Ironwood - INITIATION - A STAR for 2024 (TP $18, 76% upside, 62 pgs)
Ironwood Pharmaceuticals has two key assets: 1) Linzess is a launched asset (shared with ABBV) with ~$1bn in 2023 sales, which is being managed for profitability, and, 2) apraglutide, a P3 GLP-2 for short bowel syndrome with top-line data due in March 2024. We expect apraglutide to hit ~$1bn in peak sales and drive 15% CAGR sales growth ‘23-28 despite the ~8% hit to Linzess sales in 2024 from the AMP cap removal. 2024 is a catalyst rich year & we expect significant interest in Ironwood as the year unfolds and apra’ becomes fully appreciated. We see 76% upside to our PT with more upside from CNP-104. For access to the full initiation, please contact Naresh Chouhan ( )Ironwood Pharmaceuticals is a gastrointestinal (GI), healthcare company focusing on developing the treatment of GI diseases. The company's commercial product, LINZESS? (linaclotide), a guanylate cyclase type C agonists, is indicated for adult men and women suffering from irritable bowel syndrome with constipation, or chronic idiopathic constipation. In addition, the company is developing MD-7246, an oral, intestinal, non-opioid, pain-relieving agent for patients with abdominal pain associated with certain GI diseases. The company is also developing IW-3718, a gastric retentive formulation of a bile acid sequestrant for the potential treatment of refractory gastroesophageal reflux disease.
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