Q3 2024 Ironwood Pharmaceuticals Inc Earnings Call Transcript
Key Points
- LINZESS continues to show robust year-over-year prescription demand growth, with a 13% increase in the third quarter.
- Ironwood Pharmaceuticals Inc (IRWD) is on track to submit an NDA for apraglutide in the first quarter of 2025, targeting a significant unmet need in short bowel syndrome.
- The company presented new positive data from the STARS Phase III trial at a major scientific meeting, reinforcing apraglutide's strong clinical profile.
- Ironwood Pharmaceuticals Inc (IRWD) generated $10 million in operating cash flow and $26 million in adjusted EBITDA in the third quarter.
- The company has amended its credit facility to strengthen its balance sheet, providing $50 million of additional liquidity and extending maturity to December 2028.
- LINZESS is facing pricing headwinds due to an increase in Medicaid prescriptions as a percentage of its business.
- U.S. net sales for LINZESS were down 19% year-over-year in the third quarter.
- Ironwood Pharmaceuticals Inc (IRWD) decided not to exercise its option to acquire an exclusive license to CNP-104 and ended further recruitment in the IW-3300 Phase II study.
- The company is experiencing continued pricing pressure on LINZESS, primarily due to legislative and market factors.
- Ironwood Pharmaceuticals Inc (IRWD) recorded a decrease in revenue by 19% year-over-year in the third quarter.
Thank you for standing by. My name is Louella, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ironwood Pharmaceuticals Q3 2024 investor update conference call. (Operator Instructions)
I would now like to turn the call over to Matt Roache, Director of Investor Relations. Please go ahead.
Thank you, Louella. Good morning, and thanks for joining us for our third quarter 2024 investor update. Our press release issued this morning can be found on our website.
Today's call and accompanying slides include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially. A discussion of these statements and risk factors is available on the current safe harbor statement slide as well as under the heading Risk Factors in our annual report on Form 10-K for the year ended December 31, 2023, and
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