Ironwood Pharmaceuticals Inc

Latest Results (14.08.2024):

Total Revenue

Ironwood Pharmaceuticals Inc. reported total revenue of $94.4 million for the second quarter of 2024, compared to $107.4 million in the second quarter of 2023. The year-over-year decrease in revenue was primarily due to a reduction in collaborative arrangements revenue.

Operating Expenses

Operating expenses for Ironwood Pharmaceuticals Inc. in the second quarter of 2024 were $69.4 million, significantly lower than the $1,190.5 million reported in the second quarter of 2023. The previous year's expenses included a one-time charge of $1,090.4 million related to acquired in-process research and development from the acquisition of VectivBio.

Interest Expense

Ironwood Pharmaceuticals Inc. incurred $7.5 million in interest expense during the second quarter of 2024, primarily related to its convertible senior notes and revolving credit facility. This is an increase from the $1.8 million in interest expense reported in the second quarter of 2023.

Income Tax Expense

For the second quarter of 2024, Ironwood Pharmaceuticals Inc. recorded $19.7 million in income tax expense, most of which was non-cash. This compares to $13.3 million in income tax expense for the second quarter of 2023, as the company continues to utilize net operating losses to offset taxable income for federal purposes and in many states.

LINZESS Prescription Demand

Ironwood Pharmaceuticals Inc. saw an 11% year-over-year increase in total LINZESS prescription demand in the second quarter of 2024, with 52 million LINZESS capsules prescribed. Despite the robust demand, the company continues to face pricing headwinds due to higher-than-expected Medicaid utilization trends.