IRWD - Earnings call transcript Q2 2018 | Ironwood Pharmaceuticals, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, ladies and gentlemen, and welcome to the Ironwood Pharmaceuticals Second Quarter 2018 Investor Update Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to introduce your host for today's conference, Meredith Kaya. Ma'am, you may begin.

Meredith Kaya

for for thanks XXXX second and update. investor morning, joining our us quarter Good

quarterly crossed as earlier to call the Risk can release may and statements press the Our wire for uncertainties ended and current statements future A our Slide on include statements. on that website, Factors discussion involve slides XX-Q risks be factors actual heading Safe SEC this our the available well web-mac. on materially. is risk under accompanying Today's the these results and cause forward-looking March Such statements differ found and and as morning Form XX, filings. report and in Harbor quarter XXXX, our of

presentation, statements. no to a superior be and Our measures. forward-looking statements substitute included speak Also considered to or as measures, this we updates only obligation and of which such not non-GAAP for of the financial are supplement should GAAP a undertake to date

please refer at a release. the For press our to reconciliation, of end table the

to over the available the be We'll are will turn the please today's website Officer. Wright, Tom Chris Officer; referring Chief Joining section webcast the call. and McCourt, available I'll me in, be Scientific Executive the Chief of those Officer; Peter Development Chief Officer Peter. Consylman, slides. Currie, that, Hecht, call to via Chief access you Commerical events Mark Officer; Gina for question-and-answer our Financial portion also during of dialing slides With of Chief webcast, for go to the to call

Peter Hecht

joining for us. and Meredith. Thanks, everyone, Good morning, thanks

and with pipeline LINZESS, on positioned Ironwood. significant organizations. company The towards and period separating two more multiple We aspects second our quarter commercial for eventful productive our focused, execution delivered nimble, an made into the better progress in demonstrated leader market was continuing

AstraZeneca, agreement also review U.S. morning following market data. have this with that terminated test We licensing announced the a we our of

to clear the set believe that addition profiles up our not new strong growth separation. patients the said, and We're cash sustaining market from decision. have expect a the plans the will step companies accelerate the I company's we expedite tools in do is built to ongoing to launch each an We at and structures separation way important our The following we to for briefly new With leadership. exploring. comment of in on the value anticipate is financial me separation we best for to and are both companies to unlock be that designing financing be that potential Let for would shareholders. upcoming that hand, be listen therapeutics partnerships and funding of between and growth, on combination various capital the [indiscernible] X like journey, two

to more provide for and decision but to will like team driving just Tom and over terminate lesinurad, The shortly. to the a Turning confident I opportunities capital to passion products their the data-driven return decision. these it turn moment to him to to to more let Tom growth. we that, a drive detail. provide for highest decision details patients taken take call right to and commend well-informed and to agency to the enables it not are lightly With with was us to would me the is and allocate and commitment

Thomas McCourt

you. Thank

a of explore markets. I XXXX, select options decision. discuss I made second detail including key pipeline. developments would As a test multiple with our robust to begin like quarter early but set lesinurad comprehensive in for initiated a these and advancements LINZESS and across continued will by many within commenting In Chris mix to strong more on in had marketing Peter mentioned, the we the business growth lesinurad we study

market further we was objective everyone lesinurad mix our physicians for GI that availability concluded response. patients level high-value on put and in past team years We're has the to creating during to assessing skills find agreement that interest creation support the higher The it's creative drive maintain grateful data terminate Therefore, product. existing over scaled optimized support the tremendous lesinurad franchise July, an for opportunities. to results to needed investment to and and promotional appropriate path and termination marketing our After lesinurad commercial of of value and few investments on in for a test that this expertise shareholders and/or sound based believe behind the late we Ironwood. by show lesinurad not did focus best our the through team on our response business Our this broad of portfolio our period. the effort working I'm for full has to

on millions the following assets, in half Ironwood company, focused first expected ahead, Looking completion separation the multiple help with its and of expected will with diseases and capabilities potential year, in IP and patients with profitable serious industry-leading the first of disorders. G.I. exclusively long of become a category to each next new coverage chronic

successful driving during growth. a Now second quarter volumes yes, in with strong Early Performance XX% this up LINZESS. the LINZESS which we the force BDC turning the launched prescription behind was second new quarter, year-over-year. campaign, to was highly

compelling believe with and its LINZESS initiated patients appropriate As sufferers effect reason recently discomfort data their an to symptoms creates reason reaching many pain prescription bloating Survey ways number that to will LINZESS. physicians impactful to more linaclotide reason such successful, every abdominal demand Phase before the we of adult message trial, LINZESS more assessing If category, with provide This and an IIIb long associated potential deliver bloating, on bothersome the studying has includes as even IBS-C. activate treated for to of of suggest this as a IIIb trial week full including and common as runway expand more a the common opportunity X/X branded promotional patients care. prescribe suffering, LINZESS leader still experience patients as a critically with patient's. that we're with and seek a market patients abdominal in the millions discomfort -- and symptoms Phase IBS-C of patients

reached continues finalizing agreement presence is opportunity suffering are be the Our protocol. design recently all for When a vicryl non-opiod grow of and delayed-release patients with a Phase relieving new potential FDA linaclotide's as millions [ph] regarding of and trial product the of agent process IIb IBS. endpoints the now to global in that well. forms pain from program has to the We

component In our China, becoming the of later launch is year this anticipate partner Astellas approval Japan we Ironwood and IBS-C brand of And with an grow to of AstraZeneca LINZESS revenue. and shortly important commercializing adults nicely. for continues to it after. in linaclotide plans is

XXXX. to Moving

local by sequestrant the being developed retentive captured of gout. treatment for persistent Our West

the approved, has affects these Persistent patients. current of the improvement estimated We to key have heartburn approval. including PPIs, initiated secondary support potential of are endpoints these reduction in dramatically and million severity are our weekly vegetation improve believe suffer XXXX receiving by this care. an of recently from and severity, Gerd Phase XX the evaluate bothersome from If will potential trials III we despite pivotal Americans with standard Data to continue heartburn sleep regimentation expected the hyper to treatment The program. primary in experienced symptoms positive, who endpoint disturbance.

options of compliments of call As currently available, there a here number to FDA promotion Chris. create our in at our could for pipeline over treatment this approved is huge I'll advancement us care Ironwood. the With LINZESS, opportunity that, commercially limited and turn

Christopher Wright

Thanks, Tom.

time for an it's outlined, sGC exciting Peter As franchise.

aim the the Our the failure is designation being two teams of patients to from And both pleased superb sickle olinciguat treatment currently studied cell clinical are In the for drug to and of for in for we neuropathy and treat half currently products cell Olinciguat for of diseases. trials preserve progressive have achalasia. studies is treatment currently job orphan Praliciguat we single diabetic that four expect ongoing. for and disease. being a of advancing data doing serious to for innovative of with or were Phase disease We HFpEF. second studied see receive June, treatment of and XXXX. heart II highly trials

achalasia We in coming to the expect of enrollment also dose and recently single mechanism closed top data in line proof months. report our study

In teams sGC making preclinical are targeted our advances the programs, our tissue addition in significant development programs. to

are We see We programs we shown I'll to become been encouraging expect XXXX to the or potentially the initiate exciting in in cross preclinical either significant a serious Phase XXXX. I study in some advancing brain the liver. data that has with of in the preclinical opportunity certain IW-XXXX having CNS organs, and targeting barrier precise are success represents programs. a lung blood specific early more a diseases. target in and models

that to a of of Gina. of our future advance As cGMP unmet promising. address over can the intend needs will the call pipeline the variety and franchise in the I medicines to from suffering our to We pharmacology, diseases. now leader pass sGC orphan is develop serious patients

Gina Miller

good Thanks, morning, and everyone. Chris

DUZALLO the including or revenue million a million in million GAAP quarter and brand and net growth during due Over financial the our gross $XXX as million The planned $X.XX in sales loss of guidance. operating as Please margin a quarter, SG&A. and commercial sales $X and like or review. $X million second million ZURAMPIC to were quarter sales for second financial year-over-year The Ironwood commercial was million decision, for the in regard margin will in same generated primarily XXXX copromotion is to net the royalties continued last and share. increase operating With the $XX share, for totaled year be expenses to information. linaclotide $XXX highlights XX%. release driven Total generated few to cost quarter primarily API year-over-year. Other $XX $X updating per the were press briefly and I in profit, next were XX% LINZESS XX% $XXX second in associated our detailing to R&D financial that expenses revenues sales minutes, partner million Japan. quarter lesinurad quarter financial net to million net the reflecting $XX our refer well non-GAAP to I as Astellas, compared would in up million. per this growing components was API $XX to U.S. million, including profit. loss separation. our LINZESS few expansion $XX Linaclotide are $X.XX there by increased LINZESS with detailed approximately collaboration sales Astellas

of $XX We within by million plan approximately agreement, full to to to XXX result million expenses of licensing in our approximately primarily to of to $XXX lesinurad $XX We which our field employees. a down second inventory will will all is nearly be In terminate year employees, which save workforce approximately result estimate of $X XXXX, As in charges SG&A. primarily to our of purchase sales million most $XX cash. commitments. approximately the wrote this million million, decision day and related we we operating reduce that aggregate XXXX expect consisting the lesinurad quarter, in

the $XXX be million R&D to in of and range $XXX our statements. expense full than value of financial our To in to of We for million in review sales to the million. expenses million $XXX of expense LINZESS intangible an XXXX to $XXX year of the quarter following: SG&A $XX million third and million impairment record financial combined the $XXX net less reiterate a to in marketing $XX also Ironwood Allergan guidance, $XXX update XXXX gain and be consideration the to expect of total $XXX to expenses be and asset contingent to fair our interest range we million, million remeasurement and range be million,

new guidance our costs, line now adding this which on P&L. to restructuring are We XXXX item is related quarter a

in full cost We reduction the includes of costs $XX with reductions announced workforce planned associated announced this in million to XXXX. $XX in January the and the be expect we to restructuring range and million June This year morning.

flow positive gain to as quarter franchise longer We the expect costs. We are be related used we operations guidance in financial restructuring lesinurad to the from termination. detail fourth additional cash XXXX due cash of to our reviewing no

we back it turn substantial I believe operator, the aspects I by disclose made business. I period all this have Ironwood has been of Before a across saying to the will progress pivotal that for and

the that track are diligently XXXX. on on in the also objectives, to will the In and the believe be which first drive each business a on portion operator call. patients we our completed innovation hand half will make for begin that is executing addition that, to separation, working value back to to positioned to company I be With of We difference the and call growth Q&A for the core of create will well shareholders.

Operator

Instructions]. [Operator

of Rubin from first comes question Our Goldman Sachs. Jamie

Divya Harikesh

This of Rubin. question. I have Jamie X is Harikesh behalf Divya on

for With this you a you lesinurad makes place you, have to enough the the of you is rationale in have go? point looking the allocation place growth Ironwood termination do Co drive feel or all for capital going you in Ironwood do pipeline you about program in in time? your forward? How within Or strategic of at lot for sense, BD thinking and are have think potential the do -- pieces this you opportunities? Peter the pieces And

Peter Hecht

Divya. question, we assets hand. for have We feel Thanks the about great the on

I you're asking think about post-separation...

Divya Harikesh

GI think the franchise? Post you separation as about

Peter Hecht

have first help or XXXX in that only go their We and opportunity great their attracting for G.I. terrifically of both in commercial out patients really opportunity products foundation. fit. up pat and company assets. the a care further of durability the or and G.I. category that's well beyond in a and That has in and for each strategy set case the with to great together millions market foundation growth terms a think products the long be to market-leading leader primary space life It's or X to and

Operator

And question Stanley. comes our with David from Leibowitz next Morgan

David Lebowitz

a able be a and to what we for should IW-XXXX looking through Would quantify benefit you us successful run as the us be trial? signal would that trial for

Christopher Wright

you question. This for is Chris. Thank

a executing studies trial period weeks. looking XXXX X So involve the milligrams XXXX two of pivotal of on with dramatize at currently that control we're treatment

eight-week in a also looking the a -- a but three in a of of XX% baseline heartburn, responder as as the in also and from there's looking main at sleep so one X had measures in that heartburn for And individuals endpoint, weeks reduction that's other been heartburn, looking of the at days regurgitation, we've two weeks a the disturbance. the our change last so period rates response including last well number X

Peter Hecht

that mention on top to PPI. of important also it's David, this is

So patients treated been have these improvement IIb heartburn suffer. what have both, from with significant but we've but PPI's in heartburn saw suffered who trial in as certainly regurgitation. primarily the regurgitation was are chronically a gerd, well to both also continue And from as

commercial think I marketplace this each this is really disease and that as in this in creates So advancement seen a disruptive marketplace, a care painful significant about we've opportunity.

David Lebowitz

the PPIs taken all trial? be will So into

Christopher Wright

therapy so IW-XXXX. PPI add a they'll There stable their standard particular has and is then no restrictions on and in continue be to on on the care of study we'll either or placebo

David Lebowitz

One more question.

we and changes the forward, after relating expect how restructuring that for On could SG&A the completed? to and are change R&D to charges lesinurad, matter going all

Gina Miller

so a SG&A typically of less Gina. this expect place you'll next The question. XXXX, million the David, do to we reduction from -- $XX to Thanks for in savings $XXX guidance expenses our is beginning we most year. million within and SG&A And R&D for your see take provide should February of in in approximately year perspective. the each

Operator

question next comes with from Jeff Barclays. Makem our And

Jason Zemansky

there more have bit that light I'm your a quick curious, instrumental not you test see franchise on appreciate was the that markets, it the little what on if franchise, perhaps there agreement. underway informed shed curious for decision goes, market, decision? was I'm didn't perhaps, driving far at the the of that terminate could a comment a little really the you really decision? then that as came overshadowed bit the during test to in the And could out This could that beforehand Jason And was to gout just bit on of kind more what by looking for questions, efforts build two that the your was is you to this development of Jeff. was as I little that LINZESS

Peter Hecht

Let's take the gout decision first.

we've As in launched clearly ZURAMPIC we saw We as saw which been both roughly the last a we with opportunity for market what know XX the care. over lesinurad far months saw and really advancement we months, initially XX we DUZALLO. market a the in primer as saw market on an as as you nice here

slower quite understand so or we the bit market was launched expected slow. struggling evaluate the we than and were why DUZALLO, was a was really or we why the to As update product

to really to be really accelerate required promotional wanted its will understand kind we really growth. So what of offer

wasn't and which were had test some hard, we it and could -- a that And to in both response invested had but varying -- it the promotion just so as grow. look we saw identified And a to markets in promotional at pushed side we we of that side. as we levels we product certainly we invest number confident in continue that of well the consumer as on adequate physician could

the like we slow pushed So ongoing it is takeaways X I to and the we growth -- accelerate market, big harder, just justify piece think was one, big didn't uptake as the the to advancement.

very or As -- going strong we our it and in in million we're ourselves we're we've is there's with looking there market, And see grow is keep XX far IIIb we partner in Phase motivate activating TB of activate is continues X very we patients the little lesinurad mode talk to to still at mean clinical we're suffer. and bloating can Allergan what And do are million do alignment more at this to how but invest discomfort, BTC is, as I is all trials broadly. profile, a expand which as far clinical benefits do second as continuing Americans nicely, additional other another mind beyond growth certainly, to patients all utility we -- treated this the treat key and creating BTC? LINZESS ways And The which considered, physicians this in continue is X we ways to that out linaclotide, that which consumer to over third, patients. focusing are what which is really the about? X symptoms areas: abdominal So strengthen and on how delayed the program recent look release conventional we really the really of how about. about can patients just

ongoing So even look we're us. in the very encouraged opportunity I but growth at front as by of more striking it's the

Operator

And Ying Lynch. America with from Huang Merrill our comes next Bank of question

Ying Huang

since trialing the R&D HFpEF decided and led discontinue I dose. First to and IW-XXXX, high you for continue one the to on dose HFpEF with low the medium wondering was to what program decision? only go commercialization discontinuing then intention do program, and any force now then the potential you that other And your you're opportunities utilize? have seek lesinurad sales to secondly, to out for commercial

Peter Hecht

Chris, can you take first. the

Christopher Wright

the Sure HFpEF study the as that so and accelerating data POC time were on to felt that that we the new -- the we with regard wanted into different we made changes focus move to forward in Ironwood two changes, [indiscernible] study mentioned. the and we basis, that primarily to are companies on we

Thomas McCourt

serves that It the internally the have this how on both decision we and us externally. utilization workforce sales we -- at look of impact Obviously, will we the force report.

downsized see certainly that we to So some degree. being

business at an a core that that continue gastroenterologist physicians to the be how care very look GI and current utilize, additional very both opportunities, evaluate number tight, continue of and in fit into As candidates as future nice is to could we portfolio. we primarily far the focus assets, will we primary

Operator

Morgan. Joseph next And JP from Eric question comes of our

Eric Joseph

couple year. from a Just last

second leverage follow-up or longer-term to of and latest let the delayed are thinking sort have us it's XX% should we I peak margin And a year for in And commercial could around if on there? thoughts release. be still half you what wondering get commercial how the LINZESS? also, on if long-term sort your margin, the what of provide of know Just about

Gina Miller

LINZESS regarding take the part This first your question to is happy Gina. of margin. I'm the

it about fluctuate XX% As greater to XX%, nicely and you the do it XXXX. year-over-year. was quarter-to-quarter, the quarter, time saw we still by are well up than expect increase for was guiding over And which we to continue we to

Eric Joseph

cetera? currently I color And addressed those by what allowances of made what that's branded constipation a from on formulation, with including use the are either Phase the opportunity or the products diarrhea [indiscernible] And combination what's bit just therapy? can the rescue in DRX or in you distinct there? was LINZESS, Got as commercial of IIb, wondering it. And around if provide therapies for et how DRX

Thomas McCourt

Yes. This is Tom.

opportunity, And treatment that drug abdominal commercial abdominal almost the really also linaclotide, you about and there lower pure pain effective -- this isn't for lower think know, discomfort. not we other many there will As isn't but pain is bloating a really pain. as than treat only an

that delivering an any So clearly drug pain, believe amplify have the can we effect we and to colon that it avoid demonstrates unique which all into you it treat that a we the really approval tents fact would have by be that is that opportunity bowel they're habit. millions of to patients. attractive and Basically, of a recognizing bowel very, IBS, also very forms abdominal have

but for another this on much, our the be pain. broader relieve affect as that used use certainly So a will treatment can that amplify constipation pain we therapy it would either relieving abdominal could this be symptoms drug much top primary diarrhea. of and the to again, just see And LINZESS they manage their

As very well-tolerated it's you know, quite safe. and it's

opportunity we like really forward. move So as we this

Peter Hecht

have that. I use wasn't meds a of Chris take, specific should IIb sure you Phase study did and that about of about the the [indiscernible] person design Eric,

Eric Joseph

exactly DRX least to IIb, some in the constipation whether right. patients background That's study How? OTC just the Peter. I'm meds Yes, Phase plan in on diarrhea or wondering either branded? at is

Christopher Wright

any in stable the their or regular as changes of doses approach will either ought DR for for top on habits of that individuals and effects bowel to and DR That's an -- on access so the medicines add appetite on to see and well. constipation there if be of look obviously pain is exactly diarrhea

Peter Hecht

move with advance to opportunity alignment the patients a time we're right taken it's this. forward great to to and to for excited and pleased it's a FDA on on novel quite progress now. very It's understanding good be to get able some the way We're and medicine. category the conversation the But

Operator

Koffler from question And Mizuho. our comes with next Irene

Irina Koffler

you going can partnering the if any wondering the maybe change us board update company? to to in the spin-off your of then for question That's be X. is when just staggered you progress company? the was discussions early the assets And R&D stage R&D there I on

William Huyett

broadly the on is coming investors partnership Huyett. the we'll based governance turn, the designs and This all the respect be notes board discussions, including heard the With membership in of the months board Bill announcing past and months. new are ongoing. over they for over Taking things structure we've from our structure few to companies

imagine, might the modifications crystallization not of company we discussed has discussed in that cases and earlier. in you to the the As compounds few the We're strategy some Chris HFpEF but broadening some for the prior and our led of calls other the discussions. only improvements of simplifications licensing DM, R&D have them also and on

energized the discussions have been So process. by separation these

Irina Koffler

is could follow-up, about expense. SG&A I If add which a

So change SG&A the of that elements expense staff. didn't the I year program for noticed guidance gout for you're but cutting and the yet

well? as lowered piece that wasn't why So

Gina Miller

the as the take related incurring is guidance We at costs had franchise, related did keep while to gout savings February originally same look in to the This it we to the because separation. additional some expect a and Gina. we SG&A to decided we are guided

Operator

with next from our Boris Cowen. comes question Peaker And

Boris Peaker

it? cannibalizing the curious also, First, uptick with associated capsules, there some that to uptake of that you was the capsules with formulation? is in there I'm about want stocking those. And just a I original ask the mentioned significant is

Thomas McCourt

about the expenditures... You're talking

Boris Peaker

Yes. Yes.

Thomas McCourt

things think two is Okay, here. I there

obviously, total effect the As prescription prescription the has you petard on the volume. grows, an as that mentioned, of

the So sold that's clear we're a as the obviously comes year-over-year indicator from. where of unit a -- reason XX% that's why growth and seeing actual growth

we Gina, net-net, financials and comment demand. saw solely strong growth as was on largely the the quarter this past, more been the it on the what in have but it below obviously on effect where which you if for and or further in drawdown see The second revenue to inventory been specifically think comment driven this, and Gina inventory? almost some can some we the did has had want very a I quarter by

Christopher Wright

and was that correct Thanks, volume add, inventory Tom. the to corresponded modest a a change not nice Actually in quarter. in normal sounds lot our with we're there would, net saw sales that nicely that we there a but within range certainly, for is uptake the increase the

Boris Peaker

instead I'm And the Ironwood drug, rationale it with just was of just call? gerd new us Ironwood, with Great. what which with the second with is for my RND keeping the question. going curious, keeping obviously with the new

Thomas McCourt

Yes, largely it fits I prescriber base, Because I think at care, commercial when across in on obviously, current if you prescriber Nexium, learned this we was habitually the if well mean a company understanding lot you about first again decision. appetite remember which that we gastro as prescriber with race promoted look exact the base. when overlaps then we prescriber as far this the base launched our a delayed And addition, so almost primary base perfectly. this, and when same it's portfolio. Boris,

affairs much sales we we are to together. mind, a would be industry group drugs XXXX in very selling development wanted well really about to team in in particularly keep the organization will with So have I X you productive medical think and a X And Keep how new single basically GI. Ironwood and more the reps the in best to think think as a still strong the the very continuity we regulatory poised doc well we're subsist as marketplace. with --

Operator

from comes Crédit Morabito question Suisse. next our Michael with And

Michael Morabito

This Michael Morabito.

I get to the sGC's. The for just first licensing had question clarity more plans wanted the on is,

those provide you [Technical on, what to From for point prior you companies, at of co spinning ex-US to you out? intend prior with Difficulty] nonoverlapping boards remain will just company if you've Peter, that Iron the both investors one? and out having you to data mentioned on license do to two either which de And able plan between guidance with trials? secondly, those reading products Now still the specifically to plan that the new be

William Huyett

Bill. XXXX your it's intend we praliciguat. outlicense Michael, first to On question,

to Our us forward. it's orphan is intent it strategy on severe was that of RND when the the we full prayer right that scented a by company we as licensing some ex-US, the first compound diseases, clear become on focused discussed rare quite perhaps of inappropriate

United On and a ideasx are U.S. greatest sure for the potential that. which value of is the entertaining each of others, I and doing variety we designed to for All the make molecule, then that schedule shareholder line share States. was

Peter Hecht

the And is substantial continue the leadership our unified and the role financed a are my execute getting say on company. the force up unified me into XXXX our company current team. plan, context team progress we with as they to as as of Michael. high-quality separation an for in and deliver team would codes a operating Be that And to great X new on of respect important a both going I make making actually, X and within our sure execute here on to goals question on

sticking CEOs that point term them current with consider near boards to and great some both update role clarified. with that soon get serving expect pleasure. for I'm I in do we'll my and to future So we and as and at on you roles as companies

Michael Morabito

spinning And flow becoming out quick any RNDco? on when you becoming you you do -- do prior positive anticipate anticipate Ironwood also, to follow-up have have Okay. guidance X I cash new just do on

Gina Miller

Michael, this is Gina.

this is co year a first change its that other our to RND that guidance that just we flow of Ironwood do we to due quarter that cash and we the positive expect the and to cash quarter current of Our company profitable is fourth that guidance Clearly, would to a in the become not, the year fourth initially for guidance the will are we whether incur. don't costs or launch. expect to related new now negative in flow company then and restructuring guiding only

Operator

Instructions]. [Operator

IG. Chang Tim next from question BT comes with Our

Timothy Chiang

I product just possible linaclotide you trial, the that know even Could been arm have FDA have linaclotide the on discussion that would have? that one possible post have to delayed just standard on with Is it linaclotide release. it these this your to be might also for benefits that the the you compare patients question on or? you

Christopher Wright

the Thanks Wright. Chris It's for question.

all of linaclotide this has on how to how something trial involved DRX we be of but may the pain the later top linaclotide want focused we're currently, understand that to including So does across impacts impacts now, look a right understanding not subtypes and IBS. that phase at design on

Timothy Chiang

X well? years. to maybe how And how little bit your do I X product, relationship relationship X getting product trials on see to focus to good X talk Allergan just to Could stronger as years? much putting of the see Obviously, more the this additional next the Do you you with a Okay. is you decision, Peter, over over value see maximize follow-up. on evolving dropping you this you're obviously LINZESS, next your about that the just number think a the of X try of lesinurad.

Peter Hecht

Ironwood. the to We really and LINZESS very continue to many be was for excited still It's new for go. years and about a stages for It growth. growth in product long runway as today really Ironwood foundational of early

and people product market We margin leader with but high very have this a you'll of. a IPX It's a frankly of work. still even for with huge heard settled will. and exclusivity it's long And go many we ways, in it's a in quarter, second great the Who out haven't to ANDA long quite that clear benefiting see announcement the XXXX. just number out way our

I many up categories continue So think new open the the and to segments team to and commercial have of to opportunity market category grow for and tremendous years Tom section new the come. many,

symptoms for really product a and be can claim concept we as and you pain. growth, catalyst well think abdominal from that helpful really what's heard different for DR how about a completely heard You've abdominal

have in way really continues and know order in and long work Are to now across and company. and time. time to and light function over to strengthen continue strategy better every strengthen strong is a go over well to an grow our and I very other you trust partnership not the to there's years plus was and any very expected to. to together continues investment. be we're think I aligned over see XX and each Allergan don't reason

be the So about I think years. there's every bullish prior current reason to and

Operator

comes Patrick [ph] capital. with Behringwerke from question Fraser next And our

Unidentified Analyst

such with At next of the tell congressional negotiate their we the that without system as where need is you particularly a rebates recent to feasible? position market the to effect companies system enters just you new contracts. drug the over like do few And HSS how this PDFs think move a system LINZESS, formula a fixed-price Can secondly, and hearing, years? do us competition see may said towards you

Thomas McCourt

think pieces I probably this three there to is question.

number mean the said products I proposition value marketplace, date groups to negotiating across price. have and will all this we net to a determined largely broad demand. we the I X to was who is enable have for from long-term would there's peer front, by us we walked rebate on brand. do back comes the secure to And priority And is First, still The question drive negotiate with? into we the that's

I to to think this evolve. So continue is going

the I people the and to been advancement of our what right unmet consistently that's the model day, proposition really but with the be at medical it think will to in a end patient I think and debating I something back need with comes we've able our partner. think an for the value brand care, is establish

brand, care. competitive, emerging as think I to think options, being of category and years I raise are dosing the bar the emerging in It well market. to the leader to in we're I think going profile particularly continuing five see of one the and clinical a to be ago now piece that and was of I going primary regard in the think to was of brand, challenging as GI enter later with to it than market the for how the where the market the it's continue again, lot the a enter utility advantages situation the the we other competitors

value all payer, need and for our to our proposition almost cost for should to we what the and think responsibly patients we're the access on really sure reimbursement I broad focus docs. and continuing sure So with payer, price work have make optimizing is make we we make

Unidentified Analyst

you gout? existing one a given have on expect to or from front. other XXXX the down expenses question savings in separate Do SG&A up I be actually

Gina Miller

Gina. is This

guidance to We are of provide provide typically year-end planning when for we February next the for two our new year in update. companies

Unidentified Analyst

any question have a mock spirit. us for us And what I us the business value? unlock antitakeover often are this regarding will co can or if either planned tell just R&D ask Can where Investors plan you about splits tell board second, the about examples the you how in positions value. more provided what one changes new Ironwood?

William Huyett

is with selection the the months. working members of termination will strategies the deliver process. number sorts closely companies over with organizations practices creating and commenting examples, the and separation to us individual inside This board companies cost at those all of be the the scenes the the see on the develop strategies, it starting X without board by that the the shareholders reaching to this plans value we With and in simplicity The separations of be on with its already board those and governance, would from the board of announcing is organizations the as Bill. discuss will and focus things a of membership, clearly of resulting and coming our and and the former on And structures. as board we're the the governance for our respect that a the the our of we decision part outside separation that reviewed

Operator

next our [indiscernible]. comes And from question

Unidentified Analyst

we the should of context XXXX? be How recent Julian. about of in thinking is This something approval

Thomas McCourt

socket treat for the the guess you have system. the worked delivery that in bio, stomach Lent, like as hours challenge so The one -- bio. an as to would is, in able bile remained thing acid just the here the exposure take work empties it feels system, it's The to I a well very minimize I the coverage as in stomach soon bile bio. don't the why much point mind stomach I again, ties but basically, call stomach has and is brief have of acid have five novelty back your isn't be so acid you the soon the up and every shape still where the this it's can keep to very of sequestrant that, our order in only empties in as you to much coast we acid really

the success of So the is this enables this of therapy. here that colesevelam real of formulation gas novelty return

Operator

the Thank you. This for Hecht call back I would to today's Q&A like over to Peter concludes session. now closing remarks. turn

Peter Hecht

your Imani Thanks, everybody here thanks if available all for day time money. questions. follow-up have be you We'll this and and

to please or Meredith Gary If to again. reach offices. Thanks just here you do, out in our

Operator

participating for you today's conclude thank the gentlemen, in and This conference. Ladies does program.

Everyone, disconnect. all may You have great a day.

Ironwood Pharmaceuticals (IRWD) 6 Aug 182018 Q2 Earnings call transcript