Ironwood Pharmaceuticals (NASDAQ: IRWD) reported disappointing third-quarter earnings results on Tuesday, sending its shares sharply lower in pre-market trading. The biopharmaceutical company's adjusted earnings per share missed Wall Street's expectations by a wide margin, overshadowing a slight revenue beat.
For the quarter ended September 30, 2024, Ironwood posted adjusted earnings of $0.02 per share, falling significantly short of the consensus estimate of $0.08 per share. This represented an 83.3% decline compared to the prior-year quarter.
Revenue for the quarter came in at $91.6 million, narrowly surpassing analysts' projections of $91.2 million but marking a 19.5% decrease from the same period last year. The decline was primarily driven by lower sales of Ironwood's flagship drug LINZESS due to pricing pressures in the U.S. market.
Despite the disappointing quarterly performance, Ironwood maintained its full-year 2024 financial guidance, projecting total revenue in the range of $350 million to $375 million and adjusted EBITDA above $75 million.
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