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