Revenue: As of FY2026 Q1, the actual value is USD 106.51 M, beating the estimate of USD 92.1 M.EPS: As of FY2026 Q1, the actual value is USD 0.24.EBIT: As of FY2026 Q1, the actual value is USD 80.02 M.<h4>Overview of Financial Performance (Three Months Ended March 31, 2026 vs. 2025)</h4><h4>Net Income (Loss)</h4><ul><li>2026: $40,773 thousand </li><li>2025: - $37,386 thousand </li></ul><h4>Income (Loss) from Operations</h4><ul><li>2026: $72,573 thousand </li><li>2025: - $29,108 thousand </li></ul><h4>Collaborative Arrangements Revenue</h4><ul><li>Total Collaborative Arrangements Revenue:<ul><li>2026: $106,506 thousand </li><li>2025: $41,143 thousand </li><li>Change: Increase of $65,363 thousand, primarily driven by increased net price, inventory channel fluctuations, and increased prescription demand from LINZESS sales in the U.S. </li></ul></li><li>Revenue by Partner/Product:<ul><li>AbbVie (North America):<ul><li>2026: $105,110 thousand </li><li>2025: $39,394 thousand </li><li>Sales of LINZESS in the U.S.:<ul><li>2026: $104,223 thousand </li><li>2025: $38,769 thousand </li></ul></li><li>Royalty Revenue (Canada and Mexico):<ul><li>2026: $887 thousand </li><li>2025: $625 thousand </li></ul></li></ul></li><li>AbbVie (Europe and other):<ul><li>2026: $808 thousand </li><li>2025: $811 thousand </li></ul></li><li>AstraZeneca (China, including Hong Kong and Macau):<ul><li>2026: $79 thousand </li><li>2025: $88 thousand </li></ul></li><li>Astellas (Japan):<ul><li>2026: $347 thousand </li><li>2025: $373 thousand </li></ul></li><li>Apraglutide Agreement (Asahi Kasei Therapeutics Corporation (Japan)):<ul><li>2026: $162 thousand </li><li>2025: $477 thousand </li></ul></li></ul></li></ul><h4>Research and Development Expenses</h4><ul><li>Total Research and Development Expenses:<ul><li>2026: $21,940 thousand </li><li>2025: $27,432 thousand </li><li>Change: Decrease of $5,492 thousand </li></ul></li><li>Expenses by Product/Program:<ul><li>Apraglutide:<ul><li>2026: $18,564 thousand </li><li>2025: $19,277 thousand </li></ul></li><li>Linaclotide:<ul><li>2026: $2,433 thousand </li><li>2025: $3,928 thousand </li></ul></li><li>IW-3300:<ul><li>2026: $55 thousand </li><li>2025: $2,277 thousand </li></ul></li><li>CNP-104:<ul><li>2026: $0 thousand </li><li>2025: $75 thousand </li></ul></li><li>Early Research and Development:<ul><li>2026: $888 thousand </li><li>2025: $1,875 thousand </li></ul></li></ul></li></ul><h4>Selling, General and Administrative Expenses</h4><ul><li>2026: $12,033 thousand </li><li>2025: $24,260 thousand </li><li>Change: Decrease of $12,227 thousand, primarily due to a $6.4 million decrease in compensation, benefits, and other employee-related expenses, a $0.9 million decrease in sales and marketing expenses resulting from 2025 restructuring initiatives, and a $5.3 million decrease in professional services expenses. </li></ul><h4>Restructuring, Net</h4><ul><li>22026: - $40 thousand </li><li>2025: $18,559 thousand </li><li>Change: Decrease of $18,599 thousand, primarily related to the January 2025 workforce reduction. </li></ul><h4>Interest Expense and Other Financing Costs</h4><ul><li>2026: - $9,141 thousand </li><li>2025: - $8,070 thousand </li><li>Change: Increase of $1,071 thousand, primarily due to professional services incurred for potential financing transactions, partially offset by lower interest rates on the Revolving Credit Facility. </li></ul><h4>Interest and Investment Income</h4><ul><li>2026: $1,698 thousand </li><li>2025: $869 thousand </li><li>Change: Increase of $829 thousand, due to an increase in cash and cash equivalents balances, partially offset by a decrease in interest rates. </li></ul><h4>Income Tax Expense</h4><ul><li>2026: - $24,399 thousand </li><li>2025: - $1,114 thousand </li></ul><h4>Cash Flows from Operating Activities</h4><ul><li>2026: $5,121 thousand </li><li>2025: $19,954 thousand </li></ul><h4>Cash Flows from Investing Activities</h4><ul><li>2026: $0 thousand </li><li>2025: - $31 thousand </li></ul><h4>Cash Flows from Financing Activities</h4><ul><li>2026: $0 thousand </li><li>2025: $6 thousand </li></ul><h4>Cash and Cash Equivalents</h4><ul><li>As of March 31, 2026: $220,471 thousand </li><li>As of December 31, 2025: $215,456 thousand </li></ul><h4>Debt Obligations</h4><ul><li>Convertible Senior Notes due 2026: $200,000 thousand aggregate principal amount outstanding as of March 31, 2026 and December 31, 2025. These notes mature on June 15, 2026. </li><li>Revolving Credit Facility: $385,000 thousand aggregate principal amount outstanding as of March 31, 2026 and December 31, 2025. The facility provides $550,000 thousand of borrowing capacity and matures on December 31, 2028. </li></ul><h4>Future Outlook and Strategic Focus</h4>Ironwood Pharmaceuticals, Inc. aims to achieve and maintain positive cash flows through increased LINZESS sales and other commercial activities, coupled with financial discipline. The company plans to continue significant investments in developing and commercializing linaclotide, including exploring new indications, and advancing apraglutide through clinical trials, with a confirmatory Phase III clinical trial (STARS-2) for apraglutide expected to begin site initiations in Q2 2026. Ironwood Pharmaceuticals, Inc. anticipates that its current cash, expected operational cash inflows, and Revolving Credit Facility borrowing capacity will cover projected operating needs for at least the next twelve months.

Ironwood Pharma | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 106.51 M