Ironwood Pharmaceuticals (IRWD) Q3 2026 earnings summary

Executive summary

• Strong Q3 results and LINZESS growth lifted FY 2026 sales, revenue and adjusted EBITDA guidance; Q3 adjusted EBITDA reached a record $97.925M.

• LINZESS U.S. sales reached $879.753M year to date, exceeding FY 2025 sales; STARS-2 is recruiting as development and debt reduction continue.

Financial highlights

• Q3 revenue was $133.0M versus $122.1M YoY; GAAP net income was $59.8M, or $0.36 per basic and diluted share, versus $40.1M.

• 9M revenue was $352.6M versus $248.4M; GAAP net income was $151.9M versus $26.3M, and adjusted EBITDA was $257.638M versus $127.2M.

• Q3 U.S. LINZESS collaboration revenue was $129.902M; total Q3 revenue was $133.0M.

• Cash and cash equivalents were $86.4M at September 30, 2026; 9M operating cash flow was $130.8M.

Outlook and guidance

• FY 2026 LINZESS U.S. net sales guidance rose to $1.20B–$1.25B from $1.15B–$1.20B, implying >35% YoY growth.

• FY 2026 revenue guidance increased to $485M–$510M from $460M–$485M; adjusted EBITDA guidance rose to >$350M from >$310M.

• Outlook assumes improved net price and mid-single-digit demand growth; adjusted EBITDA is non-GAAP, with no GAAP net income reconciliation provided due to uncertainty in adjustments.

• Subject to trial results, apraglutide regulatory filing is planned for 2029; STARS-2 site expansion targets >100 sites across 22 countries.