Ironwood Raises 2026 Outlook as Linzess U.S. Sales Hit $325M in Q3

Ironwood Pharmaceuticals Inc. lifted all three of its 2026 financial targets on Thursday after U.S. net sales of its constipation drug Linzess reached $324.9 million in the third quarter, a 3.2% gain from $314.9 million a year earlier.

The Boston drugmaker reported total revenue of $133.0 million, compared with $122.1 million in the same period of 2025. GAAP net income rose to $59.8 million, or 36 cents a share on both a basic and diluted basis, from $40.1 million, or 23 cents diluted. Adjusted EBITDA reached $97.9 million, which the company described as a record, up from $81.8 million, according to its Exhibit 99.1 filed with the Securities and Exchange Commission.

• Total revenue: $133.0 million, vs. $122.1 million
• Collaboration revenue from U.S. Linzess: $129.9 million, up 8.6%
• GAAP net income: $59.8 million, vs. $40.1 million
• Adjusted EBITDA: $97.9 million, vs. $81.8 million
• Linzess U.S. net sales, year to date: about $880 million, already above full-year 2025 U.S. net sales

Higher targets for Linzess, revenue and EBITDA

Ironwood now expects 2026 U.S. Linzess net sales of $1.20 billion to $1.25 billion, up from its August range of $1.15 billion to $1.20 billion. Total revenue guidance moved to $485 million to $510 million from $460 million to $485 million, and adjusted EBITDA is now projected at more than $350 million, compared with more than $310 million before.

The company tied the new forecast to improved net price and mid-single-digit percentage growth in demand. Third-quarter prescription demand totaled 63.4 million Linzess capsules, up 4.9% from a year earlier, according to IQVIA data cited in the release. Ironwood splits U.S. brand collaboration profits equally with AbbVie Inc.

Apraglutide trial and leadership change

A confirmatory Phase 3 trial, STARS-2, testing apraglutide in adults with short bowel syndrome with intestinal failure is under way, and planned activation of more than 100 sites in 22 countries remains on track, the company said.

Chief Commercial Officer Tammi Gaskins will become chief executive on Jan. 1, 2027. Tom McCourt will retire as CEO that day and remain on the board.

Ironwood ended September with $86.4 million in cash and cash equivalents. It repaid $60.0 million on its revolving credit facility during the quarter, leaving $325.0 million outstanding.

Related: Novavax Lifts 2026 Revenue Framework to $400M on Sanofi Milestone.

Sources: Ironwood Pharmaceuticals investor release, Ironwood Exhibit 99.1 (SEC), Ironwood Form 8-K (SEC)