\n| \n WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS LESS THAN 2 YEARS OF AGE<\/b><\/p>\n \n\u00a0<\/p>\n L<\/b>INZESS 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 Contraindications<\/b><\/p>\n\n- \nLINZESS is contraindicated in patients less than 2 years of age due to the risk of serious dehydration.<\/p>\n<\/li>\n
- \nLINZESS is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.<\/p>\n<\/li>\n<\/ul>\n
Warnings and Precautions<\/b><\/p>\n\n- \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 guanylate cyclase (GC-C) agonism, which was associated with increased 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.<\/p>\n<\/li>\n<\/ul>\n
Diarrhea<\/i><\/p>\n\n- \nIn adults, diarrhea 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 <1% of 72 mcg LINZESS-treated CIC patients.<\/p>\n<\/li>\n
- \nIn children and adolescents 6 to 17 years of age, diarrhea was the most common adverse reaction in 72 mcg LINZESS-treated patients in the FC double-blind placebo-controlled trial. Severe diarrhea was reported in <1% of 72 mcg LINZESS treated patients. If severe diarrhea occurs, dosing should be suspended and the patient rehydrated.<\/p>\n<\/li>\n<\/ul>\n
Common Adverse Reactions <\/b>(incidence \u22652% and greater than placebo)<\/p>\n\n- \nIn IBS-C or CIC adult patients: diarrhea, abdominal pain, flatulence, and abdominal distension.<\/p>\n<\/li>\n
- \nIn FC pediatric patients: diarrhea.<\/p>\n<\/li>\n<\/ul>\n
\nPlease see full Prescribing Information including Boxed Warning: http:\/\/www.allergan.com\/assets\/pdf\/linzess_pi<\/a><\/p>\n\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 Forward-Looking Statements<\/b><\/p>\n \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; 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; our ability to develop apraglutide and the expected timing of receiving data from the apraglutide clinical trials; the commercial potential of apraglutide, including potential peak net sales, and the potential of apraglutide to become the standard of care for patients with SBS-IF; 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; our plan to advance IW-3300 including the timing and results thereof; our plans for completing statutory squeeze-out merger, and the expected timing 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, apraglutide, CNP-104, IW-3300, and our product candidates; the risk that clinical programs and studies, including for the linaclotide pediatric program, apraglutide, 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 commercial and 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 linaclotide pediatric programs, apraglutide, CNP-104 and\/or IW-3300 are not successful or that any of our product candidates is not successfully commercialized; 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’s Annual Report on Form 10-K for the year ended December 31, 2022, and in our subsequent Securities and Exchange Commission filings.<\/p>\n \n\n| \n Condensed Consolidated Balance Sheets<\/b><\/p>\n (In thousands)<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n \n\u00a0<\/p>\n<\/td>\n | | \n\n June 30,<\/b><\/p>\n 2023<\/b><\/p>\n<\/td>\n | | \n\n December 31,<\/b><\/p>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Assets<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n175,321<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n656,203<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts receivable, net<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n118,990<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n115,458<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrepaid expenses and other current assets<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n22,500<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7,715<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestricted cash<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n788<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,250<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal current assets<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n317,599<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n780,626<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestricted cash, net of current portion<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n510<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n485<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts receivable, net of current portion<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14,589<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty and equipment, net<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,876<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n6,288<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating lease right-of-use assets<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,319<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14,023<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIntangible assets, net<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,096<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDeferred tax assets<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n257,900<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n283,661<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther assets<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,920<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n847<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal assets<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n603,220<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1,100,519<\/p>\n<\/td>\n<\/tr>\n | \n| \n Liabilities and Stockholders\u2019 Equity<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts payable<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n3,505<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n483<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued research and development costs<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n20,122<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,258<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued expenses and other current liabilities<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n79,585<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n16,700<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent portion of operating lease liabilities<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,095<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,065<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent portion on convertible senior notes<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n199,083<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNote hedge warrants<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n19<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal current liabilities<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n305,390<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n25,525<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating lease liabilities, net of current portion<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n15,598<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n16,599<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConvertible senior notes, net of current portion<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n197,974<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n396,251<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevolving credit facility<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n400,000<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther liabilities<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n31,035<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n9,766<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal stockholders\u2019 equity (deficit)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(346,777)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n652,378<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total liabilities and stockholders\u2019 equity (deficit)<\/b><\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n603,220<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1,100,519<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Condensed Consolidated Statements of Income<\/b><\/p>\n (In thousands, except per share amounts)<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n Three Months Ended<\/b><\/p>\n J<\/b>une 30,<\/b><\/p>\n<\/td>\n | | \n\n Six Months Ended<\/b><\/p>\n J<\/b>une 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nRevenues<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCollaborative arrangements revenue<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n107,382<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n97,231<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n211,443<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n194,760<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal revenues<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n107,382<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n97,231<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n211,443<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n194,760<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating expenses:<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nResearch and development<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n34,577<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n11,452<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n47,424<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n22,274<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSelling, general and administrative<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n52,484<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n30,124<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n83,601<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n58,985<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring expenses<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,011<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,011<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquired in-process research and development<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,090,449<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,090,449<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nTotal operating expenses<\/p>\n<\/td>\n | | \n | \n\n \n1,190,521<\/p>\n<\/td>\n | | \n | \n\n \n41,576<\/p>\n<\/td>\n | | \n | \n\n \n1,234,485<\/p>\n<\/td>\n | | \n | \n\n \n81,259<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) from operations<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,083,139)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n55,655<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,023,042)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n113,501<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther income (expense):<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense and other financing costs<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,840)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,207)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,367)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,548)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest and investment income<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n8,757<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,018<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n16,029<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,248<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGain (loss) on derivatives<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(681)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n19<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n49<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther income (expense), net<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n6,917<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,870)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12,681<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,251)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) before income taxes<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,076,222)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n53,785<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,010,361)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n110,250<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome tax expense<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(13,256)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(16,705)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(33,403)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(34,369)<\/p>\n<\/td>\n<\/tr>\n | \n| GAAP net income (loss)<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,089,478)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n37,080<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,043,764)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n75,881<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Less: GAAP net income (loss) attributable to noncontrolling interests<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(27,291)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(27,291)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc.<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(1,062,187)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n37,080<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(1,016,473)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n75,881<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc. per share\u2014basic<\/p>\n<\/td>\n | | \n\n \n($6.84)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.24<\/p>\n<\/td>\n | | \n\n \n($6.56)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.49<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc. per share\u2014diluted<\/p>\n<\/td>\n | | \n\n \n($6.84)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.21<\/p>\n<\/td>\n | | \n\n \n($6.56)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.42<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Reconciliation of GAAP Results to Non-GAAP Financial Measures<\/b><\/p>\n (In thousands, except per share amounts) (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nA reconciliation between net income on a GAAP basis and on a non-GAAP basis is as follows:<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n Three Months Ended<\/b><\/p>\n J<\/b>une 30,<\/b><\/p>\n<\/td>\n | | \n\n Six Months Ended<\/b><\/p>\n J<\/b>une 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGAAP net income (loss)1<\/sup><\/p>\n<\/td>\n | \n\n \n$<\/p>\n<\/td>\n | \n \n(1,089,478)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n37,080<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(1,043,764)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n75,881<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments:<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMark-to-market adjustments on the derivatives related to convertible notes, net<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n681<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(19)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(49)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of acquired intangible assets<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring expenses<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,011<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,011<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition-related costs<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n35,681<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n35,681<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax effect of adjustments<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(543)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(543)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP net income (loss)1<\/sup><\/p>\n<\/td>\n | \n\n \n$<\/p>\n<\/td>\n | \n \n(1,041,325)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n37,761<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(995,630)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n75,832<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \nA reconciliation between basic net income per share on a GAAP basis and on a non-GAAP basis is as follows:<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n Three Months Ended<\/b><\/p>\n J<\/b>une 30,<\/b><\/p>\n<\/td>\n | | \n\n Six Months Ended<\/b><\/p>\n J<\/b>une 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc. per share \u2013 basic<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(6.84)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.24<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(6.56)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.49<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nPlus: GAAP net income (loss) attributable to noncontrolling interests \u2013 basic<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.18)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.18)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments to GAAP net income (loss) per share (as detailed above)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n0.31<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n0.31<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP net income per share (loss) \u2013 basic<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(6.71)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.24<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(6.43)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.49<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nWeighted average number of common shares used to calculate net income per share \u2014 basic<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n155,367<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n153,304<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n154,912<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n155,550<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \nA reconciliation between diluted net income per share on a GAAP basis and on a non-GAAP basis is as follows:<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n Three Months Ended<\/b><\/p>\n J<\/b>une 30,<\/b><\/p>\n<\/td>\n | | \n\n Six Months Ended<\/b><\/p>\n J<\/b>une 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGAAP net income (loss) attributable to Ironwood Pharmaceuticals, Inc. per share \u2013 diluted<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(6.84)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.24<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(6.56)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.49<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPlus: GAAP net income (loss) attributable to noncontrolling interests \u2013 diluted<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.18)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.18)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments to GAAP net income per share (loss) (as detailed above)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n0.31<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n0.31<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP net income per share (loss) \u2013 diluted<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(6.71)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.21<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(6.43)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.42<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nWeighted average number of common shares used to calculate net income per share \u2014 diluted<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n155,367<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n184,876<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n154,912<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n187,315<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n 1<\/sup> GAAP and non-GAAP net loss for three months ended June 30, 2023 and for six months ended June 30, 2023 include a one-time charge of approximately $1.1 billion related to acquired in-process research and development from the acquisition of VectivBio in the second quarter of 2023<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Reconciliation of GAAP Net Income to Adjusted EBITDA<\/b><\/p>\n (In thousands)<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nA reconciliation of GAAP net income to adjusted EBITDA:<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n Three Months Ended<\/b><\/p>\n J<\/b>une 30,<\/b><\/p>\n<\/td>\n | | \n\n Six Months Ended<\/b><\/p>\n J<\/b>une 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | | | | | | | | | | | | | | | | | | | | | | |