Ironwood Pharmaceuticals, Inc.
IRWDHealthcare|Drug Manufacturers - Specialty & Generic|US
$4.39
+0.36 (+8.93%)
DCF Value
$5.89
Cash / Share
$0.52
Financials
Financial Snapshot
Market Cap
$725.4M
Enterprise Value
$650.2M
Revenue (TTM)
$400.3M
Net Income (TTM)
$149.6M
Cash & Investments
$86.4M
Net Cash
$75.2M
Free Cash Flow (TTM)
$185.6M
Operating CF (TTM)
$185.6M
Debt/Equity
-0.12
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $305.2M | $221.4M | $173.2M | $177.0M | $364.3M | $620.1M | $656.2M | $92.2M | $88.6M | $215.5M | $86.4M | |
| Operating Cash Flow | -$25.4M | -$99.6M | -$70.9M | $10.7M | $168.8M | $261.9M | $273.8M | $183.4M | $103.5M | $127.0M | $185.6M | |
| Free Cash Flow | -$129.6M | -$103.8M | -$79.5M | $3.5M | $167.0M | $261.6M | $273.6M | $183.2M | $103.4M | $127.0M | $185.6M | |
| Capital Expenditure | -$104.2M | -$4.2M | -$8.6M | -$7.2M | -$1.8M | -$265.0K | -$136.0K | -$273.0K | -$142.0K | -$34.0K | -$1.0K | |
| Financing Cash Flow | -$4.2M | $19.8M | $30.1M | -$1.2M | $18.5M | -$4.5M | -$237.6M | $277.2M | -$107.0M | $216.0K | -$199.6M |
R&D Spending
R&D (TTM)
$94.1M
R&D Intensity
23.5%
R&D Growth vs Prior
-1.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $274.0M | $298.3M | $346.6M | $428.4M | $389.5M | $413.8M | $410.6M | $442.7M | $351.4M | $296.2M | $400.3M | |
| R&D Expense | $139.5M | $148.2M | $166.5M | $122.2M | $88.1M | $70.4M | $44.3M | $116.1M | $111.4M | $95.1M | $94.1M | |
| R&D % of Revenue | 50.9% | 49.7% | 48.0% | 28.5% | 22.6% | 17.0% | 10.8% | 26.2% | 31.7% | 32.1% | 23.5% | |
| SG&A | $173.3M | $233.1M | $241.3M | $0.00 | $140.0M | $0.00 | $116.0M | $0.00 | $0.00 | $82.3M | $54.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $274.0M | $298.3M | $346.6M | $428.4M | $389.5M | $413.8M | $410.6M | $442.7M | $351.4M | $296.2M | $400.3M | |
| Cost of Revenue | $1.9M | $19.4M | $32.8M | $135.4M | $3.1M | $70.4M | $1.4M | $6.1M | $7.6M | $0.00 | $443.0K | |
| Gross Profit | $272.1M | $278.9M | $313.9M | $293.0M | $386.4M | $343.3M | $409.2M | $436.6M | $343.9M | $296.2M | $399.9M | |
| R&D | $139.5M | $148.2M | $166.5M | $122.2M | $88.1M | $70.4M | $44.3M | $116.1M | $111.4M | $95.1M | $94.1M | |
| SG&A | $173.3M | $233.1M | $241.3M | $0.00 | $140.0M | $0.00 | $116.0M | $0.00 | $0.00 | $82.3M | $54.2M | |
| Operating Income | -$51.9M | -$77.4M | -$238.9M | $120.1M | $142.9M | $232.3M | $250.3M | -$945.4M | $93.1M | $118.8M | $251.5M | |
| Interest Expense | $39.2M | $36.4M | $37.7M | $36.6M | $29.5M | $31.1M | $7.6M | $21.6M | $33.0M | $32.7M | $30.4M | |
| Pretax Income | -$81.7M | -$116.9M | -$282.4M | $58.9M | $108.9M | $200.7M | $252.4M | -$948.1M | $65.2M | $70.0M | $227.0M | |
| Net Income | -$81.7M | -$116.9M | -$282.4M | $21.5M | $106.2M | $528.4M | $175.1M | -$1.00B | $880.0K | $24.0M | $149.6M | |
| EPS (Diluted) | -0.56 | -0.78 | -1.85 | 0.38 | 0.66 | 3.21 | 0.96 | -6.45 | 0.01 | 0.15 | 0.90 | |
| EBITDA | -$31.3M | -$33.1M | -$144.5M | $128.6M | $141.9M | $233.7M | $261.4M | $197.4M | $97.7M | $104.7M | $258.7M | |
| Shares Out. (M) | 145.91 | 148.99 | 152.63 | 156.02 | 160.66 | 164.42 | 186.31 | 155.44 | 160.08 | 177.76 | 166.00 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $54.0M | $125.7M | $173.2M | $177.0M | $364.3M | $620.1M | $656.2M | $92.2M | $88.6M | $215.5M | $86.4M | |
| Short-Term Investments | $251.2M | $95.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $380.2M | $311.6M | $266.4M | $306.9M | $495.8M | $745.2M | $780.6M | $233.3M | $182.4M | $274.2M | $226.0M | |
| Total Assets | $709.8M | $605.7M | $332.1M | $402.7M | $559.2M | $1.13B | $1.10B | $471.1M | $350.9M | $396.9M | $290.6M | |
| Total Current Liabilities | $91.1M | $66.0M | $119.5M | $40.9M | $32.2M | $161.7M | $25.5M | $276.1M | $38.8M | $242.2M | $34.7M | |
| Long-Term Debt | $366.6M | $396.1M | $366.1M | $408.0M | $430.3M | $337.3M | $396.3M | $498.3M | $584.0M | $385.0M | $7.9M | |
| Total Liabilities | $643.1M | $595.8M | $528.4M | $496.0M | $496.6M | $521.0M | $448.1M | $817.4M | $652.2M | $658.7M | $387.8M | |
| Stockholders' Equity | $66.7M | $9.8M | -$196.4M | -$93.3M | $62.6M | $605.9M | $652.4M | -$346.3M | -$301.3M | -$261.8M | -$97.2M | |
| Retained Earnings | -$1.19B | -$1.31B | -$1.59B | -$1.57B | -$1.47B | -$937.6M | -$696.4M | -$1.70B | -$1.70B | -$1.67B | -$1.52B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$25.4M | -$99.6M | -$70.9M | $10.7M | $168.8M | $261.9M | $273.8M | $183.4M | $103.5M | $127.0M | $185.6M | |
| Capital Expenditure | -$104.2M | -$4.2M | -$8.6M | -$7.2M | -$1.8M | -$265.0K | -$136.0K | -$273.0K | -$142.0K | -$34.0K | -$1.0K | |
| Free Cash Flow | -$129.6M | -$103.8M | -$79.5M | $3.5M | $167.0M | $261.6M | $273.6M | $183.2M | $103.4M | $127.0M | $185.6M | |
| Investing Cash Flow | -$177.7M | $151.5M | $88.9M | -$11.1M | -$1.8M | -$265.0K | -$136.0K | -$1.03B | -$142.0K | -$34.0K | -$1.0K | |
| Financing Cash Flow | -$4.2M | $19.8M | $30.1M | -$1.2M | $18.5M | -$4.5M | -$237.6M | $277.2M | -$107.0M | $216.0K | -$199.6M | |
| Issuance of Stock | $24.8M | $26.4M | $32.1M | $0.00 | $18.5M | $0.00 | $0.00 | $6.4M | $11.0M | $216.0K | $425.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$24.1M | -$126.4M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$28.8M | $8.8M | -$1.8M | $19.4M | $0.00 | $0.00 | -$120.7M | $300.0M | -$115.0M | $0.00 | -$200.0M | |
| Stock Based Comp. | $29.2M | $33.8M | $44.0M | $31.3M | $31.2M | $22.3M | $27.0M | $32.0M | $29.9M | $17.3M | $22.5M | |
| Net Change in Cash | -$207.3M | $71.7M | $48.1M | -$1.6M | $185.5M | $257.1M | $36.1M | -$565.8M | -$3.6M | $126.9M | -$13.7M |
Dilution Tracker
Shares Outstanding
165M
5-Year Share Growth
+10.6%
Stock Issuance (TTM)
$425.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 145.91 | 148.99 | 152.63 | 156.02 | 160.66 | 164.42 | 186.31 | 155.44 | 160.08 | 177.76 | 166.00 | |
| Change vs Prior % | — | 2.1% | 2.4% | 2.2% | 3.0% | 2.3% | 13.3% | -16.6% | 3.0% | 11.0% | -6.6% | |
| Stock Issuance | $24.8M | $26.4M | $32.1M | $0.00 | $18.5M | $0.00 | $0.00 | $6.4M | $11.0M | $216.0K | $425.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$24.1M | -$126.4M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $29.2M | $33.8M | $44.0M | $31.3M | $31.2M | $22.3M | $27.0M | $32.0M | $29.9M | $17.3M | $22.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 99.3% | 93.5% | 90.6% | 68.4% | 99.2% | 83.0% | 99.7% | 98.6% | 97.9% | 100.0% | 99.9% | |
| Operating Margin % | -18.9% | -25.9% | -68.9% | 28.0% | 36.7% | 56.1% | 61.0% | -213.5% | 26.5% | 40.1% | 62.8% | |
| Net Margin % | -29.8% | -39.2% | -81.5% | 5.0% | 27.3% | 127.7% | 42.6% | -226.4% | 0.3% | 8.1% | 37.4% | |
| EBITDA Margin % | -11.4% | -11.1% | -41.7% | 30.0% | 36.4% | 56.5% | 63.7% | 44.6% | 27.8% | 35.3% | 64.6% | |
| FCF Margin % | -47.3% | -34.8% | -22.9% | 0.8% | 42.9% | 63.2% | 66.6% | 41.4% | 29.4% | 42.9% | 46.4% | |
| ROE % | -122.5% | -1187.4% | 143.8% | -23.1% | 169.5% | 87.2% | 26.8% | 289.4% | -0.3% | -9.2% | -81.1% | |
| ROA % | -11.5% | -19.3% | -85.0% | 5.3% | 19.0% | 46.9% | 15.9% | -212.8% | 0.3% | 6.1% | 51.5% | |
| ROIC % | -8.3% | -14.2% | -90.0% | 33.1% | 26.3% | 21.4% | 16.1% | -237.7% | 0.4% | 11.4% | 64.0% | |
| R&D / Revenue % | 50.9% | 49.7% | 48.0% | 28.5% | 22.6% | 17.0% | 10.8% | 26.2% | 31.7% | 32.1% | 23.5% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 83.2% | 8.9% | 16.2% | 23.6% | -9.1% | 6.2% | -0.8% | 7.8% | -20.6% | -15.7% | |
| Gross Profit | 81.9% | 2.5% | 12.6% | -6.6% | 31.9% | -11.1% | 19.2% | 6.7% | -21.2% | -13.9% | |
| Operating Income | 49.2% | -49.2% | -208.7% | 150.3% | 19.0% | 62.5% | 7.8% | -477.7% | 109.8% | 27.5% | |
| Net Income | 42.7% | -43.1% | -141.5% | 107.6% | 393.7% | 397.7% | -66.9% | -672.5% | 100.1% | 2629.2% | |
| EPS (Diluted) | 44.0% | -39.3% | -137.2% | 120.5% | 73.7% | 386.4% | -70.1% | -771.9% | 100.1% | 2627.3% | |
| Operating Cash Flow | 76.2% | -291.5% | 28.8% | 115.1% | 1474.2% | 55.1% | 4.5% | -33.0% | -43.5% | 22.7% | |
| Free Cash Flow | -16.8% | 20.0% | 23.4% | 104.4% | 4622.7% | 56.7% | 4.6% | -33.1% | -43.5% | 22.8% | |
| R&D Expense | 28.3% | 6.3% | 12.3% | -26.6% | -28.0% | -20.1% | -37.1% | 162.3% | -4.0% | -14.6% | |
| SG&A Expense | 38.4% | 34.5% | 3.5% | -100.0% | 0.0% | -100.0% | 0.0% | -100.0% | 0.0% | 0.0% | |
| Total Assets | 14.6% | -14.7% | -45.2% | 21.3% | 38.9% | 101.5% | -2.3% | -57.2% | -25.5% | 13.1% | |
| Book Value / Share | -31.2% | -85.6% | -2039.0% | 53.5% | 165.7% | 850.5% | 13.2% | -152.7% | 15.0% | 14.8% | |
| Debt | -2.3% | 7.3% | 3.4% | 4.2% | 5.2% | 4.9% | -12.6% | 72.0% | -16.2% | -0.3% | |
| Diluted Shares | 2.6% | 2.1% | 2.4% | 2.2% | 3.0% | 2.3% | 13.3% | -16.6% | 3.0% | 11.0% |
Valuation
P/E (TTM)4.85
10Y Low / Med / High3.58 / 22.47 / 805.45
P/S1.81
10Y Low / Med / High1.85 / 4.66 / 8.09
P/B-7.50
10Y Low / Med / High2.93 / 28.99 / 225.91
EV/EBITDA2.51
10Y Low / Med / High6.40 / 12.17 / 18.13
EV/Revenue1.62
10Y Low / Med / High3.14 / 5.26 / 9.25
P/FCF3.91
10Y Low / Med / High4.30 / 7.23 / 587.29
Intrinsic Value Models (per share)
DCF Value
$5.89
Cash / Share
$0.52
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -27.30 | -18.97 | -5.60 | 35.03 | 17.00 | 3.58 | 10.96 | -1.77 | 805.45 | 22.47 | 4.85 | |
| P/S Ratio | 8.09 | 7.46 | 4.56 | 4.85 | 4.66 | 4.57 | 4.66 | 4.02 | 2.01 | 1.85 | 1.81 | |
| P/B Ratio | 33.21 | 225.91 | -8.05 | -22.27 | 28.99 | 3.12 | 2.93 | -5.13 | -2.34 | -2.09 | -7.50 | |
| EV/EBITDA | -81.00 | -75.47 | -12.61 | 18.13 | 13.43 | 7.48 | 6.40 | 12.17 | 12.44 | 8.88 | 2.51 | |
| EV/Revenue | 9.25 | 8.38 | 5.26 | 5.44 | 4.89 | 4.22 | 4.07 | 5.42 | 3.46 | 3.14 | 1.62 |
Analyst Estimates & Quality
Altman Z-Score
-1.12
Distress
Piotroski F-Score
8
Strong
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $466.6M | $494.0M | $510.3M |
| Net Income | $216.4M | $232.9M | $256.8M |
| EPS | $1.22 | $1.32 | $1.43 |
| # Analysts (EPS) | 2 | 2 | 1 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Collaborative Arrangement Co Promotion Agreement | $4.3M | — | — | — | — | — |
| Collaborative Arrangement Promotion Agreement | $3.5M | — | — | — | — | — |
| Royalty | $100.0K | — | — | $2.2M | $400.0K | $300.0K |
| Collaborative Arrangement Collaboration And License Agreements Upfront Fee | $10.0M | — | — | — | — | — |
| Collaborative Arrangement Collaboration And License Agreements | $700.0K | — | — | — | — | — |
| Collaborative Arrangement Collaboration Agreements | $32.4M | — | — | — | — | — |
| Collaborative Arrangement Transition Services Agreement | $600.0K | — | — | — | — | — |
| Sale of active pharmaceutical ingredient | — | $969.0K | — | — | — | — |
| Collaborative arrangement, co-promotion agreements | — | $2.4M | $2.2M | $2.0M | $2.2M | — |
| Collaborative arrangement, collaboration and license agreements | — | $743.0K | $635.0K | $1.8M | $1.7M | $1.7M |
| Collaborative arrangement, other agreements | — | $1.8M | $1.8M | $2.5M | $734.0K | $87.0K |
| Collaborative arrangements revenue | — | $412.8M | $410.6M | $442.7M | $351.4M | — |
| Collaborative Arrangements | — | — | — | — | — | $296.2M |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Europe And Other | $2.2M | — | — | — | — | — |
| North America | $2.3M | $2.7M | $2.7M | $433.2M | $343.2M | $292.4M |
| U | $368.6M | — | — | — | — | — |
| Canada And Mexico | $2.3M | — | — | — | — | — |
| Europe | $2.2M | — | — | — | — | — |
| Europe and Other | — | $2.6M | $2.4M | $2.8M | $3.2M | $3.6M |
| Canada and Mexico | — | $2.7M | $2.7M | — | — | — |