Ironwood Pharma | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 113.04 M

Revenue: As of FY2026 Q2, the actual value is USD 113.04 M, missing the estimate of USD 114.73 M.

EPS: As of FY2026 Q2, the actual value is USD 0.31.

EBIT: As of FY2026 Q2, the actual value is USD 80.93 M.

Segment Revenue

• Total Revenue
  • Ironwood Pharmaceuticals, Inc.’s total revenue was $113,041 thousand in the second quarter of 2026, compared to $85,239 thousand in the second quarter of 2025.
  • Total revenue for the six months ended June 30, 2026, was $219,547 thousand, compared to $126,382 thousand for the six months ended June 30, 2025.
• Collaboration Revenue (LINZESS U.S.)
  • Collaboration revenue related to sales of LINZESS in the U.S. was $110.0 million in the second quarter of 2026, an increase of 28% compared to $85.7 million for the second quarter of 2025.
• LINZESS U.S. Net Sales
  • LINZESS U.S. net sales were $282.3 million in the second quarter of 2026, a 14% increase compared to $248.0 million in the second quarter of 2025.
  • Year-to-date LINZESS U.S. net sales were $555 million, representing 44% year-over-year growth.

Operational Metrics

• Total Costs and Expenses
  • Total costs and expenses were $33,734 thousand in the second quarter of 2026, compared to $39,918 thousand in the second quarter of 2025.
  • Total costs and expenses for the six months ended June 30, 2026, were $67,667 thousand, compared to $110,169 thousand for the six months ended June 30, 2025.
• GAAP Net Income
  • GAAP net income was $51,291 thousand in the second quarter of 2026, compared to $23,599 thousand in the second quarter of 2025.
  • GAAP net income for the six months ended June 30, 2026, was $92,064 thousand, compared to - $13,787 thousand for the six months ended June 30, 2025.
• Adjusted EBITDA
  • Adjusted EBITDA was $83,042 thousand in the second quarter of 2026, compared to $50,101 thousand in the second quarter of 2025.
  • Adjusted EBITDA for the six months ended June 30, 2026, was $159,713 thousand, compared to $45,359 thousand for the six months ended June 30, 2025.
• Research and Development (R&D) Expenses
  • R&D expenses were $22.4 million in the second quarter of 2026, compared to $23.4 million in the second quarter of 2025.
• Selling, General and Administrative (SG&A) Expenses
  • SG&A expenses were $11.3 million in the second quarter of 2026, compared to $16.8 million in the second quarter of 2025.
• Interest Expense
  • Interest expense was $7.2 million in the second quarter of 2026, compared to $8.4 million in the second quarter of 2025.
• Interest and Investment Income
  • Interest and investment income was $1.6 million in the second quarter of 2026, compared to $0.8 million in the second quarter of 2025.
• Income Tax Expense
  • Income tax expense was $22.4 million in the second quarter of 2026, compared to $14.2 million in the second quarter of 2025.
• LINZESS Commercial Margin
  • LINZESS commercial margin was 78% in the second quarter of 2026, compared to 69% in the second quarter of 2025.
• Net Profit for LINZESS U.S. Brand Collaboration
  • Net profit for the LINZESS U.S. brand collaboration was $214.6 million in the second quarter of 2026, a 30% increase compared to $164.9 million in the second quarter of 2025.
• Total LINZESS Demand
  • Total LINZESS demand in the second quarter of 2026 increased by 4% compared to the second quarter of 2025.

Cash Flow

• Cash and Cash Equivalents
  • Ironwood Pharmaceuticals, Inc. ended the second quarter of 2026 with $79.1 million of cash and cash equivalents, compared to $215.5 million at the end of 2025.
• Cash Generated from Operations
  • Cash generated from operations was $58.3 million in the second quarter of 2026, compared to $15.1 million in the second quarter of 2025.
• Debt Repayment
  • Ironwood Pharmaceuticals, Inc. repaid $200 million in aggregate principal amount of its 1.50% convertible senior notes at maturity in June 2026 using cash on hand.
• Revolving Credit Facility
  • The outstanding principal balance on the revolving credit facility was $385.0 million as of June 30, 2026, with $165.0 million of remaining borrowing capacity.
• Accounts Receivable
  • Accounts receivable were $112.7 million as of June 30, 2026.

Unique Metrics

• The U.S. Food and Drug Administration (FDA) approved LINZESS for pediatric patients 2 years of age and older with functional constipation (FC) in May 2026.
• Ironwood Pharmaceuticals, Inc. initiated and is actively recruiting patients for STARS-2, a confirmatory Phase 3 clinical trial of apraglutide for patients with short bowel syndrome with intestinal failure (SBS-IF) dependent on parenteral support.

Outlook / Guidance (2026)

Ironwood Pharmaceuticals, Inc. has raised its full-year 2026 financial guidance. The company now expects LINZESS U.S. net sales to be between $1.15 billion and $1.20 billion, driven by improved net price and mid-single digit percentage demand growth. Total revenue guidance has been raised to $460 million to $485 million, and adjusted EBITDA guidance is now projected to be greater than $310 million.