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Ironwood Pharmaceuticals (IRWD)

Market Price (6/4/2026): $3.24 | Market Cap: $529.6 Mil
Sector: Health Care | Industry: Pharmaceuticals

Ironwood Pharmaceuticals (IRWD)

Market Price (6/4/2026): $3.24
Market Cap: $529.6 Mil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15%, FCF Yield is 21%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 56%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -90%, 3Y Excs Rtn is -150%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71%

Stock price has recently run up significantly
12M Rtn12 month market price return is 431%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.4%

High stock price volatility
Vol 12M is 109%

Key risks
IRWD key risks include [1] a significant regulatory delay for its potential blockbuster drug apraglutide, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15%, FCF Yield is 21%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 56%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%
3 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -90%, 3Y Excs Rtn is -150%
5 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71%
7 Stock price has recently run up significantly
12M Rtn12 month market price return is 431%
8 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.4%
9 High stock price volatility
Vol 12M is 109%
10 Key risks
IRWD key risks include [1] a significant regulatory delay for its potential blockbuster drug apraglutide, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/2/2026
Ironwood Pharmaceuticals (IRWD) stock has lost about 5% since 2/28/2026 because of the following key factors:

1. Negative Investor Reaction to Q1 2026 Earnings Report.

Despite reporting strong first-quarter 2026 total revenue of $106.51 million, which surpassed consensus estimates of $92.11 million by 15.63%, Ironwood Pharmaceuticals' stock experienced a significant decline post-earnings. While some reports indicated a beat on EPS at $0.24 against a $0.19 forecast, others noted a miss of $0.01 compared to a $0.25 consensus. This mixed or perceived negative EPS performance, combined with other factors, led to a pre-market stock drop of 12.63% immediately following the May 7, 2026, earnings announcement.

2. Management's Caution on Future LINZESS Growth and Debt Repayment Plans.

Although LINZESS U.S. net sales surged 97% year-over-year to $273 million in Q1 2026, driven by improved net pricing and 5% demand growth, management cautioned that full-year prescription growth could moderate to the low single-digit range due to channel dynamics, including Medicaid. Additionally, the company reiterated its plan to repay the June 2026 convertible note entirely in cash, intending to end the year with approximately $300 million of total debt. While debt reduction is generally positive, the immediate cash outlay for this repayment might have contributed to investor unease regarding short-term liquidity, as the company had $220.5 million in cash and cash equivalents as of Q1 2026.

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Stock Movement Drivers

Fundamental Drivers

The -5.3% change in IRWD stock from 2/28/2026 to 6/3/2026 was primarily driven by a -77.6% change in the company's P/E Multiple.
(LTM values as of)22820266032026Change
Stock Price ($)3.423.24-5.3%
Change Contribution By: 
Total Revenues ($ Mil)29636222.1%
Net Income Margin (%)8.1%28.3%248.5%
P/E Multiple23.15.2-77.6%
Shares Outstanding (Mil)162163-0.6%
Cumulative Contribution-5.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/3/2026
ReturnCorrelation
IRWD-5.3% 
Market (SPY)10.2%47.6%
Sector (XLV)-7.5%29.8%

Fundamental Drivers

The -7.4% change in IRWD stock from 11/30/2025 to 6/3/2026 was primarily driven by a -73.9% change in the company's P/E Multiple.
(LTM values as of)113020256032026Change
Stock Price ($)3.503.24-7.4%
Change Contribution By: 
Total Revenues ($ Mil)3393626.6%
Net Income Margin (%)8.4%28.3%235.6%
P/E Multiple19.95.2-73.9%
Shares Outstanding (Mil)162163-0.8%
Cumulative Contribution-7.4%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/3/2026
ReturnCorrelation
IRWD-7.4% 
Market (SPY)11.0%29.8%
Sector (XLV)-5.6%16.0%

Fundamental Drivers

The 440.8% change in IRWD stock from 5/31/2025 to 6/3/2026 was primarily driven by a 382.5% change in the company's P/S Multiple.
(LTM values as of)53120256032026Change
Stock Price ($)0.603.24440.8%
Change Contribution By: 
Total Revenues ($ Mil)31836213.8%
P/S Multiple0.31.5382.5%
Shares Outstanding (Mil)161163-1.5%
Cumulative Contribution440.8%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/3/2026
ReturnCorrelation
IRWD440.8% 
Market (SPY)29.4%27.5%
Sector (XLV)13.2%21.8%

Fundamental Drivers

The -70.2% change in IRWD stock from 5/31/2023 to 6/3/2026 was primarily driven by a -43.9% change in the company's P/E Multiple.
(LTM values as of)53120236032026Change
Stock Price ($)10.883.24-70.2%
Change Contribution By: 
Total Revenues ($ Mil)417362-13.3%
Net Income Margin (%)43.6%28.3%-35.2%
P/E Multiple9.25.2-43.9%
Shares Outstanding (Mil)154163-5.5%
Cumulative Contribution-70.2%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/3/2026
ReturnCorrelation
IRWD-70.2% 
Market (SPY)87.6%15.5%
Sector (XLV)21.3%16.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
IRWD Return2%6%-8%-61%-24%-3%-71%
Peers Return-8%22%32%3%14%-2%71%
S&P 500 Return27%-19%24%23%16%11%103%

Monthly Win Rates [3]
IRWD Win Rate42%42%42%33%42%50% 
Peers Win Rate43%50%53%52%53%40% 
S&P 500 Win Rate75%42%67%75%67%67% 

Max Drawdowns [4]
IRWD Max Drawdown-24%-23%-34%-78%-88%-44% 
Peers Max Drawdown-38%-43%-29%-34%-35%-24% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: BHC, ABBV, ARDX, AMGN, VTRS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/3/2026 (YTD)

How Low Can It Go

EventIRWDS&P 500
2025 US Tariff Shock
  % Loss-70.8%-18.8%
  % Gain to Breakeven242.6%23.1%
  Time to Breakeven166 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.7%-9.5%
  % Gain to Breakeven27.8%10.5%
  Time to Breakeven96 days24 days
2023 SVB Regional Banking Crisis
  % Loss-10.1%-6.7%
  % Gain to Breakeven11.2%7.1%
  Time to Breakeven26 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-17.2%-24.5%
  % Gain to Breakeven20.7%32.4%
  Time to Breakeven51 days427 days
2020 COVID-19 Crash
  % Loss-28.1%-33.7%
  % Gain to Breakeven39.0%50.9%
  Time to Breakeven65 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-20.3%-3.7%
  % Gain to Breakeven25.4%3.9%
  Time to Breakeven7 days6 days

Compare to BHC, ABBV, ARDX, AMGN, VTRS

In The Past

Ironwood Pharmaceuticals's stock fell -70.8% during the 2025 US Tariff Shock. Such a loss loss requires a 242.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventIRWDS&P 500
2025 US Tariff Shock
  % Loss-70.8%-18.8%
  % Gain to Breakeven242.6%23.1%
  Time to Breakeven166 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.7%-9.5%
  % Gain to Breakeven27.8%10.5%
  Time to Breakeven96 days24 days
2020 COVID-19 Crash
  % Loss-28.1%-33.7%
  % Gain to Breakeven39.0%50.9%
  Time to Breakeven65 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-20.3%-3.7%
  % Gain to Breakeven25.4%3.9%
  Time to Breakeven7 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-32.9%-12.2%
  % Gain to Breakeven49.1%13.9%
  Time to Breakeven58 days62 days
2014-2016 Oil Price Collapse
  % Loss-39.7%-6.8%
  % Gain to Breakeven65.9%7.3%
  Time to Breakeven115 days15 days
2013 Taper Tantrum
  % Loss-37.3%-0.2%
  % Gain to Breakeven59.6%0.2%
  Time to Breakeven70 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-34.1%-17.9%
  % Gain to Breakeven51.6%21.8%
  Time to Breakeven130 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-29.0%-15.4%
  % Gain to Breakeven40.8%18.2%
  Time to Breakeven17 days125 days

Compare to BHC, ABBV, ARDX, AMGN, VTRS

In The Past

Ironwood Pharmaceuticals's stock fell -70.8% during the 2025 US Tariff Shock. Such a loss loss requires a 242.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Ironwood Pharmaceuticals (IRWD)

Ironwood Pharmaceuticals, Inc., a healthcare company, focuses on the development and commercialization of gastrointestinal (GI) products. It markets linaclotide, a guanylate cyclase type-C agonist for the treatment of adults suffering from irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC) under the LINZESS name in the United States and Mexico, as well as under the CONSTELLA name in the Canada and European Union. The company is also developing IW-3300, a GC-C agonist for the treatment of visceral pain conditions, including interstitial cystitis/bladder pain syndrome and endometriosis; and CNP-104, an immune nanoparticle for the treatment of biliary cholangitis. The company has strategic partnerships with AbbVie Inc., AstraZeneca AB, and Astellas Pharma Inc. for the development and commercialization of linaclotide. The company was formerly known as Microbia, Inc. and changed its name to Ironwood Pharmaceuticals, Inc. in April 2008. Ironwood Pharmaceuticals, Inc. was incorporated in 1998 and is headquartered in Boston, Massachusetts.

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Here are 1-3 brief analogies for Ironwood Pharmaceuticals (IRWD):

  • Gilead Sciences for gastrointestinal health.
  • Vertex Pharmaceuticals for digestive disorders.

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  • linaclotide (LINZESS/CONSTELLA): A guanylate cyclase type-C agonist for the treatment of irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC).
  • IW-3300: A GC-C agonist in development for the treatment of visceral pain conditions, including interstitial cystitis/bladder pain syndrome and endometriosis.
  • CNP-104: An immune nanoparticle in development for the treatment of biliary cholangitis.

AI Analysis | Feedback

Ironwood Pharmaceuticals (IRWD) sells primarily to other companies through strategic partnerships for the development and commercialization of its products, particularly linaclotide (LINZESS/CONSTELLA).

Its major customer companies (commercial partners) are:

  • AbbVie Inc. (Symbol: ABBV)
  • AstraZeneca AB (Symbol: AZN)
  • Astellas Pharma Inc. (Symbol: ALPMY)

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  • AbbVie Inc. (ABBV)
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Thomas McCourt, Chief Executive Officer
Mr. McCourt joined Ironwood Pharmaceuticals in 2009 and became Chief Executive Officer and a member of the board of directors in 2021. He previously served as president and interim chief executive officer. Mr. McCourt was instrumental in the success of LINZESS™. Before joining Ironwood, he led the U.S. brand team for denosumab at Amgen Inc. He also worked for Novartis AG for seven years, where he directed the launch and growth of ZELNORM™ for IBS-C and CIC, and held several senior commercial roles. Earlier in his career, he was part of the founding team at Astra Merck Inc., where he led the development of the medical affairs and science liaison group and served as brand manager for PRILOSEC® and NEXIUM®. He currently serves on the board of directors of Pliant Therapeutics, Inc. and on the board of trustees for the American Society of Gastrointestinal Endoscopy (ASGE).

Greg Martini, Chief Financial Officer
Mr. Martini has served as Chief Financial Officer of Ironwood Pharmaceuticals since January 2025. In this role, he oversees investor relations, corporate communications, finance and accounting, information technology, facilities, and procurement. He joined Ironwood in 2017 and previously held roles of increasing responsibility, including Vice President, Strategic Finance and Investor Relations. Prior to joining Ironwood, Mr. Martini served in various financial and corporate development roles at Thermo Fisher Scientific, Ernst & Young, and Raytheon.

Michael Shetzline, M.D., Ph.D., Senior Vice President, Chief Medical Officer and Head of Research and Development
Dr. Shetzline has served as Chief Medical Officer and Head of Research and Development at Ironwood Pharmaceuticals since October 2021, and previously as Chief Medical Officer and Head of Drug Development from January 2019 to October 2021. He is a gastroenterologist and internist with over 25 years of experience in the biopharmaceutical industry and academia.

John Minardo, Senior Vice President, Chief Legal Officer
Mr. Minardo has served as Chief Legal Officer of Ironwood Pharmaceuticals since August 2021. Before joining Ironwood, he was Vice President, General Counsel, and a member of the executive leadership team at Seqirus, a pharmaceutical company. In that role, from November 2015 to July 2021, he led a global legal team responsible for business transactions, regulatory matters, corporate governance, compliance, and intellectual property.

Tammi Gaskins, Chief Commercial Officer
Ms. Gaskins has served as Chief Commercial Officer of Ironwood Pharmaceuticals since January 2025. She joined the company in July 2020 as Senior Director of Marketing and later served as Vice President of Brand Management. Prior to her time at Ironwood, Ms. Gaskins spent more than 20 years at AstraZeneca, where her roles included Executive Director of the Diabetes Franchise and Commercial Director for the Middle East Area.

AI Analysis | Feedback

The key risks to Ironwood Pharmaceuticals' business include its significant dependence on its primary product, LINZESS, which faces upcoming patent expirations, and setbacks in its product pipeline, hindering revenue diversification. Additionally, the company faces pricing pressures and revenue volatility.

  1. Dependence on LINZESS and Impending Patent Expiry: Ironwood Pharmaceuticals is heavily reliant on LINZESS (linaclotide) as its single commercial product, which generates a substantial portion of its revenue. The primary U.S. composition of matter patent for linaclotide is set to expire in 2026, though some formulation patents may extend into the early 2030s. However, settlement agreements with generic manufacturers permit the entry of generic versions of LINZESS (145 mcg and 290 mcg) into the U.S. market as early as March 2029, with the 72 mcg generic version potentially following in August 2030. This looming "patent cliff" presents a significant long-term risk to the company's revenue streams.
  2. Pipeline Setbacks and Limited Diversification: The company has experienced notable delays and failures in its product pipeline, which is critical for future growth and diversification away from LINZESS. In April 2025, the U.S. Food and Drug Administration (FDA) required a confirmatory Phase 3 trial for apraglutide, delaying its potential approval and the company's efforts to diversify its revenue. Furthermore, Ironwood opted not to pursue an exclusive license for CNP-104 in September 2024 after its topline data proved disappointing, removing another potential growth catalyst from the pipeline.
  3. Pricing Pressures and Revenue Volatility: Despite consistent prescription demand growth for LINZESS, the company has faced challenges with its net sales due to pricing pressures. Full-year U.S. net sales of LINZESS declined in 2025, largely attributed to net price erosion from factors like Medicare Part D redesign and other pricing challenges. Anticipated legislative changes are expected to increase Medicaid exposure in 2026, which could further limit net price realization and impact profit margins. The company has also experienced volatility in its quarterly revenue performance.

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Addressable Markets for Ironwood Pharmaceuticals' Main Products

Ironwood Pharmaceuticals (IRWD) focuses on gastrointestinal (GI) products. The addressable markets for its main products and pipeline candidates are detailed below:

  • Linaclotide (LINZESS/CONSTELLA) for Irritable Bowel Syndrome with Constipation (IBS-C) and Chronic Idiopathic Constipation (CIC):
    • The global Irritable Bowel Syndrome (IBS) treatment market was estimated at USD 3.64 billion in 2024 and is projected to reach USD 6.02 billion by 2030.
    • The IBS-C drug market was valued at USD 2.30 billion in 2025 and is projected to reach USD 3.08 billion by 2035 globally.
    • In 2024, the IBS-C segment represented approximately 29% of the global IBS market, valued at around USD 1.11 billion, and is expected to show the fastest growth.
    • North America, particularly the United States, holds a dominant market share in the IBS-C drugs market due to high prevalence and awareness. The United States accounted for around USD 1.6 billion of the total IBS market size in the seven major markets in 2023.
    • Europe also represents a substantial market for IBS treatment, with countries like Germany and the UK contributing significantly.
  • IW-3300 for Visceral Pain Conditions (Interstitial Cystitis/Bladder Pain Syndrome and Endometriosis):
    • Interstitial Cystitis/Bladder Pain Syndrome:
      • The global interstitial cystitis drugs market was valued at USD 2.74 billion in 2024 and is poised to grow to USD 4.32 billion by 2033.
      • The interstitial cystitis market size across the top 7 major markets (US, EU4, UK, and Japan) reached a value of USD 2.0 billion in 2024 and is expected to reach USD 3.5 billion by 2035.
      • North America was the largest region in the interstitial cystitis market in 2024. The United States has the largest patient pool and represents the biggest market for interstitial cystitis treatment.
    • Endometriosis:
      • The global endometriosis treatment market size was valued at USD 1.2 billion in 2021 and is projected to reach USD 3.9 billion by 2031.
      • In 2023, the total endometriosis market size in the 7MM (United States, Germany, France, Italy, Spain, UK, and Japan) was approximately USD 2.3 billion.
      • The United States accounted for the highest market size, approximately USD 1.4 billion, within the 7MM in 2023.
      • North America held the largest share of the global endometriosis treatment market in 2024.
  • CNP-104 for Biliary Cholangitis (Primary Biliary Cholangitis - PBC):
    • The global primary biliary cholangitis therapeutics market size was valued at USD 686.5 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030.
    • Another estimate places the global Primary Biliary Cholangitis market size at USD 1.05 billion in 2024, projected to reach USD 2.35 billion by 2032.
    • North America is estimated to contribute 50% to the growth of the global market for PBC therapeutics between 2023 and 2028.
    • In 2023, the global primary biliary cholangitis (PBC) therapeutics industry was valued at USD 677.2 million.

AI Analysis | Feedback

Ironwood Pharmaceuticals (IRWD) anticipates several key drivers for its future revenue growth over the next 2-3 years, primarily centered around its flagship product LINZESS and the advancement of its pipeline asset, apraglutide.

The expected drivers include:

  1. Improved LINZESS Net Price: Ironwood expects improved net pricing for LINZESS in 2026. This is driven by a reduction in the list price effective January 1, 2026, which is projected to decrease certain mandatory government rebates, thereby leading to higher net sales for the drug.
  2. Continued LINZESS Prescription Demand Growth: The company foresees sustained, albeit low single-digit, prescription demand growth for LINZESS. This follows a strong performance in 2025, where LINZESS EUTRx demand increased by 11% year-over-year, solidifying its position as a leading prescription for IBS-C and CIC.
  3. Expanded LINZESS Indication for Pediatric Patients: Revenue growth is also expected from the expanded FDA approval of LINZESS in November 2025 for the treatment of irritable bowel syndrome with constipation (IBS-C) in pediatric patients aged 7 and up. This marks the first prescription approval for this age group (7-17 years).
  4. Advancement of Apraglutide: Ironwood considers apraglutide, a GLP-2 analog for short bowel syndrome with intestinal failure (SBS-IF), a significant future revenue driver. The company has finalized the design for a confirmatory Phase 3 clinical trial (STARS-2), with site initiations planned for the second quarter of 2026. If approved, apraglutide has the potential to achieve peak U.S. net sales exceeding $700 million.

AI Analysis | Feedback

Ironwood Pharmaceuticals (IRWD) has made several capital allocation decisions over the last 3-5 years, focusing on share repurchases, strategic acquisitions, and internal funding for pipeline development.

Share Repurchases

  • In May 2021, Ironwood Pharmaceuticals' Board of Directors authorized a new share repurchase program, allowing the company to repurchase up to $150 million of its outstanding common stock through December 2022.

Share Issuance

  • Information regarding significant primary share issuances by Ironwood Pharmaceuticals was not readily available within the provided timeframe.

Inbound Investments

  • Ironwood's VectivBio subsidiary amended a key license with Ferring, which included $12.5 million in milestone payments and ongoing royalties. This settlement also clarified intellectual property rights, reducing a legal uncertainty.

Outbound Investments

  • Ironwood acquired the rights to develop and commercialize apraglutide through the acquisition of VectivBio in June 2023. This acquisition expanded Ironwood's pipeline, particularly with apraglutide for short bowel syndrome with intestinal failure (SBS-IF).
  • The company decided not to exercise its option on CNP-104 for primary biliary cholangitis (PBC) following disappointing data.

Capital Expenditures

  • Strong cash flow projections for Ironwood Pharmaceuticals are expected to allow the company to fully fund the upcoming clinical trials for its pipeline assets, such as the confirmatory Phase 3 trial for apraglutide in the first half of 2026, without the need for external capital. This indicates a focus on internally financing research and development.

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Financials

IRWDBHCABBVARDXAMGNVTRSMedian
NameIronwood.Bausch H.AbbVie Ardelyx Amgen Viatris  
Mkt Price3.244.95217.135.42338.2215.5610.49
Mkt Cap0.51.8384.31.3182.618.09.9
Rev LTM36210,53162,81942837,22014,56312,547
Op Inc LTM2022,44320,844-3710,5682421,343
FCF LTM11298919,980-378,5971,6561,322
FCF 3Y Avg11399719,085-568,8701,8321,414
CFO LTM1121,41921,224-3610,7562,1691,794
CFO 3Y Avg1131,36820,104-5510,3482,3121,840

Growth & Margins

IRWDBHCABBVARDXAMGNVTRSMedian
NameIronwood.Bausch H.AbbVie Ardelyx Amgen Viatris  
Rev Chg LTM13.8%8.2%9.5%18.2%9.1%1.6%9.3%
Rev Chg 3Y Avg-3.4%8.9%3.6%99.3%12.5%-2.6%6.3%
Rev Chg Q158.9%11.7%12.4%27.5%5.8%8.1%12.1%
QoQ Delta Rev Chg LTM22.1%2.6%2.7%5.0%1.3%1.8%2.6%
Op Inc Chg LTM173.8%31.7%61.4%5.6%41.9%-41.6%36.8%
Op Inc Chg 3Y Avg27.6%23.6%12.1%13.9%8.8%-35.0%13.0%
Op Mgn LTM55.8%23.2%33.2%-8.7%28.4%1.7%25.8%
Op Mgn 3Y Avg36.0%20.3%26.9%-19.5%24.6%4.7%22.5%
QoQ Delta Op Mgn LTM15.7%1.6%0.3%1.3%3.7%-0.1%1.5%
CFO/Rev LTM31.0%13.5%33.8%-8.5%28.9%14.9%21.9%
CFO/Rev 3Y Avg30.5%14.0%34.7%-24.1%30.7%15.7%23.1%
FCF/Rev LTM31.0%9.4%31.8%-8.8%23.1%11.4%17.2%
FCF/Rev 3Y Avg30.5%10.2%33.0%-24.4%26.4%12.4%19.4%

Valuation

IRWDBHCABBVARDXAMGNVTRSMedian
NameIronwood.Bausch H.AbbVie Ardelyx Amgen Viatris  
Mkt Cap0.51.8384.31.3182.618.09.9
P/S1.50.26.13.14.91.22.3
P/Op Inc2.60.818.4-35.617.374.210.0
P/EBIT2.62.543.3-46.115.5-53.02.5
P/E5.2-1.5105.7-23.023.4-60.61.8
P/CFO4.71.318.1-36.717.08.36.5
Total Yield19.3%-65.5%4.0%-4.4%7.1%1.5%2.7%
Dividend Yield0.0%0.0%3.1%0.0%2.8%3.1%1.4%
FCF Yield 3Y Avg21.2%40.0%5.4%-3.8%5.2%14.1%9.7%
D/E1.111.30.20.20.30.80.6
Net D/E0.710.60.2-0.00.20.70.5

Returns

IRWDBHCABBVARDXAMGNVTRSMedian
NameIronwood.Bausch H.AbbVie Ardelyx Amgen Viatris  
1M Rtn-29.4%-10.5%4.3%-25.8%5.2%3.1%-3.7%
3M Rtn-13.4%-12.1%-7.3%-18.5%-10.2%7.5%-11.1%
6M Rtn-13.1%-29.8%-4.1%-6.1%-0.7%45.8%-5.1%
12M Rtn431.2%8.1%19.7%37.9%20.3%85.7%29.1%
3Y Rtn-70.6%-39.9%76.6%54.0%70.1%89.8%62.0%
1M Excs Rtn-34.3%-15.4%-0.6%-30.7%0.3%-1.8%-8.6%
3M Excs Rtn-23.3%-22.0%-17.3%-28.5%-20.1%-2.5%-21.1%
6M Excs Rtn-18.3%-40.7%-12.8%-13.9%-9.2%36.9%-13.4%
12M Excs Rtn393.6%-16.8%-7.4%13.5%-6.5%58.9%3.5%
3Y Excs Rtn-149.6%-118.8%-3.9%-13.9%-8.7%14.8%-11.3%

Comparison Analyses

null

FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #		Brand
Name		Generic
Name		Dosage
Form		FDA
Approval		3M
Rtn		6M
Rtn		1Y
Rtn		2Y
Rtn		Total
Rtn
NDA209203  DUZALLOallopurinoltablet81820177.0%5.9%26.1%-29.7%-74.0%
NDA207988  ZURAMPIClesinuradtablet12222015-7.1%8.9%37.5%36.2%-67.7%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Human therapeutics351443411413382
Sale of active pharmaceutical ingredient  018
Total351443411414390


Price Behavior

Price Behavior
Market Price$3.24 
Market Cap ($ Bil)0.5 
First Trading Date02/03/2010 
Distance from 52W High-39.9% 
   50 Days200 Days
DMA Price$3.84$3.14
DMA Trendupup
Distance from DMA-15.5%3.2%
 3M1YR
Volatility80.0%109.0%
Downside Capture365.97199.97
Upside Capture179.55344.52
Correlation (SPY)48.6%27.8%
IRWD Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta2.033.032.662.072.530.93
Up Beta3.473.053.052.042.560.34
Down Beta-3.38-0.571.360.541.331.00
Up Capture48%191%284%298%1406%56%
Bmk +ve Days13283667141432
Stock +ve Days8203056115343
Down Capture607%625%285%221%158%110%
Bmk -ve Days7132757109318
Stock -ve Days12213263125382

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with IRWD
IRWD444.1%109.0%2.04-
Sector ETF (XLV)13.2%14.7%0.6321.6%
Equity (SPY)28.8%11.8%1.8427.3%
Gold (GLD)31.0%26.6%0.996.7%
Commodities (DBC)42.3%18.8%1.74-9.6%
Real Estate (VNQ)9.8%13.2%0.4519.8%
Bitcoin (BTCUSD)-37.1%42.1%-0.9824.3%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with IRWD
IRWD-22.5%72.9%-0.02-
Sector ETF (XLV)5.3%14.7%0.1817.7%
Equity (SPY)14.0%17.0%0.6517.0%
Gold (GLD)18.1%18.0%0.823.3%
Commodities (DBC)10.5%19.4%0.43-1.6%
Real Estate (VNQ)2.8%18.8%0.0514.6%
Bitcoin (BTCUSD)11.2%54.7%0.407.6%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with IRWD
IRWD-10.7%60.7%0.08-
Sector ETF (XLV)9.5%16.5%0.4725.6%
Equity (SPY)15.6%17.9%0.7524.3%
Gold (GLD)13.3%16.0%0.692.0%
Commodities (DBC)7.6%17.9%0.346.0%
Real Estate (VNQ)5.4%20.7%0.2217.3%
Bitcoin (BTCUSD)65.0%66.9%1.044.4%

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Short Interest

Short Interest: As Of Date5152026
Short Interest: Shares Quantity17.3 Mil
Short Interest: % Change Since 43020260.4%
Average Daily Volume3.0 Mil
Days-to-Cover Short Interest5.8 days
Basic Shares Quantity163.5 Mil
Short % of Basic Shares10.6%

Returns Analyses

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-13.7%-23.8% 
2/25/2026-11.3%-4.0%-15.8%
1/2/202626.7%18.1%46.6%
11/10/202531.8%63.5%92.2%
8/7/20259.3%35.4%43.5%
5/7/2025-14.6%-26.2%-38.4%
2/27/2025-5.3%-9.9%-14.6%
11/7/2024-7.5%-14.6%-31.9%
...
SUMMARY STATS   
# Positive111112
# Negative141412
Median Positive3.6%5.7%13.5%
Median Negative-6.4%-9.0%-18.8%
Max Positive31.8%63.5%92.2%
Max Negative-32.6%-27.8%-41.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/31/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/16/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/04/202310-Q
12/31/202202/16/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 U.S. LINZESS Net Sales1.12 Bil1.15 Bil1.18 Bil0 AffirmedGuidance: 1.15 Bil for 2026
2026 Total Revenue450.00 Mil462.50 Mil475.00 Mil0 AffirmedGuidance: 462.50 Mil for 2026
2026 Adjusted EBITDA 300.00 Mil 0 AffirmedGuidance: 300.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 LINZESS U.S. Net Sales1.12 Bil1.15 Bil1.18 Bil0 AffirmedGuidance: 1.15 Bil for 2026
2026 Total Revenue450.00 Mil462.50 Mil475.00 Mil0 AffirmedGuidance: 462.50 Mil for 2026
2026 Adjusted EBITDA 300.00 Mil 0 AffirmedGuidance: 300.00 Mil for 2026

Insider Activity

Updated 5/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Denner, Alexander J See footnoteSell31720263.056,730,80020,530,44828,027,395Form
2John, MinardoChief Legal OfficerDirectSell22520263.6619,05369,7341,331,823Form
3Shetzline, MichaelSVP, CMO, Head-Res&DrugDirectSell22520263.6617,01262,2641,908,416Form
4Gaskins, Tammi LChief Commercial OfficerDirectSell22520263.6611,23941,135782,281Form
5McCourt, Thomas AChief Executive OfficerDirectSell22520263.66103,526378,9055,449,747Form

Industry Resources

External Quote Links


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Core Cache Last Updated: 6/3/2026