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Ironwood Pharmaceuticals Inc (IRWD) stock

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NASDAQ: IRWD Nasdaq Pharmaceuticals Next results ~November 5, 2026

B+ Fundamentals grade

Ironwood Pharmaceuticals Inc is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($19.24) was left out of our combined valuation (it is 5.44x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($19.24) was left out of our combined valuation (it is 5.44x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Ironwood Pharmaceuticals Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 18 sales by directors and officers, last 12 monthsInsider trades
  • Funds96 adding, 119 cuttingOf 38 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ironwood Pharmaceuticals files

Where Ironwood Pharmaceuticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $389m, up 26.2% on a year earlier, faster than the 13.8% growth a quarter earlier. That growth ranks 5 of 34 among the pharmaceuticals companies we cover. Free-cash-flow margin rose to 47.7% from 9.7% a year earlier. Operating margin widened to 60.1% from 23.8%. The diluted share count is down 2.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 2 of our 3 financial-health checks.

Our model value for Ironwood Pharmaceuticals is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Ironwood Pharmaceuticals Inc's trailing-twelve-month revenue grew 26.2% year on year, with a free-cash-flow margin of 47.7%. Where it stands out: operating margin of 60.1% ranks 2 of 67 pharmaceuticals companies we cover. Where it lags: long-term debt as % of assets of 50.4% ranks 44 of 53 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$19 per share in the base case (~$14–$26 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin expanding: TTM operating margin reached 60.1%, up 36.4pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 26.2% over the last 12 months, against a median of 10.0% for pharmaceuticals companies we cover.
  • Growth speeding up. The growth rate is 12.4 points higher than a quarter earlier.
  • High operating margin. 60.1% of revenue is left as operating profit, against a median of -5.9% for pharmaceuticals companies we cover.
  • Margins widening. Operating margin is up 36.4 points on a year ago.
  • Strong cash generation. 47.7% of revenue turned into free cash flow, against a median of 10.1% for pharmaceuticals companies we cover.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 86% and a beta of 1.8 against the S&P 500.
  • Insiders selling. 8 insiders sold $23M of stock over the past 365 days and none bought (4% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 50.4% ranks 44 of 53 pharmaceuticals companies we cover (median 23.8%).
  • Below peers: days sales outstanding. Days sales outstanding of 106 days ranks 46 of 59 pharmaceuticals companies we cover (median 72 days).
  • Heavily shorted. 10.5% of the shares available to trade are sold short (7.2 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.31 against an average estimate of $0.28: beat by 12.7%
Revenue
$113m, up 32.6% on a year earlier
Share reaction
+4.1% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
LINZESS U.S. net sales guidance $1.15bn to $1.2bn (full-year 2026); total revenue guidance $460m to $485m (full-year 2026)
Next report
November 5, 2026; average EPS estimate $0.31

Ironwood Pharmaceuticals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.1%
  • 1 week-1.1%
  • 1 month-4.9%
  • This year+2.7%
  • 1 year+80.2%
  • 5 years-73.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$389M
Operating margin
60.1%
Net margin
33.4%
EPS (TTM, diluted)
$0.80

Growth

Revenue growth
+26.2%
Change in growth rate
+12.4 pts
Share count change
−2.0%

Cash

Free cash flow (TTM)
$186M
FCF margin
47.7%
Stock pay % of revenue
3.7%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ironwood Pharmaceuticals Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($19.24) was left out of our combined valuation (it is 5.44x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Ironwood Pharmaceuticals Inc's free cash flow after stock-based pay ( $131M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Ironwood Pharmaceuticals Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$19 ~$14–$26 Left out: out of range vs price (5.56x)
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.7 ~$6.7–$12 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$14 ~$14–$28 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ironwood Pharmaceuticals Inc with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.71$12.81$12.55$8.68$13.31$11.39$11.66$12.39$11.44$4.43$3.37$3.46
Market value$1.4bn$1.9bn$1.9bn$1.3bn$2.1bn$1.8bn$1.9bn$2.3bn$1.8bn$709m$549m$561m
+ Net debt (− = net cash)$74m$78m$123m$140m$231m$68m−$166m−$243m$407m$296m$369m$306m
Enterprise value$1.5bn$1.9bn$2.0bn$1.5bn$2.3bn$1.9bn$1.8bn$2.1bn$2.2bn$1.0bn$918m$866m
Multiples
Price / sales 9.2x6.8x6.3x3.8x4.8x4.7x4.6x5.6x4.0x2.0x1.9x1.4x
Price / earnings ————96.6x17.2x3.6x13.2x—n/m22.9x4.3x
Price / free cash flow ————n/m11.0x7.3x8.4x9.7x6.9x4.3x3.0x
EV / EBITDA ————18.4x13.1x7.5x8.2x—10.7x9.2x3.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

31 /100

Weak moat

How hard Ironwood Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.0% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 94.0%, moving by 7.2 percentage points (standard deviation) across 6 years.

  • Durability 8 / 20

    Operating margin has been a median 26.1%; its worst year was -207.4%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 6 of 10 years, at a median 5.3% of revenue.

  • Discipline 4 / 20

    The diluted share count rose 15.2% over five years; stock-based pay has been a median 7.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (36 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $122m and EPS of $0.31 (range $0.30 to $0.32) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.21 +384% $471m +59%
Next $1.50 +24% $494m +5%

Next year's EPS estimate has moved +4.2% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +11.0% on 90 days ago. In the last 30 days, 1 analyst raised Ironwood Pharmaceuticals Inc's forecast and 0 cut it.

Consensus EPS forecast Ironwood Pharmaceuticals Inc, last 90 days
$1.00 $1.20 $1.40 $1.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.09 Current fiscal year, 60 days ago: $1.09 Current fiscal year, 30 days ago: $1.21 Current fiscal year, 7 days ago: $1.21 Current fiscal year, Now: $1.21 $1.21 Next fiscal year, 90 days ago: $1.44 Next fiscal year, 60 days ago: $1.44 Next fiscal year, 30 days ago: $1.50 Next fiscal year, 7 days ago: $1.50 Next fiscal year, Now: $1.50 $1.50

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.09$1.44
60 days ago $1.09$1.44
30 days ago $1.21$1.50
7 days ago $1.21$1.50
Now $1.21$1.50

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.28 $0.31 +12.7%
Mar 2026 $0.24 $0.24 0.0%
Dec 2025 $0.01 −$0.01 −200.0%
Sept 2025 $0.12 $0.24 +108.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • total revenue guidance full-year 2026 $460m to $485m Raised
    “Raises full-year 2026 LINZESS ® (linaclotide) U.S. net sales guidance to $1.15 - $1.20 billion, representing greater than 30% increase year-over-year; Raises total revenue guidance to $460 - $485 million and adjusted EBITDA guidance to greater than $310 million” source
  • LINZESS U.S. net sales guidance full-year 2026 $1.15bn to $1.2bn Raised
    “Raises full-year 2026 LINZESS ® (linaclotide) U.S. net sales guidance to $1.15 - $1.20 billion, representing greater than 30% increase year-over-year; Raises total revenue guidance to $460 - $485 million and adjusted EBITDA guidance to greater than $310 million” source
  • adjusted EBITDA guidance full-year 2026 about $310m Non-GAAP Raised
    “Raises full-year 2026 LINZESS ® (linaclotide) U.S. net sales guidance to $1.15 - $1.20 billion, representing greater than 30% increase year-over-year; Raises total revenue guidance to $460 - $485 million and adjusted EBITDA guidance to greater than $310 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Ironwood Pharmaceuticals Inc's revenue by +20.1% next year and +7.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+24.0%, weight 33%) , management guidance (+24.3%, weight 40%) and the company's own record (+8.8%, weight 27%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy250%
Hold250%
Sell00%

Monthly trend

  1. Oct 20261124
  2. Sep 20261124
  3. Aug 20261124

Counts of recommendations published by analysts covering Ironwood Pharmaceuticals Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.5%
of tradable shares
Days to cover
7.16
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
3.2%
of shares
Employees
100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +80.2%

$1.92 on October 31, 2025 to $3.46

ThenNowEffect
Revenue (last 12 months) $309m $389m +26.2%
P/S multiple 1.0x 1.4x +39.9%
Share count 165m 162m +2.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −63.6%

$9.50 on November 3, 2023 to $3.46

ThenNowEffect
Revenue (last 12 months) $427m $389m −8.9%
P/S multiple 4.0x 1.4x −63.7%
Share count 178m 162m +10.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IRWD+2%+6%−8%−61%−24%+3%
Industry peers (median)−20%−52%−14%−2%+9%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IRWD42%42%42%33%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IRWD−24%−23%−34%−78%−88%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 97% from July 17, 2018 to May 16, 2025. Getting back needed a 2996% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.86 – $5.39
From 52-week high
−35.8%
vs 50-day average
−12.2%
vs 200-day average
−13.1%
Volatility (1 year)
86%
Beta vs S&P 500
1.81

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±17.0%
After a week
4 up, 8 down
typical move ±20.9%
After a month
4 up, 8 down
typical move ±31.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +4.1% +0.5% −1.7% +2.7%
May 7, 2026 −12.6% +0.5% −24.0% −31.9%
February 25, 2026 −3.4% +0.3% −1.3% −16.9%
January 2, 2026 +36.2% +0.9% +20.5% +42.1%
November 10, 2025 +50.5% +1.8% +63.0% +92.2%
August 7, 2025 +11.1% +0.7% +32.1% +39.5%
May 7, 2025 −24.7% +1.1% −30.1% −34.4%
April 25, 2025 +10.2% +0.8% +5.7% −29.5%
February 27, 2025 −5.8% −0.1% −9.4% −17.5%
November 7, 2024 −1.6% +1.2% −18.5% −21.0%
August 8, 2024 −29.5% +2.8% −26.0% −33.8%
May 9, 2024 −13.8% +0.7% −18.2% −19.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Ironwood Pharmaceuticals Inc in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ironwood Pharmaceuticals Inc
$250M $300M $350M $400M $450M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $432.4M Revenue (TTM), FY23 Q4: $442.7M Revenue (TTM), FY24 Q1: $413.6M Revenue (TTM), FY24 Q2: $400.6M Revenue (TTM), FY24 Q3: $378.4M Revenue (TTM), FY24 Q4: $351.4M Revenue (TTM), FY25 Q1: $317.7M Revenue (TTM), FY25 Q2: $308.5M Revenue (TTM), FY25 Q3: $339M Revenue (TTM), FY25 Q4: $296.2M Revenue (TTM), FY26 Q1: $361.5M Revenue (TTM), FY26 Q2: $389.3M $389.3M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $432.4M
FY23 Q4 $442.7M
FY24 Q1 $413.6M
FY24 Q2 $400.6M
FY24 Q3 $378.4M
FY24 Q4 $351.4M
FY25 Q1 $317.7M
FY25 Q2 $308.5M
FY25 Q3 $339M
FY25 Q4 $296.2M
FY26 Q1 $361.5M
FY26 Q2 $389.3M
Revenue growth, TTM YoY Ironwood Pharmaceuticals Inc
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 2.8% Revenue growth, TTM YoY, FY23 Q4: 7.8% Revenue growth, TTM YoY, FY24 Q1: -0.9% Revenue growth, TTM YoY, FY24 Q2: -6.3% Revenue growth, TTM YoY, FY24 Q3: -12.5% Revenue growth, TTM YoY, FY24 Q4: -20.6% Revenue growth, TTM YoY, FY25 Q1: -23.2% Revenue growth, TTM YoY, FY25 Q2: -23.0% Revenue growth, TTM YoY, FY25 Q3: -10.4% Revenue growth, TTM YoY, FY25 Q4: -15.7% Revenue growth, TTM YoY, FY26 Q1: 13.8% Revenue growth, TTM YoY, FY26 Q2: 26.2% 26.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 2.8%
FY23 Q4 7.8%
FY24 Q1 -0.9%
FY24 Q2 -6.3%
FY24 Q3 -12.5%
FY24 Q4 -20.6%
FY25 Q1 -23.2%
FY25 Q2 -23.0%
FY25 Q3 -10.4%
FY25 Q4 -15.7%
FY26 Q1 13.8%
FY26 Q2 26.2%
Operating margin (TTM) Ironwood Pharmaceuticals Inc
-300% -200% -100% 0% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -211.5% Operating margin (TTM), FY23 Q4: -213.5% Operating margin (TTM), FY24 Q1: -240.5% Operating margin (TTM), FY24 Q2: 28.4% Operating margin (TTM), FY24 Q3: 26.2% Operating margin (TTM), FY24 Q4: 26.5% Operating margin (TTM), FY25 Q1: 16.7% Operating margin (TTM), FY25 Q2: 23.8% Operating margin (TTM), FY25 Q3: 36.3% Operating margin (TTM), FY25 Q4: 33.3% Operating margin (TTM), FY26 Q1: 55.4% Operating margin (TTM), FY26 Q2: 60.1% 60.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -211.5%
FY23 Q4 -213.5%
FY24 Q1 -240.5%
FY24 Q2 28.4%
FY24 Q3 26.2%
FY24 Q4 26.5%
FY25 Q1 16.7%
FY25 Q2 23.8%
FY25 Q3 36.3%
FY25 Q4 33.3%
FY26 Q1 55.4%
FY26 Q2 60.1%
FCF margin (TTM) Ironwood Pharmaceuticals Inc
0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 52.4% FCF margin (TTM), FY23 Q4: 41.4% FCF margin (TTM), FY24 Q1: 35.8% FCF margin (TTM), FY24 Q2: 36.5% FCF margin (TTM), FY24 Q3: 32.7% FCF margin (TTM), FY24 Q4: 29.4% FCF margin (TTM), FY25 Q1: 24.7% FCF margin (TTM), FY25 Q2: 9.7% FCF margin (TTM), FY25 Q3: 20.0% FCF margin (TTM), FY25 Q4: 42.9% FCF margin (TTM), FY26 Q1: 31.0% FCF margin (TTM), FY26 Q2: 47.7% 47.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 52.4%
FY23 Q4 41.4%
FY24 Q1 35.8%
FY24 Q2 36.5%
FY24 Q3 32.7%
FY24 Q4 29.4%
FY25 Q1 24.7%
FY25 Q2 9.7%
FY25 Q3 20.0%
FY25 Q4 42.9%
FY26 Q1 31.0%
FY26 Q2 47.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Ironwood Pharmaceuticals took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $296M
  2. Research and development $95.1M · 32.1%
  3. Selling, general and admin $82.3M · 27.8%
  4. Other operating costs $20.3M · 6.8%
  5. Operating income $98.5M · 33.3%
  6. Income tax $46M · 15.5%
  7. Interest and other $28.5M · 9.6%
  8. Net income $24M · 8.1%

Shares of revenue. Source: Ironwood Pharmaceuticals's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 34 44 66 150 23 76 150 274 298 347 428 390 414 411 443 351 296 389
Gross profit — — — 149 16 71 150 272 279 314 405 386 — — — — — —
EBITDA −56 −55 −56 −61 −240 −157 −90 −42 −9 −147 126 145 234 252 −944 94 100 235
Operating income −61 −61 −66 −73 −252 −169 −102 −52 −15 −151 120 143 232 250 −945 93 99 234
Net income −71 −53 −65 −73 −273 −190 −143 −82 −117 −282 22 106 528 175 −1,002 1 24 130
Diluted EPS −$10.00 −$0.59 −$0.65 −$0.68 −$2.35 −$1.39 −$1.00 −$0.56 −$0.78 −$1.85 $0.14 $0.66 $3.21 $0.96 −$6.45 $0.01 $0.15 $0.80
Growth (year on year)
Revenue — +27.8% +50.2% +128.1% −84.8% +234.1% +95.7% +83.2% +8.9% +16.2% +23.6% −9.1% +6.2% −0.8% +7.8% −20.6% −15.7% +26.2%
EBITDA — — — — — — — — — — — +15.5% +60.9% +7.7% −475.1% — +5.6% +215.9%
Operating income — — — — — — — — — — — +19.0% +62.5% +7.8% −477.7% — +5.8% +219.3%
Net income — — — — — — — — — — — +393.7% +397.7% −66.9% −672.5% — — —
Diluted EPS — — — — — — — — — — — +371.4% +386.4% −70.1% −771.9% — — —
Margins
Gross margin — — — 99.4% 68.5% 93.1% 100.0% 99.3% 93.6% 90.6% 94.4% 99.2% — — — — — —
EBITDA margin −163.3% −124.5% −85.2% −40.9% <−999% −205.5% −60.5% −15.2% −3.0% −42.3% 29.3% 37.3% 56.5% 61.3% −213.3% 26.8% 33.6% 60.4%
Operating margin −177.2% −138.6% −100.4% −48.4% <−999% −221.6% −68.3% −18.9% −5.2% −43.5% 28.0% 36.7% 56.1% 61.0% −213.5% 26.5% 33.3% 60.1%
Net margin −207.4% −120.8% −98.5% −48.3% <−999% −248.1% −95.4% −29.8% −39.2% −81.5% 5.0% 27.3% 127.7% 42.6% −226.4% 0.3% 8.1% 33.4%
Free-cash-flow margin −20.3% −194.1% −128.9% −55.7% <−999% −208.2% −74.2% −11.0% −34.7% −20.5% 0.8% 42.9% 63.2% 66.6% 41.4% 29.4% 42.9% 47.7%
Cash flow
Cash from operations −3 −68 −75 −70 −273 −156 −107 −26 −101 −71 11 169 262 274 183 104 127 186
Capital spending 4 17 10 14 10 4 4 4 3 0 7 2 0 0 0 0 0 0
Free cash flow −7 −85 −85 −84 −283 −159 −111 −30 −104 −71 4 167 262 274 183 103 127 186
Stock-based pay 5 7 12 18 20 26 25 29 31 41 31 31 22 27 32 30 17 14
Free cash flow after stock pay −12 −93 −97 −101 −303 −185 −136 −59 −134 −112 −28 136 239 247 151 74 110 171
Balance sheet
Cash 122 44 87 137 75 74 261 54 126 173 177 363 620 656 92 89 215 79
Total debt 0 0 0 0 175 169 336 132 249 313 408 430 454 413 500 385 585 385
Net debt (negative = net cash) −122 −44 −87 −137 99 95 74 78 123 140 231 68 −166 −243 407 296 369 306
Diluted shares 7m 90m 100m 106m 116m 137m 142m 145m 149m 153m 156m 161m 164m 186m 155m 160m 163m 162m
Returned to shareholders
Buybacks — — — — — — — — — — — — 24 126 — — — —
Total returned — — — — — — — — — — — — 24 126 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · June 30, 2026
What it owns · $285m
Short-term assets $199mLonger-term assets $86m
What it owes, and who funded it · $447m
Short-term liabilities $33mLonger-term liabilities $414mShareholders' equity $-162m
  • Short-term assets cover short-term liabilities $199m of assets due within a year against $33m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $199m short-term assets against $414m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $234m against $33m of interest.

From Ironwood Pharmaceuticals Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−2.0%
year over year
R&D spending
22.8%
of revenue
Sales & admin spending
16.6%
of revenue
Days sales outstanding
106 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated IRWD INVA XERS EOLS HROW ALVO Median
Revenue, last 12 months $389m $440m $335m $316m $276m $586m $276m
Revenue growth, last 12 months 26.2% 18.8% 36.3% 13.9% 21.1% 19.7% 9.9%
Revenue growth, 3-year average −3.1% 14.9% 35.8% 23.4% 39.0% — 5.5%
Revenue growth, latest quarter 32.6% 19.3% 28.7% 21.2% 10.9% — 6.5%
Gross margin 99.2% 72.2% — 66.7% 73.3% 59.8% 62.0%
Operating margin 60.1% 36.9% 10.9% −5.9% −1.0% 13.3% −5.9%
Operating margin, 3-year average 37.4% 59.6% −4.5% −12.6% −0.1% — −7.4%
Net margin 33.4% 81.2% −5.1% −10.8% −13.5% 4.8% −7.3%
Cash from operations / revenue 47.7% 43.5% 16.9% −4.9% 2.3% −8.6% 10.2%
Free-cash-flow margin 47.7% 43.1% 16.5% −5.8% 1.8% −19.6% 8.6%
Free-cash-flow margin, 3-year average 31.3% 48.3% −4.1% −9.6% 0.8% — 7.4%
Stock pay / revenue 3.7% 2.8% 8.4% 6.6% 5.3% 1.3% 3.6%
Change in share count −2.0% 18.0% 19.6% 2.3% 0.5% 8.7% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 26.2% 10.0% 18 of 74
Change in growth rate Growth +12.4pp -0.3pp 6 of 74
Operating margin Profitability 60.1% -5.9% 2 of 67
Net margin Profitability 33.4% -7.3% 4 of 75
Free-cash-flow margin Cash generation 47.7% 10.1% 3 of 74
Stock pay as % of revenue Cash generation 3.7% 3.6% 36 of 69
Long-term debt as % of assets Balance sheet 50.4% 23.8% 44 of 53
Change in share count Balance sheet -2.0% 1.5% 11 of 62
Days sales outstanding Balance sheet 106 days 72 days 46 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Collaborative Arrangements $296M 100.0% ▼ 15.7%
Collaborative Arrangement Other Agreements $87,000 0.0% ▼ 88.1%

From Ironwood Pharmaceuticals Inc's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$676M
Institutions reporting
212
Shares held vs prior quarter
▼ 0.5%
Positions opened / closed
24 / 35

Top buyers and sellers, Q2 2026: 96 institutions bought and 119 sold ; the biggest buyer was Blackrock, Inc (+4.4M shares) and the biggest seller Charles Schwab Investment Management Inc (−1.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $74.9M 17.8M 11.1% ▲ 33.1%
Armistice Capital, LLC $58.7M 13.9M 8.7% ▼ 7.3%
Sarissa Capital Management LP $38.7M 9.2M 5.7% 0.0%
State Street Corp $37.1M 8.8M 5.5% ▲ 18.1%
Bank Of America Corp $36.6M 8.7M 5.4% 0.0%
Renaissance Technologies LLC $33.7M 8.0M 5.0% ▼ 0.8%
Vanguard Capital Management LLC $27.8M 6.6M 4.1% ▲ 8.4%
AQR Capital Management LLC $27.2M 6.5M 4.0% ▼ 14.2%
Acadian Asset Management LLC $24.6M 5.9M 3.6% ▼ 11.0%
Vanguard Portfolio Management LLC $23.2M 5.5M 3.4% ▼ 17.5%
Geode Capital Management, LLC $20.3M 4.8M 3.0% ▲ 6.3%
Two Sigma Investments, LP $19.2M 4.6M 2.8% ▼ 22.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ironwood Pharmaceuticals Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $22.6M 18 trades by 8 insiders · 4% under pre-set plans
Net ▼ $22.6M net selling
Insider Date Trade Shares Price Value
Silver Ronald PFO & PAO July 7, 2026 Sell pre-set plan 127,890 $4.52 $578,063
Mchugh Julie Director June 16, 2026 Sell pre-set plan 21,571 $3.73 $80,460
Denner Alexander J Director March 17, 2026 Sell 6,725,000 $3.05 $20.5M
Denner Alexander J Director March 17, 2026 Sell 5,800 $3.31 $19,198
Silver Ronald Principal Accounting Officer February 24, 2026 Sell 12,621 $3.66 $46,193
Mccourt Thomas A Chief Executive Officer February 24, 2026 Sell 103,526 $3.66 $378,905
Gaskins Tammi L Chief Commercial Officer February 24, 2026 Sell 11,239 $3.66 $41,135
Shetzline Michael SVP, CMO, Head-Res&Drug February 24, 2026 Sell 17,012 $3.66 $62,264
John Minardo Chief Legal Officer February 24, 2026 Sell 19,053 $3.66 $69,734
Martini Gregory S. Chief Financial Officer February 24, 2026 Sell 11,457 $3.66 $41,933
Silver Ronald Principal Accounting Officer February 23, 2026 Sell 11,552 $3.81 $44,013
Mccourt Thomas A Chief Executive Officer February 23, 2026 Sell 94,757 $3.81 $361,024

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • August 6, 2026
  • May 7, 2026
  • February 25, 2026
  • January 2, 2026
  • November 10, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Ironwood Pharmaceuticals Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ironwood Pharmaceuticals Inc in brief

What does Ironwood Pharmaceuticals Inc do?
Ironwood Pharmaceuticals Inc is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Ironwood Pharmaceuticals Inc's stock ticker?
Ironwood Pharmaceuticals Inc trades under the ticker IRWD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ironwood Pharmaceuticals Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ironwood Pharmaceuticals Inc reported revenue of $389M, 26.2% higher than a year earlier, according to its SEC filings.
What is Ironwood Pharmaceuticals Inc's free cash flow?
Ironwood Pharmaceuticals Inc's free-cash-flow margin is 47.7% of revenue over the trailing twelve months, ranking 3 of the 74 pharmaceuticals companies we cover.
Who are Ironwood Pharmaceuticals Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Armistice Capital, LLC and Sarissa Capital Management LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ironwood Pharmaceuticals Inc's market cap?
On November 2, 2026, Ironwood Pharmaceuticals Inc's market capitalisation was about $561M, with a price-to-earnings ratio of 4.3 and net debt of $306M. Market figures come from third-party market data and may be delayed.
Who are Ironwood Pharmaceuticals Inc's competitors?
In our Pharmaceuticals peer group, the companies closest to Ironwood Pharmaceuticals Inc are Innoviva, Inc., Xeris Biopharma Holdings, Inc., Evolus, Inc., Harrow, Inc. and Alvotech. The side-by-side comparison below sets their revenue, margins and growth against Ironwood Pharmaceuticals Inc's.
Are insiders buying or selling Ironwood Pharmaceuticals Inc stock?
Over the last 12 months, Ironwood Pharmaceuticals Inc's directors and officers reported 0 open-market purchases and 18 sales on Form 4. The insider trading page charts every trade.
When is Ironwood Pharmaceuticals Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ironwood Pharmaceuticals Inc announces its own schedule.