Ironwood Pharmaceuticals, Inc. - Class A Wells Fargo 21st Annual Healthcare Conference

Thanks, Mohit. Thanks for having us.

Yeah, this is really a turnaround year for us.

Right as you well know.

That was driven off the back of a couple of unfortunate situations, one of which was the IRA hit that we took on Medicaid rebates.

Of course, we made a very bold move to drop the WAC, which eliminated it. We are seeing basically a $300-$350 million swing in revenue as far as net sales. We are on track to see about a 30% growth rate year-over-year, which has obviously turned the company around.

Right. In addition, as you know, with the feedback we got from FDA on apraglutide, where they were requesting a confirmatory trial, even though we had the largest trial ever run, was positive, that was placebo-like tolerability.

There were some questions on the dosing, and they really requested a confirmatory trial, which we worked very closely with the FDA to get clarity on that. It is going to be a shorter trial, a smaller trial. We have it up and running, and right now we are bringing on additional sites.

We are tracking really well. The cash flows obviously have improved dramatically.

with regard to our balance sheet, which enabled us to pay off the $200 million convert that we have, and we're going to continue to whittle away at the revolver that we still have out. But we're, at this point, really de-leveraging the company dramatically, where we're below 1X EBITDA. I think we feel very good about where we're at. Tammi has done a terrific job in collaborating with AbbVie to really turn LINZESS around and heading it in the right direction.

Maybe, Tammi, you can talk a little bit more about where the drug is and where LINZESS is and where we're going, Yeah.

Well, first of all, working on a brand like LINZESS is incredible because it's prescription Rx leader for IBS-C and CIC. Helped over-- We're getting close to 5 million patients, unique patients since launch. But I would say, Mohit, it's the first time in my long career that I've been part of a brand that was achieved blockbuster status, was over $1 billion.

For pricing reasons, we saw, as Tom alluded to, a big step back last year.