CompaniesIRWD
S1Overview
IRWD
Ironwood Pharmaceuticals
HealthcarePharmaMispriced Patent Cliff
$1.95+2.6%
Market Cap
$1.00B
SEC 10-K
P/E (TTM)
9.6×
via financials
Rev Growth YoY
-1.0%
-1%SEC filing
Gross Margin
90.0%
SEC filing
FCF Yield
15.0%
calculated
Upside to FV
—
vs fair value
Conviction
3/5Single-drug pharma the market prices for a 2026 cliff — the real generic entry is 2029–2030.
Research Depth
ScreeningDeep DiveFull Model
Updated 22d ago
S2Thesis
Ironwood markets Linzess (linaclotide). The market discounts a 2026 patent cliff, but the Teva generic license is March 2029 and Aurobindo is August 2030 — only the 72mcg dose expires in 2026. The P/S of 0.41 and 9.6× P/E look mispriced against that timeline. Phase 1.
Bull Case
[awaiting: bull — Phase 2]Bear Case
[awaiting: bear — Phase 2]S3Key Metrics
Market Cap
$1.00B
SEC 10-K
Enterprise Value
$1.40B
calculated
Revenue (TTM)
$400M
SEC filing
P/E (TTM)
9.6×
via financials
Forward P/E
7.0×
consensus
P/S (TTM)
0.4×
via financials
P/B
[awaiting: neg equity]
via financials
EV/EBITDA
6.0×
calculated
PEG
0.4×
calculated
Revenue Growth
-1.0%
SEC filing
Gross Margin
90.0%
SEC filing
Operating Margin
35.0%
SEC filing
Net Margin
20.0%
SEC filing
Free Cash Flow
$150M
SEC filing
FCF Yield
15.0%
calculated
Debt / Equity
[awaiting: filing]
SEC filing
Current Ratio
1.0×
SEC filing
Short Interest
[awaiting: exchange]
exchange
Institutional Own.
[awaiting: 13F]
13F
Insider Own.
[awaiting: proxy]
proxy
Shares Out.
158.0M
SEC filing
Float
150.0M
exchange
S4Valuation
Price vs Fair Value
Valuation pending
Scenario fair-value range awaiting model.
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches Deep Dive.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
Peer set pending
Comparable companies awaiting selection.
S5Financials
Income statement pending
Awaiting SEC filing backfill.
Balance sheet pending
Awaiting SEC filing backfill.
Cash flow pending
Awaiting SEC filing backfill.
Phase 1.
S6Catalysts
Catalyst calendar pending
Upcoming events awaiting research.
S7Risks
Risk matrix pending
This section is being deepened.
S8Technical Snapshot
Technical snapshot pending
Price levels and indicators awaiting data.
S9Ownership & Insider Activity
Top Institutional Holders via 13F filings
13F holdings pending
Institutional holder detail awaiting filing.
Insider Activity
Insider transactions pending
This section is being deepened.
S10Peer Comparison
Peer set pending
Comparable companies awaiting selection.
S11Research Notes
2026-05-25Internal
Patent-cliff mispricing
Cliff is 2029–2030, not 2026. Debt load is the offsetting risk.