p strong Ironwood Pharmaceuticals Inc Reports Second Quarter 2024 Financial Results strongpp Ironwo
Intellectia.AI Updated: 1970-01-01
Ironwood Pharmaceuticals, Inc. Reports Second Quarter 2024 Financial Results
Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD), a GI-focused healthcare company, today reported its financial results for the second quarter of 2024.
Key Financial Metrics
| Metrics | Q2 2024 | Q2 2023 | Year-over-Year Change |
|---|---|---|---|
| Total Revenue | $94.4 million | $107.4 million | -12.1% |
| Earnings Per Share (EPS) | ($0.01) | ($6.84) | -99.85% |
The decline in total revenue year-over-year was primarily due to a decrease in collaborative arrangements revenue. Despite robust prescription demand for LINZESS, pricing headwinds and higher Medicaid utilization trends negatively impacted revenue.
Segment Revenue Performance
| Segments | Q2 2024 | Q2 2023 | Year-over-Year Change |
|---|---|---|---|
| LINZESS U.S. Net Sales | $211.2 million | $269.7 million | -22% |
| Collaboration Revenue to Ironwood | $91.4 million | $104.8 million | -12.8% |
The LINZESS segment saw an 11% increase in prescription demand. However, the U.S. net sales experienced a 22% decline due to a gross-to-net change in estimate and higher-than-expected Medicaid utilization trends, which adjusted sales downward.
Second Quarter 2024 Corporate Highlights
| Operational Data | Q2 2024 | Q2 2023 |
|---|---|---|
| Prescription Demand | 52 million capsules | 11% increase year-over-year |
Comments from Company's Officers
Tom McCourt, CEO of Ironwood Pharmaceuticals, highlighted progress across their portfolio and emphasized the robust prescription demand for LINZESS, despite pricing headwinds due to higher Medicaid utilization.
Forward Guidance
Ironwood has revised its FY 2024 financial guidance, anticipating continued LINZESS pricing pressure.
Stock Price Movement
Post-earnings release, Ironwood Pharmaceuticals' stock price saw a decrease of -1.33%.
In conclusion, Ironwood Pharmaceuticals continues to make progress despite challenges. The robust demand for LINZESS underscores its importance in the market, even as financial results reflect broader pricing pressures and utilization trends.
The report has been organized into a clearer format, and unnecessary columns have been removed.
