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Ironwood Pharmaceuticals, Inc., a biotechnology company, focuses on the development and commercialization of therapies for gastrointestinal (GI) and rare diseases in the United States and internationally. It sells linaclotide, a guanylate cyclase type-C (GC-C) agonist for the treatment of adults suffering from irritable bowel syndrome with constipation or chronic idiopathic constipation, as well as for pediatric patients suffering from functional constipation under the LINZESS and CONSTELLA names. The company is also developing IW-3300, a GC-C agonist for the treatment of visceral pain conditions, including interstitial cystitis/bladder pain syndrome and endometriosis; and Apraglutide, a synthetic peptide long-acting analog of glucagon-like peptide-2 for short bowel syndrome patients dependent on parenteral support, as well as for acute graft versus host disease. It has strategic partnerships with AbbVie Inc., AstraZeneca AB, and Astellas Pharma Inc. for the development and commercialization of linaclotide. The company was formerly known as Microbia, Inc. and changed its name to Ironwood Pharmaceuticals, Inc. in April 2008. Ironwood Pharmaceuticals, Inc. was incorporated in 1998 and is headquartered in Boston, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $296M | $105M | $24M | $127M | -9.2% | -15.7% | 2629.2% |
| 2024 | $351M | $100M | $1M | $103M | -0.3% | -20.6% | - |
| 2023 | $443M | $-925M | $-1.0B | $183M | 289.4% | 7.8% | -672.5% |
| 2022 | $411M | $261M | $175M | $274M | 26.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 410.60 | 442.74 | 351.41 | 296.15 |
| Cost Of Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 410.60 | 0 | 0 | 0 |
| Operating Expense | 160.26 | 274.40 | 255.69 | 177.39 |
| Operating Income | 250.34 | 168.34 | 95.72 | 118.76 |
| EBITDA | 261.44 | -924.87 | 100.24 | 104.65 |
| EBIT | 260.02 | -926.44 | 98.23 | 102.77 |
| Pretax Income | 252.42 | -948.07 | 65.20 | 70.03 |
| Tax Provision | 77.36 | 83.49 | 64.32 | 46.01 |
| Net Income | 175.06 | -1,002.24 | 0.88 | 24.02 |
| Net Income Common Stockholders | 175.06 | -1,002.24 | 0.88 | 24.02 |
| Total Expenses | 160.26 | 274.40 | 255.69 | 177.39 |
| Interest Expense | 7.60 | 21.63 | 33.03 | 32.75 |
| Interest Income | 9.50 | 18.97 | 4.47 | 4.08 |
| Research And Development | 44.27 | 116.08 | 111.42 | 95.14 |
| Selling General And Administration | 115.99 | 158.31 | 144.27 | 82.26 |
| Normalized EBITDA | 261.26 | 188.88 | 102.84 | 124.91 |
| Normalized Income | 174.94 | -122.38 | 2.93 | 40.02 |
| Basic EPS | 1.13 | -6.45 | 0.01 | 0.15 |
| Diluted EPS | 0.96 | -6.45 | 0.01 | 0.15 |
| Tax Effect Of Unusual Items | 0.06 | -233.89 | -0.54 | -4.25 |
| Tax Rate For Calcs | 0.31 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 0.18 | -1,113.75 | -2.59 | -20.26 |
| Total Unusual Items Excluding Goodwill | 0.18 | -1,113.75 | -2.59 | -20.26 |
| Net Income From Continuing Operation Net Minority Interest | 175.06 | -1,002.24 | 0.88 | 24.02 |
| Reconciled Depreciation | 1.42 | 1.57 | 2.01 | 1.88 |
| Reconciled Cost Of Revenue | 0 | 0 | 0 | 0 |
| Net Interest Income | 1.90 | -2.66 | -28.57 | -28.67 |
| Net Income From Continuing And Discontinued Operation | 175.06 | -1,002.24 | 0.88 | 24.02 |
| Total Operating Income As Reported | 250.34 | -945.43 | 93.12 | 98.50 |
| Diluted Average Shares | 186.31 | 155.44 | 160.08 | 162.98 |
| Basic Average Shares | 154.37 | 155.44 | 159.08 | 161.84 |
| Diluted NI Availto Com Stockholders | 179.51 | -1,002.24 | 0.88 | 24.02 |
| Average Dilution Earnings | 4.45 | 0 | 0 | 0 |
| Minority Interests | 0 | 29.32 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 175.06 | -1,031.56 | 0.88 | 24.02 |
| Net Income Discontinuous Operations | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | 175.06 | -1,031.56 | 0.88 | 24.02 |
| Other Income Expense | 0.18 | -1,113.75 | -1.95 | -20.06 |
| Other Non Operating Income Expenses | 0 | 0 | 0.64 | 0.19 |
| Special Income Charges | 0 | -1,113.77 | -2.59 | -20.26 |
| Other Special Charges | 0 | 1,095.45 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | 18.32 | 2.59 | 20.26 |
| Gain On Sale Of Security | 0.18 | 0.02 | 0 | 0 |
| Net Non Operating Interest Income Expense | 1.90 | -2.66 | -28.57 | -28.67 |
| Interest Expense Non Operating | 7.60 | 21.63 | 33.03 | 32.75 |
| Interest Income Non Operating | 9.50 | 18.97 | 4.47 | 4.08 |
| Operating Revenue | 410.60 | 442.74 | 351.41 | 296.15 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ironwood Pharmaceuticals, Inc.this co. | IRWD | $683M | 27.67↓ discount | -2.58 | -9.2% | 8.78 |
| Allogene Therapeutics, Inc. | ALLO | $726M | - | 1.65 | -65.3% | -1.79 |
| Gyre Therapeutics, Inc. | GYRE | $713M | 367.50 | 6.33 | 3.5% | 46.81 |
| Enhabit, Inc. | EHAB | $704M | - | 1.31 | -0.8% | 13.72 |
| Solid Biosciences Inc. | SLDB |
| $694M |
| - |
| 3.09 |
| -96.8% |
| -2.97 |
| Bioventus Inc. | BVS | $654M | 29.30 | 3.52 | 10.0% | 12.31 |
| Eton Pharmaceuticals, Inc. | ETON | $645M | - | 24.38 | -17.6% | 73.07 |
| HealthStream, Inc. | HSTM | $641M | 34.05 | 1.76 | 5.2% | 9.46 |
| Prime Medicine, Inc. | PRME | $638M | - | 5.17 | -166.4% | -2.81 |
| Peer Median | - | 34.05 | 3.31 | -9.2% | 10.89 | |