$IRWD
IRONWOOD PHARMACEUTICALS INC

2022 Q3 Form 10-Q Financial Statement

#000155837022012191 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $108.6M $97.23M $97.53M
YoY Change 4.71% -6.54% 9.77%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $28.62M $30.12M $28.86M
YoY Change 3.16% 11.36% 4.37%
% of Gross Profit
Research & Development $11.55M $11.45M $10.82M
YoY Change 5.85% -5.85% -30.11%
% of Gross Profit
Depreciation & Amortization $363.0K $360.0K $355.0K
YoY Change 1.4% -11.33% -13.41%
% of Gross Profit
Operating Expenses $40.16M $41.58M $39.68M
YoY Change 3.92% 6.79% -8.66%
Operating Profit $68.47M $55.66M $57.85M
YoY Change 5.07% -14.51% 27.42%
Interest Expense $1.524M $2.207M $2.341M
YoY Change -80.56% -71.46% -69.3%
% of Operating Profit 2.23% 3.97% 4.05%
Other Income/Expense, Net $1.434M -$1.870M -$1.381M
YoY Change -126.08% -82.57% -72.6%
Pretax Income $69.91M $53.79M $56.47M
YoY Change 17.15% -1.08% 39.91%
Income Tax $19.60M $16.70M $17.70M
% Of Pretax Income 28.04% 31.05% 31.35%
Net Earnings $50.32M $37.08M $38.80M
YoY Change -9.9% -90.52% -2.82%
Net Earnings / Revenue 46.32% 38.14% 39.78%
Basic Earnings Per Share $0.33 $0.24 $0.25
Diluted Earnings Per Share $0.28 $0.21 $0.21
COMMON SHARES
Basic Shares Outstanding 153.2M 153.3M 157.8M
Diluted Shares Outstanding 184.5M 184.9M 189.5M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $574.2M $504.4M $593.4M
YoY Change -0.02% 2.37% 35.32%
Cash & Equivalents $574.2M $504.4M $593.4M
Short-Term Investments
Other Short-Term Assets $8.261M $11.10M $11.22M
YoY Change -57.25% -56.14% -10.99%
Inventory
Prepaid Expenses
Receivables $116.5M $102.4M $105.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $699.0M $617.8M $710.1M
YoY Change 0.52% -0.39% 31.93%
LONG-TERM ASSETS
Property, Plant & Equipment $6.660M $6.964M $7.229M
YoY Change -15.82% -14.08% -14.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $863.0K $872.0K $955.0K
YoY Change 0.94% -0.8% 3.35%
Total Long-Term Assets $341.4M $357.9M $373.3M
YoY Change -11.11% -7.52% 510.95%
TOTAL ASSETS
Total Short-Term Assets $699.0M $617.8M $710.1M
Total Long-Term Assets $341.4M $357.9M $373.3M
Total Assets $1.040B $975.7M $1.083B
YoY Change -3.62% -3.13% 80.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $795.0K $317.0K $532.0K
YoY Change 92.03% -31.97% -36.82%
Accrued Expenses $26.32M $22.83M $25.39M
YoY Change 5.46% 8.44% 11.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $120.7M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $27.12M $23.30M $147.4M
YoY Change -81.39% -82.66% 524.51%
LONG-TERM LIABILITIES
Long-Term Debt $395.9M $395.5M $395.1M
YoY Change 18.8% 20.14% -9.41%
Other Long-Term Liabilities $9.227M $6.491M $5.111M
YoY Change 478.86% 337.99% 213.56%
Total Long-Term Liabilities $9.227M $6.491M $5.111M
YoY Change 478.86% 337.99% 213.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.12M $23.30M $147.4M
Total Long-Term Liabilities $9.227M $6.491M $5.111M
Total Liabilities $36.34M $29.79M $152.5M
YoY Change -75.32% -78.07% 504.42%
SHAREHOLDERS EQUITY
Retained Earnings -$745.2M -$795.6M -$832.6M
YoY Change -23.88% -23.12% -41.62%
Common Stock $1.336B $1.328B $1.350B
YoY Change -14.28% -14.1% -12.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $591.1M $532.9M $517.8M
YoY Change
Total Liabilities & Shareholders Equity $1.040B $975.7M $1.083B
YoY Change -3.62% -3.13% 80.76%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $50.32M $37.08M $38.80M
YoY Change -9.9% -90.52% -2.82%
Depreciation, Depletion And Amortization $363.0K $360.0K $355.0K
YoY Change 1.4% -11.33% -13.41%
Cash From Operating Activities $69.09M $61.37M $64.12M
YoY Change -7.96% 26.36% -12.99%
INVESTING ACTIVITIES
Capital Expenditures -$66.00K -$88.00K $9.000K
YoY Change -51.82%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$66.00K -$88.00K -$9.000K
YoY Change -51.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $92.50M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 797.0K -150.3M -90.87M
YoY Change -87.07% -2749.09% -4210.04%
NET CHANGE
Cash From Operating Activities 69.09M 61.37M 64.12M
Cash From Investing Activities -66.00K -88.00K -9.000K
Cash From Financing Activities 797.0K -150.3M -90.87M
Net Change In Cash 69.82M -89.01M -26.76M
YoY Change -13.9% -264.11% -135.25%
FREE CASH FLOW
Cash From Operating Activities $69.09M $61.37M $64.12M
Capital Expenditures -$66.00K -$88.00K $9.000K
Free Cash Flow $69.16M $61.45M $64.12M
YoY Change -8.04% 26.55%

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;text-indent:36pt;margin:0pt;"><span style="font-weight:bold;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><span style="white-space:pre-wrap;"> (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 (“GC-C agonists”) and is indicated for adult men and women suffering from irritable bowel syndrome with constipation (“IBS-C”) or chronic idiopathic constipation (“CIC”). 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</span><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.</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;">The Company and its partner, AbbVie Inc. (together with its affiliates, “AbbVie”), began commercializing LINZESS in the U.S. in December 2012. Under the Company’s collaboration for North America with <span style="color:#212529;background:#ffffff;">AbbVie</span>, total net sales of LINZESS in the U.S., as recorded by <span style="color:#212529;background:#ffffff;">AbbVie</span>, are reduced by commercial costs incurred by each party, and the resulting amount is shared equally between the Company and <span style="color:#212529;background:#ffffff;">AbbVie</span>. Additionally, development costs are shared equally between the Company and AbbVie. The Company and AbbVie 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. </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;">Outside of the U.S., the Company earns royalties as a percentage of net sales of products containing linaclotide as an active ingredient by the Company’s collaboration partners. AbbVie 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="color:#212529;background:#ffffff;">AbbVie</span> License Territory”). In addition, <span style="color:#212529;background:#ffffff;">AbbVie</span> has exclusive rights to commercialize linaclotide in Canada as CONSTELLA and in Mexico as LINZESS. Astellas Pharma Inc. (“Astellas”), the Company’s partner in Japan, has an exclusive license to develop, manufacture, and commercialize linaclotide in Japan. AstraZeneca AB (together with its affiliates) (“AstraZeneca”), the Company’s partner in China, has the exclusive right to develop, manufacture, and commercialize products containing linaclotide in China (including Hong Kong and Macau) (the “AstraZeneca License Territory”).</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 a collaboration and license option agreement (the “COUR Collaboration Agreement”) with COUR Pharmaceutical Development Company, Inc. (“COUR”), a biotechnology company developing novel immune-modifying nanoparticles to treat autoimmune diseases. The COUR Collaboration Agreement grants the Company an option to acquire an exclusive license to research, develop, manufacture and commercialize, in the U.S., products containing CNP-104, a potential treatment for primary biliary cholangitis, a rare autoimmune disease targeting the liver.</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 is also advancing IW-3300, a GC-C agonist, for the potential treatment of visceral pain conditions, including interstitial cystitis/bladder pain syndrome (IC/BPS) and endometriosis.</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 was incorporated in Delaware on January 5, 1998 as Microbia, Inc. On April 7, 2008, the Company changed its name to Ironwood Pharmaceuticals, Inc. To date, the Company has dedicated a majority of its activities to the research, development and commercialization of linaclotide, as well as to the research and development of its other product candidates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></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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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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4867000
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
395451000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
454191000
CY2021Q4 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
112309000
CY2022Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
1691000
CY2021Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
1804000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
3495000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
3607000
CY2022Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
516000
CY2021Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
412000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1053000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
811000
CY2021Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
5516000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
10940000
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
2207000
CY2021Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
7732000
us-gaap Interest Expense Debt
InterestExpenseDebt
4548000
us-gaap Interest Expense Debt
InterestExpenseDebt
15358000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2250000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
4500000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
203750000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
201500000
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
415000000
CY2022Q2 irwd Long Term Debt Maturities Interest Payments
LongTermDebtMaturitiesInterestPayments
15000000
CY2022Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
4549000
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
395451000
CY2015Q2 us-gaap Payments Of Derivative Issuance Costs
PaymentsOfDerivativeIssuanceCosts
21100000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6601000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4589000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12690000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9985000
CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
278000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-442000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
6879000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
4589000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
12248000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
9985000
CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000.0
CY2022Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2800000
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
10800000
CY2022Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
32900000
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
123400000
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
13100000
irwd Stock Repurchased And Retired During Period Average Price Per Share
StockRepurchasedAndRetiredDuringPeriodAveragePricePerShare
11.47
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34400000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-336900000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-336500000

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