IRWD

MKT CAP:$634M

Ironwood Pharmaceuticals, Inc.

Market Cap

$634M

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NASDAQ

Healthcare·Drug·🇺🇸·NASDAQ

Stock Price

$3.79-$0.48 (-11.24%)

Apr 23, 2026

Company Details

Ironwood Pharmaceuticals, Inc., a healthcare company, focuses on the development and commercialization of gastrointestinal (GI) products. It markets linaclotide, a guanylate cyclase type-C agonist for the treatment of adults suffering from ...

CEO

Thomas A. McCourt

IPO Date

Feb 3, 2010

Website

www.ironwoodpharma.com

Key Metrics TTM

Revenue

$340M

-13.7% YoY

Net Income

$30M

EPS (Diluted)

$0.16

Free Cash Flow

$62M

Revenue / Share

$1.91

Gross Margin

83.2%

Operating Margin

34.5%

Net Margin

8.8%

FCF Margin

18.3%

P/S

1.9x

P/E

21.2x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$296M-15.7%EPS $0.15

Q3 2025

Nov 10, 2025

$122M+33.3%EPS $0.23

Q2 2025

Aug 11, 2025

$85M-9.7%EPS $0.14

Q1 2025

May 12, 2025

$41M-45.1%EPS -$0.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$104M	$92M	$65M
Q3 21	$104M	$93M	$65M
Q4 21	$117M	$117M	$57M
Q1 22	$98M	$87M	$58M
Q2 22	$97M	$97M	$56M
Q3 22	$109M	$108M	$68M
Q4 22	$107M	$107M	$68M
Q1 23	$104M	$104M	$60M
Q2 23	$107M	$88M	-$1.1B
Q4 23	$118M	$118M	$38M
Q1 24	$75M	$49M	$11M
Q2 24	$94M	$94M	$25M
Q3 24	$92M	$62M	$26M
Q1 25	$41M	$14M	-$29M
Q2 25	$85M	$85M	$45M
Q3 25	$122M	$122M	$75M

Valuation

Quarter	P/S	P/E
Q2 21	5.1x	4.2x
Q3 21	5.3x	4.1x
Q4 21	5.3x	4.2x
Q1 22	5.6x	4.5x
Q2 22	4.3x	10.3x
Q3 22	3.8x	9.5x
Q4 22	4.2x	9.9x
Q1 23	4.0x	9.1x
Q2 23	3.8x	—
Q4 23	4.6x	—
Q1 24	3.4x	—
Q2 24	2.6x	—
Q3 24	1.7x	—
Q1 25	0.8x	—
Q2 25	0.4x	—
Q3 25	0.7x	7.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$49M	$49M
Q3 21	$75M	$75M
Q4 21	$65M	$64M
Q1 22	$64M	$64M
Q2 22	$61M	$61M
Q3 22	$69M	$69M
Q4 22	$79M	$79M
Q1 23	$80M	$80M
Q2 23	$35M	$35M
Q4 23	$36M	$36M
Q1 24	$45M	$45M
Q2 24	$33M	$33M
Q3 24	$10M	$10M
Q1 25	$20M	$20M
Q2 25	-$15M	-$15M
Q3 25	$48M	$48M

Capital Expenditures

Quarter	CapEx
Q2 21	$0
Q3 21	$137.0K
Q4 21	$128.0K
Q1 22	$9.0K
Q2 22	$88.0K
Q3 22	$66.0K
Q4 22	$27.0K
Q1 23	$13.0K
Q2 23	$0
Q4 23	$211.0K
Q1 24	$68.0K
Q2 24	$58.0K
Q3 24	$16.0K
Q1 25	$31.0K
Q2 25	$2.0K
Q3 25	$2.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+16.3%	-31.4%
Q3 21	+0.3%	-33.3%
Q4 21	+0.4%	-7.3%
Q1 22	+9.8%	-8.7%
Q2 22	-6.5%	+6.8%
Q3 22	+4.7%	+4.1%
Q4 22	-8.5%	-35.8%
Q1 23	+6.7%	+10.8%
Q2 23	+10.4%	+2763.5%
Q4 23	+8.2%	+99.1%
Q1 24	-30.2%	+64.4%
Q2 24	-9.3%	+57.9%
Q3 24	-14.7%	-94.5%
Q1 25	-65.0%	-12.1%
Q2 25	+13.8%	-37.5%
Q3 25	+29.3%	-32.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$5M	4.4%
Q3 21	$6M	6.0%
Q4 21	$0	0.0%
Q1 22	$6M	6.2%
Q2 22	$7M	6.8%
Q3 22	$7M	6.5%
Q4 22	$7M	6.8%
Q1 23	$7M	6.9%
Q2 23	$36M	33.4%
Q4 23	$9M	7.4%
Q1 24	$8M	11.2%
Q2 24	$9M	9.1%
Q3 24	$8M	9.1%
Q1 25	$5M	12.9%
Q2 25	$5M	5.3%
Q3 25	$4M	3.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 21	$12M	—
Q3 21	$11M	—
Q4 21	$31M	$29M
Q1 22	$11M	$29M
Q2 22	$11M	$30M
Q3 22	$11M	$29M
Q4 22	$10M	$28M
Q1 23	$13M	$31M
Q2 23	$1.1B	$32M
Q4 23	$36M	$39M
Q1 24	$26M	—
Q2 24	$30M	$37M
Q3 24	$30M	$36M
Q1 25	$27M	—
Q2 25	$23M	$17M
Q3 25	$22M	$22M

Revenue Segments

Quarter	Collaborative arrangement, co-promotion agreements	Collaborative arrangement, collaboration and license agreements	Collaborative arrangement, other agreements	Collaborative arrangements revenue	Sale of active pharmaceutical ingredient
Q2 21	$596.0K	$200.0K	$408.0K	$103M	$645.0K
Q3 21	$683.0K	$219.0K	$547.0K	$104M	—
Q4 21	$676.0K	$114.0K	$396.0K	$117M	$144.0K
Q1 22	$823.0K	$192.0K	$480.0K	$98M	—
Q2 22	$585.0K	$148.0K	$409.0K	$97M	—
Q3 22	$814.0K	$144.0K	$365.0K	$109M	—
Q4 22	—	$151.0K	$570.0K	$107M	—
Q1 23	—	$91.0K	$580.0K	$104M	—
Q2 23	—	$121.0K	—	$107M	—

Revenue by Geography

Quarter	Europe and Other	North America
Q1 24	$706.0K	$72M
Q2 24	$833.0K	$92M
Q3 24	$807.0K	$89M
Q1 25	$811.0K	$39M
Q2 25	$904.0K	$86M
Q3 25	$944.0K	$120M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$593M	$0	$593M
Q2 22	$506M	$0	$506M
Q3 22	$575M	$0	$575M
Q4 22	$656M	$0	$656M
Q1 23	$742M	$0	$742M
Q2 23	$175M	$0	$175M
Q3 23	$110M	$0	$110M
Q4 23	$92M	$0	$92M
Q1 24	$122M	$0	$122M
Q2 24	$106M	$0	$106M
Q3 24	$88M	$0	$88M
Q4 24	$89M	$0	$89M
Q1 25	$108M	$0	$108M
Q2 25	$93M	$0	$93M
Q3 25	$140M	$0	$140M
Q4 25	$215M	$0	$215M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	163M	+0.7%	+2.2%
Q3 21	165M	+1.1%	+3.1%
Q4 21	166M	+0.2%	+2.6%
Q1 22	190M	+14.4%	+16.7%
Q2 22	185M	-2.5%	+13.1%
Q3 22	184M	-0.2%	+11.6%
Q4 22	185M	+0.4%	+11.8%
Q1 23	187M	+0.8%	-1.5%
Q2 23	155M	-16.8%	-16.0%
Q4 23	156M	+0.4%	-15.4%
Q1 24	158M	+1.1%	-14.8%
Q2 24	159M	+0.8%	-14.8%
Q3 24	160M	+0.8%	+3.1%
Q1 25	161M	+0.5%	+3.2%
Q2 25	162M	+0.5%	+2.6%
Q3 25	178M	+9.9%	+11.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$448.4K	232
Q3 21	$447.2K	232
Q4 21	$534.8K	219
Q1 22	$445.3K	219
Q2 22	$444.0K	219
Q3 22	$496.1K	219
Q4 22	$489.5K	219
Q1 23	$475.2K	219
Q2 23	$490.3K	219
Q4 23	$440.3K	267
Q1 24	$280.4K	267
Q2 24	$353.5K	267
Q3 24	$343.0K	267
Q1 25	$162.6K	253
Q2 25	$336.9K	253
Q3 25	$482.5K	253

Revenue / Employee