Ironwood Pharmaceuticals (IRWD) said late Wednesday it is reducing its workforce by about 50% because of "ongoing pricing pressures."

The company said the reduction will be primarily driven by "the elimination of Ironwood's field force," with expected restructuring charges of about $20 million to $25 million to be incurred mainly in H1.

The company said the reorganization is expected to yield annual operating expense savings of about $55 million to $60 million and add $40 million to $45 million to annual profits.

The company also said it is winding down a phase 2 exploratory study of apraglutide as a potential treatment of Graft-versus-Host Disease.

The company promoted Greg Martini to chief financial officer and appointed Tammi Gaskins chief commercial officer.

Ironwood expects 2025 revenue of $260 million to $290 million. Analysts polled by FactSet expect $312 million.