Idorsia (IDIA) H2 2023 & Q1 2024 earnings summary

Executive summary

• Entered a new phase focused on financial sustainability, extending cash runway, increasing QUVIVIQ sales, continuing innovation, and preparing TRYVIO’s US launch.

• FY 2023 reported global revenue was CHF 152m and US-GAAP EBIT was CHF -255m; Q1 2024 reported global revenue was CHF 10m and US-GAAP EBIT was CHF 31m.

Financial highlights

• FY 2023 pro forma revenue was CHF 51m; non-GAAP EBIT was CHF -572m and US-GAAP EBIT was CHF -623m, excluding business sold in the Nxera deal.

• Q1 2024 non-GAAP EBIT was CHF -85m; US-GAAP EBIT was CHF 31m, including CHF 124m of net other income across global business.

• Q1 2024 SG&A OPEX was CHF -64m and R&D OPEX was CHF -29m, compared with CHF -109m and CHF -80m, respectively, in Q1 2023 pro forma.

Outlook and guidance

• 2024 guidance: global revenue CHF 70m, non-GAAP EBIT CHF -415m and US-GAAP EBIT CHF -340m, excluding unforeseen events.

• TRYVIO product availability is targeted for Q4 2024, with commercial launch planned for Q1 2025; distribution setup, payer discussions, REMS work, and MSL hiring are underway.

• 2024 priorities include growing QUVIVIQ sales, continuing innovation, preparing TRYVIO’s US launch, and extending the cash runway.