# Ironwood Pharmaceuticals, Inc. (IRWD)

> Source: Nexqual · https://nexqual.com/IRWD · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Ironwood Pharmaceuticals, Inc. (IRWD), nexqual.com/IRWD" · informational, not investment advice.

**Price:** USD 3.61 (+2.85% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 3.51 · day 3.46–3.63 · 52w 1.47–5.78 · market cap $597M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $389M, net income $130M (33.4% margin) (SEC filings).
- Valuation: P/E 4.6x (avg 414.4x at the last 2 fiscal year-ends).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $659K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.25 on a 1–5 scale) (4 analysts), mean target USD 6.1 (range 3.7–10).
- Total return with dividends: 1Y +139.1% vs S&P 500 +13.6%; 5Y -71.7% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD 0.31, revenue estimate $122M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $414M | $411M | $443M | $351M | $296M | $389M |
| Operating income | $232M | $250M | -$945M | $93.1M | $98.5M | $234M |
| Net income | $528M | $175M | -$1.00B | $880K | $24.0M | $130M |
| EPS (diluted) | $3.21 | $0.96 | -$6.45 | $0.01 | $0.15 | — |
| Free cash flow | $262M | $274M | $183M | $103M | $127M | — |
| Operating margin | 56.1% | 61.0% | -213.5% | 26.5% | 33.3% | 60.1% |
| Net margin | 127.7% | 42.6% | -226.4% | 0.3% | 8.1% | 33.4% |
| Revenue growth | +6.2% | -0.8% | +7.8% | -20.6% | -15.7% | — |
| Cash + short-term investments | $620M | $656M | $92.2M | $88.6M | $215M | — |
| Total debt | $454M | $396M | $398M | $199M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 4.6x · P/S 1.5x · Earnings yield 21.77%
P/E at fiscal year-ends: Dec 2025 22.9x, Dec 2024 805.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-07 | Silver Ronald | PFO & PAO | 127,890 | $578K | 29% | Yes | Routine (sold in Feb & Aug each year 2023–2025; this trade is outside those months) |
| 2026-06-16 | McHugh Julie | Director | 21,571 | $80K | 7.9% | Yes | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 4 analysts; mean target USD 6.1 (low 3.7, high 10).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +139.1% | -71.7% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +139.8% | -22.3% |
| Volatility (annualized) | 86.8% | 71.5% |
| Max drawdown | -43.6% (Jan 2026→Mar 2026) | -96.3% (Feb 2024→May 2025) |

## Peers (Drug Manufacturers - Specialty & Generic)
SUPN (Supernus Pharmaceuticals, Inc.) USD 41.08 +0.29% · BHC (Bausch Health Companies Inc.) USD 6.92 +9.67% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 28.07 -0.81% · RGC (Regencell Bioscience Holdings L) USD 7.27 -2.55% · LQDA (Liquidia Corporation) USD 45.72 +0.62% · INDV (Indivior Pharmaceuticals, Inc.) USD 34.77 +0.14%

## More
Full page: https://nexqual.com/IRWD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IRWD's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1446847/000110465926020489/irwd-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | AbbVie (ABBV) | "We have strategic partnerships with leading pharmaceutical companies to support the development and commercialization of linaclotide throughout the world, including with our partner, AbbVie Inc. (together with its affili…" |
| Partner | Astellas Pharma | "In November 2009, we entered into a license agreement with Astellas to develop and commercialize linaclotide for the treatment of IBS-C, CIC, and other GI conditions in Japan." |
| Partner | COUR Pharmaceutical Development Company | "Through a collaboration and license option agreement, or the COUR Collaboration Agreement, we and COUR Pharmaceutical Development Company, Inc., or COUR, were developing CNP-104 for the treatment of PBC, a rare autoimmun…" |
| Partner | Almirall | "In April 2009, we entered into a license agreement with Almirall, S.A., or Almirall, or the European License Agreement, to develop and commercialize linaclotide in Europe (including the Commonwealth of Independent States…" |
| Partner | Asahi Kasei Pharma | "We continue to plan for a potential commercial launch of apraglutide, if successfully developed and approved, in the U.S. and with partners in territories outside the U.S. For example, we granted AKP an exclusive license…" |
| Partner | GlyPharma Therapeutic | "For example, we are a party to an amended and restated exclusive license agreement, dated as of December 6, 2016, as amended, by and between GlyPharma Therapeutic Inc. (as predecessor to VectivBio AG) and Ferring, or the…" |
| Partner | VectivBio Holding | "For example, we are a party to an amended and restated exclusive license agreement, dated as of December 6, 2016, as amended, by and between GlyPharma Therapeutic Inc. (as predecessor to VectivBio AG) and Ferring, or the…" |
| Partner | Ferring International Center | "For example, we are a party to an amended and restated exclusive license agreement, dated as of December 6, 2016, as amended, by and between GlyPharma Therapeutic Inc. (as predecessor to VectivBio AG) and Ferring, or the…" |

Other companies that name IRWD in their own reports (relationship from IRWD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Neuphoria Therapeutics Inc. (NEUP) | 10-K 2026-09-18 | "Research and License Agreement with Ironwood Pharmaceuticals" |
| partner | Korsana Biosciences, Inc. (KRSA) | 10-K 2026-03-30 | "Our employee, consultants, non-academic outside scientific collaborators and other advisors enter into confidentiality and intellectual property assignment agreements with us or have entered into conf…" |

## Customer concentration

Period ended 2025-12-31: 100% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-08-06)

- "(linaclotide) U.S. net sales guidance to $1.15 - $1.20 billion, representing greater than 30% increase year-over-year;"

Analysts expect $121.6M for the current quarter, -89.7% vs the guidance midpoint $1.18B. Source: https://www.sec.gov/Archives/edgar/data/1446847/000110465926091625/tm2622244d1_ex99-1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.31 | $0.29 | +6.9% | $121.6M | 2 |
| Next quarter (ends 2026-12-31) | $0.34 | $0.28 | +19.3% | $128.3M | 2 |
| Current fiscal year (ends 2026-12-31) | $1.21 | $1.09 | +11.0% | $471.4M | 2 |
| Next fiscal year (ends 2027-12-31) | $1.50 | $1.44 | +4.2% | $494.1M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±31.6%; last 8 reports averaged ±19.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 232.2% | ±31.6% |
| 2027-02-19 | 113 | 104.6% | ±38.5% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $0.31 | $0.28 | Beat +10.7% | +4.1% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | $0.24 | $0.24 | In line | -12.6% |
| Feb 25, 2026 | Quarter ended Dec 31, 2025 | −$0.01 | $0.01 | Miss −$0.02 | -3.4% |
| Jan 2, 2026 | Quarter ended Sep 30, 2025 | $0.24 | $0.12 | Beat +100.0% | +36.2% |
| Nov 10, 2025 | Quarter ended Sep 30, 2025 | $0.24 | $0.12 | Beat +100.0% | +50.5% |
| Aug 7, 2025 | — | — | — | — | +11.1% |
| May 7, 2025 | — | — | — | — | -24.7% |
| Apr 25, 2025 | — | — | — | — | +10.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | Schedule 13G/A | BANK OF AMERICA CORP /DE/: 3.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1446847/000007085826000529/0000070858-26-000529-index.htm |
| 2026-10-16 | 8-K | Director or executive officer change, or pay arrangement — “Ironwood Pharmaceuticals, Inc. (the "Company") today announced that, on October 12, 2026, the Board of Directors (the "Board") appointed Tammi Gaskins, the Company's Senior Vice President, Chief Commercial Officer, as Chief Executive Officer, effective January 1, 2027 (the "Transition Date"). The Board increased the size of the Board from eight to nine directors and elected Ms. Gaskins as a director, in each case, effective as of the Transition Date. Biographical information for Ms. Gaskins is available on page 22…” | https://www.sec.gov/Archives/edgar/data/1446847/000110465926116423/0001104659-26-116423-index.htm |
| 2026-08-14 | Schedule 13G/A | Armistice Capital, LLC, Steven Boyd: 8.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1446847/000117266126003597/0001172661-26-003597-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 5.4% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1446847/000009375126000487/0000093751-26-000487-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1446847/000110465926091987/0001104659-26-091987-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1446847/000110465926091625/0001104659-26-091625-index.htm |
| 2026-07-28 | Schedule 13G/A | BlackRock, Inc.: 8.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1446847/000201238326002534/0002012383-26-002534-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.