Ironwood Pharmaceuticals Inc. (IRWD) saw its stock soar by 5.15% on Thursday, November 8th, following the release of its third-quarter 2024 financial results. The surge in share price can be attributed to the company's continued growth in its flagship product LINZESS and the positive developments in its drug pipeline.
Although Ironwood missed analysts' earnings estimates, reporting earnings per share of $0.02 versus the expected $0.08, the company's revenue of $91.59 million slightly exceeded expectations of $91.25 million. The strong performance was driven by LINZESS, which saw a 13% year-over-year increase in prescription demand growth during the third quarter.
Despite facing pricing headwinds, Ironwood remains optimistic about the future of LINZESS. The company is actively exploring strategies, such as copay assistance and over-the-counter opportunities, to maximize the drug's profitability and cash flow as it approaches the loss of exclusivity.
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