Ironwood Q2 revenue down 12% to $94.4M; cuts FY 2024 guidance on Medicaid pricing

IRONWOOD PHARMACEUTICALS INC

2024-Q2 EPS reported -$0.03 revenue$169,273,000

Total revenue $94.4M in Q2 2024, down 12% from $107.4M in Q2 2023; FY 2024 guidance revised lower due to pricing pressure.
LINZESS prescription demand up 11% YoY but Medicaid utilization drove pricing headwinds; new-to-brand growth 15%.
GAAP net loss of $0.9M (($0.01)/share) vs $1.06B loss in Q2 2023; adjusted EBITDA of $27.9M vs $(1.03B) last year.
Plans to pursue apraglutide rolling NDA for short bowel syndrome; expects submission in Q1 2025. CNP-104 topline results on track for Q3 2024.

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