Benzinga - Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD) shares are trading lower by 10.00% to $11.30 Monday afternoon after the company cut its FY22 sales guidance below analyst estimates and issued FY23 sales guidance below analyst estimates.
Ironwood cut FY22 sales guidance from $420M-$430M to ~$411M, versus the $421.95M analyst consensus estimate. The company also sees FY23 Sales $420M-$435M versus the $439.33M analyst consensus estimate.
Ironwood will additionally present a corporate overview at the 41st Annual J.P. Morgan Healthcare Conference on Wednesday at 12:00 p.m. ET.
"Execution across our strategic priorities last year is positioning Ironwood for growth in 2023 and beyond," said Tom McCourt, chief executive officer of Ironwood. "In 2022, we are on track to deliver another year of strong profits and expect to end the year with approximately $650 million of cash and cash equivalents on the balance sheet."
"Our performance continues to be driven by strong LINZESS prescription demand growth and disciplined expense management. 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," McCourt stated.
According to data from Benzinga Pro, IWRD has a 52-week high of $12.95 and a 52-week low of $9.73.
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