IRONWOOD PHARMACEUTICALS INC IRWD
We are a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal, or GI, and rare diseases. We are focused on the development and commercialization of innovative product opportunities in areas of significant unmet need, leveraging our demonstrated expertise and capabilities in GI and rare diseases.
LINZESS® (linaclotide), our commercial product, is the first product approved by the United States Food and Drug Administration, or U.S. FDA, in a class of GI medicines called guanylate cyclase type C agonists, or GC-C agonists, and is indicated for the treatment, in the U.S., of irritable bowel syndrome with constipation, or IBS-C, in adults and pediatric patients 7 years of age and older, chronic idiopathic constipation, or CIC, in adults, and functional constipation, or FC, in pediatric patients ages 6-17 years-old. LINZESS is also available for the treatment of adults with IBS-C or CIC in Mexico, adults with IBS-C or chronic constipation in Japan, and adults with IBS-C in China. Linaclotide is available under the trademarked name CONSTELLA® for the treatment of adults with IBS-C or CIC and pediatric patients ages 6-17 years old with FC in Canada, and to adults with IBS-C in certain European countries.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $296.2M | $351.4M | $442.7M | $410.6M | $413.8M | $389.5M | $428.4M | $346.6M | $298.3M | $274.0M |
| Cost of revenue | — | — | — | — | — | $3.1M | $23.9M | $32.8M | $19.1M | $1.9M |
| Gross profit | — | — | — | — | — | $386.4M | $404.5M | $313.9M | $279.2M | $272.1M |
| R&D | $95.1M | $111.4M | $1.10B | $44.3M | $70.4M | $88.1M | $115.0M | $101.1M | $88.1M | $139.5M |
| SG&A | $82.3M | $144.3M | $158.3M | $116.0M | $111.1M | $140.0M | $172.4M | $219.7M | $231.2M | $173.3M |
| Total operating expenses | $197.6M | $258.3M | $1.39B | $160.3M | $181.5M | $246.6M | $308.3M | $497.3M | $313.6M | $325.8M |
| Operating income | $98.5M | $93.1M | -$945.4M | $250.3M | $232.3M | $142.9M | $120.1M | -$150.7M | -$15.4M | -$51.9M |
| Interest expense | $32.7M | $33.0M | $21.6M | $7.6M | $31.1M | $29.5M | $36.6M | $37.7M | $36.4M | $39.2M |
| Pre-tax income | $70.0M | $65.2M | -$948.1M | $252.4M | $200.7M | $108.9M | $58.9M | -$194.1M | -$116.9M | -$81.7M |
| Income tax | $46.0M | $64.3M | $83.5M | $77.4M | $327.8M | $2.7M | $0 | $0 | $0 | $0 |
| Net income | $24.0M | $880.0K | -$1.03B | $175.1M | $528.4M | $106.2M | $21.5M | -$282.4M | -$116.9M | -$81.7M |
| EPS, basic | 0.15 | 0.01 | -6.45 | 1.13 | 3.26 | 0.67 | 0.14 | -1.85 | — | — |
| EPS, diluted | 0.15 | 0.01 | -6.45 | 0.96 | 3.21 | 0.66 | 0.14 | -1.85 | -0.78 | -0.56 |
| Shares, diluted (wtd. avg.) | $163.0M | $160.1M | $155.4M | $186.3M | $164.4M | $160.7M | $156.0M | $152.6M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $215.5M | $88.6M | $92.2M | $656.2M | $621.9M | $364.8M | $179.2M | $180.8M | $132.8M | $62.2M |
| Short-term investments | — | — | — | — | — | — | — | — | $95.7M | — |
| Receivables | $46.7M | $81.9M | $129.1M | $115.5M | $114.0M | $122.4M | $11.3M | $21.0M | $3.2M | $933.0K |
| Inventory | — | — | — | — | — | — | $648.0K | — | $735.0K | $1.1M |
| Total current assets | $274.2M | $182.4M | $233.3M | $780.6M | $745.2M | $495.8M | $306.9M | $266.4M | $311.6M | $380.2M |
| Property, plant and equipment | $3.4M | $4.5M | $5.6M | $6.3M | $7.6M | $8.9M | $12.4M | $7.7M | $17.3M | $20.5M |
| Goodwill | — | — | — | — | — | — | $785.0K | $785.0K | $785.0K | $785.0K |
| Other intangibles | $2.0M | $2.9M | $3.7M | — | — | — | — | — | $159.9M | $166.1M |
| Total assets | $396.9M | $350.9M | $471.1M | $1.10B | $1.13B | $559.2M | $402.7M | $332.1M | $605.7M | $709.8M |
| Accounts payable | $2.9M | $2.1M | $7.8M | $483.0K | $935.0K | $661.0K | $4.0M | $14.9M | $16.0M | $17.7M |
| Total current liabilities | $242.2M | $38.8M | $276.1M | $25.5M | $161.7M | $32.2M | $40.9M | $119.5M | $66.0M | $91.1M |
| Long-term debt | — | — | — | $396.3M | $454.2M | $430.3M | — | — | — | — |
| Retained earnings | -$1.67B | -$1.70B | -$1.70B | -$696.4M | -$937.6M | -$1.47B | -$1.57B | -$1.59B | -$1.31B | -$1.19B |
| Total equity | -$261.8M | -$301.3M | -$346.3M | $652.4M | $605.9M | $62.6M | -$93.3M | -$196.4M | $9.8M | $66.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $127.0M | $103.5M | $183.4M | $273.8M | $261.9M | $168.8M | $10.7M | -$70.9M | -$100.8M | -$25.9M |
| Depreciation and amortisation | $1.1M | $1.2M | $1.2M | $1.4M | $1.5M | $2.3M | $5.6M | $3.9M | $6.4M | $10.3M |
| Stock-based compensation | $17.2M | $29.9M | $32.0M | $27.0M | $22.3M | $31.2M | $31.3M | $40.5M | $30.9M | $29.2M |
| Capital expenditure | $34.0K | $142.0K | $273.0K | $136.0K | $265.0K | $1.8M | $7.2M | $351.0K | $2.8M | $4.2M |
| Investing cash flow | -$34.0K | -$142.0K | -$1.03B | -$136.0K | -$265.0K | -$1.8M | -$11.1M | $88.9M | $151.5M | -$177.7M |
| Financing cash flow | $216.0K | -$107.0M | $277.2M | -$237.6M | -$4.5M | $18.5M | -$1.2M | $30.1M | $19.8M | -$4.2M |
| Buybacks | — | — | — | $126.4M | $24.1M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050325.
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