IRWD - Earnings call transcript Q4 2020 | Ironwood Pharmaceuticals, Inc.

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Ironwood Pharmaceuticals Fourth Quarter and Full Year 2020 Investor Update Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]. I would now like to hand the conference over to your speaker today, Meredith Kaya. ahead. go please you, Thank

Meredith Kaya

Good morning quarter for fourth joining thanks full year for and us XXXX our and investor update.

statements. crossed our and actual results Our be risks and statements. release the differ may afternoon to involve our this for should for press cause of that and Such applicable, future press the and obligation substitute release as a we please found not as statements comparable on considered quarterly slides materially. most these website. GAAP Risk measures. statements risk speak filings. accompanying factors to for call ended such non-GAAP directly forward-looking no only to to uncertainties or end Today’s include current this the included refer measures, forward-looking financial wire can on A as extent and statement Also of slide, measures. be at the Factors a are reconciliations XX-Q is Safe heading the our which presentation All on the and to well supplement measures available tables statements the under superior undertake To date these September report and of update the Form XX, the in as our SEC in Harbor of quarter XXXX of GAAP to discussion

CEO, an with and finally Medical our commercial our GI Incoming overview and an current provide results review for and Gina our begin LINZESS; Officer overview XXXX and focus followed McCourt, will our strategic Chief Mark CFO, who CEO on XXXX financial Shetzline, of Interim Innovation. and Mallon, will will our of Consylman, Tom will During provide President our today’s Mike review call, guidance performance priorities by our

will session. with Q&A a We close

the via slides to referring webcast. be will We

to call of the I to our Mark. turn dialing the slides. the will section go over in, With webcast to please For website Events access those you that, of

Mark Mallon

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

Let entire commitment proud truly I am has inspired of redefine for me the one passion driven how and XXXX me standard begin and time things throughout advance with and of GI passion who treatments team Ironwood. that the the is their of most approach for diseases care Ironwood to by patients. during Their my saying mission show GI

search. As incredible Interim shared easy of Ironwood leadership deciding passions to in great Tom will colleague the XXXX. mine certain its right has I week, been Ironwood confident I is decision the member many and family. in of conducts years the with really hands last personally of to me wasn’t leave an be pursue for Ironwood since for as but my am joining and mine Board Tom key team for the CEO while a chance

successful value the over deliver to continued business future. and to a the strength commercialization Despite launch patients LINZESS. generation Ironwood with for resilience of the the he his the of financials combined provides addition shareholders. cash COVID-XX many We of led challenges XXXX strong. years, In of year, and confident pandemic Ironwood’s fundamentals well for believe were is the over the accomplishments profit solid I'm and and and LINZESS foundation positioned last

leader growth to advance demonstrating on performance, within in sustainable XXXX eighth our core focused to exceptional our brand's to XXXX LINZESS this drive portfolio, the launch. be our prescription continues LINZESS three began year profits. category, since priorities Turning we its deliver growth, and GI market

$XXX cash, our ended has now year million Additionally, with profits of of XXXX. from doubling over than consecutive XXXX cash Ironwood position more second in the its delivered and end

patients. to two were high distinct These to were unmet needs opportunity represented XXXX XXXX are and pipeline, disappointing. have programs to treat and the medical of millions being an our the Turning that results programs from clinical developed potentially

ongoing we've well With finding advancing workforce linclotide types these sNDA our new uncommon of IBS-C, did abdominal in as GI certainly pleased the several receive diseases. the own focused data for the outcomes overall team drug as of continued teammates, our progress pleased strong of as progress never of pediatric this proud diseases therapies, and they need approval capabilities, category the and symptoms with recent I'm in for to we treatments when of innovative built We're these not our affect is desperate together. and adults the studies. with GI they in foundation easy, scientific development, expertise are reduction. within especially are on -- unique While were

All I'm in worked drive alongside forward community of to as to seeks continued it it success. you. look I have I'll champions that, Tom. Ironwood Ironwood are you the and GI turn With to true Tom. over in privileged to calling

Thomas McCourt

Thanks, we transition as place. good on forward and look I Interim everyone. Mark's Mark build as strong serving the CEO morning to foundation we in following have the

are LINZESS. and growth closely our believe enhancing opportunity to substantial and maximizing profile management. clinical innovative We strategies Our lifecycle for path through with partners forward there's strategy working commercial deploy the with begins continued

to sustainable for steadfast can benefit serve. continue profits to continue importantly may on innovative allocation And shareholders development and further maintain We business. organic including patients portfolio bar assets, our pursuing GI our high assessing growing the by with potential potential successful focused business applying and focused patients the approach thoughtful to faster we diseases. believe take assets by building and our a to and a building a any refreshed approach our disciplined we potential we're and third, generating on an capital criteria to for value great and deal has seek We GI to new we new driving set consider. in bringing important goals Second, of and approach disciplined remain serious drive focused a potential to of to flow. providing in a exploring an that to target and medicines mission and We're that effort cash

track treatment strength commercial strengthening showed for of face further Now, of XXXX pandemic, in the in the to and medicine prescriptions let the me adults are one number thus seeing the turn position the performance. quarter remains several as still exceed resilience into it's with continuing believe very the encouraged growth LINZESS far. strong incredible billion demand LINZESS its while by net LINZESS in prescription the and the early, U.S. LINZESS In on IBS-C remarkable first $X performance demand U.S. we're to prescribed sales performance fourth We X% highs of patients additional the year appropriate opportunities and million, to strong for we drive practitioners choosing and into net This a chronic and the New-to-Brand in in second with half of XXX LINZESS for X% despite in full healthcare further full related brand sales limitations. hit continue reinforcing all-time quarter the translated that year pandemic patients XXXX grew the The and year-over-year. achievement growth. constipation. XXXX, U.S.

saw motivating our request grounded time prescriptions during commercial prescription. percent versus on quarter, of a care execution in XX-Day in increasing XXXX, consistent securing of the fundamentals, brand demand broad and success average and of LINZESS, strong of business. date prescription the our XX-Day also seek has increase among come and in three awareness more appropriate the the in core peer physicians, that's LINZESS U.S. business strategy through to as access. In We patients The total total fourth per same meaning XX% an was XX% pills to

continue on ways. core maximize in to potential. execute but Moving In forward, effort we these the focus an intend fundamentals, to further to to LINZESS new

an in and to virtual First, healthcare capability future. important with XXXX selling practitioners, we think capabilities clinical be discussions to create strengthen further deployed selling support We hybrid the our the model. the we're will for working this a

In update in addition, with in overall XXXX. FDA awareness to abdominal IBS-C symptom labeling we adults on further of based the approved intend build the data

expanding intend capabilities in of our seeking the to our and broad has of significant in on of the peer the telemedicine in been We're there advance Since telemedicine also process by to efforts telemedicine efforts and We focus XXXX. launch, strengthen light a physicians. establishing access. the and impact use patients in expansion of

maintain leader key status we a in As growth this category, unrestricted brand. for a and as driver access prescription wide, market seek the has LINZESS to this

expect are populations. grow a continue we with to lifecycle and we for Gina. both indications linaclotide additional believe linaclotide. to have call We turn I'll Gina. we opportunities runway With new to for that, new patient advance evaluating Lastly, to management to currently over regard and efforts long the

Gina Consylman

our good XXXX and morning highlight to pleased everyone. Tom I provide and information. guidance. for financial to Please Thanks, for financial detailed be able our performance release am strong press XXXX financial refer to our our

guidance. A U.S. for on XX year our XXXX were XXX XXXX that the increase total in longer million responsible this revenues year Beginning driven First, XXXX full X% a license our in LINZESS Astellas API financial year-over-year sales for no and in Ironwood collaboration touching of XXXX by and revenues fourth exceeding our and revenue agreements. sales revenue API for supply from the reflected in million million AbbVie of of primarily partners. in million quarter AstraZeneca milestone in included XXX shipments linaclotide our payments ex-U.S. remaining the reminder during the recorded linaclotide and to past are API XXXX, to XX we performance, XXXX. amended

primarily the the net quarters. XX% we it briefly lower year-over-year. XXXX seen previous comment expenses than to up adjustment fourth LINZESS, year selling XX% commercial as in margin quarter like were quarter decrease in the an the Regarding I'd due recorded is in fourth full sales period. on and to This U.S. was for to during have

adjust in-person first commercial details and three expenses due Difficulty] we the in determined many significant to LINZESS during pandemic. restrictions, COVID-XX selling as costs as XXXX, periods. part collaboration. saw improvement the quarters U.S. to with only details COVID-XX brand we of associated to Since those [Technical of During we in-person a Further weren't execute AbbVie able included contribution the were

similar across the year timing such, reflects investments to the in full are quarters. adjustment XXXX XXXX As expenses simply our and

seek with commercial we LINZESS to we XXXX in to to our and LINZESS net in to and brand. investment ahead investment growing Looking XXXX, be margins behind continue expect sales the line investment through the disciplined expand behind

Ironwood’s cash. profitability and to now Turning

sales income higher was operating EBITDA XXXX, XXX was expenses XXX For in million was GAAP our full and compared year and million profitability LINZESS by lower net driven XXXX. adjusted to significantly XXXX. net

XXX year in and cash investments. operations and million flow with the Additionally, ended we XXX generated in million cash from

of we X% demand, driven by offset net We changes prescription for by high growth provide year effect its to percent from to anticipate X%. U.S. certain mid-single-digit growth erosion going are net in momentum guidance price contract expect which LINZESS into full be sales this year. growth continuing to pleased percent We single-digit in sales LINZESS resulting XXXX XXXX our financial

greater of revenue XXXX. financial is of we shareholder for cash that strategic the critical taken And was anticipate We steps approximately million XXX and growth numerous to priorities. believe strengthen from thoughtfully with collaboration successfully and continuing revenues the we be continue our mainly it XX into positions co-promotion beyond. in is expect proxy adjusted This us of lastly, total heart million, current EBITDA balance, other investment well to our for decisions of expect U.S. our a profile XXX performance, continued to invest XXX financial to as royalties, Delivering driven cash than revenue. for in and as by our our million We and million XXXX at meeting EBITDA adjusted our inclusive threshold value a we generation business.

strategy focused allocation LINZESS. on is capital maximizing Our

we continue earlier, believe LINZESS. can is This value drive growth today. expect our the to to highest most As in opportunities Tom further we invest create priority where and in to we mentioned

including We pursuing for to are any inorganic ways opportunistic And repurchases. pipeline in to an opportunities GI deploy GI excess effort innovative share also an portfolio. to diversify build the by lastly, expect our to continue explore cash, leveraging to our potential free we expertise

strategy I pipeline. turn want GI to highlight Mike, new our our I over to it build Before briefly to

diseases are and on prioritizing within to managed pathology, where opportunity an we GI shorter We are GE, have focused largely by timelines. diseases accelerate well-defined development organic that with

clinical I'll seek are already been deliver addition, focused to innovative maintain And to doing. preliminary we demonstrated to that our that, as and turn In ability safety. it have cash have Mike. over on finally, we assets we profits and With efficacy

Michael Shetzline

the Through the we in opportunities past to few Thanks spend own for years minutes I fresh advance the our touching [indiscernible] the on two give treatments XXXX Ironwood the and the I serious have earlier strategy. Gina. areas We've we're areas organic confidence gained unmet new over XX over last of the high the also disease our where space diseases. efforts explore and assessment been stage diseases most program. we believe to a the in with the efforts we to assets of within focus GI our am These GI steadfast will years, the strategy understanding our of opportunities and more two can than learnings XXX across landscape disease, impact. progress us potential pathophysiology need development lot in sorry, the Through past eight in identified and recent disease seeing areas these GI the our targets. we fit prioritized over GI we and

therapies. of Celiac patients where well are and there are understood significant need and example, from very today still For two targeting the disease areas a therapies is defined medical medical new disease disease, disease. for we're no celiac suffering are management to mechanism the pathophysiology pancreatitis is Pancreatitis since and pain fluids has with underlying the looking medications their I.V. is the of of pathology patients lots with treated at this and no disease. unfortunately approved well still opportunities target

just GI. In for potent GC-C need Agonist a visceral area. stable originating tremendous the overlapping humans. opportunity altered with because treatment Agonist and is strategy sensations GC-C. nerve the cause enhanced in believe where cross-talk of well-known these organ endometriosis. pain We injury a XXXX, phenomenon bladder nearby syndrome in pain examples, as in can and a potential pathways. also there While biologic clearly, this organs conditions and Cross-talk the advancing within hypothesis XXXX to provides affecting one are test such that unmet true this a in bladder being sensation is result organ of perception can reproductive pelvic or conjunction we're two remains a developed pain the in

with We visceral the pain. the pain including to suggests models, number have XXXX preclinical visceral data strong in a stimulation alleviate pain bladder for and of that vaginal GC-C potential

XXXX We to XXXX, with approved second of putting the early if expect a us X IND Phase similar with XXXX. the a clinical on application in track, half SFDA initiate in trial

turn trial Mark development. comments I to clinical We will will determine it asset’s the expect this closing for some Mark. us Q&A. now help further for potential over before

Mark Mallon

mute, Sorry, on was I apologies everyone.

and for on thanks So the XXXX. Ironwood. thanks, that exciting for an catching for certainly update Mike opportunity It's

focused advance this Thanks this open and the As Q&A. Ironwood you've leading U.S. entire team heard Ironwood significant patients we for putting Megan, the for joining the tremendous ahead in morning. opportunity can thank GI healthcare team, vision becoming in Operator, want the the I has a our everything of morning, from company to to again at we for do. effort forefront now us the of line

Operator

[Operator Instructions].

is question first Auster Martin Our from with Credit Suisse.

open. Your line is

Mark Mallon

Martin. Hi

Unidentified Analyst

we compared on pricing to these market impact about and I pressure can what relates second entered that it impact forward? everyone, the we cost there to year-over-year, my while that to other should else entered the and LINZESS flat at kind sales roughly was you something X%. you curious consider coming on due into two on need to have if to thanks month. speak Is wondering since taking is for I might Mark the pricing discrepancy to, grow you guess a moving LINZESS how expectations you X% Ironwood And me, have clarity details seen expect higher Hi the commercial just But guidance any so, has think question you are if like provide net costs this I'm any I on provide year? is to does the resulted revenue it XXXX the in and guess there more it or to and on then could able I I little for for your guidance market be generic question. was Martin. your believe how of if additional looks Amitiza

Mark Mallon

the one for the pick questions, first you and maybe thanks Amitiza. Gina, up the Mark. Tom question can on can take you So

Thomas McCourt

Sure.

Gina Consylman

Sure, I'm Thanks happy to. Mark.

the So if you're to fact in I fact we're decline the despite Ironwood I -- think decline despite about revenue understand LINZESS’s asking increase correctly, the revenues. that in revenue that guiding

includes that the revenue the reminder we AbbVie. just So from a Ironwood with revenue the LINZESS recognized collaboration a quick more than bit that maybe collaboration

wrap The the well. the fixed the included sales. actually of sales XXXX. and We part for XXXX and XX we of million just XXXX API in a AstraZeneca up in And of a other receive to be Ironwood the restructured bit million or We revenue, API the small in had arrangements it included royalties. actually other instance, from XXXX to versus I and amount a as XXXX, revenue had expecting point, those now. down In in not it. revenue continue At And then agreements part of significant related XXXX, we're in and wrapped part in revenue XXXX. we're XXXX. that The in that to plus is in it's received small to in done one XXXX, part a of called up and related to year-over-year this XXXX out That's overall to is XX in Astellas as amount mentioned expecting forward, royalties expected the going guidance. we it's payment only is that that's

Unidentified Analyst

Got it.

Mark Mallon

go Tom, ahead.

Thomas McCourt

absolutely you're So single Amitiza source, a right, generic now as is available. generic

far growth the important part high it's that regard piece to both very The over level been efficacy has satisfaction, remember, the has treatment and as entered actually within when leader catch the able its it's market. been XX over eroding its was it And time and in tolerability molecules different market think been were different. physician and to -- actually quite the market LINZESS overall the and we share these it of obviously the I to months, market patient. surpass first share. time. And really been mind, has we are as it the looks the Keep with driving impact, on

when there's continue I been launched it in patients. to And important generic that, of important And As we've since playing remember to where will with healthy I so really be available guided a shore there is mentioned. so to generic important that We year think and the finished a pricing multiple we price all they're majority demand its a market also which ongoing source far at is thing the including marketplace. the is. we generic you as price into I thing, satisfied. as we look We But it's seeing the before, I we we've we're growth, [indiscernible] next of areas, up we're still far options and But, government. it's the realized did treated a couple And, mentioned note year most our been Gina in of the think to year, of though brand pressure, how contracts, brand that's in patients the of some demand anticipate important even OTCs growth the heading viability ongoing this as year. think yeah, certainly be from pricing what very had not pressure erosion comes variety from. and further confident we're think to by this last stable business

Unidentified Analyst

Great, taking thanks my for question.

Operator

Joseph Your Morgan. with next Eric is J.P. question from

line open. is Your

Mark Mallon

Eric. Hi,

Eric Joseph

thanks potential morning, thinking I -- following guess, in transactions what am for just I up the Inaudible]? really good taking on questions. one Hi, the [Question

Mark Mallon

don't was to Eric, it could up broke question, and I repeat hard it others, hear. you bit little about the that but know a

Eric Joseph

me that. now? Stuart, Sorry you can hear about

Mark Mallon

better. that's That's better, yeah,

Eric Joseph

of the any asset, impact will in potential yeah, size Okay, have thinking color deal wondering timing? on there's in on whether transactions about a in further leadership target the that of particularly development Thanks. and change organic speed you're around space, GI just the and if any

Mark Mallon

So, question take how Tom there you thoughts the as you're Tom at a the jump in And sort sort seeing with direction I have organic strategic well? about any end. certainly GI Gina you and in opportunities of is why think of don't

Sorry Tom.

Thomas McCourt

Sure.

really and by We've on Mark Mark, no small of expertise we're commercial and focusing as and diseases. both companies organic assets, development fairly As mentioned, held identified these with number a these Mike expertise. mentioned, of most Gina serious as are limited essentially

expertise we leverage time to accelerate particularly really to So our internal can that market. focusing obviously, we're on assets

value So incremental we're an be there's for clear where really looking asset to created.

but, scientific that we we of we've move is for it is I LINZESS obviously number make far to a very team regard his strive is assets the commercial complementary today we're it deal team Gina’s obviously, to where deep a next sure going. right will with high working very the done. at to continue to built as make right and to very us make Mike good with and the and development sure medical have mean, bar, bring then to as we corporate So, But choice. looked expertise model. obviously, get a And

Gina Consylman

Sure, -- execute, this hopefully, add, ability expect I I continue Tom. in in to change don't and last to to guess, lot years able of confidence continue impact as us mean, our to the to transactions leadership One, I it up might thanks working a impact giving has our year. time that to to just stepped fact, I these him is Executive addition Tom with Julie additional especially Chair. the over plus seven be

of us to able great just have to to development. continue to us ability the our able the positions it asset, fund revenue to and on I gives So time. in collaboration the profitability fluctuations fundamental capacity instance, stage in also guess related core milestone place and bit core the only But about the business to a the year-over-year so up-front I and generation, great incredibly growing same revenue LINZESS the for and without space royalties to hands. development payment. business growing our at it that in API just us strong cash question you is has the of the our strong is combination for that, financial not to P&L amount little to we and but the last be just through afford be would revenue small also maintain think related And a remind talked put

Mark Mallon

got We've clear team Board built team in we've Whether the aligned the high about of commercial got strengths fully the a that aligned team. we've extremely more time I are and and more and well standpoint, readiness driven. fully Yeah, focus one got Eric, Tom year, a think Tom management continue I got to and the have being of we've about thought to the that's set execute. development talking it's on profit I've over that team. in at of a targets and seen resources saw the with collaborating move in to There look, got Mike just people sort a team level the executing to number has the of executed want well. spent. -- clearly ability strength the that. business cash that the alignment to is third add a you I've as to you're don't execution is actually the ready on in And delivery growth, ideas. and the fast talked fantastic generate last They've about new that They're LINZESS driving In focus ever. to sort as and and of high XXXX keep

beat. might to the is keep beat. a step They think I it going really So feeling don't they're up executing. miss even great to

Eric Joseph

the Okay, thanks move questions, taking color for will there, I the back all Appreciate that. appreciate you line. the to

Operator

is Our with Boris question final Cowen. Peaker from

Your line open. is

Boris Peaker

Good morning.

Mark Mallon

Hi Boris, are you? how

Boris Peaker

trend Can over discounting outlook years? net next the about and in to gross you the for the several that talk

Mark Mallon

that, color I'm -- let's to ask Tom additional do. and her share maybe will to thoughts add to want may Sure, Gina I some on that, sure

Tina. Sorry

Gina Consylman

we did actually great a since we price. Tom XXXX the happy recognize the year we mentioned year, pleased quite one to, certainly price was and were I'm especially originally for with. Yes, guided

for was it appreciation we price it certain thoughtful due but didn't in think a That just implemented demand, of at appreciation were the demand also we strong plan the of to due in exclusive because net changes. wasn't to the dip beginning we longer for year-over-year XXXX you on changes fortunate about price us no the beginning year, plans, the If as really those growth was see instance, that design where, sales, well. of

the and the of -- change. had that also We was bulk

in also it weren't some unfavorable net, they -- appreciation for gross adjustments I XXXX, XXXX because We time. But adjustments would small from did the in time add price small, had year. typical to to unfavorable related repeated to to some say

changes obviously of. forward due to mid-single-digit aware contract erosion That So to then are looking we've guided XXXX, year. to the we've for price is we also -- that

mainly to generic. that see for to fact pricing We pressure, going But, growth is our continue pressures strategy in Amitiza competitive the to demand hasn't due changed. addition some

continue want invest broad continue And with the an to we that most many access or is which fully to brands, patients $XX the copay, to demand. will same of through behind affordable focus time on at payer years our for believe We it come for less.

access, that our still So in changes price. an is maintain make there need sure patients when make to that are we year-over-year times that access to to can order that broad at affordable

So change that's this the year.

pleased price to pressure mid-single-digit on throughout erosion the wait pressure, You price door. going to payers wouldn't this me say norm. the XXXX. but, continued the the always but We've and expect before XXXX, expire don't guided even that heard have am I as personally expect contracts wouldn't I with appreciation do I expect till knock it forward. I

plan, growth according So it and to monitor they and to demand are same right. the access broad execute payer just at on continuing time. Focus

Boris Peaker

ahead. Great. Go

Thomas McCourt

was this of kind for just awakening really this And year. us thought. last Boris an one

of a plans As Yet non-preferred -- growth. one like basically restricted we're continue and of double-digit far or know drive major meaning, and a we two majority in couple even you And our continue to one plans exclusivity move the last preferred we we or one one. forego were year of the growth those to or made to decisions position.

speaks where some wouldn't the plans it flexibility, options that far I But it strong that we have reason move with demand. we think you brand to payers. knowing these price year-on-year, think we completely I how are drive to is erosion, offers to us preference they why have other continue which forward as the as think I And So, regard with as the just with anticipate normally I positions is a to agree some to have Gina, had.

Boris Peaker

your Got price provide is that and that you, becoming still option not helping prescription the talking growth. of prescription I about update long that's out there, altogether? -- you Can think very helpful. that My kind on previously ago, growth maybe second still is how to was and over a question that counter so contributing we're is, any

Thomas McCourt

Sure.

removal think So I talking the about [ph] that... think specifically peg of you're the generic prescription -- I market, from is

Boris Peaker

Yeah.

Thomas McCourt

Yeah.

just not But market prescription. no an It's year, year we a of for thing change available we we we that end by eliminated think saw the because the and saw there's question the bolus, this the big XXXX, influx prescriptions. dynamic you've -- of leader. saw saw in but So at was last the removal I last market

to we they're if LINZESS because another impact door. choice in significant just option they with obviously prescription thing frustrated want are to eliminated a out the OTC, that people's when is last patients going the an walking OTC choose a So drug, had and

not is differentiated a entrants new you fewer the clinical options have have into profile, satisfaction, all. now of one know. exception great as to with recent only at but of the performance level LINZESS not market, it's So, really share, I gain which a actually are the of struggled And,

our we've we're which overall thrive. business market directly from of from. it the where is majority to continuing needs market, come far increase The the see So, coming in LINZESS continued the marketplace. And is to share OTC to

change dynamic helped LINZESS. this it's growth think the of fuel which also has of I So choice

Boris Peaker

Got you.

questions. for great, to my detailed Okay, thanks answers the

Operator

question final Hughes Jacob Securities. Wells Our with is from Fargo

open. is line Your

Jacob Hughes

good guys, Hey morning.

Gina Consylman

Good morning.

Jacob Hughes

is higher year-over-year. are collaboration going lattice was I implies on take just a that other, just revenue modestly wondering, Just If investment margin just what I [ph] out to the the your midpoint revenues or And kind explanation it a of guidance, XX and of revenue kind there? of commercial up guidance guidance. your the take question reduction for you find or kind I that the follow-up of mentioned Thanks. your on was million

Mark Mallon

that. Gina, you want to take

Gina Consylman

Sure, of course.

also brands. grow. expect So have continue thoughtful time, -- LINZESS to do Over over continue to we've revenue, investing investments fully margin to been through we revenues been to the one, The behind time we expand expect growing investments. just

this If I a $XX see you -- if year, the about last million look you think at take are numbers year-over-year. they

level right. as it more XX% go LINZESS for obviously we get investments to So make just the growing ROI investment. thinking increase, that that guided roughly to remind sales I and still can thoughtful I would behind brand you fully as same year, invest are that back to the X% we of on about And well. higher at X% think, we

Jacob Hughes

Okay. Thank you.

Gina Consylman

helpful. that's Hopefully

Operator

We for remarks. further presenters have call questions at back to I no time. the closing turn this

Mark Mallon

to Tom Interim of for I continue just Tom, -- thank XXXX. the whole want luck work of in all into you you the team to want to success. their to entire course, team best CEO you move great again, and I the of and wish just want Well, and work as great I

two Interim full confident As And I last the if word Thanks the over to remarks, over my for chance the everything role. moving am have to said Tom a you moving give of into last taking be I CEO you're forward. years. a I to all in and going as lot

Thomas McCourt

last I hands the company, good I terrific our rightsizing Sure, very the mean, over think and and couple Mark know speak you learned in lot you're a been shape. with in getting from the I of more Board it achieved leaving certainly of it's on leadership. I management experience and And the your making what behalf focused, team, a years in about we've profitable. think it it really we've

excited be and CEO in, more about the the As here. I couldn't Interim opportunity coming

I think LINZESS. a believer big in I'm knows everybody

life in think we mean, tremendous the brand it, of have broader with kabbalistic a invested also area partner. particularly is telemedicine which in And have turned have very in life both brand I but The be virtual go and to for market and a about to AbbVie of to the some this even cycle I certainly great category a that commercial long expert cycle. the this of terms type space out cellular innovation new partner we the exciting help think we strong a -- [ph] a has we've with particularly in way a us forward. you in model. move healthy know team very

good the for you. decision So the future with to board on a and very the thank look upcoming you everything and forward CEO. Thank I making year

Mark Mallon

Thanks it us. that’s for operator,

Operator

This concludes today's call. conference

may You disconnect. now

Ironwood Pharmaceuticals (IRWD) 17 Feb 212020 Q4 Earnings call transcript