$IRWD
IRONWOOD PHARMACEUTICALS INC

2021 Q1 Form 10-Q Financial Statement

#000155837021006213 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $88.85M $79.94M
YoY Change 11.14% 16.31%
Cost Of Revenue $0.00 $2.239M
YoY Change -100.0% 114.67%
Gross Profit $88.80M $77.70M
YoY Change 14.28% 14.8%
Gross Profit Margin 99.95% 97.2%
Selling, General & Admin $27.65M $36.45M
YoY Change -24.14% -25.76%
% of Gross Profit 31.14% 46.91%
Research & Development $15.48M $28.03M
YoY Change -44.75% -12.95%
% of Gross Profit 17.44% 36.07%
Depreciation & Amortization $410.0K $682.0K
YoY Change -39.88% -0.87%
% of Gross Profit 0.46% 0.88%
Operating Expenses $43.45M $64.48M
YoY Change -32.62% -20.69%
Operating Profit $45.40M $13.23M
YoY Change 243.22% -178.11%
Interest Expense $7.626M $7.220M
YoY Change 5.62% -24.73%
% of Operating Profit 16.8% 54.59%
Other Income/Expense, Net -$5.040M -$9.882M
YoY Change -49.0% 101.18%
Pretax Income $40.36M $3.345M
YoY Change 1106.52% -115.34%
Income Tax $400.0K
% Of Pretax Income 0.99%
Net Earnings $39.93M $3.345M
YoY Change 1093.6% -105.64%
Net Earnings / Revenue 44.94% 4.18%
Basic Earnings Per Share $0.25 $0.02
Diluted Earnings Per Share $0.25 $0.02
COMMON SHARES
Basic Shares Outstanding 161.0M 158.4M
Diluted Shares Outstanding 162.3M 160.0M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $438.5M $231.1M
YoY Change 89.74% 94.2%
Cash & Equivalents $438.5M $231.1M
Short-Term Investments
Other Short-Term Assets $12.60M $11.70M
YoY Change 7.69% 21.87%
Inventory $0.00
Prepaid Expenses
Receivables $87.15M $17.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $538.2M $333.9M
YoY Change 61.18% 65.48%
LONG-TERM ASSETS
Property, Plant & Equipment $8.501M $12.16M
YoY Change -30.11% -88.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $924.0K $838.0K
YoY Change 10.26% -98.53%
Total Long-Term Assets $61.10M $70.06M
YoY Change -12.79% -56.67%
TOTAL ASSETS
Total Short-Term Assets $538.2M $333.9M
Total Long-Term Assets $61.10M $70.06M
Total Assets $599.3M $404.0M
YoY Change 48.35% 11.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $842.0K $2.781M
YoY Change -69.72% -75.17%
Accrued Expenses $22.80M $22.90M
YoY Change -0.44% -62.7%
Deferred Revenue $875.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.60M $27.60M
YoY Change -14.47% -76.73%
LONG-TERM LIABILITIES
Long-Term Debt $436.1M $413.4M
YoY Change 5.49% 14.8%
Other Long-Term Liabilities $1.630M $705.0K
YoY Change 131.21% -99.42%
Total Long-Term Liabilities $1.630M $705.0K
YoY Change 131.21% -99.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.60M $27.60M
Total Long-Term Liabilities $1.630M $705.0K
Total Liabilities $25.23M $28.30M
YoY Change -10.84% -95.29%
SHAREHOLDERS EQUITY
Retained Earnings -$1.426B -$1.569B
YoY Change -9.1%
Common Stock $1.536B $1.497B
YoY Change 2.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $110.2M -$71.56M
YoY Change
Total Liabilities & Shareholders Equity $599.3M $404.0M
YoY Change 48.35% 11.14%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $39.93M $3.345M
YoY Change 1093.6% -105.64%
Depreciation, Depletion And Amortization $410.0K $682.0K
YoY Change -39.88% -0.87%
Cash From Operating Activities $73.69M $43.60M
YoY Change 69.01% -202.87%
INVESTING ACTIVITIES
Capital Expenditures $1.438M
YoY Change -144.94%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.438M
YoY Change -51.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.211M 11.96M
YoY Change -81.51% -236.39%
NET CHANGE
Cash From Operating Activities 73.69M 43.60M
Cash From Investing Activities -1.438M
Cash From Financing Activities 2.211M 11.96M
Net Change In Cash 75.91M 54.12M
YoY Change 40.25% -199.99%
FREE CASH FLOW
Cash From Operating Activities $73.69M $43.60M
Capital Expenditures $1.438M
Free Cash Flow $42.17M
YoY Change -207.6%

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CY2021Q1 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">1. Nature of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="white-space:pre-wrap;">Ironwood Pharmaceuticals, Inc. (“Ironwood” or the “Company”) is a gastrointestinal (“GI”) healthcare company dedicated to advancing the treatment of GI diseases and redefining the standard of care for GI patients. The Company is focused on the development and commercialization of innovative GI product opportunities in areas of significant unmet need, leveraging its demonstrated expertise and capabilities in GI diseases. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">LINZESS<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> (linaclotide), the Company’s commercial product, is the first product approved by the United States Food and Drug Administration (the “U.S. FDA”) in a class of GI medicines called guanylate cyclase type C agonists and is indicated for adult men and women suffering from irritable bowel syndrome with constipation (“IBS-C”) or chronic idiopathic constipation (“CIC”).<span style="font-size:12pt;"> </span>LINZESS is available to adult men and women suffering from IBS-C or CIC in the United States (the “U.S.”) and Mexico and to adult men and women suffering from IBS-C in Japan and China. Linaclotide is available under the trademarked name CONSTELLA<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup><span style="white-space:pre-wrap;"> to adult men and women suffering from IBS-C or CIC in Canada, and to adult men and women suffering from IBS-C in certain European countries. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company has strategic partnerships with leading pharmaceutical companies to support the development and commercialization of linaclotide throughout the world. <span style="background-color:#ffffff;color:#212529;">The Company and its partner, AbbVie Inc. (together with its affiliates, “AbbVie”) (successor to Allergan plc), began commercializing LINZESS in the U.S. in December 2012. </span>Under the Company’s collaboration for North America with <span style="background-color:#ffffff;color:#212529;">AbbVie</span>, total net sales of LINZESS in the U.S., as recorded by <span style="background-color:#ffffff;color:#212529;">AbbVie</span>, are reduced by commercial costs incurred by each party, and the resulting amount is shared equally between the Company and <span style="background-color:#ffffff;color:#212529;">AbbVie</span>. Additionally, development costs are shared equally between the Company and AbbVie. <span style="background-color:#ffffff;color:#212529;">AbbVie</span> also has an exclusive license from the Company to develop and commercialize linaclotide in all countries other than China (including Hong Kong and Macau), Japan and the countries and territories of North America (the “<span style="background-color:#ffffff;color:#212529;">AbbVie</span> License Territory”). On a country-by-country and product-by-product basis in the <span style="background-color:#ffffff;color:#212529;">AbbVie</span> License Territory, <span style="background-color:#ffffff;color:#212529;">AbbVie</span> pays the Company a royalty as a percentage of net sales of products containing linaclotide as an active ingredient. In addition, <span style="background-color:#ffffff;color:#212529;">AbbVie</span> has exclusive rights to commercialize linaclotide in Canada as CONSTELLA and in Mexico as LINZESS. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Astellas Pharma Inc. (“Astellas”), the Company’s partner in Japan, has an exclusive license to develop and commercialize linaclotide in Japan. In March 2017, Astellas began commercializing LINZESS for the treatment of adults with IBS-C in Japan, and in September 2018, Astellas began commercializing LINZESS for the treatment of adults with chronic constipation in Japan. In August 2019, the Company amended and restated its license agreement with Astellas. Effective in 2020, the Company is no longer responsible for the supply of linaclotide active pharmaceutical ingredient (“API”) to Astellas (Note 4). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In October 2012, the Company and AstraZeneca AB (together with its affiliates) (“AstraZeneca”) entered into a collaboration agreement to co-develop and co-commercialize linaclotide in China (including Hong Kong and Macau) (the “AstraZeneca License Territory”). In September 2019, the Company amended and restated its existing collaboration agreement with AstraZeneca whereby AstraZeneca obtained the exclusive right to develop, manufacture, and commercialize products containing linaclotide in the AstraZeneca License Territory (Note 4). In November 2019, AstraZeneca began commercializing LINZESS for the treatment of adults with IBS-C in China.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company and AbbVie <span style="white-space:pre-wrap;">are exploring ways to enhance the clinical profile of LINZESS by studying linaclotide in additional indications, populations and formulations to assess its potential to treat various conditions. In September 2020, based on the Phase IIIb data demonstrating efficacy and safety of LINZESS 290 mcg on the overall abdominal symptoms of bloating, pain and discomfort in adult patients with IBS-C, the U.S. FDA approved the Company’s supplemental New Drug Application to include a more comprehensive description of the effects of LINZESS in its approved label. In June 2020 and July 2020, the United States Patent and Trademark Office granted patents covering the formulation of the 72 mcg dose of LINZESS and methods of using the formulation, respectively. The patents are expected to expire in 2031. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Additionally, the Company periodically enters into agreements to bolster its salesforce productivity. In August 2019, the Company entered into a disease education and promotional agreement with Alnylam Pharmaceuticals, Inc. (“Alnylam”) for Alnylam’s GIVLAARI<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> (givosiran), an RNAi therapeutic targeting aminolevulinic acid synthase 1, for the treatment of acute hepatic porphyria (“AHP”). GIVLAARI was approved by the U.S. FDA in November 2019. Under the agreement, the Company performs disease awareness activities related to AHP and sales detailing activities of GIVLAARI.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">These and other agreements are more fully described in Note 4, <i style="font-style:italic;">Collaboration, License, Promotion and Other Commercial Agreements</i>, to these condensed consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">On April 1, 2019, Ironwood completed the separation (the “Separation”) of its soluble guanylate cyclase business, and certain other assets and liabilities, into Cyclerion Therapeutics, Inc. (“Cyclerion”). The Separation was effected by means of a distribution of all of the outstanding shares of common stock, with no par value, of Cyclerion through a dividend of all outstanding shares of Cyclerion’s common stock, to Ironwood’s stockholders of record as of the close of business on March 19, 2019. </p>
CY2021Q1 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. On an ongoing basis, the Company’s management evaluates its estimates, judgments and methodologies. Significant estimates and assumptions in the condensed consolidated financial statements include those related to revenue recognition; accounts receivable; useful lives of long-lived assets, impairment of long-lived assets, including goodwill; valuation procedures for right-of-use assets and operating lease liabilities; valuation procedures for the issuance and repurchase of convertible notes; balance sheet classification of convertible notes; fair value of derivatives; income taxes, including the valuation allowance for deferred tax assets; research and development expenses; contingencies and share-based compensation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.</p>
CY2021Q1 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>Certain prior period amounts have been reclassified to conform to current period presentation.</p>
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