The company reports on its financial performance on a quarterly basis starting its financial year on January 01.
Results published on May 21, 2024:
Highlights
- Viatris collaboration: Global research and development collaboration, focused on the development and commercialization of two innovative compounds, selatogrel and cenerimod.
- QUVIVIQ™ (daridorexant): Total net sales of CHF 10 million in Q1 2024.
- QUVIVIQ in the US: Citizens petition to deschedule the DORA class progressing.
- QUVIVIQ in Europe: Further launches, including France, provide a solid base to increase European sales in 2024.
- TRYVIO™ (aprocitentan): Approved by the US FDA in March 2024.
- JERAYGO™ (aprocitentan): Recommended for approval in Europe.
- Daridorexant: Phase 3 study conducted by Simcere in Chinese patients fully recruited.
- Net revenue Q1 2024 at CHF 10 million.
- US GAAP operating expenses Q1 2024 benefiting from extraordinary income from Viatris deal with non-GAAP operating expenses Q1 2024 at CHF 96 million.
- US GAAP operating income Q1 2024 of CHF 31 million and non-GAAP operating loss of CHF 85 million.
- The Viatris deal: The upfront consideration of USD 350 million (CHF 308 million) was fully paid by Viatris to Idorsia in Q1 2024.
- Convertible bond 2024: Bondholders approve an extension of maturity by six months.
Financial Guidance
“In addition to the funds already raised from our business development activities, I am confident in our ability to raise additional funding this year. We will continue to evaluate and prepare possible launch strategies – including potential partnership – for TRYVIO. The significant progress with access and availability of QUVIVIQ has started to gain traction, particularly in Europe, this will translate into higher sales in 2024. At the same time, the cost reduction initiative that took place in the latter part of 2023 is fully effective and reflected in our 2024 guidance, with significantly lower expenses. We must continue to control our costs and explore all avenues to extend our cash runway, but I see many reasons to be optimistic for the future of Idorsia.”
André C. Muller (May 2024)
Chief Financial Officer
For 2024 – excluding unforeseen events – the company expects QUVIVIQ net sales of around CHF 55 million; SG&A expenses of around CHF 300 million; R&D expense of around CHF 165 million for Idorsia-led pipeline assets; non-GAAP operating expenses of up to CHF 470 million. This performance would result in a non-GAAP operating loss of around CHF 420 million (excluding contract revenues and the one-off benefit from the Viatris deal).
The company expects US GAAP operating loss for 2024 to reach CHF 340 million which includes a one-off benefit of CHF 125 million from the Viatris deal.
Financial Result
US GAAP results
As of May 21, 2024 (as reported)
|
First Quarter |
||
|
in CHF millions, except EPS (CHF) and number of shares (millions) |
2024 |
2023 |
|
Net revenues |
10 |
21 |
|
Operating expenses |
20 |
(219) |
|
Operating income (loss) |
31 |
(198) |
|
Net income (loss) |
30 |
(212) |
|
Basic EPS |
0.17 |
(1.19) |
|
Basic weighted average number of shares |
179.1 |
178.0 |
|
Diluted EPS |
0.13 |
(1.19) |
|
Diluted weighted average number of shares |
233.3 |
178.0 |
Net revenue of CHF 10 million in the first quarter of 2024 is the result of QUVIVIQ product sales. This compares to CHF 21 million in the first quarter of 2023, which included CHF 13.5 million sales of PIVLAZ in Japan (now assigned to Nxera Pharma as part of a transaction, more details can be found in the dedicated press release) and CHF 1 million revenue share from Johnson & Johnson related to ponesimod sales (revenue-sharing agreement now eliminated as part of the reacquisition of aprocitentan, more details can be found in the dedicated press release).
US GAAP operating expenses in the first quarter of 2024 benefitted from extraordinary income of CHF 125 million from the Viatris deal resulting in a negative expense of CHF 20 million (CHF 219 million in the first quarter of 2023), of which CHF 4 million related to cost of sales (CHF 1 million in the first quarter of 2023), CHF 33 million to R&D expenses (CHF 93 million in the first quarter of 2023), and CHF 68 million to SG&A expenses (CHF 125 million in the first quarter of 2023).
US GAAP net income in the first quarter of 2024 amounted to CHF 30 million (CHF 212 million net loss in the first quarter of 2023). The decrease of the net loss is mainly attributable to the one-off income related to the Viatris Deal but was also driven by lower operating expenses throughout all functions.
The US GAAP net income resulted in a basic net income per share of CHF 0.17 (diluted net income per share of CHF 0.13) in the first quarter of 2024, compared to a net loss per share of CHF 1.19 (basic and diluted) in the first quarter of 2023.
Non-GAAP* measures
As of May 21, 2024 (as reported)
|
First Quarter |
||
|
in CHF millions, except EPS (CHF) and number of shares (millions) |
2024 |
2023 |
|
Net revenues |
10 |
21 |
|
Operating expenses |
(96) |
(202) |
|
Operating income (loss) |
(85) |
(181) |
|
Net income (loss) |
(86) |
(189) |
|
Basic EPS |
(0.48) |
(1.06) |
|
Basic weighted average number of shares |
179.1 |
178.0 |
|
Diluted EPS |
(0.48) |
(1.06) |
|
Diluted weighted average number of shares |
179.1 |
178.0 |
* Idorsia measures, reports and issues guidance on non-GAAP operating performance. Idorsia believes that these non-GAAP financial measurements more accurately reflect the underlying business performance and therefore provide useful supplementary information to investors. These non-GAAP measures are reported in addition to, not as a substitute for, US GAAP financial performance.
Non-GAAP net loss in the first quarter of 2024 amounted to CHF 86 million: the CHF 116 million difference versus US GAAP net income was mainly due to the one-off effect of the Viatris Deal (CHF 125 million income), depreciation and amortization (CHF 4 million), and share-based compensation (CHF 4 million).
The non-GAAP net loss resulted in a net loss per share of CHF 0.48 (basic and diluted) in the first quarter of 2024, compared to a net loss per share of CHF 1.06 (basic and diluted) in the first quarter of 2023.
Company Funding
Liquidity as of March 31, 2024
At the end of the first quarter of 2024, Idorsia’s liquidity amounted to CHF 335 million.
Total debt as of March 31, 2024
| Type of debt |
March 31, 2024 |
Dec 31, 2023 |
|
Convertible loan |
CHF 335 million | CHF 335 million |
|
Convertible bond |
CHF 797 million | CHF 796 million |
|
Other financial debt |
CHF 162 million | CHF 162 million |
| Total indebtedness |
CHF 1,293 million |
CHF 1,293 million |
Financial Archive
Here we provide a 5-year archive of our financial reports and related reporting documentation.
Results will be published on July 25, 2024.
Results published on May 21, 2024:
Results published on October 24, 2023:
Results published on July 25, 2023:
Results published on April 25, 2023:
Results published on February 7, 2023:
Results published on October 25, 2022:
Results published on July 26, 2022:
Results published on April 26, 2022:
Results published on February 8, 2022:
Results published on October 26, 2021:
Results published on July 27, 2021:
Results published on April 22, 2021:
Results published on February 4, 2021:
Results published on October 27, 2020:
Results published on July 23, 2020:
Results published on April 23, 2020:
Results published on February 6, 2020:
Results published on October 22, 2019:
Results published on July 23, 2019:
Results published on April 18, 2019:
