Ironwood Pharmaceuticals, Inc. (IRWD) Earnings
Ironwood Pharmaceuticals, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $0.26. IRWD has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise +195.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.07 | $0.24 | +242.9% | $107M | +15.6% |
| Aug 7, 2025 | $-0.02 | $0.14 | +800.0% | $85M | +9.5% |
| May 7, 2025 | $-0.05 | $-0.14 | -180.0% | $41M | -42.1% |
| Feb 27, 2025 | $0.10 | $0.02 | -80.0% | $91M | +35.1% |
| Nov 7, 2024 | $0.08 | $0.02 | -75.0% | $92M | -1.0% |
| Aug 8, 2024 | $0.15 | $-0.01 | -103.6% | $94M | -11.8% |
| May 9, 2024 | $0.18 | $-0.02 | -111.1% | $75M | -29.2% |
| Feb 15, 2024 | $0.21 | $-0.01 | -104.8% | $118M | +0.1% |
| Nov 9, 2023 | $0.16 | $0.09 | -43.8% | $114M | +0.8% |
| May 4, 2023 | $0.24 | $0.25 | +4.2% | $104M | +3.6% |
| Feb 16, 2023 | $0.27 | $0.27 | +0.0% | $107M | -0.8% |
| Nov 3, 2022 | $0.27 | $0.28 | +3.7% | $109M | -0.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Top priorities for 2026 are maximizing Linzess, advancing apraglutide efforts, and delivering sustained profits and cash flow. - Linzess had 97% year-over-year net sales growth in Q1 2026, driven by improved net price and 5% prescription demand growth. FDA accepted a supplementary new drug application for Linzess in children 2 - 5 years old for functional constipation with a PDUFA target action date of May 24, 2026. - Apraglutide advanced to confirmatory phase 3 clinical trial, with clinical site feasibility completed and initiation expected in Q2. Presented data at Digestive Disease Week on apraglutide's long-term safety profile and the need for therapies to address total parenteral nutrition challenges. - Delivered strong profits in Q1 2026 with $40.8 million in GAAP net income and $76.7 million in adjusted EBITDA.
Guidance
- Reiterating 2026 guidance: LINZES U.S. net sales between $1.125 and $1.175 billion. - Expect low single-digit percentage LINZES prescription demand growth. - Expect Ironwood revenues between $450 and $475 million. - Expect adjusted EBITDA of greater than $300 million.
Segment performance
Linzess had an outstanding first quarter financial performance with 97% year-over-year net sales growth. Linzess U.S. net sales for the first quarter of 2026 were $272.5 million. For 2026, LINZES U.S. net sales are expected to be between $1.125 and $1.175 billion. Ironwood revenues are expected to be between $450 and $475 million, and adjusted EBITDA is expected to be greater than $300 million. Regarding apraglutide, data from the STARS Phase III clinical trial demonstrated a two-fold relative PS volume reduction from baseline at 24 weeks with apraglutide once-weekly dosing compared to placebo. The market for short bowel syndrome with intestinal failure is significant with an estimated large patient population and potential for apraglutide to capture a substantial portion of the market.
Analyst Q&A
Q: On Linzess, thought process on guidance given the strong Q1, any one-time items?
A: First quarter results were in line with expectations factored into full year guidance. No significant one-time items, and expect more consistency in quarterly net sales phasing in 2026.
Q: On apraglutide, market penetration and ICD-10 code impact?
A: Total SBS-IF population across U.S., Europe, and Japan is about 18,000. About 8,000 patients in U.S. dependent on parental support three or more days a week, with total addressable market over $4 billion. Currently about 1,500 - 2,000 patients on GATEX, significant opportunity to increase GLP-2 utilization.
Q: Plans for life cycle management of Linzess after LOE, OTC update?
A: Ongoing engagement with AbbVie for OTC plan, will update as more info available.
Q: STARS II trial stratification and enrollment timelines?
A: Not formally stratifying in STARS II but tracking recruitment of CIC and stoma patients. Leveraging experience from original STARS program, using existing sites and identifying additional sites to ensure enrollment timelines stay on track.
Q: Expense side and STARS II impact?
A: R&D expenses will ramp up with initiation of STARS II, but still expect to deliver greater than $300 million of adjusted EBITDA for the year.
Q: Opportunity of Linzess in functional constipation in 2 - 5-year-olds and H2 revenues?
A: Excited about potential expansion, but adult IBSC CIC population is main driver of growth over next few years, with additional pediatric indications supporting demand but real inflection from adult population.
Q: Reimbursement for Ironwood commercial expenses?
A: First quarter 2026 is more representative of run rate going forward as result of restructuring in first quarter 2025 reducing ironwood portion of selling efforts for Linzess