Ironwood Pharmaceuticals raised its 2026 financial outlook after another quarter of growth in U.S. sales of LINZESS, its gastrointestinal drug. The company also reported higher third-quarter revenue and earnings, while saying its confirmatory Phase 3 trial of apraglutide for short bowel syndrome with intestinal failure is continuing to ramp up.
Key details
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Higher 2026 outlook: Ironwood now expects U.S. LINZESS net sales of $1.20 billion to $1.25 billion, an increase of more than 35% from 2025. It raised its full-year revenue forecast to $485 million to $510 million and expects adjusted EBITDA to exceed $350 million. This is the second consecutive quarter in which the company has increased its guidance.
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LINZESS sales are ahead of last year’s full-year total: Third-quarter U.S. net sales were $325 million. Sales for the first nine months reached $880 million, already above total U.S. sales for all of 2025. Ironwood attributed the momentum to improved net pricing and mid-single-digit growth in prescription demand.
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Third-quarter financial results improved year over year: Revenue was $133.0 million, compared with $122.1 million in the year-earlier quarter. GAAP net income rose to $59.8 million, or $0.36 per share, from $40.1 million, or $0.25 per basic share and $0.23 per diluted share.
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Profitability measures also increased: Adjusted EBITDA was $97.9 million, up from $81.8 million a year earlier. Non-GAAP net income was $60.0 million, or $0.36 per share, compared with $41.9 million, or $0.26 per basic share and $0.24 per diluted share. Total costs and expenses declined to $39.9 million from $46.6 million.
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Apraglutide trial work is progressing: Ironwood said its STARS-2 confirmatory Phase 3 trial remains ongoing. The company is adding U.S. trial sites and working to activate sites internationally. Planned applications to conduct the trial in other countries have been submitted to health authorities and are either under review or approved.
Plain-English implications
LINZESS is the clear near-term driver behind Ironwood’s higher outlook: year-to-date U.S. sales have already surpassed the prior year’s full-year total, and the company cited both pricing and prescription demand as contributing factors. Apraglutide remains in clinical development; the update concerns trial-site expansion and regulatory reviews, not new trial results.