Ironwood Pharmaceuticals Q2 Loss of $0.28 Misses Street View

Ironwood Pharmaceuticals (IRWD) reported a Q2 non-GAAP net loss per share of $0.28, unchanged from the year-ago quarter but worse than the Capital IQ consensus forecast of a loss of $0.23.

Revenue for the quarter was $81.1 million, up from $65.1 million during the same period last year, and below the analyst forecast of $82.6 million.

Ironwood said it planned to reduce its workforce of approximately 480 employees by approximately 125, primarily field-based sales employees, which will incur charges of approximately $10 million to $13 million for one-time employee severance and benefit costs, termination fees and other contract-related costs.

For fiscal-year 2018, the company said it expected SG&A expenses to be in the range of $230 million to $250 million and R&D expenses to be $160 million to $180 million. It said it expected the combined Ironwood and Allergan total marketing and sales expenses for Linzess to be $230 to $260 million. It also forecast total restructuring costs to be in the range of $18 million to $21 million.