Ironwood Pharmaceuticals (IRWD) investor relations material

Strategic priorities and financial outlook

• Focused on maximizing LINZESS, advancing apraglutide, and delivering profits and cash flows into 2026.

• LINZESS expected to exceed $1.1 billion in U.S. net sales in 2026, with adjusted EBITDA projected above $300 million.

• Significant reduction in operating expenses by $60 million in 2025, supporting increased profitability and cash flow.

• Plans to pay down $200 million in convertible notes and reduce outstanding debt to about $300 million by year-end 2026.

• Cash flows from LINZESS are expected to fund apraglutide development and support a potential commercial launch.

LINZESS performance and market dynamics

• LINZESS continues to deliver high single-digit to low double-digit prescription demand growth, outpacing market growth.

• List price reduction for LINZESS in 2026 eliminated inflationary rebate penalties, especially in Medicaid.

• Greater pricing visibility through 2027 due to CMS price negotiation and stable contracting.

• Ongoing investment in sales, marketing, and medical affairs, including pediatric label expansion and continued data publication.

• Pediatric indications contribute to growth but have not caused a stepwise demand increase.

Apraglutide development and clinical progress

• Apraglutide is a weekly GLP-2 therapy for short bowel syndrome with intestinal failure, aiming for best-in-class status.

• Phase III trial met primary and key secondary endpoints, showing efficacy twice that of placebo and robust safety.

• Confirmatory STARS-2 trial to start in Q2, focusing on whole population endpoints with a 24-week primary endpoint.

• Target dose for confirmatory trial is 3.5 mg, matching the effective dose in the pivotal study.

• NDA submission targeted for end of 2029, aligning with potential generic entry for LINZESS.