Material Event (Form 8-K)

Item 8.01 Other Events.

On November 25, 2025, the U.S. Department of Health and Human Services released the "Maximum Fair Price" ("MFP") for LINZESS® (linaclotide), which was selected in the most recent round of government price setting as part of the Inflation Reduction Act of 2022. The MFP for a 30-day equivalent supply of LINZESS, which will become the new Medicare net price as of January 1, 2027, is set to $136. The revised MFP for LINZESS is in line with the expectations of Ironwood Pharmaceuticals, Inc.