Ironwood Q4 Misses Estimates with 47.3% Revenue Drop and CNP-104 Setback
Ironwood posted a Q4 adjusted loss of $0.01 per share versus a $0.02 expected and missed revenue estimates at $47.7M, down 47.3% year-over-year, as shares tumbled 11.4%. LINZESS U.S. sales fell 6% to $864.5M in 2025 and pipeline setbacks on CNP-104 spurred a downgrade.
1. Q4 Earnings and Revenue Miss
Ironwood reported a Q4 adjusted loss of $0.01 per share against expectations of $0.02 and revenues of $47.7 million, missing estimates by $5.3 million and marking a 47.3% year-over-year decline that led to an 11.4% share drop.
2. LINZESS Performance
U.S. sales of LINZESS totaled $864.5 million for full-year 2025, down 6% from 2024, while Ironwood’s share of Linzess net profit fell to $45.2 million in Q4 due to rebate timing and Medicare Part D redesign pressures.
3. Pipeline Setbacks and Downgrade
Following disappointing data, Ironwood declined its option on CNP-104 for primary biliary cholangitis, and FDA alignment on a confirmatory Phase III apraglutide study now targets site initiation in Q2 2026 with NDA submission by late 2029, prompting a downgrade.