IRWDIRONWOOD PHARMACEUTICALS INC
Pharmaceutical Preparations
- Revenue
- $296M
- 16% YoY
- Operating margin
- 33.3%
- 26% YoY
- EBITDA
- $100M
- 5.6% YoY
- Market cap
- $578M
- Employees
- 100
- $3M revenue each
- Net debt / EBITDA
- 1.2×
- $120M net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo529% of net incomeCash flow under 80% of net income
- Dilutive SBCNo6% of revenueOver 10% of revenue
- Payouts exceed cash flowNo99% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$3M · 94th pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$578M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$23M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $414M | $411M | $443M | $351M | $296M | 16% |
| Operating income | $232M | $250M | −$945M | $93M | $99M | 5.8% |
| Net income | $528M | $175M | −$1.0B | $880K | $24M | 2630% |
| Operating cash flow | $262M | $274M | $183M | $104M | $127M | 23% |
| Capex | $265K | $136K | $273K | $142K | $34K | 76% |
| Stock-based comp | $22M | $27M | $32M | $30M | $17M | 42% |
| Buybacks | $24M | $126M | — | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 19, 2026 | Sarissa Capital Management LP | SCHEDULE 13D/A | 5.6% | Passive |
| Mar 1, 2021 | Sarissa Capital Management LP | SC 13D/A | 9.3% | Passive |
| Nov 9, 2020 | Sarissa Capital Management LP | SC 13D/A | — | Passive |
| Feb 26, 2020 | Sarissa Capital Management LP | SC 13D/A | 7.9% | Passive |
| May 16, 2019 | Sarissa Capital Management LP | SC 13D | 6.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $23M · 18
- Net
- −$23M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $2M | $1M | 27 | — |
| FY2024 | $6M | −$4M | 36 | — |
| FY2023 | $8M | $5M | 92 | — |