Idorsia (IDIA) 3rd Annual Guggenheim Healthcare Innovation Conference summary

Strategic priorities

• Commercial-stage Swiss-based business with two approved assets, a late-stage pipeline and early-stage first-in-class and best-in-class programs; CEO says near-term priority is execution.

• Four growth drivers: QUVIVIQ commercial growth, TRYVIO/JERAYGO launch, daridorexant lifecycle opportunities and pipeline advancement.

• New CEO cited asset quality and unmet need as reasons for joining; he is focused on delivering against the growth drivers.

QUVIVIQ and insomnia

• QUVIVIQ is a dual orexin receptor antagonist for chronic insomnia; CEO said 2026 sales are on track to reach CHF 200 million.

• Management highlighted improvements in sleep onset, sleep duration and daytime functioning; the medicine is designed to limit daytime carryover and dose accumulation.

• DORAs have ~40% sleep-medication share in Japan, mid-teens share in leading European markets and 2% in the U.S.; U.S. patients remain largely treated with sedatives.

• DEA proposed moving DORAs from Schedule IV to Schedule V; management favors full descheduling and sees the proposal as a step toward broader U.S. access.

• Phase II data in 10–18-year-olds showed promising results; FDA breakthrough designation supports a planned phase III program, with label expansion as the goal.

TRYVIO and JERAYGO

• A first-in-class endothelin receptor antagonist targets hypertension through a mechanism independent of the RAS pathway; trials showed double-digit blood-pressure reduction without monitoring, including in patients with eGFR down to 15.

• The opportunity includes 36 million patients with uncontrolled hypertension; 4 million U.S. patients with chronic kidney disease have limited treatment options.

• U.S. launch will target ~5,000 physicians, particularly the top 35 hypertension centers, through a specialist-led, capital-efficient approach; TRYVIO is the U.S. brand and JERAYGO the European brand.

• SPV bondholders will contribute CHF 72 million and equity will contribute CHF 48 million for the launch; the plan targets break-even in 2029 and gives shareholders 30% of revenue from the outset.