Ironwood Pharmaceuticals, Inc. Class A Common Stock (IRWD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.28	$0.31	+10.7%	—	$113M	—
Q1 26	$0.24	$0.24	0.0%	—	$106.5M	—
Q4 25	$0.01	-$0.01	-200.0%	—	$47.7M	—
Q3 25	$0.12	$0.24	+100.0%	—	$122.1M	—
Q2 25	$0.04	$0.14	+250.0%	—	$85.2M	—
Q1 25	-$0.03	-$0.14	-366.7%	—	$41.1M	—
Q4 24	$0.08	$0.02	-75.0%	—	$90.5M	—
Q3 24	$0.1	$0.02	-80.0%	—	$91.6M	—
Q1 24	$0.15	-$0.02	-113.3%	—	$74.9M	—
Q4 23	$0.21	-$0.01	-104.8%	—	$117.6M	—
Q3 23	$0.16	$0.12	-25.0%	—	$113.7M	—
Q2 23	$0.25	-$6.71	-2784.0%	—	$107.4M	—
Q1 23	$0.24	$0.25	+4.2%	—	$104.1M	—
Q4 22	$0.26	$0.27	+3.8%	—	$107.2M	—
Q3 22	$0.27	$0.28	+3.7%	—	$108.6M	—
Q2 22	$0.3	$0.21	-30.0%	—	$97.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.15	—	—	$296.2M	—
FY24	—	$0.01	—	—	$351.4M	—
FY23	—	-$6.45	—	—	$442.7M	—
FY22	—	$1.13	—	—	$410.6M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$274M	$298.3M	$346.6M	$428.4M	$389.5M	$413.8M	$410.6M	$442.7M	$351.4M	$296.2M
YoY change	+83.2%	+8.88%	+16.2%	+23.6%	-9.08%	+6.22%	-0.76%	+7.83%	-20.6%	-15.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	274M	298.3M	346.6M	428.4M	389.5M	413.8M	410.6M	442.7M	351.4M	296.2M
Cost of revenue	1.9M	19.1M	32.8M	23.9M	3.1M	0	0	—	—	—
Gross profit	272.1M	279.2M	313.9M	404.5M	386.4M	413.8M	410.6M	—	—	—
Gross margin	99.3%	93.6%	90.6%	94.4%	99.2%	100%	100%	—	—	—
Research & development	139.5M	88.1M	101.1M	115M	88.1M	70.4M	44.3M	116.1M	111.4M	95.1M
Selling, general & administrative	173.3M	231.2M	219.7M	172.4M	140M	111.1M	116M	158.3M	144.3M	82.3M
Operating expenses	312.8M	319.3M	320.7M	284.3M	228.1M	181.5M	160.3M	274.4M	255.7M	177.4M
Operating income	-41.7M	-46.4M	-15M	117M	158.3M	232.2M	250.3M	168.3M	95.7M	118.8M
Operating margin	-15.2%	-15.5%	-4.32%	27.3%	40.6%	56.1%	61%	38%	27.2%	40.1%
Non-operating income, net	-2.1M	25.7M	-144.5M	-24.4M	-21.5M	-1.1M	182K	-1.1B	-2M	-20.1M
Pretax income	-81.7M	-54.9M	-194.1M	58.9M	108.9M	200.7M	252.4M	-948.1M	65.2M	70M
Income tax	—	—	0	0	2.7M	-327.8M	77.4M	83.5M	64.3M	46M
Net income	-81.7M	-116.9M	-282.4M	21.5M	106.2M	528.4M	175.1M	-1B	880K	24M
Net margin	-29.8%	-39.2%	-81.5%	5.02%	27.3%	127.7%	42.6%	-233%	0.25%	8.11%
EBITDA	-29.2M	-31.6M	2K	126M	163.4M	234.4M	261.2M	188.9M	102.8M	124.9M
EPS	-0.56	-0.78	-1.85	0.14	0.67	3.26	1.13	-6.45	0.01	0.15
Diluted EPS	-0.56	-0.78	-1.85	0.14	0.66	3.21	0.96	-6.45	0.01	0.15

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	113.7M	117.6M	74.9M	94.4M	91.6M	90.5M	41.1M	85.2M	122.1M	47.7M	106.5M	113M
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	33M	35.7M	25.8M	30.4M	29.8M	25.4M	27.4M	23.4M	22.5M	21.9M	21.9M	22.4M
Selling, general & administrative	36M	38.7M	37.6M	37M	36.1M	33.6M	24.3M	16.8M	21.9M	19.3M	12M	11.3M
Operating expenses	69M	74.3M	63.4M	67.4M	65.9M	59M	51.7M	40.2M	44.4M	41.2M	34M	33.7M
Operating income	44.7M	43.2M	11.5M	27M	25.7M	31.6M	-10.5M	45.1M	77.7M	6.6M	72.5M	79.3M
Operating margin	39.3%	36.8%	15.3%	28.6%	28%	34.9%	-25.6%	52.9%	63.6%	13.7%	68.1%	70.2%
Non-operating income, net	-4.7M	-5.6M	-437K	-2.1M	-16K	567K	-18.5M	289K	-2.2M	329K	82K	42K
Pretax income	31.9M	30.4M	5M	18.9M	17.4M	24M	-36.3M	37.8M	68M	455K	65.2M	73.7M
Income tax	18M	32.1M	9.1M	19.7M	13.7M	21.7M	1.1M	14.2M	27.9M	2.7M	24.4M	22.4M
Net income	13.9M	-1.7M	-4.2M	-860K	3.6M	2.3M	-37.4M	23.6M	40.1M	-2.3M	40.8M	51.3M
Net margin	12.3%	-1.48%	-5.56%	-0.91%	3.98%	2.49%	-90.9%	27.7%	32.8%	-4.77%	38.3%	45.4%
EBITDA	47M	46.2M	12.7M	28.9M	27.3M	33.5M	-9.3M	46.4M	79.1M	8.5M	74.5M	81.4M
EPS	0.1	-0.01	-0.03	-0.01	0.02	0.02	-0.23	0.15	0.25	-0.01	0.25	0.31
Diluted EPS	0.09	-0.01	-0.03	-0.01	0.02	0.02	-0.23	0.14	0.23	-0.01	0.24	0.31

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.9B	1.9B	1.3B	2B	1.8B	1.9B	1.9B	1.8B	704.7M	545.4M	680.8M
Enterprise value	1.9B	2B	1.6B	2.3B	1.9B	1.7B	1.7B	2.4B	1.2B	927.8M	1B
Shares outstanding	145.9M	149M	152.6M	153.6M	159.4M	162.2M	154.4M	155.4M	159.1M	161.8M	161.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	95.1	17.1	3.58	10.9	—	800.8	22.7	5.2
P/S	6.82	6.27	3.82	4.77	4.66	4.57	4.66	4.02	2.01	1.84	1.75
P/B	28	189.9	-6.74	-21.9	29	3.12	2.93	-5.13	-2.34	-2.08	-4.2
EV/EBITDA	-66.2	-64.9	782.6K	18.2	11.7	7.45	6.4	12.7	11.8	7.43	4.2
EV/Sales	7.07	6.87	4.52	5.37	4.9	4.22	4.07	5.42	3.46	3.13	2.57
Earnings yield	—	—	—	1.05%	5.85%	27.9%	9.15%	—	0.12%	4.4%	19.2%
FCF yield	-6.97%	-5.54%	-5.38%	0.17%	9.2%	13.8%	14.3%	10.3%	14.7%	23.3%	17.9%
PEG	—	—	—	—	—	—	—	—	—	—	0.05

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	99.3%	93.6%	90.6%	94.4%	99.2%	100%	100%	—	—	—	—
Operating margin	-15.2%	-15.5%	-4.32%	27.3%	40.6%	56.1%	61%	38%	27.2%	40.1%	70.2%
Net margin	-29.8%	-39.2%	-81.5%	5.02%	27.3%	127.7%	42.6%	-233%	0.25%	8.11%	33.4%
ROE	-122.5%	-1.2K%	143.8%	-23.1%	169.5%	87.2%	26.8%	297.9%	-0.29%	-9.17%	-9.17%
ROA	-11.5%	-19.3%	-85%	5.34%	19%	46.9%	15.9%	-219%	0.25%	6.05%	47%
ROIC	—	—	-33.7%	72.7%	100.4%	50.3%	42.1%	60.8%	0.62%	33.8%	94.8%
Return on tangible assets	-21.7%	-41.1%	-85.4%	5.36%	19%	46.9%	15.9%	-222.5%	0.25%	6.11%	46.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.17	4.72	2.23	7.5	15.4	4.61	30.6	0.84	4.69	1.13	6.06
Quick ratio	4.16	4.71	2.23	7.48	15.4	4.61	30.6	0.84	4.69	1.13	6.06
Debt / equity	5.59	40.6	-2.11	-4.62	7.24	0.79	0.64	-2.07	-1.99	-2.28	-0.02
Debt / assets	0.53	0.66	1.25	1.07	0.81	0.42	0.38	1.52	1.71	1.51	1.39
Net debt / EBITDA	-2.31	-5.66	120.4K	2.02	0.56	-0.62	-0.92	3.3	4.97	3.06	1.3
Interest coverage	-1.09	-0.51	-4.15	2.61	4.69	7.44	34.2	-42.8	2.97	3.14	7.38
Effective tax rate	—	—	0%	0%	2.47%	0%	30.6%	0%	98.7%	65.7%	37.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.88	2	2.27	2.79	2.44	2.55	2.66	2.85	2.21	1.83	2.39
EPS (basic)	-0.56	-0.78	-1.85	0.14	0.67	3.26	1.13	-6.45	0.01	0.15	0.15
EPS (diluted)	-0.56	-0.78	-1.85	0.14	0.66	3.21	0.96	-6.45	0.01	0.15	0.79
Book value per share	0.46	0.07	-1.29	-0.61	0.39	3.73	4.23	-2.23	-1.89	-1.62	-0.98
FCF per share	-0.89	-0.7	-0.47	0.02	1.05	1.61	1.77	1.18	0.65	0.78	1.11
Cash per share	2.09	1.49	1.13	1.15	2.27	3.82	4.25	0.59	0.56	1.33	0.48
Capex per share	0.03	0.02	0.01	0.05	0.01	0	0	0	0	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.45%	0.89%	0.35%	1.62%	0.47%	0.06%	0.03%	0.06%	0.04%	—	—
Capex / operating cash flow	-21.8%	-2.31%	-0.51%	-25.4%	1.14%	0.11%	0.05%	0.15%	0.12%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$113.7M	$117.6M	$74.9M	$94.4M	$91.6M	$90.5M	$41.1M	$85.2M	$122.1M	$47.7M	$106.5M	$113M
YoY change	+4.7%	+9.66%	-28%	-12.1%	-19.5%	-23%	-45.1%	-9.7%	+33.3%	-47.3%	+158.9%	+32.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	305.2M	221.4M	173.2M	177M	362.6M	620.1M	656.2M	92.2M	88.6M	215.5M
Receivables	64.9M	82.2M	81M	117.2M	122.4M	114M	115.5M	129.1M	81.9M	46.7M
Inventory	1.1M	735K	0	648K	0	—	—	—	—	—
Total current assets	380.2M	311.6M	266.4M	306.9M	495.8M	745.2M	780.6M	233.3M	182.4M	274.2M
Property, plant & equipment	20.5M	17.3M	7.7M	30.2M	25.5M	22.9M	20.3M	18.2M	15.5M	12.7M
Goodwill & intangibles	333.8M	321.4M	1.6M	1.6M	—	—	0	7.4M	5.7M	4.1M
Total assets	709.8M	605.7M	332.1M	402.7M	559.2M	1.1B	1.1B	471.1M	350.9M	396.9M
Accounts payable	17.7M	16M	14.9M	5.5M	661K	935K	483K	7.8M	2.1M	2.9M
Short-term debt	6.2M	4.1M	47.6M	1.1M	3.1M	120M	3.1M	202.7M	3.2M	202.9M
Total current liabilities	91.1M	66M	119.5M	40.9M	32.2M	161.7M	25.5M	276.1M	38.8M	242.2M
Long-term debt	366.6M	396.1M	366.3M	430.1M	450.6M	355.8M	412.9M	512.9M	596.3M	394.9M
Total liabilities	643.1M	595.8M	528.4M	496M	496.6M	521M	448.1M	817.4M	652.2M	658.7M
Shareholders' equity	66.7M	9.8M	-196.4M	-93.3M	62.6M	605.9M	652.4M	-346.3M	-301.3M	-261.8M
Total debt	372.8M	400.2M	413.9M	431.2M	453.7M	475.8M	415.9M	715.5M	599.5M	597.8M
Net debt	318.8M	274.4M	240.8M	254.2M	91.1M	-144.3M	-240.3M	623.4M	510.9M	382.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	110.2M	92.2M	121.5M	105.5M	88.2M	88.6M	108.5M	92.9M	140.4M	215.5M	220.5M	79.1M
Receivables	124.5M	129.1M	72M	58.1M	76.2M	81.9M	39.8M	86.2M	120.4M	46.7M	105.8M	112.7M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	253.6M	233.3M	208.2M	178.2M	178.6M	182.4M	160.6M	191.8M	273.8M	274.2M	332.3M	199.2M
Property, plant & equipment	18.6M	18.2M	17.5M	16.9M	16.2M	15.5M	14.9M	14.1M	13.4M	12.7M	12.1M	11.4M
Goodwill & intangibles	3.9M	7.4M	3.5M	3.3M	3.1M	5.7M	2.7M	4.9M	4.5M	4.1M	3.7M	3.3M
Total assets	524.1M	471.1M	438.8M	395.6M	389.5M	350.9M	327.2M	342.9M	396.1M	396.9M	434.6M	285.1M
Accounts payable	4.7M	7.8M	6.2M	3.2M	3.2M	2.1M	5.8M	1.4M	1.6M	2.9M	3.2M	911K
Short-term debt	202.4M	202.7M	202.9M	3.2M	3.2M	3.2M	3.2M	202.6M	202.7M	202.9M	203.1M	3.3M
Total current liabilities	280.6M	276.1M	252.4M	45.5M	49.4M	38.8M	48.1M	232.5M	242.5M	242.2M	236.3M	32.9M
Long-term debt	538.2M	512.9M	487.5M	637.1M	611.7M	596.3M	595.9M	396.1M	395.5M	394.9M	394.2M	393.6M
Total liabilities	849.7M	817.4M	769.3M	717.3M	700.9M	652.2M	661.3M	651.1M	660.2M	658.7M	651.7M	447M
Shareholders' equity	-325.7M	-346.3M	-330.5M	-321.7M	-311.3M	-301.3M	-334.1M	-308.2M	-264.2M	-261.8M	-217.1M	-161.8M
Total debt	740.6M	715.5M	690.4M	640.3M	614.9M	599.5M	599.1M	598.7M	598.2M	597.8M	597.4M	396.9M
Net debt	630.5M	623.4M	568.9M	534.7M	526.7M	510.9M	490.6M	505.8M	457.8M	382.3M	376.9M	317.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-81.7M	-116.9M	-282.4M	21.5M	106.2M	528.4M	175.1M	-1B	880K	24M
Depreciation & amortization	11.3M	12.7M	12M	5.6M	3.6M	1.5M	1.4M	1.6M	2M	1.9M
Stock-based compensation	29.2M	30.9M	40.5M	31.3M	31.2M	22.3M	27M	32M	29.9M	17.3M
Change in working capital	-5.1M	-25.5M	4.7M	-98.5M	-1.4M	3.1M	10.2M	12.9M	15.3M	45.1M
Operating cash flow	-18.2M	-115.7M	-238.6M	-27.2M	161.8M	246M	281.4M	185.1M	118M	127M
Capital expenditure	-4M	-2.7M	1.2M	-6.9M	-1.8M	-265K	-136K	-273K	-142K	—
Investing cash flow	-77.7M	152.9M	97.1M	-6.9M	-1.8M	-265K	-136K	-1B	-142K	—
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	0	0	-24.1M	-126.4M	0	0	—
Financing cash flow	-29M	-6.5M	-2M	-14.8M	0	-24.1M	-247.1M	270.8M	-118M	0
Net change in cash	-124.9M	30.6M	-143.5M	-48.9M	159.9M	221.6M	34.1M	-570.4M	-90K	127M
Free cash flow	-130.1M	-103.6M	-71.2M	3.5M	167M	261.6M	273.6M	183.2M	103.4M	127M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	13.9M	-1.7M	-4.2M	-860K	3.6M	2.3M	-37.4M	23.6M	40.1M	-2.3M	40.8M	51.3M
Depreciation & amortization	507K	537K	513K	506K	507K	485K	479K	467K	475K	460K	443K	457K
Stock-based compensation	7.9M	8.7M	8.4M	8.6M	8.3M	4.6M	5.3M	4.5M	3.6M	3.8M	3.7M	3.2M
Change in working capital	254K	-20.2M	45.6M	16.9M	-12.9M	-33.2M	51.5M	-57M	-23.8M	74.3M	-64.7M	-12.4M
Operating cash flow	37.5M	24.1M	57M	38.5M	6.8M	15.7M	21.4M	-15.1M	47.6M	74.6M	5.1M	58.3M
Capital expenditure	-49K	-211K	-68K	-58K	-16K	0	-31K	—	—	—	—	—
Investing cash flow	-22.6M	-4.2M	-68K	-58K	-16K	0	-31K	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-75M	-51.9M	-25.6M	-200.1M	-27.2M	-15.1M	0	0	0	0	—	—
Net change in cash	-60.2M	-32M	31.3M	-161.7M	-20.3M	583K	21.4M	-15.1M	47.6M	74.6M	5.1M	58.3M
Free cash flow	32.4M	35.6M	44.9M	33.4M	9.9M	15.2M	19.9M	-15.1M	47.6M	74.6M	5.1M	58.3M

Ironwood Pharmaceuticals, Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement