Idorsia | Financial Information

The company reports on its financial performance on a quarterly basis starting its financial year on January 01.

Guidance for 2025

For the Idorsia-led portfolio in 2025, the company expects a continued acceleration of QUVIVIQ with net sales of around CHF 110 million, COGS of around CHF 15 million, SG&A expenses of around CHF 210 million, and R&D expense of around CHF 100 million, leading to non-GAAP operating expenses of around CHF 325 million. This performance would result in an Idorsia-led business non-GAAP operating loss of around CHF 215 million and US-GAAP operating loss of around CHF 260 million. The company expects US-GAAP EBIT for the partnered business of around CHF 105 million, mainly driven by the amended deal with Viatris. This would result in a US-GAAP loss for the global business of around CHF 155 million. All amounts exclude unforeseen events and potential revenue related to additional business development activities.

“I’m pleased that our performance in 2024 exceeded our expectations, with higher QUVIVIQ sales and lower OPEX. The series of initiatives that we announced last week totally changes the financial situation of Idorsia. By relieving the significant debt overhang, removing significant and immediate cash requirements, and securing new funding, Idorsia is able to continue to operate into 2026. We will continue our efforts to maximize QUVIVIQ sales and reduce costs moving forward in order to make the money last.”

(March 2025)

Arno Groenewoud
Chief Financial Officer

Financial Result (as of Dec 31, 2024)

US GAAP results

	Full Year		Fourth Quarter
in CHF millions, except EPS (CHF) and number of shares (millions)	2024	2023	2024	2023
Net revenues	113	152	60	22
Operating expenses	(351)	(409)	(140)	(134)
Operating income (loss)	(232)	(255)	(78)	(111)
Net income (loss)	(264)	(298)	(84)	(117)
Basic EPS	(1.45)	(1.67)	(0.45)	(0.65)
Basic weighted average number of shares	182.4	178.2	188.3	178.6
Diluted EPS	(1.45)	(1.67)	(0.45)	(0.65)
Diluted weighted average number of shares	182.4	178.2	188.3	178.6

Net revenue of CHF 113 million in 2024 is the result of QUVIVIQ product sales (CHF 61 million), product sales to partners (CHF 47 million), and contract revenues (CHF 5 million). This compares to net revenue of CHF 152 million in 2023, which included CHF 107 million one-off incomes (mainly PIVLAZ sales in Japan and the APAC (ex-China) Nxera deal). Other revenues in 2023 consisted of QUVIVIQ product sales (CHF 31 million), and other contract revenue of CHF 15 million.

US GAAP operating expenses in 2024 (CHF 351 million) and 2023 (CHF 409 million) were impacted by one-off incomes of CHF 125 million (Viatris deal) and CHF 298 million (Nxera deal) respectively. Excluding these one-off incomes, US GAAP operating expenses in 2024 amounted to CHF 476 million, decreasing by CHF 231 million compared to 2023 (CHF 707 million), mainly driven by R&D expenses of CHF 144 million decreasing by CHF 150 million compared to 2023 (CHF 294 million), and SG&A expenses of CHF 273 million decreasing by CHF 120 million compared to 2023 (CHF 392 million).

US GAAP net loss in 2024 amounted to CHF 264 million (CHF 298 million in 2023). The net loss was favorably impacted by the one-off income related to the Viatris deal (Nxera deal in 2023) and lower operating expenses throughout all functions. The reduction in operating expenses is mainly a result of the restructuring initiative from 2023 which became fully cost effective in 2024 and the Viatris Deal, which relieved the group from Phase 3 development costs related to selatogrel and cenerimod.

The US GAAP net loss resulted in a net loss per share of CHF 1.45 (basic and diluted) in 2024, compared to a net loss per share of CHF 1.67 (basic and diluted) in 2023.

Non-GAAP* measures

	Full Year		Fourth Quarter
in CHF millions, except EPS (CHF) and number of shares (millions)	2024	2023	2024	2023
Net revenues	113	152	60	22
Operating expenses	(427)	(654)	(121)	(137)
Operating income (loss)	(308)	(501)	(60)	(115)
Net income (loss)	(330)	(542)	(73)	(121)
Basic EPS	(1.81)	(3.04)	(0.39)	(0.68)
Basic weighted average number of shares	182.4	178.2	188.3	178.6
Diluted EPS	(1.81)	(3.04)	(0.39)	(0.68)
Diluted weighted average number of shares	182.4	178.2	188.3	178.6

* 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 2024 amounted to CHF 330 million; the difference versus US GAAP net loss was mainly driven by a net gain from the Viatris Deal (CHF 125 million).

The non-GAAP net loss resulted in a net loss per share of CHF 1.81 (basic and diluted) in 2024, compared to a net loss per share of CHF 3.04 (basic and diluted) in 2023.

Company Funding

Liquidity as of Dec 31, 2024

At the end of 2024, Idorsia’s liquidity amounted to CHF 106 million.

Total debt as of Dec 31, 2024

Type of debt	Dec 31, 2024	Sep 30, 2024	Dec 31, 2023
Convertible loan	CHF 335 million	CHF 335 million	CHF 335 million
Convertible bond	CHF 797 million	CHF 797 million	CHF 796 million
Other financial debt	CHF 189 million	CHF 162 million	CHF 162 million
Total indebtedness	CHF 1,321 million	CHF 1,294 million	CHF 1,293 million