{"id":754759,"date":"2023-05-04T07:45:01","date_gmt":"2023-05-04T11:45:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/"},"modified":"2023-05-04T07:45:01","modified_gmt":"2023-05-04T11:45:01","slug":"ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/","title":{"rendered":"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwdoublebottom { border-bottom: double black 2.25pt }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdecimal { list-style-type: decimal }\n.bwlistdisc { list-style-type: disc }\n.bwlistsquare { list-style-type: square }\n.bwmarginl1 { margin-left: 30px }\n.bwmarginl2 { margin-left: 60px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl2 { padding-left: 10px }\n.bwpadl3 { padding-left: 15px }\n.bwpadl4 { padding-left: 20px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignt { vertical-align: top }\n.bwwidth100 { width: 100% }\n.bwwidth13 { width: 13% }\n.bwwidth15 { width: 15% }\n.bwwidth16 { width: 16% }\n.bwwidth2 { width: 2% }\n.bwwidth3 { width: 3% }\n.bwwidth45 { width: 45% }\n.bwwidth61 { width: 61% }\n.bwwidth9 { width: 9% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance<\/b><\/p>\n<p class=\"bwalignc\"><i>\u2013 LINZESS (Iinaclotide) EUTRx prescription demand growth increased 10% year-over-year; LINZESS U.S. net sales of $250 million, an increase of 8% <\/i><i>year-over-year \u2013<\/i><\/p>\n<p class=\"bwalignc\"><i>\u2013 GAAP net income of $46 million and adjusted EBITDA of $60 million; <\/i><i>ended Q1 2023 with $740 million in cash and cash equivalents \u2013<\/i><\/p>\n<p>BOSTON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ironwoodpharma.com%2F&amp;esheet=53391871&amp;newsitemid=20230504005066&amp;lan=en-US&amp;anchor=Ironwood+Pharmaceuticals%2C+Inc.&amp;index=1&amp;md5=65c6b36159fc3714f116d1171f3f8917\">Ironwood Pharmaceuticals, Inc.<\/a> (Nasdaq: IRWD), a GI-focused healthcare company, today reported its first quarter 2023 results and recent business performance.<\/p>\n<p>\n\u201cWe are off to a terrific start to the year, as the strong momentum of LINZESS continues,\u201d said Tom McCourt, chief executive officer of Ironwood. \u201cIn the first quarter, LINZESS prescription demand increased over 10% year-over-year, with LINZESS achieving an all-time high in new-to-brand patient volume. We look forward to our upcoming June 14th PDUFA date for a potential pediatric functional constipation indication in children and adolescents ages 6 to 17, which, if approved, would further expand the growth potential of the brand. In addition, we made progress with our pipeline programs, CNP-104 and IW-3300, and finished the quarter with $740 million of cash and cash equivalents on our balance sheet. We believe we are well-positioned to maximize LINZESS growth and continue to build an innovative GI portfolio supporting the next growth horizon for the company.\u201d<\/p>\n<p><b>First Quarter 2023 Financial Highlights<sup>1<\/sup><\/b><\/p>\n<p><i>(in thousands, except for per share amounts)<\/i><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1Q 2023<\/b><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1Q 2022<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal revenues<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$104,061<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$97,529<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal operating expenses<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n43,964<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n39,683<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nGAAP net income<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n45,714<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38,801<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nGAAP net income per share \u2013 basic<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.30<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.25<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nGAAP net income per share \u2013diluted<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.25<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.21<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjusted EBITDA<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n60,383<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n58,201<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-GAAP net income<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n45,695<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38,071<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-GAAP net income per share \u2013 basic<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.30<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.24<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-GAAP net income per share \u2013 diluted<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.25<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.21<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<ol class=\"bwlistdecimal\">\n<li>\nRefer to the Reconciliation of GAAP Results to Non-GAAP Financial Measures table and to the Reconciliation of GAAP Net Income to Adjusted EBITDA table at the end of this press release. Refer to Non-GAAP Financial Measures for additional information.<\/p>\n<\/li>\n<\/ol>\n<p><b>First Quarter 2023 Corporate Highlights<\/b><\/p>\n<p><b>U.S. LINZESS<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><span class=\"bwuline\">Prescription Demand<\/span>: Total LINZESS prescription demand in the first quarter of 2023 was 45 million LINZESS capsules, a 10% increase compared to the first quarter of 2022, per IQVIA.\n<\/li>\n<li><span class=\"bwuline\">U.S. Brand Collaboration<\/span>: LINZESS U.S. net sales are provided to Ironwood by its U.S. partner, AbbVie Inc. (\u201cAbbVie\u201d). LINZESS U.S. net sales were $250.2 million in the first quarter of 2023, an 8% increase compared to $232.3 million in the first quarter of 2022.\n<\/li>\n<\/ul>\n<ul class=\"bwlistsquare bwmarginl2\">\n<li>\nIronwood and AbbVie share equally in U.S. brand collaboration profits. See the LINZESS U.S. Commercial Collaboration table at the end of the press release.<\/p>\n<p>\u2013 LINZESS commercial margin was 73% in the first quarter of 2023, compared to 74% in the first quarter of 2022. See the U.S. LINZESS Full Brand Collaboration table below and at the end of this press release.<br \/>\n<br \/>\u2013 Net profit for the LINZESS U.S. brand collaboration, net of commercial and research and development (\u201cR&amp;D\u201d) expenses, was $175.2 million in the first quarter of 2023, compared to $163.2 million in the first quarter of 2022. See U.S. LINZESS Full Brand Collaboration table below and at the end of this press release.<\/p>\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><span class=\"bwuline\">Collaboration Revenue to Ironwood<\/span>: Ironwood recorded $101.6 million in collaboration revenue in the first quarter of 2023 related to sales of LINZESS in the U.S., an 8% increase compared to $94.3 million for the first quarter of 2022. See U.S. LINZESS Commercial Collaboration table at the end of the press release.\n<\/li>\n<\/ul>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>U.S. LINZESS Full Brand Collaboration<\/b><\/p>\n<p class=\"bwcellpmargin\"><i>(in thousands, except for percentages)<\/i><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nThree Months Ended<br \/>\n<br \/>March 31,<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2022<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLINZESS U.S. net sales as reported by AbbVie<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$250,214<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$232,334<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAbbVie &amp; Ironwood commercial costs, expenses and other discounts<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n66,408<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n61,016<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Commercial margin<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>73%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>74%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAbbVie &amp; Ironwood R&amp;D Expenses<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8,650<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8,166<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal net profit on sales of LINZESS<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n175,156<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n163,152<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Full brand margin<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>70%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>70%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b><span class=\"bwuline\">Pipeline Updates<\/span><\/b><\/p>\n<p><b>Pediatric Program<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nIronwood and AbbVie are currently advancing the linaclotide clinical pediatric program to potentially expand the clinical profile of LINZESS (assuming FDA approval).<\/p>\n<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\n\u2013 In September 2022, Ironwood reported positive topline data from the Phase III trial of LINZESS (linaclotide) 72 mcg in pediatric patients aged 6-17 with functional constipation. Ironwood, and its partner AbbVie, submitted a supplemental New Drug Application (sNDA) to the FDA in December 2022, which was granted priority review with a Prescription Drug User Fee Act (PDUFA) date of June 14, 2023. There are currently no FDA approved prescription therapies for the treatment of functional constipation in pediatric patients.<\/p>\n<p><b>CNP-104<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nIronwood has a collaboration and license option agreement with COUR Pharmaceuticals Development Company, Inc. (\u201cCOUR\u201d). This agreement gives Ironwood an option to acquire an exclusive license to research, develop, manufacture and commercialize, in the U.S., products containing CNP-104 (\u201cCNP-104\u201d), a tolerizing immune modifying nanoparticle, for the treatment of primary biliary cholangitis (\u201cPBC\u201d), a rare autoimmune disease targeting the liver. If successful, CNP-104 has the potential to be the first approved PBC disease modifying therapy.<\/p>\n<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\n\u2013 COUR is currently conducting a clinical study for CNP-104 evaluating the safety, tolerability, pharmacodynamic effects and efficacy of CNP-104 in PBC patients, with early data assessing T-cell response from patients enrolled in the clinical study expected in the second half of 2023, which Ironwood believes will inform timing of topline data.<\/p>\n<p><b>IW-3300<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nIronwood is currently advancing IW-3300, a guanylate cyclase-C agonist being developed for the potential treatment of visceral pain conditions, such as interstitial cystitis \/ bladder pain syndrome (\u201cIC\/BPS\u201d) and endometriosis.<\/p>\n<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\n\u2013 Ironwood is continuing the Phase II proof of concept study in IC\/BPS.<\/p>\n<p><b><span class=\"bwuline\">Leadership Changes<\/span><\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nOn April 10, 2023, Ironwood determined to eliminate the role of chief operating officer to streamline the executive leadership team. Accordingly, Jason Rickard\u2019s last day as Senior Vice President, Chief Operating Officer, and as an employee of the Company, will be May 12, 2023.<\/p>\n<\/li>\n<\/ul>\n<p><b>First Quarter 2023 Financial Results<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Total Revenues.<\/b> Total revenues in the first quarter of 2023 were $104.1 million, compared to $97.5 million in the first quarter of 2022.\n<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\n\u2013 Total revenues in the first quarter of 2023 consisted of $101.6 million associated with Ironwood\u2019s share of the net profits from the sales of LINZESS in the U.S. and $2.5 million in royalties and other revenue. Total revenues in the first quarter of 2022 consisted of $94.3 million associated with Ironwood\u2019s share of the net profits from the sales of LINZESS in the U.S. and $3.2 million in royalties and other revenue.<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Operating Expenses<\/b>. Operating expenses in the first quarter of 2023 were $44.0 million, compared to $39.7 million in the first quarter of 2022.\n<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\n\u2013 Operating expenses in the first quarter of 2023 consisted of $31.1 million in selling, general and administrative (\u201cSG&amp;A\u201d) expenses, and $12.9 million in research and development (\u201cR&amp;D\u201d) expenses. Operating expenses in the first quarter of 2022 consisted of $28.9 million in SG&amp;A expenses and $10.8 million in R&amp;D expenses.<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Interest Expense. <\/b>Interest expense was $1.5 million in the first quarter of 2023, in connection with Ironwood\u2019s convertible senior notes. Interest expense recorded in the first quarter of 2023 included $1.1 million in cash expense and $0.4 million in non-cash expense. Interest expense was $2.3 million in the first quarter of 2022, in connection with Ironwood\u2019s convertible senior notes. Interest expense recorded in the first quarter of 2022 included $1.8 million in cash expense and $0.5 million in non-cash expense.\n<\/li>\n<li><b>Interest and Investment Income.<\/b> Interest and investment income was $7.3 million in the first quarter of 2023. Interest and investment income was $0.2 million in the first quarter of 2022.\n<\/li>\n<li><b>Gain on Derivatives.<\/b> Ironwood recorded a gain on derivatives of an insignificant amount in the first quarter of 2023, as a result of the change in fair value of its note hedge warrants. Ironwood recorded a gain on derivatives of $0.7 million in the first quarter of 2022 as a result of the change in fair value of its convertible note hedges and note hedge warrants.\n<\/li>\n<li><b>Income Tax Expense. <\/b>Ironwood recorded $20.1 million of income tax expense in the first quarter of 2023, the majority of which was non-cash, as Ironwood continues to utilize net operating losses to offset taxable income for federal purposes and in many states. Ironwood recorded $17.7 million of income tax expense in the first quarter of 2022.\n<\/li>\n<li><b>GAAP Net Income. <\/b>GAAP net income was $45.7 million, or $0.30 per share (basic) and $0.25 per share (diluted), in the first quarter of 2023, compared to GAAP net income of $38.8 million, or $0.25 per share (basic) and $0.21 per share (diluted) in the first quarter of 2022.\n<\/li>\n<li><b>Non-GAAP Net Income. <\/b>Non-GAAP net income was $45.7 million, or $0.30 per share (basic) and\n<\/li>\n<li>\n$0.25 per share (diluted), in the first quarter of 2023, compared to non-GAAP net income of $38.1 million, or $0.24 per share (basic) and $0.21 (diluted) in the first quarter of 2022.<\/p>\n<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\n\u2013 Non-GAAP net income excludes the impact of mark-to-market adjustments on the derivatives related to Ironwood\u2019s 2022 Convertible Notes. See Non-GAAP Financial Measures below.<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Adjusted EBITDA<\/b>. Adjusted EBITDA was $60.4 million in the first quarter of 2023, compared to $58.2 million in the first quarter of 2022.\n<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\n\u2013 Adjusted EBITDA is calculated by subtracting mark-to-market adjustments on derivatives related to Ironwood\u2019s 2022 Convertible Notes, net interest expense, income taxes, depreciation and amortization from GAAP net income. See Non-GAAP Financial Measures below.<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Cash Flow Highlights. <\/b>Ironwood ended the first quarter of 2023 with $740.3 million of cash and cash equivalents, compared to $656.2 million of cash and cash equivalents at the end of 2022.\n<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\n\u2013 Ironwood generated $80.2 million in cash from operations in the first quarter of 2023, compared to $64.1 million in cash from operations in the first quarter of 2022.<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Ironwood 2023 Financial Guidance. <\/b>In 2023, Ironwood continues to expect:\n<\/li>\n<\/ul>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>2023 Guidance<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nU.S. LINZESS Net Sales Growth<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n3% to 5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal Revenue<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n$420 to $435 million<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjusted EBITDA<sup>1<\/sup><\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n&gt;$250 million<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><sup>1 <\/sup>Adjusted EBITDA is calculated by subtracting mark-to-market adjustments on derivatives related to Ironwood\u2019s 2022 Convertible Notes, restructuring expenses, net interest expense, income taxes, depreciation and amortization from GAAP net income. For purposes of this guidance, Ironwood has assumed that it will not incur material expenses related to business development activities in 2023.<\/p>\n<p><b>Non-GAAP Financial Measures<\/b><\/p>\n<p>\nIronwood presents non-GAAP net income and non-GAAP net income per share to exclude the impact of net gains and losses on derivatives related to Ironwood\u2019s 2022 Convertible Notes that are required to be marked-to-market. Non-GAAP adjustments are further detailed below:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe gains and losses on the derivatives related to Ironwood\u2019s 2022 Convertible Notes were highly variable, difficult to predict and of a size that could have a substantial impact on the company\u2019s reported results of operations in any given period.<\/p>\n<\/li>\n<\/ul>\n<p>\nIronwood also presents adjusted EBITDA, a non-GAAP measure, as well as guidance on adjusted EBITDA. Adjusted EBITDA is calculated by subtracting mark-to-market adjustments on derivatives related to Ironwood\u2019s 2022 Convertible Notes, net interest expense, income taxes, depreciation and amortization from GAAP net income. The adjustments are made on a similar basis as described above related to non-GAAP net income, as applicable.<\/p>\n<p>\nManagement believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood\u2019s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood\u2019s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. For a reconciliation of non-GAAP net income and non-GAAP net income per share to GAAP net income and GAAP net income per share, respectively, and for a reconciliation of adjusted EBITDA to GAAP net income, please refer to the tables at the end of this press release.<\/p>\n<p>\nIronwood does not provide guidance on GAAP net income or a reconciliation of expected adjusted EBITDA to expected GAAP net income because, without unreasonable efforts, it is unable to predict with reasonable certainty the non-GAAP adjustments used to calculate adjusted EBITDA. These adjustments are uncertain, depend on various factors and could have a material impact on GAAP net income for the guidance period.<\/p>\n<p><b>Conference Call Information<\/b><\/p>\n<p>\nIronwood will host a conference call and webcast at 8:30 a.m. Eastern Time on Thursday, May, 4 2023 to discuss its first quarter 2023 results and recent business activities. Individuals interested in participating in the call should dial (888) 330-2384 (U.S. and Canada) or (240) 789-2701 (international) using conference ID number and event passcode 4671230. To access the webcast, please visit the Investors section of Ironwood\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ironwoodpharma.com&amp;esheet=53391871&amp;newsitemid=20230504005066&amp;lan=en-US&amp;anchor=www.ironwoodpharma.com&amp;index=2&amp;md5=2c375f907487b9997457089614d0c757\">www.ironwoodpharma.com<\/a> at least 15 minutes prior to the start of the call to ensure adequate time for any software downloads that may be required. The call will be available for replay via telephone starting at approximately 11:30 a.m. Eastern Time on May 4, 2023, running through 11:59 p.m. Eastern Time on May 18, 2023. To listen to the replay, dial (800) 770-2030 (U.S. and Canada) or (647) 362-9199 (international) using conference ID number 4671230. The archived webcast will be available on Ironwood\u2019s website for 14 days beginning approximately one hour after the call has completed.<\/p>\n<p><b>About Ironwood Pharmaceuticals<\/b><\/p>\n<p>\nIronwood Pharmaceuticals (Nasdaq: IRWD), an S&amp;P SmallCap 600\u00ae company, is a leading gastrointestinal (GI) healthcare company on a mission to advance the treatment of GI diseases and redefine the standard of care for GI patients. We are pioneers in the development of LINZESS\u00ae (linaclotide), the U.S. branded prescription market leader for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Under the guidance of our seasoned industry leaders, we continue to build upon our history of GI innovation and challenge what has been done before to shape what the future holds. We keep patients at the heart of our R&amp;D and commercialization efforts to reduce the burden of GI diseases and address significant unmet needs.<\/p>\n<p>\nFounded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts.<\/p>\n<p>\nWe routinely post information that may be important to investors on our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Furldefense.com%2Fv3%2F__http%3A%2Fwww.ironwoodpharma.com__%3B%21%21HhhKMSGjjQV-%21sPphJvgVNqjQfZT7uXoOEOoOouygSEjtDO7aE_n_dUW79EER_fbysRCy15P4mXIkTwuklisX-w%24&amp;esheet=53391871&amp;newsitemid=20230504005066&amp;lan=en-US&amp;anchor=www.ironwoodpharma.com&amp;index=3&amp;md5=556d84b0a6b75775fb36dff7210c1bfc\">www.ironwoodpharma.com<\/a>. In addition, follow us on <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2Fironwoodpharma&amp;esheet=53391871&amp;newsitemid=20230504005066&amp;lan=en-US&amp;anchor=Twitter&amp;index=4&amp;md5=177ecae565c1d0d8668cacc474a4a4bc\">Twitter<\/a> and on <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fironwood-pharmaceuticals%2F%3FviewAsMember%3Dtrue&amp;esheet=53391871&amp;newsitemid=20230504005066&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=5&amp;md5=7d8eb02dfed34c13409f59db6c4c6de5\">LinkedIn<\/a>.<\/p>\n<p><b>About LINZESS (linaclotide)<\/b><\/p>\n<p>\nLINZESS\u00ae is the #1 prescribed brand in the U.S. for the treatment of adult patients with irritable bowel syndrome with constipation (\u201cIBS-C\u201d) or chronic idiopathic constipation (\u201cCIC\u201d), based on IQVIA data.<\/p>\n<p>\nLINZESS is a once-daily capsule that helps relieve the abdominal pain, constipation, and overall abdominal symptoms of bloating, discomfort and pain associated with IBS-C, as well as the constipation, infrequent stools, hard stools, straining, and incomplete evacuation associated with CIC. The recommended dose is 290 mcg for IBS-C patients and 145 mcg for CIC patients, with a 72-mcg dose approved for use in CIC depending on individual patient presentation or tolerability. LINZESS should be taken at least 30 minutes before the first meal of the day.<\/p>\n<p>\nLINZESS is contraindicated in pediatric patients less than 2 years of age. In neonatal mice, linaclotide increased fluid secretion as a consequence of age-dependent elevated GC-C agonism resulting in mortality within the first 24 hours due to dehydration. There was no age-dependent trend in GC-C intestinal expression in a clinical study of children 2 to less than 18 years of age; however, there are insufficient data available on GC-C intestinal expression in children less than 2 years of age to assess the risk of developing diarrhea and its potentially serious consequences in these patients. The safety and effectiveness of LINZESS in patients less than 18 years of age have not been established.<\/p>\n<p>\nLINZESS is not a laxative; it is the first medicine approved by the FDA in a class called GC-C agonists. LINZESS contains a peptide called linaclotide that activates the GC-C receptor in the intestine. Activation of GC-C is thought to result in increased intestinal fluid secretion and accelerated transit and a decrease in the activity of pain-sensing nerves in the intestine. The clinical relevance of the effect on pain fibers, which is based on nonclinical studies, has not been established.<\/p>\n<p>\nIn the United States, Ironwood and AbbVie co-develop and co-commercialize LINZESS for the treatment of adults with IBS-C or CIC. In Europe, AbbVie markets linaclotide under the brand name CONSTELLA\u00ae for the treatment of adults with moderate to severe IBS-C. In Japan, Ironwood&#8217;s partner, Astellas, markets linaclotide under the brand name LINZESS for the treatment of adults with IBS-C or CIC. Ironwood also has partnered with AstraZeneca for development and commercialization of LINZESS in China, and with AbbVie for development and commercialization of linaclotide in all other territories worldwide.<\/p>\n<p><b>LINZESS Important Safety Information<\/b><\/p>\n<p><b>INDICATIONS AND USAGE<\/b><\/p>\n<p>\nLINZESS (linaclotide) is indicated in adults for the treatment of both irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC).<\/p>\n<p><b>IMPORTANT SAFETY INFORMATION<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS LESS THAN 2 YEARS OF AGE<\/b><\/p>\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<p class=\"bwcellpmargin\"><b>LINZESS is contraindicated in patients less than 2 years of age. In nonclinical studies in neonatal mice, administration of a single, clinically relevant adult oral dose of linaclotide caused deaths due to dehydration.<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Contraindications<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nLINZESS is contraindicated in patients less than 2 years of age due to the risk of serious dehydration.<\/p>\n<\/li>\n<li>\nLINZESS is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.<\/p>\n<\/li>\n<\/ul>\n<p><b>Warnings and Precautions<br \/>\n<br \/><\/b><i>Pediatric Risk<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nLINZESS is contraindicated in patients less than 2 years of age. In neonatal mice, linaclotide increased fluid secretion as a consequence of age-dependent elevated GC-C agonism resulting in mortality within the first 24 hours due to dehydration. There was no age-dependent trend in GC-C intestinal expression in a clinical study of children 2 to less than 18 years of age; however, there are insufficient data available on GC-C intestinal expression in children less than 2 years of age to assess the risk of developing diarrhea and its potentially serious consequences in these patients. The safety and effectiveness of LINZESS in patients less than 18 years of age have not been established.<\/p>\n<\/li>\n<\/ul>\n<p><i>Diarrhea<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nDiarrhea was the most common adverse reaction in LINZESS-treated patients in the pooled IBS-C and CIC double-blind placebo-controlled trials. The incidence of diarrhea was similar in the IBS-C and CIC populations. Severe diarrhea was reported in 2% of 145 mcg and 290 mcg LINZESS-treated patients, and in &lt;1% of 72 mcg LINZESS-treated CIC patients. If severe diarrhea occurs, dosing should be suspended and the patient rehydrated.<\/p>\n<\/li>\n<\/ul>\n<p><b>Common Adverse Reactions <\/b>(incidence \u22652% and greater than placebo)<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nIn IBS-C clinical trials: diarrhea (20% vs 3% placebo), abdominal pain (7% vs 5%), flatulence (4% vs 2%), headache (4% vs 3%), viral gastroenteritis (3% vs 1%) and abdominal distension (2% vs 1%).<\/p>\n<\/li>\n<li>\nIn CIC trials of a 145 mcg dose: diarrhea (16% vs 5% placebo), abdominal pain (7% vs 6%), flatulence (6% vs 5%), upper respiratory tract infection (5% vs 4%), sinusitis (3% vs 2%) and abdominal distension (3% vs 2%). In a CIC trial of a 72 mcg dose: diarrhea (19% vs 7% placebo) and abdominal distension (2% vs &lt;1%).<\/p>\n<\/li>\n<\/ul>\n<p>\nPlease see full Prescribing Information including Boxed Warning: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.allergan.com%2Fassets%2Fpdf%2Flinzess_pi&amp;esheet=53391871&amp;newsitemid=20230504005066&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.allergan.com%2Fassets%2Fpdf%2Flinzess_pi&amp;index=6&amp;md5=f906aae90438ed2af7f3f56cd8a8a741\">http:\/\/www.allergan.com\/assets\/pdf\/linzess_pi<\/a><\/p>\n<p>\nLINZESS\u00ae and CONSTELLA\u00ae are registered trademarks of Ironwood Pharmaceuticals, Inc. Any other trademarks referred to in this press release are the property of their respective owners. All rights reserved.<\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p>\nThis press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about Ironwood\u2019s ability to execute on its mission; Ironwood\u2019s strategy, business, financial position and operations; the Ironwood\u2019s ability to drive growth and profitability; the demand, development, commercial availability and commercial potential of linaclotide, including pursuing highly differentiated GI assets to add to our portfolio, and the drivers, timing, impact and results thereof; the potential indications for, and benefits of, linaclotide; our financial performance and results, and guidance and expectations related thereto; LINZESS prescription demand growth, LINZESS U.S. net sales growth, total revenue and adjusted EBITDA in 2023; the believe that the LINZESS prescription demand growth acceleration compared to Q4 2022 can be augmented by the potential approval of a pediatric functional constipation indication in children and adolescents ages 6 to 17, potentially expending the growth potential of the brand; the potential to expand the clinical utility of LINZESS based on the recent sNDA submission in functional constipation for pediatric patients aged 6 to 17 years old; the potential of CNP-104 to be the first PBC disease modifying therapy and the expected timing of receiving data from the clinical study for CNP-104 in PBC patients and the results thereof, and the belief that this will inform timing of topline data; and our plan to advance IW-3300 including the timing and results thereof. These forward-looking statements speak only as of the date of this press release, and Ironwood undertakes no obligation to update these forward-looking statements. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include those related to the effectiveness of development and commercialization efforts by us and our partners; preclinical and clinical development, manufacturing and formulation development of linaclotide, CNP-104, IW-3300, and our product candidates; the risk that clinical programs and studies, including for the linaclotide pediatric program, IW-3300 and CNP-104, may not progress or develop as anticipated, including that studies are delayed or discontinued for any reason, such as safety, tolerability, enrollment, manufacturing, economic or other reasons; the risk that findings from our completed nonclinical and clinical studies may not be replicated in later studies; the risk that we or our partners are unable to obtain, maintain or manufacture sufficient LINZESS or our product candidates, or otherwise experience difficulties with respect to supply or manufacturing; the efficacy, safety and tolerability of linaclotide and our product candidates; the risk that the therapeutic opportunities for LINZESS or our product candidates are not as we expect; decisions by regulatory and judicial authorities; the risk we may never get additional patent protection for linaclotide and other product candidates, that patents for linaclotide or other products may not provide adequate protection from competition, or that we are not able to successfully protect such patents; the risk that we are unable to manage our expenses or cash use, or are unable to commercialize our products as expected; the risk that the development of any of our clinical pediatric programs in IBS-C and functional constipation in 6 to 17 year-olds, CNP-104 and\/or IW-3300 are not successful or that any of our product candidates is not successfully commercialized; the risk that the FDA will not approve our sNDA submission for the potential indication in functional constipation in pediatric patients aged 6-17; outcomes in legal proceedings to protect or enforce the patents relating to our products and product candidates, including abbreviated new drug application litigation; the risk that financial and operating results may differ from our projections; developments in the intellectual property landscape; challenges from and rights of competitors or potential competitors; the risk that our planned investments do not have the anticipated effect on our company revenues; developments in accounting guidance or practice; Ironwood\u2019s or AbbVie\u2019s accounting practices, including reporting and settlement practices as between Ironwood and AbbVie; the risk that we are unable to manage our expenses or cash use, or are unable to commercialize our products as expected; the impact of the COVID-19 pandemic; and the risks listed under the heading \u201cRisk Factors\u201d and elsewhere in Ironwood&#8217;s Annual Report on Form 10-K for the year ended December 31, 2022, and in our subsequent Securities and Exchange Commission (the \u201cSEC\u201d) filings.<\/p>\n<p class=\"bwalignc\"><b>Condensed Consolidated Balance Sheets<br \/>\n<br \/><\/b><b>(In thousands)<br \/>\n<br \/><\/b><b>(unaudited)<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth13\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>March 31, 2023<\/b><\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth16\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>December 31, 2022<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Assets<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth9\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash and cash equivalents<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth13 bwalignr bwvertalignb bwpadr0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n740,342<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n656,203<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccounts receivable, net<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n115,749<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n115,458<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPrepaid expenses and other current assets<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9,033<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7,715<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRestricted cash, short-term<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,250<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,250<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal current assets<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n866,374<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n780,626<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRestricted cash, net of current portion<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n485<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n485<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccounts receivable, net of current portion<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14,589<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nProperty and equipment, net<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,015<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,288<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOperating lease right-of-use assets<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13,674<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14,023<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeferred tax assets<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n267,909<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n283,661<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther assets<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n820<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n847<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal assets<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth13 bwalignr\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,155,277<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,100,519<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Liabilities and Stockholders\u2019 Equity<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth9\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccounts payable<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth13 bwalignr bwvertalignb bwpadr0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n118<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwwidth16 bwvertalignb bwpadr0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n483<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccrued research and development costs<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,874<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,258<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccrued expenses and other current liabilities<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17,771<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16,700<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCurrent portion of operating lease liabilities<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,080<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,065<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNote hedge warrants<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal current liabilities<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,843<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25,525<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOperating lease liabilities, net of current portion<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16,105<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16,599<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nConvertible senior notes, net of current portion<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n396,653<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n396,251<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther liabilities<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n11,824<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9,766<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal stockholders\u2019 equity<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n706,852<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n652,378<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth45\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total liabilities and stockholders\u2019 equity<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth13 bwalignr\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,155,277<\/p>\n<\/td>\n<td class=\"bwwidth2\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,100,519<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p class=\"bwalignc\"><b>Condensed Consolidated Statements of Income<br \/>\n<br \/><\/b><b>(In thousands, except per share amounts)<br \/>\n<br \/><\/b><b>(unaudited)<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwblockalignl bwtablemarginb bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three Months Ended<\/b><\/p>\n<p class=\"bwalignc bwcellpmargin\"><b>March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2022<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRevenues<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCollaborative arrangements revenue<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n104,061<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n97,529<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal revenues<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n104,061<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n97,529<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOperating expenses:<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nResearch and development<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n12,847<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10,822<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSelling, general and administrative<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n31,117<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n28,861<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal operating expenses<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n43,964<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n39,683<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome from operations<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n60,097<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n57,846<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther income (expense):<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInterest expense<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1,527)<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(2,341)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInterest and investment income<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7,272<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n230<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGain on derivatives<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n730<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther income (expense), net<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,764<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1,381)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome before income taxes<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n65,861<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n56,465<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome tax expense<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(20,147)<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(17,664)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGAAP net income<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n45,714<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38,801<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGAAP net income per share\u2014basic<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.30<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.25<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGAAP net income per share\u2014diluted<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.25<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.21<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth61\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p class=\"bwalignc\"><b>Reconciliation of GAAP Results to Non-GAAP Financial Measures<br \/>\n<br \/><\/b><b>(In thousands, except per share amounts) (unaudited)<\/b><\/p>\n<p>\nA reconciliation between net income on a GAAP basis and on a non-GAAP basis is as follows:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwvertalignt bwpadl0 bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three Months Ended<\/b><\/p>\n<p class=\"bwalignc bwcellpmargin\"><b>March 31,<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2022<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGAAP net income<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n45,714<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38,801<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjustments:<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nMark-to-market adjustments on the derivatives related to convertible notes, net<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(19)<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(730)<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-GAAP net income<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n45,695<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38,071<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nA reconciliation between basic net income per share on a GAAP basis and on a non-GAAP basis is as follows:<\/p>\n<table cellspacing=\"0\" class=\"bwblockalignl bwtablemarginb\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwvertalignt bwpadl0 bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three Months Ended<br \/>\n<br \/><\/b><b>March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2022<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGAAP net income per share \u2013basic<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.30<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.25<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjustments to GAAP net income per share<br \/>\n<br \/>(as detailed above)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(0.00)<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(0.01)\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-GAAP net income per share \u2013basic<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.30<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.24<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nWeighted average number of common shares used to<\/p>\n<p class=\"bwcellpmargin\">\ncalculate net income per share \u2014 basic<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\" bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\" bwcellpmargin bwalignr\">\n154,452<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<p class=\"bwalignr bwcellpmargin\">\n157,821<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nA reconciliation between diluted net income per share on a GAAP basis and on a non-GAAP basis is as follows:<\/p>\n<table cellspacing=\"0\" class=\"bwblockalignl bwtablemarginb\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwvertalignt bwpadl0 bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three Months Ended<\/b><\/p>\n<p class=\"bwalignc bwcellpmargin\"><b>March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2022<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGAAP net income per share \u2013diluted<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.25<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.21<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjustments to GAAP net income per share<br \/>\n<br \/>(as detailed above)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(0.00)<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(0.00)\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-GAAP net income per share \u2013diluted<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.25<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.21<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nWeighted average number of common shares used to calculate net income per share \u2014 diluted<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n186,680<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n189,540<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p class=\"bwalignc\"><b>Reconciliation of GAAP Net Income to Adjusted EBITDA<br \/>\n<br \/><\/b><b>(In thousands)<br \/>\n<br \/><\/b><b>(unaudited)<\/b><\/p>\n<p>\nA reconciliation of GAAP net income to adjusted EBITDA:<\/p>\n<table cellspacing=\"0\" class=\"bwblockalignl bwtablemarginb\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwvertalignt bwpadl0 bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three Months Ended<br \/>\n<br \/><\/b><b>March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2022<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGAAP net income<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n45,714<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38,801<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjustments:<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nMark-to-market adjustments on the derivatives related to convertible notes, net<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(19)<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(730)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInterest expense<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,527<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,341<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInterest and investment income<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(7,272)<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(230)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome tax expense<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,147<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17,664<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDepreciation and amortization<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n286<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n355<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjusted EBITDA<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n60,383<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n58,201<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p class=\"bwalignc\"><b>U.S. LINZESS Commercial Collaboration<\/b><sup>1<br \/>\n<br \/><\/sup><b>Revenue\/Expense Calculation<br \/>\n<br \/><\/b><b>(In thousands)<br \/>\n<br \/><\/b><b>(unaudited)<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwblockalignl bwtablemarginb\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwvertalignt bwpadl0 bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three Months Ended<\/b><\/p>\n<p class=\"bwalignc bwcellpmargin\"><b>March 31,<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2022<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLINZESS U.S. net sales as reported by AbbVie<sup>2<\/sup><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n250,214<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n232,334<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAbbVie &amp; Ironwood commercial costs, expenses and other discounts<sup>3<\/sup><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n66,408<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n61,016<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCommercial profit on sales of LINZESS<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n183,806<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n171,318<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Commercial Margin<\/i><sup>4<\/sup><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><i>73%<\/i><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><i>74%<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIronwood\u2019s share of net profit<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n91,903<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n85,659<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nReimbursement for Ironwood\u2019s commercial expenses<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9,728<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8,660<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIronwood\u2019s collaborative arrangement revenue<sup>2<\/sup><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n101,631<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n94,319<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"6\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>1<\/sup>Ironwood collaborates with AbbVie on the development and commercialization of linaclotide in North America. Under the terms of the collaboration agreement, Ironwood receives 50% of the net profits and bears 50% of the net losses from the commercial sale of LINZESS in the U.S. The purpose of this table is to present calculations of Ironwood\u2019s share of net profit (loss) generated from the sales of LINZESS in the U.S. and Ironwood\u2019s collaboration revenue\/expense; however, the table does not present the research and development expenses related to LINZESS in the U.S. that are shared equally between the parties under the collaboration agreement. Please refer to the table at the end of this press release for net profit for the U.S. LINZESS brand collaboration with AbbVie.<\/p>\n<p class=\"bwcellpmargin\"><sup>2<\/sup>LINZESS net sales are recognized using AbbVie\u2019s revenue recognition accounting policies and reporting conventions. As a result, certain rebates and discounts are classified as LINZESS U.S. commercial costs, expenses and other discounts within Ironwood\u2019s calculation of collaborative arrangements revenue.<\/p>\n<p class=\"bwcellpmargin\"><sup>3<\/sup>Includes certain discounts recognized and cost of goods sold incurred by AbbVie; also includes commercial costs incurred by AbbVie and Ironwood that are attributable to the cost-sharing arrangement between the parties.<\/p>\n<p><sup>4<\/sup>Commercial margin is defined as commercial profit on sales of LINZESS as a percent of total LINZESS U.S. net sales.\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<p class=\"bwalignc\"><b>US LINZESS Full Brand Collaboration<sup>1<br \/>\n<br \/><\/sup><\/b><b>Revenue\/Expense Calculation<br \/>\n<br \/><\/b><b>(In thousands)<br \/>\n<br \/><\/b><b>(unaudited)<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwvertalignt bwpadl0 bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three Months Ended<\/b><\/p>\n<p class=\"bwalignc bwcellpmargin\"><b>March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2022<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLINZESS U.S. net sales as reported by AbbVie<sup>2<\/sup><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n250,214<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n232,334<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAbbVie &amp; Ironwood commercial costs, expenses and other discounts<sup>3<\/sup><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n66,408<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n61,016<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAbbVie &amp; Ironwood R&amp;D Expenses<sup>4<\/sup><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8,650<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8,166<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal net profit on sales of LINZESS<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n175,156<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n163,152<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"6\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>1<\/sup>Ironwood collaborates with AbbVie on the development and commercialization of linaclotide in North America. Under the terms of the collaboration agreement, Ironwood receives 50% of the net profits and bears 50% of the net losses from the commercial sale of LINZESS in the U.S. The purpose of this table is to present calculations of the total net profit (loss) generated from the sales of LINZESS in the U.S., including the commercial costs and expenses and the research and development expenses related to LINZESS in the U.S. that are shared equally between the parties under the collaboration agreement.<\/p>\n<p class=\"bwcellpmargin\"><sup>2<\/sup>LINZESS net sales are recognized using AbbVie\u2019s revenue recognition accounting policies and reporting conventions. As a result, certain rebates and discounts are classified as LINZESS U.S. commercial costs, expenses and other discounts within Ironwood\u2019s calculation of collaborative arrangements revenue.<\/p>\n<p class=\"bwcellpmargin\"><sup>3<\/sup>Includes certain discounts recognized and cost of goods sold incurred by AbbVie; also includes commercial costs incurred by AbbVie and Ironwood that are attributable to the cost-sharing arrangement between the parties.<\/p>\n<p><sup>4<\/sup>R&amp;D expenses related to LINZESS in the U.S. are shared equally between Ironwood and AbbVie under the collaboration agreement.\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230504005066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230504005066\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230504005066\/en\/<\/a><\/span><\/p>\n<p>\nInvestors:<br \/>\n<br \/>Greg Martini, 617-374-5230<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:gmartini@ironwoodpharma.com\">gmartini@ironwoodpharma.com<\/a><\/p>\n<p>\nMatt Roache, 617-621-8395<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:mroache@ironwoodpharma.com\">mroache@ironwoodpharma.com<\/a><\/p>\n<p>\nMedia:<br \/>\n<br \/>Beth Calitri, 978-417-2031<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:bcalitri@ironwoodpharma.com\">bcalitri@ironwoodpharma.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Massachusetts United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Research Clinical Trials Biometrics Other Health Health Pharmaceutical General Health Other Science Science<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230504005066\/en\/618520\/3\/IRWD_Logo_Color_Vertical_RD_RGB.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance \u2013 LINZESS (Iinaclotide) EUTRx prescription demand growth increased 10% year-over-year; LINZESS U.S. net sales of $250 million, an increase of 8% year-over-year \u2013 \u2013 GAAP net income of $46 million and adjusted EBITDA of $60 million; ended Q1 2023 with $740 million in cash and cash equivalents \u2013 BOSTON&#8211;(BUSINESS WIRE)&#8211;Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today reported its first quarter 2023 results and recent business performance. \u201cWe are off to a terrific start to the year, as the strong momentum of LINZESS continues,\u201d said Tom McCourt, chief executive officer of Ironwood. \u201cIn the first quarter, LINZESS prescription demand increased over 10% year-over-year, with LINZESS &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-754759","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance \u2013 LINZESS (Iinaclotide) EUTRx prescription demand growth increased 10% year-over-year; LINZESS U.S. net sales of $250 million, an increase of 8% year-over-year \u2013 \u2013 GAAP net income of $46 million and adjusted EBITDA of $60 million; ended Q1 2023 with $740 million in cash and cash equivalents \u2013 BOSTON&#8211;(BUSINESS WIRE)&#8211;Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today reported its first quarter 2023 results and recent business performance. \u201cWe are off to a terrific start to the year, as the strong momentum of LINZESS continues,\u201d said Tom McCourt, chief executive officer of Ironwood. \u201cIn the first quarter, LINZESS prescription demand increased over 10% year-over-year, with LINZESS &hellip; Continue reading &quot;Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-04T11:45:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230504005066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"23 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance\",\"datePublished\":\"2023-05-04T11:45:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/\"},\"wordCount\":4721,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230504005066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/\",\"name\":\"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance - Market Newsdesk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230504005066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"datePublished\":\"2023-05-04T11:45:01+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/#primaryimage\",\"url\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230504005066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"contentUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230504005066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\",\"name\":\"Market Newsdesk\",\"description\":\"Latest Business News in Real Time\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\",\"name\":\"Newsdesk\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"caption\":\"Newsdesk\"},\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/author\\\/newsdesk\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/","og_locale":"en_US","og_type":"article","og_title":"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance - Market Newsdesk","og_description":"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance \u2013 LINZESS (Iinaclotide) EUTRx prescription demand growth increased 10% year-over-year; LINZESS U.S. net sales of $250 million, an increase of 8% year-over-year \u2013 \u2013 GAAP net income of $46 million and adjusted EBITDA of $60 million; ended Q1 2023 with $740 million in cash and cash equivalents \u2013 BOSTON&#8211;(BUSINESS WIRE)&#8211;Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today reported its first quarter 2023 results and recent business performance. \u201cWe are off to a terrific start to the year, as the strong momentum of LINZESS continues,\u201d said Tom McCourt, chief executive officer of Ironwood. \u201cIn the first quarter, LINZESS prescription demand increased over 10% year-over-year, with LINZESS &hellip; Continue reading \"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/","og_site_name":"Market Newsdesk","article_published_time":"2023-05-04T11:45:01+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230504005066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"23 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance","datePublished":"2023-05-04T11:45:01+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/"},"wordCount":4721,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230504005066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/","name":"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance - Market Newsdesk","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/#primaryimage"},"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230504005066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","datePublished":"2023-05-04T11:45:01+00:00","author":{"@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"breadcrumb":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/#primaryimage","url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230504005066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","contentUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230504005066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en"},{"@type":"BreadcrumbList","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ironwood-pharmaceuticals-reports-first-quarter-2023-results-maintains-full-year-2023-financial-guidance\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.marketnewsdesk.com\/"},{"@type":"ListItem","position":2,"name":"Ironwood Pharmaceuticals Reports First Quarter 2023 Results; Maintains Full Year 2023 Financial Guidance"}]},{"@type":"WebSite","@id":"https:\/\/www.marketnewsdesk.com\/#website","url":"https:\/\/www.marketnewsdesk.com\/","name":"Market Newsdesk","description":"Latest Business News in Real Time","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.marketnewsdesk.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979","name":"Newsdesk","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","caption":"Newsdesk"},"url":"https:\/\/www.marketnewsdesk.com\/index.php\/author\/newsdesk\/"}]}},"_links":{"self":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/754759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/comments?post=754759"}],"version-history":[{"count":0,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/754759\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/media?parent=754759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/categories?post=754759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/tags?post=754759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}