Ironwood Cuts Annual Outlook Below View; Stock Down In Pre-market

(RTTNews) - Ironwood Pharmaceuticals, Inc. (IRWD), a gastrointestinal focused healthcare firm, announced updated guidance for the full year, slashing its revenue and adjusted EBITDA forecast.

For the fiscal 2022, the company now expects revenue of around $411 million, lesser than its previous expectation of $420 million to $430 million.

Five analysts, on average, polled by Thomson-Reuters estimate the firm to report revenue of $421.95 million, for the year.

For the full-year, the healthcare firm now projects adjusted EBITDA of around $250 million, versus its previous outlook for over $250 million.

For the fiscal 2023, Ironwood expects adjusted EBITDA of over $250 million, on revenue of $420 million to $435 million. Analysts, on average, forecast the company to post revenue of $439.33 million.

Tom McCourt, CEO of Ironwood, said: "We're excited about 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, which, if approved, would make LINZESS the first and only FDA approved prescription therapy for this patient population."

The firm expects to deliver high single-digit LINZESS demand growth and maintain class-leading formulary access, which will result in LINZESS net sales growth of 3 percent to 5 percent in 2023.

IRWD is trading down by 0.56 percent at $12.49 per share in pre-market on the NasdaqGS.