BOSTON - Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD), a company specializing in gastrointestinal healthcare, has provided financial guidance for the full year 2024, anticipating a high-single digit percentage growth in LINZESS® (linaclotide) prescription demand. The Boston-based firm also expects to achieve an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of over $150M for the year.
The announcement comes ahead of Ironwood's presentation at the 42nd Annual J.P. Morgan Healthcare Conference scheduled for Wednesday. CEO Tom McCourt expressed confidence in the company's strategic progress, which he believes positions Ironwood as a leader in the GI healthcare sector. According to McCourt, the company is on track to meet its 2023 U.S. net sales guidance for LINZESS, attributing this to strong prescription demand.
Ironwood's optimism for 2024 is also supported by its GI development pipeline, notably the addition of apraglutide, a treatment with potential for short bowel syndrome requiring parenteral support. The company anticipates LINZESS will see low-single digit percentage U.S. net sales growth in 2024, alongside the high-single digit prescription demand growth.
The financial outlook for the upcoming year contrasts with the 2023 guidance, which included a significant one-time charge of approximately $1.1B from the acquisition of VectivBio.
Ironwood's LINZESS, the leading U.S. prescription medication for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC), is expected to maintain its class-leading formulary access. The company also highlighted key upcoming milestones, including topline data from Phase 3 and Phase 2 studies for other GI treatments.
This financial guidance is based on a press release statement by Ironwood Pharmaceuticals and reflects the company's expectations for the year ahead, excluding any potential costs associated with a CNP-104 option exercise. As with all forward-looking statements, these projections are subject to risks and uncertainties that may cause actual results to differ materially.
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