $0.3 million in restructuring expenses. Total costs and expenses in the fourth quarter of 2024 consisted of $33.6 million in SG&A expenses, $25.4 million in R&D expenses, and $0.1 million in restructuring expenses.


In connection with the Ferring settlement, Ironwood recorded a charge of $5.0 million as SG&A expense in the consolidated statements of income during the fourth quarter of 2025.






Total costs and expenses for the full year 2025 consisted primarily of $82.3 million in SG&A expenses, $95.1 million in R&D expenses, and $20.3 million in restructuring expenses. Total costs and expenses for the full year 2024 consisted primarily of $144.3 million in SG&A expenses, $111.4 million in R&D expenses, and $2.6 million in restructuring expenses.


In connection with the Ferring settlement, Ironwood recorded a charge of $12.5 million as SG&A expense in the consolidated statements of income during the year ended December 31, 2025.









Interest Expense. Interest expense was $7.9 million in the fourth quarter of 2025 and $32.7 million for the full year in 2025, in connection with Ironwood’s convertible senior notes and revolving credit facility. Interest expense was $8.9 million in the fourth quarter of 2024 and $33.0 million for the full year 2024, in connection with Ironwood’s convertible senior notes and revolving credit facility.



Interest and Investment Income. Interest and investment income was $1.5 million in the fourth quarter of 2024 and $4.1 million for the full year 2025. Interest and investment income was $0.8 million in the fourth quarter of 2024 and $4.5 million for the full year 2024.



Other. Other income was $0.1 million in the fourth quarter of 2025 and $0.2 million for the full year 2025 driven by a gain recorded for pension-related activities. Other income was $0.6 million in the fourth quarter of 2024 and for the full year 2024 driven by a gain recorded for pension-related activities.



Income Tax Expense. Ironwood recorded $2.7 million of income tax expense in the fourth quarter of 2025 and $46.0 million of income tax expense for the full year 2025, the majority of which was non-cash, as Ironwood continues to utilize net operating losses to offset taxable income for federal purposes and in many states. Ironwood recorded $21.7 million of income tax expense in the fourth quarter of 2024 and $64.3 million of income tax expense for the full year 2024, the majority of which was non-cash, as Ironwood continued to utilize net operating losses to offset taxable income for federal purposes and in many states.



GAAP Net Income (Loss). GAAP net loss was $2.3 million, or $(0.01) per share (basic and diluted) in the fourth quarter of 2025, compared to GAAP net income of $2.3 million, or $0.01 per share (basic and diluted) in the fourth quarter of 2024. GAAP net income for the full year 2025 was $24.0 million, or $0.15 per share (basic and diluted), compared to GAAP net income of $0.9 million, or $0.01 per share (basic and diluted), for the full year 2024.



Non-GAAP Net Income (Loss). Non-GAAP net loss was $2.3 million, or $(0.01) per share (basic and diluted), in the fourth quarter of 2025, compared to non-GAAP net income of $2.5 million, or $0.01 per share (basic and diluted), in the fourth quarter of 2024. Non-GAAP net income for the full year 2025 was $40.1 million, or $0.25 per share (basic and diluted), compared to non-GAAP net income of $5.0 million, or $0.04 per share (basic and diluted), for the full year 2024.


Non-GAAP net income excludes the impact of amortization of acquired intangible assets, restructuring expenses and acquisition-related costs, all net of tax effect. See Non-GAAP Financial Measures below.






Adjusted EBITDA. Adjusted EBITDA was $10.9 million in the fourth quarter of 2025, compared to $37.3 million in the fourth quarter of 2024. For the full year 2025, adjusted EBITDA was $138.1 million, compared to $129.4 million for the full year 2024.


Adjusted EBITDA is calculated by subtracting stock-based compensation, restructuring expenses, net interest expense, income taxes, depreciation and amortization, and acquisition-related costs, from GAAP net income (loss). See Non-GAAP Financial Measures below.






Cash Flow Highlights. Ironwood ended the fourth quarter of 2025 with $215.5 million of cash and cash equivalents, compared to $88.6 million of cash and cash equivalents at the end of 2024.


The outstanding principal balance on the revolving credit facility was $385.0 million as of December 31, 2025.



Ironwood generated $74.6 million in cash from operations in the fourth quarter of 2025, compared to $15.2 million in cash from operations in the fourth quarter of 2024. Ironwood generated $127.0 million in cash from operations for the full year 2025, compared to $103.5 million for the full year 2024.






Ironwood 2026 Financial Guidance. Ironwood continues to expect:





 






2026 Guidance




(February 2026)








U.S. LINZESS Net Sales






$1.125 - $1.175 billion




Driven by improved net price and low-single digit percentage demand growth








Total Revenue1






$450 - $475 million








Adjusted EBITDA2






>$300 million









1 Ironwood’s U.S. collaborative arrangements revenue includes reimbursement from AbbVie for a portion of Ironwood’s commercial expenses related to sales of LINZESS in the U.S.








2 Adjusted EBITDA is calculated by subtracting stock-based compensation, restructuring expenses, net interest expense, income taxes, and depreciation and amortization, from GAAP net income (loss). For purposes of this guidance, we have assumed that Ironwood will not incur material expenses related to business development activities in 2026. Ironwood does not provide guidance on GAAP net income or a reconciliation of expected adjusted EBITDA to expected GAAP net income because, without unreasonable efforts, it is unable to predict with reasonable certainty the non-GAAP adjustments used to calculate adjusted EBITDA. These adjustments are uncertain, depend on various factors and could have a material impact on GAAP net income for the guidance period. Management believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood’s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood’s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies.







Non-GAAP Financial Measures


Ironwood presents non-GAAP net income (loss) and non-GAAP net income (loss) per share to exclude amortization of acquired intangible assets, restructuring expenses, and acquisition-related costs, all net of tax effect. Non-GAAP adjustments are further detailed below:



Amortization of acquired intangible assets are non-cash expenses arising in connection with the acquisition of VectivBio and are considered to be non-recurring.



Restructuring expenses are considered to be a non-recurring event as they are associated with distinct operational decisions. Restructuring expenses include costs associated with exit and disposal activities.



Acquisition-related costs in connection with the acquisition of VectivBio are considered to be non-recurring and include direct and incremental costs associated with the acquisition and integration of VectivBio to the extent such costs were not classified as capitalizable transaction costs attributed to the cost of net assets acquired through acquisition accounting.



Ironwood also presents adjusted EBITDA, a non-GAAP measure, as well as guidance on adjusted EBITDA. Adjusted EBITDA is calculated by subtracting stock-based compensation, restructuring expenses, net interest expense, income taxes, depreciation and amortization, and acquisition-related costs from GAAP net income. The adjustments are made on a similar basis as described above related to non-GAAP net income (loss), as applicable.


Management believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood’s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood’s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. For a reconciliation of non-GAAP net income (loss) and non-GAAP net income (loss) per share to GAAP net income (loss) and GAAP net income (loss) per share, respectively, and for a reconciliation of adjusted EBITDA to GAAP net income (loss), please refer to the tables at the end of this press release.


Ironwood does not provide guidance on GAAP net income or a reconciliation of expected adjusted EBITDA to expected GAAP net income because, without unreasonable efforts, it is unable to predict with reasonable certainty the non-GAAP adjustments used to calculate adjusted EBITDA. These adjustments are uncertain, depend on various factors and could have a material impact on GAAP net income for the guidance period.


Conference Call Information


Ironwood will host a conference call and webcast at 8:30 a.m. Eastern Time on Wednesday, February 25th, 2026 to discuss its fourth quarter and full year 2025 results and recent business activities. 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 2530602. To access the webcast, please visit the Investors section of Ironwood’s website at www.ironwoodpharma.com. The call will be available for replay via telephone starting Wednesday, February 25th, 2026, at approximately 11:30 a.m. Eastern Time, running through 11:59 p.m. Eastern Time on Wednesday, March 11, 2026. To listen to the replay, dial (800) 770-2030 (U.S. and Canada) or (609) 800-9909 (international) using conference ID number 2530602. The archived webcast will be available on Ironwood’s website for 1 year beginning approximately one hour after the call has completed.


About Ironwood Pharmaceuticals


Ironwood Pharmaceuticals (Nasdaq: IRWD) is a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases. Ironwood is advancing apraglutide, a next-generation, long-acting synthetic GLP-2 analog being developed for short bowel syndrome patients who are dependent on parenteral support. In addition, Ironwood has been a pioneer in the development of LINZESS® (linaclotide), the U.S. branded prescription market leader for the treatment of irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Building upon our history of innovation, we keep patients at the heart of our R&D and commercialization efforts to reduce the burden of diseases and address significant unmet needs.


Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts, with a site in Basel, Switzerland.


We routinely post information that may be important to investors on our website at www.ironwoodpharma.com. In addition, follow us on X and on LinkedIn.


About Short Bowel Syndrome (SBS)


SBS is a serious and chronic condition where there is diminished absorptive capacity for fluids and/or nutrients, sometimes requiring dependence on parenteral support to maintain health. SBS typically occurs because of extensive intestinal resection, and patients with SBS who are chronically dependent on parenteral support, also referred to as SBS with intestinal failure (SBS-IF), often experience significant quality of life impact and are at risk of severe complications such as infection. An estimated 18,000 adult patients suffer from SBS-IF in the U.S., Europe and Japan, and have chronic dependence on PS, which significantly impacts quality of life and carries the risk of severe complications such as infection. Those with the most severe SBS-IF require PS infusions for up to 10 to 15 hours per day. SBS-IF is associated with frequent complications, significant morbidity and mortality, high economic burden and an impaired quality of life.


About LINZESS (Linaclotide)


LINZESS® is the #1 prescribed brand in the U.S. for the treatment of patients with irritable bowel syndrome with constipation (“IBS-C”) or chronic idiopathic constipation (“CIC”), based on IQVIA data. LINZESS is a once-daily capsule that helps relieve the abdominal pain and constipation, associated with IBS-C in adults and pediatric patients 7 years of age and older. LINZESS has also been shown to relieve constipation, infrequent stools, hard stools, straining, and incomplete evacuation associated with CIC in adult patients. LINZESS relieves constipation in children and adolescents aged 6 to 17 years with functional constipation.


LINZESS is not a laxative; it is the first medicine approved by the FDA in a class called GC-C agonists. LINZESS contains a peptide called linaclotide that activates the GC-C receptor in the intestine. Activation of GC-C is thought to result in increased intestinal fluid secretion and accelerated transit and a decrease in the activity of pain-sensing nerves in the intestine. The clinical relevance of the effect on pain fibers, which is based on nonclinical studies, has not been established.


In the United States, Ironwood and AbbVie co-develop and co-commercialize LINZESS for the treatment of adults with IBS-C or CIC. In Europe, AbbVie markets linaclotide under the brand name CONSTELLA® for the treatment of adults with moderate to severe IBS-C. In Japan, Ironwood's partner, Astellas, markets linaclotide under the brand name LINZESS for the treatment of adults with IBS-C or CIC. Ironwood also has partnered with AstraZeneca for development and commercialization of LINZESS in China, and with AbbVie for development and commercialization of linaclotide in all other territories worldwide.


LINZESS Important Safety Information


INDICATIONS AND USAGE


LINZESS® (linaclotide) is indicated for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults and pediatric patients 7 years of age and older and for the treatment of chronic idiopathic constipation (CIC) in adults and for the treatment of functional constipation (FC) in children and adolescents 6 to 17 years of age.


IMPORTANT SAFETY INFORMATION




WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS LESS THAN 2 YEARS OF AGE




 




LINZESS is contraindicated in patients less than 2 years of age. In nonclinical studies in neonatal mice, administration of a single, clinically relevant adult oral dose of linaclotide caused deaths due to dehydration.







Contraindications



LINZESS is contraindicated in patients less than 2 years of age due to the risk of serious dehydration.



LINZESS is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.



Warnings and Precautions



LINZESS is contraindicated in patients less than 2 years of age. In neonatal mice, linaclotide increased fluid secretion as a consequence of age-dependent elevated guanylate cyclase (GC-C) agonism, which was associated with increased mortality within the first 24 hours due to dehydration. There was no age dependent trend in GC-C intestinal expression in a clinical study of children 2 to less than 18 years of age; however, there are insufficient data available on GC-C intestinal expression in children less than 2 years of age to assess the risk of developing diarrhea and its potentially serious consequences in these patients.



Diarrhea



In adults, diarrhea was the most common adverse reaction in LINZESS-treated patients in the pooled IBS-C and CIC double-blind placebo-controlled trials. The incidence of diarrhea was similar in the IBS-C and CIC populations. Severe diarrhea was reported in 2% of 145 mcg and 290 mcg LINZESS-treated patients and in

Ironwood Pharmaceuticals to Host Fourth Quarter and Full Year 2025 Investor Update CallFebruary 18, 2026 4:21 PM
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 of Ironwood’s website at www.ironwoodpharma.com.


The call will be available for replay via telephone starting Wednesday, February 25, 2026, at approximately 11:30 a.m. Eastern Time, running through 11:59 p.m. Eastern Time on Wednesday, March 11, 2026. To listen to the replay, dial (800) 770-2030 (U.S. and Canada) or (609) 800-9909 (international) using conference ID number 8188306.


About Ironwood Pharmaceuticals


Ironwood Pharmaceuticals (Nasdaq: IRWD) is a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases. Ironwood is advancing apraglutide, a next-generation, long-acting synthetic GLP-2 analog being developed for short bowel syndrome patients who are dependent on parenteral support. In addition, Ironwood has been a pioneer in the development of LINZESS® (linaclotide), the U.S. branded prescription market leader for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Building upon our history of innovation, we keep patients at the heart of our R&D and commercialization efforts to reduce the burden of diseases and address significant unmet needs.


Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts, with a site in Basel, Switzerland.


We routinely post information that may be important to investors on our website at www.ironwoodpharma.com. In addition, follow us on X and on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260218801943/en/
Company contact:

Greg Martini

Chief Financial Officer

gmartini@ironwoodpharma.com


Investors:

Precision AQ (formerly Stern Investor Relations)

Stephanie Ascher

Stephanie.Ascher@precisionaq.com


Original: Ironwood Pharmaceuticals to Host Fourth Quarter and Full Year 2025 Investor Update Call

IRWD.........................................https://stockcharts.com/sc3/ui/?s=IRWD&p=W&b=5&g=0&id=p86431144783

Awesome 2026 Financial Guidance crushing analysts' expectations resulting a major re-ratings.

Yes! Happy and a Prosperous NewYear too.

Near record volume and mkt hasn’t opened yet!! Shorts doubling down,if it keeps going up it could squeeze well,Happy new year bro

Ironwood Pharmaceuticals Maintains FY 2025 Financial Guidance and Announces FY 2026 Financial Guidance
- Expects full-year 2026 LINZESS® U.S. net sales of $1.125 to $1.175 billion; total revenues of $450 to $475 million and adjusted EBITDA of greater than $300 million -
- Ended Q4 2025 with greater than $200 million in cash and cash equivalents -

BOSTON, January 02, 2026--(BUSINESS WIRE)--Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases, today announced financial guidance for full year 2026.
"Throughout 2025, we made significant progress in maximizing LINZESS while delivering sustained profits and cash flows in an effort to strengthen our financial position and maintain compliance with debt covenants over the coming quarters," said Tom McCourt, chief executive officer of Ironwood. "As we close 2025, we are on track to achieve the low-end of our full-year LINZESS U.S. net sales and total revenue guidance ranges and ended the fourth quarter with greater than $200 million in cash and cash equivalents. Also, in the fourth quarter we met with the FDA to align on a confirmatory Phase 3 trial design of apraglutide for the treatment of short bowel syndrome with intestinal failure (SBS-IF). Based on this meeting, we are on track to initiate a confirmatory trial in the first half of 2026 and expect to provide details on the trial design in our fourth quarter and full-year 2025 update later this quarter.""
In 2026, we remain focused on our core priorities of maximizing LINZESS, advancing apraglutide and delivering sustained profits and cash flows. We believe our full-year 2026 guidance demonstrates the significant progress we’ve made to deliver on these priorities to help drive value for shareholders moving forward. Effective January 1, 2026, the LINZESS list price has been lowered in response to evolving health care dynamics and to support ongoing patient access. In turn, we expect higher net sales in 2026 for LINZESS year-over-year, specifically driven by the elimination of the inflationary component of statutory required rebates across channels, including Medicaid, due to the decrease in list price. In conjunction with the anticipated increased net sales, we expect our continued focus on disciplined expense management to result in greater than $300 million in adjusted EBITDA in 2026. Finally, we continue to progress our previously announced strategic alternatives review in an effort to maximize shareholder value and look forward to providing further updates as appropriate," added Tom McCourt.

Financial Guidance
Ironwood is maintaining its previous FY 2025 financial guidance and is providing FY 2026 financial guidance.

FY 2025 Guidance
(November 2025)
LINZESS U.S. net sales
$860 - $890 million

Total revenue1
$290 - $310 million

Adjusted EBITDA2
>$135 million

FY 2026 Guidance
(January 2026)
$1.125 - $1.175 billion
Driven by improved net price and low-single digit percentage demand growth

Total revenue1
$450 - $475 million

Adjusted EBITDA2
>$300 million

Wow! Great NEWS! What a great day to start the New Year.

News out,last in was 3.23,glad I been holding this one waiting for the trading world to realize what the drug LINZESS is worth!!

IRWD......................................https://stockcharts.com/sc3/ui/?s=IRWD&p=W&b=5&g=0&id=p86431144783

Thanks!

8-K filed 11/26/2025
On November 25, 2025, the U.S. Department of Health and Human Services released the “Maximum Fair Price” (“MFP”) for LINZESS® (linaclotide), which was selected in the most recent round of government price setting as part of the Inflation Reduction Act of 2022. The MFP for a 30-day equivalent supply of LINZESS, which will become the new Medicare net price as of January 1, 2027, is set to $136. The revised MFP for LINZESS is in line with the expectations of Ironwood Pharmaceuticals, Inc.

https://www.sec.gov/Archives/edgar/data/1446847/000110465925116217/0001104659-25-116217-index.htm

We knew this day would come,price setting of 136.00 for Medicare,now can calculate how much they make per quarter (it’s staggering $$$$$)

November 24, 2025 Short Bowel Syndrome Market to Register Stunning Growth at a CAGR of 5% During the Forecast Period (2025-2034) Owing to the Launch of Novel GLP-2 Analogues | DelveInsight

Short Bowel Syndrome Market Summary

> According to DelveInsight's analysis, the market size for short bowel syndrome was found to be USD 2.1 billion in the US in 2024 and is
projected to grow at a significant CAGR, supported by the introduction of GLP-2 analogues that reduce parenteral nutrition dependence and
enhance patient outcomes.
> Over the past two decades, GLP-2 analogues have emerged as transformative therapies for SBS-IF, enhancing intestinal absorption,
reducing reliance on parenteral support, and improving patient quality of life.
> Among the 7MM, the US accounted for the highest number of diagnosed prevalent cases of SBS, i.e., approximately 14,000 cases in 2024,
a figure expected to rise by 2034. This growth is influenced by several factors, including higher rates of gastrointestinal surgeries, improved
survival of premature infants, better awareness and diagnosis of SBS, and expanded access to home parenteral nutrition and specialised
therapies.
> As per the analysis, among the etiology-specific cases, surgical complications accounted for the highest number of cases, that is, nearly
4,100, followed by mesenteric infarction in the US in 2024.
> Leading short bowel syndrome companies developing emerging therapies, such as Ironwood Pharmaceuticals (VectivBio), Zealand
Pharma, Hanmi Pharmaceutical, Napo Therapeutics (Family Company of Jaguar Health), and others, are developing new short bowel
syndrome treatment drugs that can be available in the short bowel syndrome market in the coming years.
> The promising short bowel syndrome therapies in clinical trials include Apraglutide, Glepaglutide (ZP1848), Sonefpeglutide (HM15912),
MYTESI (crofelemer), and others have the potential to address the limitations of GATTEX by delivering better efficacy, longer duration of
action, more convenient administration, and a broader range of benefits for SBS patients.

Full article here: https://www.prnewswire.com/news-releases/short-bowel-syndrome-market-to-register-stunning-growth-at-a-cagr-of-5-during-the-forecast-period-20252034-owing-to-the-launch-of-novel-glp-2-analogues--delveinsight-302624251.html

$2.5B market cap? not there yet.

The IRWD (NASDAQ: IRWD) “Beat, Raise, and Review” Narrative: Trifecta for Takeover?

Ironwood Pharmaceuticals delivered a rare biotech trifecta: a massive earnings beat, a guidance raise, and a strategic review conducted from a position of strength. Q3 2025 results crushed estimates, with $122.1M in revenue (+33% YoY) and a $40M GAAP net income—a sharp reversal from a $15M loss last year.

The driver is the LINZESS franchise. U.S. net sales exploded 40% to $315M, fueled by 12% demand growth and favorable pricing. Management responded by raising FY25 Adjusted EBITDA guidance to >$135M—a 20% bump at the midpoint. The balance sheet is clean, with $140M in cash.

The kicker? Confirmation that the company is evaluating "strategic alternatives" with Goldman Sachs. That’s Wall Street code for a sale, spin, or major partnership. In the consolidating GI market, IRWD’s $2.5B market cap and $1B+ LINZESS run-rate make it prime acquisition bait.

The bull case: The strong operations provide a solid floor for the stock ($8–$10); a strategic deal could unlock a significant premium ($20+). The bear case: Medicare pricing redesign could erode net pricing power, shaving 5–10% off the upside. But with 80%+ script share in IBS-C, LINZESS is incredibly sticky. IRWD isn't waiting for a buyer; it's making itself irresistible.

The Filing
Nov 10 10-Q: $122.1M revenue (+33% YoY).
LINZESS U.S.: $315M (+40%).
Guidance: Adj. EBITDA >$135M.

The Context
Net income: $40M (vs. -$15M loss).
Cash: $140M; debt manageable.
Stock +35% post-earnings.

The Sharper Take
Bull: Strategic review = $20+ takeover premium.
Bear: Medicare redesign erodes pricing.

Investor Action
Maintain position; strong operations provide a floor while the strategic review offers significant upside (takeover premium).
Watch for 8-K filings or press releases signaling the conclusion or progress of the strategic review (the primary catalyst).
Monitor LINZESS demand growth (volume) to ensure it offsets potential Medicare pricing pressure.


https://www.smallcapnewsroom.com/post/the-irwd-nasdaq-irwd-beat-raise-and-review-narrative-trifecta-for-takeover

Article didn't even include the recent First and Only approved expanded indication of LINZESS for pediatric 7 years and older. Other than that it's a great
review.

It seems an arranged transaction that happened in September 30, 2025 based on "Date of Event Which Requires Filing of this Statement" as indicated on their respective regulatory filings. See attached filings below. Note that Barclays PLC filed a 13G/A which amends their 13G filed in August 12, 2025.

Bank of America
Schedule 13G filed on 11/14/2025 for Event that happened in 09/30/2025:
https://www.sec.gov/Archives/edgar/data/70858/000007085825000452/xslSCHEDULE_13G_X01/primary_doc.xml

Barclays PLC
Schedule 13G/A filed on 11/12/2025 for Event that happened in 09/30/2025:
https://www.sec.gov/Archives/edgar/data/312069/000031206925000582/xslSCHEDULE_13G_X01/primary_doc.xml

Schedule 13G filed on 08/12/2025 for Event that happened in 06/30/2025:
https://www.sec.gov/Archives/edgar/data/312069/000031206925000544/xslSCHEDULE_13G_X01/primary_doc.xml

Bank of America acquired a 7.4% stake (11,986,267.00 shares ). Pretty much gobbled up what Barclays PLC sold plus some.

https://www.sec.gov/Archives/edgar/data/1446847/000007085825000452/xslSCHEDULE_13G_X01/primary_doc.xml

IRWD.................................https://stockcharts.com/sc3/ui/?s=IRWD&p=W&b=5&g=0&id=p86431144783

IRWD.........................https://stockcharts.com/sc3/ui/?s=IRWD&p=W&b=5&g=0&id=p86431144783

IRWD $3.16

From my first buy,Up 400% so far,(not still in from .57,I took profit but should have held,last trade was in 1.47 and sold today 2.94 for 100% )

IRWD.................................https://stockcharts.com/sc3/ui/?s=IRWD&p=W&b=5&g=0&id=p86431144783

Looks like this one still wants to go.... 

IRWD..................................................https://stockcharts.com/sc3/ui/?s=IRWD&p=W&b=5&g=0&id=p86431144783

You were off by $1, or 33%.

Thanks for the tip.

Earnings moved to Mon. Nov. 10, 2025

IRWD will print $3.15 this am

90% of shares are held by institutions.

That is a very good sign. Day trading this will never work. The drugs they are developing are needed and solve problems that many people suffer from.

IRWD......................................https://stockcharts.com/sc3/ui/?s=IRWD&p=W&b=5&g=0&id=p86431144783

Bought more today,4226 shares @ 1.5062
Total of 15k @ 1.47 average,bring on the news of sales in China and Japan to triple sales of LINZESS (85m was last payment for USA sales)

Another buying opportunity here @ 1.46 if pattern continues,oversold and at bolie centerline

Started moving freely again,shorts covering?(was going up on sell orders,caught my attention,thought I was having a stroke lol,couldn’t wrap my brain around what was happening , I just panic bought more, 3,258 shares @ 1.4399 (greed is telling me something is coming soon,trillion $ buyout of LINZESS hopefully

2m buys/616k sells,I’d say they bought
https://investorshub.advfn.com/stock-market/NASDAQ/ironwood-pharmaceuticals-IRWD/trades

https://www.google.com/search?q=quadruple+witching+today&client=safari&sca_esv=a6493d853efe4d30&hl=en-us&ei=9j_NaOyNE7DF0PEPjNTfgQE&oq=quad+witching+dates+2025&gs_lp=EhNtb2JpbGUtZ3dzLXdpei1zZXJwIhhxdWFkIHdpdGNoaW5nIGRhdGVzIDIwMjUqAggFMgoQABiwAxjWBBhHMgoQABiwAxjWBBhHMgoQABiwAxjWBBhHMgoQABiwAxjWBBhHMgoQABiwAxjWBBhHMgoQABiwAxjWBBhHMgoQABiwAxjWBBhHMgoQABiwAxjWBBhHMg0QABiABBiwAxhDGIoFSOaEAlAAWABwBXgBkAEAmAEAoAEAqgEAuAEByAEAmAIFoAIimAMAiAYBkAYJkgcBNaAHALIHALgHAMIHBTItNC4xyAcd&sclient=mobile-gws-wiz-serp

5 month Chart looking good,rsi about to go into the super highway lane,gray trades dropping at 45degree angle and buys want to cross over sells.
IRWD typically doesn’t trade much after mkt(institutions own 90%+)so I don’t expect much ,but if the multi $100m to billion deal is announced,maybe it will
Good night and good skill everyone!

Buys nearly double the sells today!
It’s not just me loading lol
https://investorshub.advfn.com/stock-market/NASDAQ/ironwood-pharmaceuticals-IRWD/trades