Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD), a commercial biotechnology company, today provided an update on its fourth quarter and full year 2017 results and recent business activities.
“Continued execution in 2017 advanced our vision of building a biotech company that is grounded in innovation and creating and commercializing medicines that make a difference in patients’ lives,” said Peter Hecht, chief executive officer of Ironwood. “LINZESS continued to strengthen its branded prescription market leading position, ex-U.S. linaclotide contribution from our partner Astellas in Japan increased significantly, DUZALLO® was approved and launched, and we advanced six exciting mid- and late-stage clinical trials. In 2018, we expect strong top-line growth through our commercial efforts, the advancement of key mid- to late-stage clinical trials targeting areas of significant unmet need such as uncontrolled GERD, diabetic nephropathy, heart failure with preserved ejection fraction and sickle cell disease, and we expect to generate positive cash flow in the fourth quarter.”
Fourth Quarter and Full Year 2017 and Recent Highlights
Irritable Bowel Syndrome with Constipation (IBS-C) / Chronic Idiopathic Constipation (CIC)
Uncontrolled Gout
Uncontrolled Gastroesophageal Reflux Disease (GERD)
Diabetic Nephropathy and Heart Failure with Preserved Ejection Fraction (HFpEF)
Sickle Cell Disease and Achalasia
Global Collaborations and Partnerships
Corporate and Financials
2018 Financial Guidance
In 2018, Ironwood expects:
Non-GAAP Financial Measures
The company presents non-GAAP net loss and non-GAAP net loss per share to exclude the impact of net gains and losses on the derivatives related to our convertible notes that are required to be marked-to-market, as well as the amortization of acquired intangible assets and the fair value remeasurement of contingent consideration associated with Ironwood’s U.S. license agreement with AstraZeneca for the exclusive rights to all products containing lesinurad. The derivative gains and losses may be highly variable, difficult to predict and of a size that could have a substantial impact on the company’s reported results of operations in any given period. The acquired intangible assets are valued as of the date of acquisition and are amortized over their estimated economic useful life, and management believes excluding the amortization of acquired intangible assets provides more consistency with the treatment of internally developed intangible assets for which research and development costs were previously expensed. The contingent consideration balance is remeasured each reporting period, and the resulting change in fair value impacts the company’s reported results of operations. The changes in the fair value remeasurement of contingent consideration do not correlate to the company’s actual cash payment obligations in the relevant period. Management believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood’s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood’s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. For a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures, please refer to the table at the end of this press release.
Conference Call Information
Ironwood will host a conference call and webcast at 8:30 a.m. Eastern Time on Thursday, February 15, 2018 to discuss its fourth quarter and full year 2017 results and recent business activities. Individuals interested in participating in the call should dial (877) 643-7155 (U.S. and Canada) or (914) 495-8554 (international) using conference ID number 8489758. To access the webcast, please visit the Investors section of Ironwood’s website at www.ironwoodpharma.com at least 15 minutes prior to the start of the call to ensure adequate time for any software downloads that may be required. The call will be available for replay via telephone starting at approximately 11:30 a.m. Eastern Time, on February 15, 2018 running through 11:59 p.m. Eastern Time on February 22, 2018. To listen to the replay, dial (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (international) using conference ID number 8489758. The archived webcast will be available on Ironwood’s website for 14 days beginning approximately one hour after the call has completed.
About Ironwood Pharmaceuticals
Ironwood Pharmaceuticals (NASDAQ: IRWD) is a commercial biotechnology company focused on creating medicines that make a difference for patients, building value for our fellow shareholders, and empowering our passionate team. We are commercializing two innovative primary care products: linaclotide, the U.S. branded prescription market leader for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC), and lesinurad, which is approved to be taken with a xanthine oxidase inhibitor (XOI), or as a fixed-dose combination with allopurinol, for the treatment of hyperuricemia associated with gout. We are also advancing a pipeline of innovative product candidates in areas of significant unmet need, including uncontrolled gastroesophageal reflux disease, diabetic nephropathy, heart failure with preserved ejection fraction, achalasia and sickle cell disease. Ironwood was founded in 1998 and is headquartered in Cambridge, Mass. For more information, please visit www.ironwoodpharma.com or www.twitter.com/ironwoodpharma; information that may be important to investors will be routinely posted in both these locations.
About LINZESS (linaclotide)
LINZESS® is the #1 prescribed brand for the treatment of adult patients with irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC), based on IQVIA data. Since its FDA approval in August of 2012 and subsequent launch in December 2012, greater than 2 million unique patients have filled approximately 10 million prescriptions for LINZESS, according to IQVIA.
LINZESS is a once-daily capsule that helps relieve the abdominal pain and constipation associated with IBS-C, as well as the constipation, infrequent stools, hard stools, straining, and incomplete evacuation associated with CIC. The recommended dose is 290 mcg for IBS-C patients and 145 mcg for CIC patients, with a 72 mcg dose approved for use in CIC depending on individual patient presentation or tolerability. LINZESS should be taken at least 30 minutes before the first meal of the day.
LINZESS is contraindicated in pediatric patients less than 6 years of age. The safety and effectiveness of LINZESS in pediatric patients less than 18 years of age have not been established. In neonatal mice, linaclotide increased fluid secretion as a consequence of GC-C agonism resulting in mortality within the first 24 hours due to dehydration. Due to increased intestinal expression of GC-C, patients less than 6 years of age may be more likely than patients 6 years of age and older to develop severe diarrhea and its potentially serious consequences. In adults with IBS-C or CIC treated with LINZESS, the most commonly reported adverse event was diarrhea.
LINZESS is not a laxative; it is the first medicine approved by the FDA in a class called guanylate cyclase-C (GC-C) agonists. LINZESS contains a peptide called linaclotide that activates the GC-C receptor in the intestine. Activation of GC-C is thought to result in increased intestinal fluid secretion and accelerated transit and a decrease in the activity of pain-sensing nerves in the intestine. The clinical relevance of the effect on pain fibers, which is based on nonclinical studies, has not been established.
In the United States, Ironwood and Allergan plc co-develop and co-commercialize LINZESS for the treatment of adults with IBS-C or CIC. In Europe, Allergan markets linaclotide under the brand name CONSTELLA® for the treatment of adults with moderate to severe IBS-C. In Japan, Ironwood's partner Astellas markets linaclotide under the brand name LINZESS for the treatment of adults with IBS-C. Ironwood also has partnered with AstraZeneca for development and commercialization of linaclotide in China, and with Allergan for development and commercialization of linaclotide in all other territories worldwide.
About ZURAMPIC (lesinurad) 200mg tablets
ZURAMPIC (lesinurad) works in combination with xanthine oxidase inhibitors (XOIs) to treat hyperuricemia associated with uncontrolled gout. ZURAMPIC is not recommended for the treatment of asymptomatic hyperuricemia and should not be used as monotherapy. XOIs reduce the production of uric acid; ZURAMPIC increases the excretion of uric acid. Together, the combination of ZURAMPIC and an XOI provides a dual mechanism of action that both decreases production and increases excretion of uric acid, thereby lowering serum uric acid (sUA) levels in patients who have not achieved target serum uric acid levels with XOI treatment alone. ZURAMPIC selectively inhibits the function of transporter proteins uric acid transporter 1 (URAT1) and organic anion transporter 4 (OAT4), involved in uric acid reabsorption in the kidney. The safety and efficacy of ZURAMPIC was established in three Phase III clinical trials that evaluated a once-daily dose of ZURAMPIC in combination with the XOI allopurinol or febuxostat compared to XOI alone. The boxed warning for ZURAMPIC states that acute renal failure has occurred with ZURAMPIC and was more common when ZURAMPIC was given alone and reinforces that ZURAMPIC should be used in combination with an XOI.
About DUZALLO (lesinurad and allopurinol)
DUZALLO (lesinurad and allopurinol) is a once-daily oral therapy that contains lesinurad 200 mg plus allopurinol 300 mg; it is also available in a lesinurad 200 mg plus allopurinol 200 mg dosage. DUZALLO is approved by the FDA as a once-daily oral treatment for hyperuricemia associated with gout in patients who have not achieved target serum uric acid (sUA) levels with a medically appropriate daily dose of allopurinol alone. DUZALLO is not recommended for the treatment of asymptomatic hyperuricemia. Allopurinol is an XOI whose action differs from that of uricosuric agents such as lesinurad. Allopurinol reduces the production of uric acid (UA); lesinurad increases renal excretion of UA by selectively inhibiting the action of URAT1, the UA transporter responsible for the majority of renal UA reabsorption. The dual-mechanism combination of DUZALLO can address both inefficient excretion and overproduction of UA, thereby lowering sUA levels. DUZALLO should be taken in the morning with food and water, and patients should be advised to stay well hydrated when taking DUZALLO (about 2 liters of liquid a day).
LINZESS Important Safety Information
INDICATIONS AND USAGE
LINZESS (linaclotide) is indicated in adults for the treatment of both irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC).
IMPORTANT SAFETY INFORMATION |
WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS
LINZESS is contraindicated in patients less than 6 years of age. In nonclinical studies in neonatal mice, administration of a single, clinically relevant adult oral dose of linaclotide caused deaths due to dehydration. Use of LINZESS should be avoided in patients 6 years to less than 18 years of age. The safety and effectiveness of LINZESS have not been established in patients less than 18 years of age. |
Contraindications
Warnings and Precautions
Pediatric Risk
Diarrhea
Common Adverse Reactions (incidence ≥2% and greater than placebo)
Please see full Prescribing Information including Boxed Warning:
http://www.allergan.com/assets/pdf/linzess_pi
ZURAMPIC Important Safety Information and Limitations of Use |
WARNING: RISK OF ACUTE RENAL FAILURE MORE COMMON WHEN USED
WITHOUT A XANTHINE OXIDASE INHIBITOR (XOI)
|
Contraindications:
Warnings and Precautions:
Adverse Reactions:
Indication and Limitations of Use for ZURAMPIC
ZURAMPIC is a URAT1 inhibitor indicated in combination with an XOI for the treatment of hyperuricemia associated with gout in patients who have not achieved target serum uric acid levels with an XOI alone.
Please see full Prescribing Information, including Boxed Warning,
at:
http://irwdpi.com/zurampic/ZURAMPIC_PI_and_Medguide_2017.pdf#page=1
DUZALLO Important Safety Information |
WARNING: RISK OF ACUTE RENAL FAILURE
|
Contraindications:
Warnings and Precautions:
Adverse Reactions:
Indication and Limitations of Use:
DUZALLO, a combination of lesinurad, a URAT1 inhibitor, and allopurinol, a xanthine oxidase inhibitor, is indicated for the treatment of hyperuricemia associated with gout in patients who have not achieved target serum uric acid levels with a medically appropriate daily dose of allopurinol alone.
Please see full Prescribing Information, including Boxed, at
https://www.irwdpi.com/duzallo/DuzalloPIandMedguide2017.pdf#page=1
LINZESS® and CONSTELLA® are registered trademarks of Ironwood Pharmaceuticals, Inc., and ZURAMPIC® and DUZALLO® are registered trademarks of AstraZeneca AB. Any other trademarks referred to in this press release are the property of their respective owners. All rights reserved.
This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about the development, launch, commercial availability and commercial potential of linaclotide, lesinurad, our product candidates and the other products that we promote and the drivers, timing, impact and results thereof; market size, prevalence, growth and opportunity, including peak sales (and drivers thereof) and the growth in and potential demand for linaclotide, lesinurad and our product candidates, as well as their potential impact on applicable markets; the potential indications for, and benefits of, linaclotide, lesinurad and our product candidates; the anticipated timing of preclinical, clinical and regulatory developments and the design, timing and results of clinical and preclinical studies; the potential for, and timing of, regulatory submissions and approvals for linaclotide, lesinurad and our product candidates; partnering strategy and discussions; business strategy and investments (and evaluations thereof), structure and operations; the cause, size, timing and impact of Ironwood’s reduction in workforce and related activities; expected periods of patent exclusivity, durability and life of the respective patent portfolios for linaclotide, lesinurad and our product candidates; the strength of the intellectual property protection for linaclotide, lesinurad and our product candidates and our intentions and efforts to protect such intellectual property; and our financial performance and results, and guidance and expectations related thereto (including the drivers and timing thereof), including expectations related to a rapidly growing top-line, the exercise of capital discipline, maximizing long-term per-share cash flows for shareholders, Ironwood revenue CAGR, commercial margin, net price increase, positive cash flow and positive cash flow from operations, LINZESS U.S. net sales, ex-U.S. revenue (including API revenue), allocation of capital, R&D, SG&A and marketing and sales expenses, net interest expense and cash used for operations. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include those related to the effectiveness of development and commercialization efforts by us and our partners; preclinical and clinical development, manufacturing and formulation development; the risk that findings from our completed nonclinical and clinical studies may not be replicated in later studies; efficacy, safety and tolerability of linaclotide, lesinurad and our product candidates; decisions by regulatory and judicial authorities; the risk that we are unable to successfully commercialize lesinurad or realize the anticipated benefits of the lesinurad transaction; the risk that we may never get sufficient patent protection for linaclotide, lesinurad and our product candidates or that we are not able to successfully protect such patents; the outcomes in legal proceedings to protect or enforce the patents relating to our products and product candidates, including ANDA litigation; developments in the intellectual property landscape; challenges from and rights of competitors or potential competitors; the risk that our planned investments do not have the anticipated effect on our company revenues, linaclotide, lesinurad or our product candidates; the risk that we are unable to manage our operating expenses or cash use for operations, or are unable to commercialize our products, within the guided ranges or otherwise as expected; and the risks listed under the heading "Risk Factors" and elsewhere in Ironwood's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, and in our subsequent SEC filings. These forward-looking statements (except as otherwise noted) speak only as of the date of this press release, and Ironwood undertakes no obligation to update these forward-looking statements. Further, Ironwood considers the net profit for the U.S. LINZESS brand collaboration with Allergan in assessing the product's performance and calculates it based on inputs from both Ironwood and Allergan. This figure should not be considered a substitute for Ironwood's GAAP financial results. An explanation of our calculation of this figure is provided in the U.S. LINZESS Brand Collaboration table and related footnotes accompanying this press release.
Condensed Consolidated Balance Sheets (In thousands) (unaudited) |
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December 31, |
December 31, |
|||||||||
Assets | ||||||||||
Cash, cash equivalents and available-for-sale securities | $ | 221,416 | $ | 305,216 | ||||||
Accounts receivable, net | 82,157 | 64,854 | ||||||||
Inventory | 735 | 1,081 | ||||||||
Prepaid expenses and other current assets | 7,288 | 9,030 | ||||||||
Total current assets | 311,596 | 380,181 | ||||||||
Property and equipment, net | 17,274 | 20,512 | ||||||||
Convertible note hedges | 108,188 | 132,521 | ||||||||
Intangible assets, net | 159,905 | 166,119 | ||||||||
Goodwill | 785 | 785 | ||||||||
Other assets | 7,926 | 9,703 | ||||||||
Total assets | $ | 605,674 | $ | 709,821 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||
Accounts payable, accrued expenses and other current liabilities | $ | 61,508 | $ | 62,941 | ||||||
Current portion of capital lease obligations | 4,077 | 6,227 | ||||||||
Current portion of deferred rent | 195 | 7,719 | ||||||||
Current portion of contingent consideration | 247 | 14,244 | ||||||||
Total current liabilities | 66,027 | 91,131 | ||||||||
Capital lease obligations | - | 82 | ||||||||
Deferred rent, net of current portion | 5,449 | 557 | ||||||||
Other liabilities | 5,060 | 8,190 | ||||||||
Contingent consideration, net of current portion | 31,011 | 63,416 | ||||||||
Note hedge warrants | 92,188 | 113,237 | ||||||||
Convertible notes | 249,193 | 234,243 | ||||||||
Long-term debt | 146,898 | 132,249 | ||||||||
Total stockholders’ equity | 9,848 | 66,716 | ||||||||
Total liabilities and stockholders’ equity | $ | 605,674 | $ | 709,821 | ||||||
Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (unaudited) |
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Three Months Ended December 31, |
Twelve Months Ended |
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2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||
Total revenues | $ | 94,208 | $ | 87,459 | $ | 298,276 | $ | 273,957 | ||||||||||||||||
Cost and expenses: | ||||||||||||||||||||||||
Cost of revenues, excluding amortization of acquired intangible assets | 9,126 | 2,242 | 19,406 | 2,242 | ||||||||||||||||||||
Research and development | 40,117 | 38,442 | 148,228 | 139,492 | ||||||||||||||||||||
Selling, general and administrative | 57,953 | 55,208 | 233,123 | 173,281 | ||||||||||||||||||||
Amortization of acquired intangible assets | 3,476 | (3,297 | ) | 6,214 | 981 | |||||||||||||||||||
(Gain) loss on fair value remeasurement of contingent consideration | (39,229 | ) | 1,164 | (31,310 | ) | 9,831 | ||||||||||||||||||
Total cost and expenses | 71,443 | 93,759 | 375,661 | 325,827 | ||||||||||||||||||||
Income (Loss) from operations | 22,765 | (6,300 | ) | (77,385 | ) | (51,870 | ) | |||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||
Interest expense, net | (8,587 | ) | (9,308 | ) | (34,259 | ) | (37,984 | ) | ||||||||||||||||
(Loss) gain on derivatives | (2,093 | ) | 2,103 | (3,284 | ) | 8,146 | ||||||||||||||||||
Loss on extinguishment of debt | - | - | (2,009 | ) | - | |||||||||||||||||||
Other expense, net | (10,680 | ) | (7,205 | ) | (39,552 | ) | (29,838 | ) | ||||||||||||||||
GAAP net income (loss) | 12,085 | (13,505 | ) | (116,937 | ) | (81,708 | ) | |||||||||||||||||
GAAP net income (loss) per share—basic and diluted | $ | 0.08 | $ | (0.09 | ) | $ | (0.78 | ) | $ | (0.56 | ) |
Three Months Ended |
Twelve Months Ended |
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2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||
Non-GAAP net loss | $ | (21,575 | ) | $ | (17,741 | ) | $ | (138,749 | ) | $ | (79,042 | ) | ||||||||||||
Non-GAAP net loss per share (basic and diluted) | $ | (0.14 | ) | $ | (0.12 | ) | $ | (0.93 | ) | $ | (0.55 | ) | ||||||||||||
Weighted average number of common shares used |
149,877 |
146,274 |
148,993 |
144,928 |
||||||||||||||||||||
in net loss per share — basic and diluted |
Reconciliation of GAAP Results to Non-GAAP Financial Measures (In thousands, except per share amounts) (unaudited) |
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A reconciliation between net loss on a GAAP basis and on a non-GAAP basis is as follows: |
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Three Months Ended |
Twelve Months Ended |
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2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||
GAAP net income (loss) | $ | 12,085 | $ | (13,505 | ) | $ | (116,937 | ) | $ | (81,708 | ) | |||||||||||||
Adjustments: | ||||||||||||||||||||||||
Mark-to-market adjustments on the derivatives related to convertible notes, net | 2,093 | (2,103 | ) | 3,284 | (8,146 | ) | ||||||||||||||||||
Amortization of intangible assets | 3,476 | (3,297 | ) | 6,214 | 981 | |||||||||||||||||||
(Gain) loss fair value remeasurement of contingent consideration | (39,229 | ) | 1,164 | (31,310 | ) | 9,831 | ||||||||||||||||||
Non-GAAP net loss | $ | (21,575 | ) | $ | (17,741 | ) | $ | (138,749 | ) | $ | (79,042 | ) |
A reconciliation between diluted net loss per share on a GAAP basis and on a non-GAAP basis is as follows: |
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Three Months Ended |
Twelve Months Ended |
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2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||
GAAP net income (loss) per share – Basic and Diluted | $ | 0.08 | $ | (0.09 | ) | $ | (0.78 | ) | $ | (0.56 | ) | |||||||||||||
Adjustments to GAAP net loss per share (as detailed above) | (0.22 | ) | (0.03 | ) | (0.15 | ) | 0.02 | |||||||||||||||||
Non-GAAP net loss per share – basic and diluted1 Numbers may not add due to rounding | $ | (0.14 | ) | $ | (0.12 | ) | $ | (0.93 | ) | $ | (0.55 | ) | ||||||||||||
U.S. LINZESS Brand Collaboration1 Revenue/Expense Calculation (In thousands) (unaudited) |
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Three Months Ended |
Twelve Months Ended |
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2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||
LINZESS U.S. net sales | $ | 194,790 | $ | 173,575 | $ | 701,170 | $ | 625,555 | ||||||||||||||||
Commercial costs and expenses2 |
56,023 | 67,397 | 271,197 | 265,238 | ||||||||||||||||||||
Commercial profit on sales of LINZESS | $ | 138,767 | $ | 106,178 | $ | 429,973 | $ | 360,317 | ||||||||||||||||
Commercial Margin3 |
71 | % | 61 | % | 61 | % | 58 | % | ||||||||||||||||
Ironwood’s share of net profit | $ | 69,384 | $ | 53,089 | $ | 214,987 | $ | 180,159 | ||||||||||||||||
Ironwood’s selling, general and administrative expenses4 |
7,190 | 9,674 | 41,251 | 35,197 | ||||||||||||||||||||
Profit share adjustment5 | - | - | 1,677 | 2,370 | ||||||||||||||||||||
Ironwood’s collaborative arrangement revenue | $ | 76,574 | $ | 62,763 | $ | 257,915 | $ | 217,726 | ||||||||||||||||
1 Ironwood collaborates with Allergan on the development and
commercialization of linaclotide in North America. Under the terms of
the collaboration agreement, Ironwood receives 50% of the net profits
and bears 50% of the net losses from the commercial sale of LINZESS in
the U.S. The purpose of this table is to present calculations of
Ironwood’s share of net profit (loss) generated from the sales of
LINZESS in the U.S. and Ironwood’s collaboration revenue/expense;
however, the table does not present the research and development
expenses related to LINZESS in the U.S. that are shared equally between
the parties under the collaboration agreement. For the three months
ended December 31, 2017, net profit for the U.S. LINZESS brand
collaboration with Allergan was $126.5 million, calculated by
subtracting $56.0 million in commercial costs and expenses and $12.3
million in research and development expenses, from LINZESS U.S. net
sales of $194.8 million. For the full year 2017, net profit for the U.S.
LINZESS brand collaboration with Allergan was $371.8 million, calculated
by subtracting $271.2 million in commercial costs and expenses and $58.2
million in research and development expenses, from LINZESS U.S. net
sales of $701.2 million.
2 Includes cost of goods sold
incurred by Allergan as well as selling, general and administrative
expenses incurred by Allergan and Ironwood that are attributable to the
cost-sharing arrangement between the parties.
3 Commercial
margin is defined as commercial profit on sales of LINZESS as a percent
of total LINZESS U.S. net sales.
4 Includes Ironwood’s
selling, general and administrative expenses attributable to the
cost-sharing arrangement with Allergan.
5 Ironwood or
Allergan may recognize additional revenue or incur additional expenses
resulting in an adjustment to the company’s share of the net profits as
stipulated by the collaboration agreement.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180215005322/en/
Ironwood Pharmaceuticals, Inc.
Meredith Kaya, 617-374-5082
Vice
President, Investor Relations and Corporate Communications
[email protected]