$IRWD
IRONWOOD PHARMACEUTICALS INC

2021 Q2 Form 10-Q Financial Statement

#000155837021010540 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $104.0M $89.43M
YoY Change 16.32% -12.51%
Cost Of Revenue $0.00 $0.00
YoY Change -100.0%
Gross Profit $104.0M $89.40M
YoY Change 16.37% -1.65%
Gross Profit Margin 100.0% 99.96%
Selling, General & Admin $27.05M $34.64M
YoY Change -21.91% -19.89%
% of Gross Profit 26.0% 38.75%
Research & Development $12.16M $22.08M
YoY Change -44.9% -23.24%
% of Gross Profit 11.69% 24.69%
Depreciation & Amortization $406.0K $600.0K
YoY Change -32.33% 100.0%
% of Gross Profit 0.39% 0.67%
Operating Expenses $38.93M $56.72M
YoY Change -31.36% -21.23%
Operating Profit $65.10M $32.71M
YoY Change 99.0% 51.61%
Interest Expense $7.732M $7.318M
YoY Change 5.66% -22.4%
% of Operating Profit 11.88% 22.37%
Other Income/Expense, Net -$10.73M -$7.509M
YoY Change 42.84% -19.21%
Pretax Income $54.37M $25.20M
YoY Change 115.73% 104.91%
Income Tax -$336.9M $0.00
% Of Pretax Income -619.62% 0.0%
Net Earnings $391.3M $25.20M
YoY Change 1452.54% 105.19%
Net Earnings / Revenue 376.14% 28.18%
Basic Earnings Per Share $2.42 $0.16
Diluted Earnings Per Share $2.39 $0.16
COMMON SHARES
Basic Shares Outstanding 161.9M 159.4M
Diluted Shares Outstanding 163.5M 159.9M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $492.7M $253.3M
YoY Change 94.51% 156.12%
Cash & Equivalents $492.7M $253.3M
Short-Term Investments
Other Short-Term Assets $25.32M $15.70M
YoY Change 61.25% -5.42%
Inventory $0.00
Prepaid Expenses
Receivables $102.3M $105.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $620.3M $374.3M
YoY Change 65.73% 69.37%
LONG-TERM ASSETS
Property, Plant & Equipment $8.105M $11.19M
YoY Change -27.57% 67.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $879.0K $820.0K
YoY Change 7.2% 3053.85%
Total Long-Term Assets $387.0M $69.26M
YoY Change 458.67% -26.89%
TOTAL ASSETS
Total Short-Term Assets $620.3M $374.3M
Total Long-Term Assets $387.0M $69.26M
Total Assets $1.007B $443.5M
YoY Change 127.09% 40.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $466.0K $2.104M
YoY Change -77.85% -73.27%
Accrued Expenses $21.05M $23.00M
YoY Change -8.47% -55.94%
Deferred Revenue $875.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $120.7M
YoY Change
Total Short-Term Liabilities $134.4M $26.70M
YoY Change 403.35% -75.92%
LONG-TERM LIABILITIES
Long-Term Debt $329.2M $418.9M
YoY Change -21.42% 18.77%
Other Long-Term Liabilities $1.482M $602.0K
YoY Change 146.18% -77.08%
Total Long-Term Liabilities $1.482M $602.0K
YoY Change 146.18% -77.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $134.4M $26.70M
Total Long-Term Liabilities $1.482M $602.0K
Total Liabilities $135.9M $27.30M
YoY Change 397.68% -75.95%
SHAREHOLDERS EQUITY
Retained Earnings -$1.035B -$1.544B
YoY Change -32.96% -5.92%
Common Stock $1.547B $1.507B
YoY Change 2.64% 6.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $511.8M -$36.85M
YoY Change
Total Liabilities & Shareholders Equity $1.007B $443.5M
YoY Change 127.09% 40.48%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $391.3M $25.20M
YoY Change 1452.54% 105.19%
Depreciation, Depletion And Amortization $406.0K $600.0K
YoY Change -32.33% 100.0%
Cash From Operating Activities $48.56M $20.10M
YoY Change 141.6% -318.48%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$400.0K
YoY Change -100.0% -122.22%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$400.0K
YoY Change -100.0% -83.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.673M 2.400M
YoY Change 136.38% -132.0%
NET CHANGE
Cash From Operating Activities 48.56M 20.10M
Cash From Investing Activities 0.000 -400.0K
Cash From Financing Activities 5.673M 2.400M
Net Change In Cash 54.24M 22.10M
YoY Change 145.41% -215.71%
FREE CASH FLOW
Cash From Operating Activities $48.56M $20.10M
Capital Expenditures $0.00 -$400.0K
Free Cash Flow $48.56M $20.50M
YoY Change 136.89% -286.36%

Facts In Submission

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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;"><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>
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>
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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3607000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
3609000
CY2021Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
412000
CY2020Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
360000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
811000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
705000
CY2021Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
5516000
CY2020Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
5156000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
10940000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
10224000
CY2021Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
7732000
CY2020Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
7318000
us-gaap Interest Expense Debt
InterestExpenseDebt
15358000
us-gaap Interest Expense Debt
InterestExpenseDebt
14538000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3608000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
126557000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4500000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
203750000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
3000000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
201500000
CY2021Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
542915000
CY2021Q2 irwd Long Term Debt Maturities Interest Payments
LongTermDebtMaturitiesInterestPayments
22216000
CY2021Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
72959000
CY2021Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
5733000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
442007000
CY2021Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
120700000
CY2019Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
18.82
CY2015Q2 us-gaap Payments Of Derivative Issuance Costs
PaymentsOfDerivativeIssuanceCosts
21100000
CY2019Q3 irwd Proceeds From Partial Termination Of Convertible Note Hedges And Warrants
ProceedsFromPartialTerminationOfConvertibleNoteHedgesAndWarrants
3200000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4589000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7091000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9985000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13455000
CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000.0
CY2021Q2 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2022-12-31
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-336900000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-336500000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
10907000
irwd Restructuring Reserve Charges
RestructuringReserveCharges
1073000
us-gaap Payments For Restructuring
PaymentsForRestructuring
9109000
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-594000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
2277000

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