Ironwood Q4 Adjusted Loss of $0.01, Revenue Down 47% YoY
Ironwood posted a Q4 adjusted loss of $0.01 per share versus a 2 cent profit estimate, with revenue of $47.7M, 47% below year-ago, under the $53M consensus. Its U.S. partner AbbVie registered Linzess net sales of $163.2M, down 27% YOY, and Ironwood’s profit share fell 49% to $45.2M.
1. Q4 Financial Results
Ironwood reported an adjusted loss of $0.01 per share in Q4 2025, missing the 2 cent profit estimate, with revenue of $47.7 million, down 47% year-over-year and below the $53M consensus. Total costs fell 30.8% to $40.9M, but adjusted EBITDA plunged 71% to $10.9M.
2. Linzess Sales Impact
In the U.S., partner AbbVie recorded Linzess net sales of $163.2M, a 27% decline year-over-year due to rebate timing issues and Medicare Part D redesign pricing pressure. Ironwood’s share of collaborative profits totaled $45.2M, down 49%, reflecting lower net profit contributions.
3. 2026 Guidance Outlook
Ironwood reaffirmed full-year 2026 revenue guidance of $450M–$475M and expects U.S. Linzess sales by AbbVie of $1.13–$1.18B. The company targets adjusted EBITDA above $300M, leveraging a reduced list price to lower rebate liabilities and improve net sales.
4. Apraglutide Pipeline Progress
Ironwood plans to initiate the phase III STARS-2 study of its GLP-2 analog apraglutide for short bowel syndrome in Q2 2026 after aligning on design with regulators. Management aims for a New Drug Application submission by year-end 2029.